Nigeria @63: Reflecting on economic challenges amidst promising potential
As Nigeria commemorates its 63rd Independence Day, it becomes imperative to engage in introspection regarding the prevailing economic predicaments confronting the nation.
During the epoch of October 1, 1960, Nigeria’s trajectory seemed exceedingly auspicious, eliciting anticipation from numerous global leaders regarding its ascent as an African behemoth, a veritable powerhouse commanding international influence, propelled by unwavering economic expansion, political equilibrium, military prowess, and technological breakthroughs.
Endowed with a substantial populace, Nigeria boasts an expansive market, a tenacious labour force, and a profusion of diverse cultures, all contributing to its inherent potential for prosperity.
In addition to its valuable human capital, the country is blessed with abundant resources, including the coveted black gold – oil – and vast mineral deposits and arable land.
However, 63 years after gaining independence, the vision of Nigeria’s founding fathers remains largely unrealised.
While progress has been made, it falls short compared to other nations that were at a similar stage as Nigeria six decades ago. Despite its immense potential and abundant resources, Nigeria is grappling with rising inflation, an unstable economy, and a depreciating currency.
These challenges, along with strikes and fuel price hikes, require urgent attention and strategic solutions from the government and its leaders.
One of the most pressing concerns is the persistent rise in inflation, which has significantly eroded the purchasing power of Nigerians.
The cost of living has skyrocketed, making it increasingly difficult for citizens to meet their basic needs. This dire situation calls for immediate measures to stabilise the economy and curb inflationary pressures.
Another area of concern is the inconsistent financial record of the country. It is imperative for President Bola Ahmed Tinubu and his administration to prioritise fiscal discipline and transparency.
A stable financial system will boost investor confidence, attract foreign direct investment, and stimulate economic growth.
Nigerians have prayed for democracy to continue to gain strength in Nigeria especially now that the country celebrates 63rd anniversary of its independence.
The former President also conveyed his greetings to President Bola Ahmed Tinubu and the people of Nigeria on the occasion of the 63rd independence anniversary.
“On the occasion of the nation’s independence anniversary, I send my warm greetings to President Bola Ahmed Tinubu and the people of Nigeria.
“For 63 years, Nigeria continues to inspire the rest of the continent with the creativity and diversity of its citizens and now, a long span of democratic rule. I’m very optimistic that democracy as a system of government will continue to gain strength, year after year in our nation.
“Happy Anniversary,” concluded the former President.
National Chairman of the ruling All Progressives Congress APC, Dr Abdullahi Ganduje has told Nigerians to not despair in spite of the teething challenges of the current administration, assuring of the determination of President Bola Tinubu to remain true to his ‘renewed hope’ promises.
Ganduje in a statement by his Chief Press Secretary, Mr Edwin Olofu, disclosed that measures are already in place to reposition the country for maximum growth and development.
The APC Chairman called on Nigerians irrespective of their ethnic and religious affiliations to sustain the culture of peaceful coexistence to ensure the unity and cohesion of the country.
But, the country is currently grappling with weak institutions, which has led to the excessive influence of powerful individuals who have monopolised and personalised power, even in the first two decades of the Fourth Republic. From a country with only three, and later four, regions, Nigeria now has a 36-state structure that has little impact on the quality of life.
The paradox of a wealthy country with a large population of poor people is perplexing. While the number of universities in the country has increased significantly since independence, with over 170 universities owned by federal, state, and private operators, many public schools are now underfunded. Education, which should be a fundamental right for all citizens, has become highly commercialised, making it difficult for the average person to access quality education.
Nigeria has expanded its structures for governance at the federal, state, and local levels, but service delivery has been abysmal.
The creation of state and local governments was meant to address inequality and identity issues, but the uneven distribution of resources has only benefitted the elite few, leading to increased demands for equity and balance.
Furthermore, there is a significant disparity in Nigeria’s experience with democratisation. While the country has achieved self-rule, democracy should be the means to address injustice, restore rights, and ensure fairness and equity for all citizens.
When elections remain a nightmare and the battle often shifts from the ballot box to the court, the discerning is left wondering what democracy truly represents in this clime.
The nation’s blind rush for power acquisition is driven by the lure in the corridor of power and the perception that it holds limitless privileges and uninhibited personal acquisitions.
The government must take proactive steps to address this issue and ensure accountability in public spending.
The devaluation of the Naira, with the exchange rate reaching N1,000/$, is a matter of grave concern. This depreciation not only affects international trade but also impacts the purchasing power of Nigerians.
The government must implement effective monetary policies to stabilise the currency and restore its value. Encouraging local production and reducing dependence on imports can also help mitigate the impact of currency depreciation.
The recent upsurge in strikes and fuel price hikes has further exacerbated the economic challenges faced by Nigerians. These disruptions not only disrupt daily life but also hinder economic activities.
It is imperative for the government to engage in dialogue with relevant stakeholders, address their concerns, and find sustainable solutions to prevent future disruptions.
A stable and affordable energy sector is vital for economic growth and development. Nigeria’s 63rd Independence Day should serve as a reminder of the immense potential the country possesses. However, it is crucial to acknowledge and address the economic challenges that hinder progress.
President Bola Ahmed Tinubu and his administration must prioritise economic stability, fiscal discipline, and transparent governance. By implementing strategic policies, fostering investor confidence, and addressing the concerns of citizens, Nigeria can overcome these challenges and pave the way for a prosperous future.
