Nigeria’s independence: A painful reflection, an elusive progress

As Nigeria marks its 64th anniversary of independence, the sense of national pride has never felt more tenuous. Once regarded as the beacon of hope for post-colonial Africa, Nigeria is now a reflection of squandered potential and missed opportunities. The 2024 Independence Day is less a celebration of national achievement and more a bitter reminder of political dysfunction, economic mismanagement, and social decay.

The realities Nigerians face today are far removed from the promises of 1960. Decades of leadership failure have eroded faith in the country’s institutions. The streets, once filled with parades and flag-waving youth, are now eerily quiet. Independence, in the eyes of many, has lost its meaning.

Nigeria’s economy, propped up by fleeting oil booms, has remained tragically dependent on a single resource, leaving millions vulnerable to external shocks. While successive administrations have paid lip service to diversification, little has been done to shift the nation’s economy toward more sustainable sectors. The current administration’s economic reforms, particularly the removal of fuel subsidies, have only deepened the economic hardship. Nigerians now bear the brunt of inflation, soaring fuel prices, and a devastating decline in purchasing power.

“The current administration’s economic reforms, particularly the removal of fuel subsidies, have only deepened the economic hardship. Nigerians now bear the brunt of inflation, soaring fuel prices, and a devastating decline in purchasing power.”

The official inflation rate may have slowed to 32.15 percent in August 2024, but for ordinary citizens, this number is a cold abstraction that fails to capture the crushing reality of daily survival. The rise in food costs—still hovering near 37.52 percent—has pushed over 24 million Nigerians into hunger, with the nation’s poverty rate surpassing 133 million. What’s more, the recent weakening of the naira has seen the exchange rate spiral to N1,700 per dollar, a historic low that threatens to cripple businesses reliant on imports.

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The decision to remove fuel subsidies, without a comprehensive plan to cushion the impact, was nothing short of reckless. While the move was heralded as a necessary evil by the administration, it has had a catastrophic effect on the livelihoods of millions. Businesses that depend on affordable fuel have been forced to scale back operations or shut down entirely, leaving countless Nigerians jobless. The removal of this subsidy may have been lauded by international financial institutions, but for the Nigerian population, it represents a betrayal.

A sound economic policy must balance fiscal sustainability with social equity. Nigeria’s leaders have failed to deliver on both fronts, leaving the nation more divided than ever. Austerity measures, without corresponding social investments, are nothing but a recipe for unrest. The government must return to the drawing board and craft policies that reflect the needs of its most vulnerable citizens, not just the interests of elites or foreign investors.

The social fabric of Nigeria is also under siege by an unprecedented wave of insecurity. Terrorism, banditry, and kidnappings have ravaged the nation, particularly in the North, where the Boko Haram insurgency continues to wreak havoc. The government’s failure to secure its citizens’ safety is a glaring indictment of its leadership. Between 2018 and 2024, over 11,000 lives have been lost due to insurgent activities, and millions have been displaced from their homes.

This lack of security has crippled both local and foreign investments, making economic recovery even more elusive. To build a future where entrepreneurship and innovation can thrive, the government must first address the basic issue of safety. Without stability, no amount of economic policy will be sufficient to unlock Nigeria’s vast potential.

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At the heart of Nigeria’s long-term development are two critical sectors: education and healthcare. Both are in a state of disrepair. Nigeria, once known for its educational prowess, now has the highest number of out-of-school children in the world—17.81 million according to UNICEF. This is not just a statistic; it is a human tragedy. The brain drain among educators and doctors, coupled with decades of underfunding, has hollowed out the country’s intellectual capital.

A nation that cannot invest in the education of its youth is doomed to a future of mediocrity. Similarly, a healthcare system that forces its citizens to seek medical treatment abroad is a national failure. The exodus of Nigerians seeking better living conditions abroad, or “Japa,” has become a symbol of the country’s inability to provide a decent standard of living for its people.

For all its woes, Nigeria remains a country with vast untapped potential. The rise of its tech industry and the entrepreneurial spirit of its youth are signs that there is still hope for the future. However, this hope will remain unrealized unless the government fundamentally shifts its approach. It must prioritise economic diversification, infrastructure development, and institutional accountability.

Diversifying into agriculture, technology, and manufacturing must go beyond political rhetoric and manifest in actionable policies. The private sector, particularly Nigeria’s vibrant startup ecosystem, offers an avenue for growth that has long been overlooked. Ensuring that infrastructure—particularly energy and internet access—is reliable and affordable will be key to unlocking this potential.

In conclusion, the 2024 Independence Day serves as a stark reminder of Nigeria’s missed opportunities. But the future’s not without hope. To reclaim the promise of 1960, the government must act swiftly to address the deep-rooted issues of governance, security, and economic mismanagement. Only then can Nigeria begin to rise from the ashes of its past and forge a future worthy of its people’s resilience.