Yuletide devoid of pomp and pageantry
As the 2024 Christmas season approaches, it is evident that the usual spirit of celebration will be missing in Nigeria, overshadowed by the severe economic hardships that have gripped the nation. The once jubilant season of joy has now become a distant thought for many, as the struggle for survival dominates the daily lives of Nigerians. With skyrocketing inflation and an increasingly weak Naira, families are finding it difficult to afford even the most basic necessities, let alone partake in festive celebrations.
The grim reality is that, for the average Nigerian, Christmas is no longer about merrymaking. It is a time of survival—of scraping together the bare minimum to get by. Discussions that should revolve around the holiday spirit are now focused on how to put food on the table and secure the most basic of needs. Public opinion suggests that Christmas, and indeed all celebrations in Nigeria, have become a privilege only for the wealthy elite, especially the politicians, who continue to indulge in the lavish spending of ill-gotten wealth, all while the majority languish in poverty.
It is no surprise that many skilled professionals have abandoned their fields to chase after political power, seeing it as the only avenue for prosperity. This exodus of talent is a direct result of a political system that has failed to deliver on its promises to the people. Politicians, it seems, have become the sole beneficiaries of Nigeria’s resources, while the rest of the population is left to grapple with economic despair.
The rising costs of essential goods, including staple foods, are a testament to the failure of successive governments to address the needs of the people. Policies are introduced time and again, yet the situation remains stagnant. The Naira continues to weaken, exchanging at an alarming rate of N1,755 to $1, compared to a mere 75 kobo to $1 when the currency was first introduced. In the face of this, Nigeria’s West African neighbors have managed to outperform the country economically, despite having fewer natural resources. The reality is stark: Nigeria, with all its oil wealth and natural resources, continues to wallow in poverty, while its neighbors forge ahead with more effective economic strategies.
If Nigeria were to exchange places with any of the more developed nations for just a year, immigrants would flood the country in search of better opportunities. It is painfully clear that Nigeria is failing to capitalize on its resources and potential. The government continues to make empty promises, but the results are painfully insufficient.
Take the Port Harcourt Refinery, for example. While it is touted as a local success, the impact on the lives of Nigerians has been minimal. Despite being powered by local crude and operated by Nigerians, the cost of petroleum products remains high, matching the prices set by private refineries. This is an egregious failure of public policy and corporate governance. The government’s handling of the oil industry—through entities like NNPCL—has been riddled with inefficiency and corruption, contributing to the nation’s economic malaise.
The demand from the Nigerian public is clear: anything above N300 per litre for Premium Motor Spirit (PMS) is unacceptable. Nigeria, a country that produces oil in abundance, should not be facing such crippling fuel prices. Environmental degradation and the depletion of natural resources cannot be the only legacy we leave behind for future generations.
It is time for Nigeria to look to other oil-rich nations like Kuwait, Libya, Saudi Arabia, and Oman for inspiration. These countries have successfully managed their resources to improve the quality of life for their citizens. Nigeria should send delegations to these nations to learn from their economic management strategies and bring back practical solutions that can help turn the economy around.
After 64 years of independence, Nigeria should be beyond the constant cycle of economic failure and lamentation. As the country nears its centenary, it would be a tragedy for it to remain a symbol of squandered potential. It is not too late for change—indeed, the time to act is now. The nation must take bold steps to reform its economic systems, including the recruitment of technocrats to fill the gaps in governance. A wise leader acknowledges their limitations and seeks expertise where needed, which will lead to better specialization, and ultimately, comprehensive economic, social, and political development.
The time to change course is now. Nigeria can no longer afford to repeat the same mistakes and expect different results. The journey to a better future begins with decisive action today.
