“If we are to honour the legacy of those protests, we must go beyond rhetoric and implement radical, transformative solutions.”
The #EndBadGovernance protests were more than a cry for justice; they were a clarion call for economic emancipation. Yet, years later, Nigeria remains shackled by the same systemic failures that sparked the movement. If we are to honour the legacy of those protests, we must go beyond rhetoric and implement radical, transformative solutions. The time has come for Nigeria to confront its economic demons head-on.
The path forward is clear, but it requires the political will and courage to take bold steps: fix the refineries, boost agriculture, provide an enabling environment for industrialisation, attract foreign direct investment (FDI), and encourage portfolio investment. Anything less is an insult to the blood, sweat, and tears of a generation that demanded change.
Fix the refineries: End the oil curse
Nigeria’s dependency on oil has become an economic curse rather than a blessing. Decades of mismanagement have left our refineries in ruins, forcing us to import fuel despite being one of the world’s largest oil producers. This madness must end. Fixing our refineries is not just a technical challenge; it is a moral imperative. By revitalising these facilities, Nigeria can reclaim control over its most valuable resource, reduce import costs, and finally put an end to the endless cycle of corruption and inefficiency that has plagued the oil sector. The time for half-measures is over—this is a fight for our economic sovereignty.
Boost Agriculture: Feed the nation, fuel the economy
Agriculture has always been the backbone of Nigeria’s economy, but it has been starved of investment and innovation. The sector’s potential is staggering—yet, it remains underutilised and neglected. It is time to transform agriculture into a powerhouse that can feed the nation, generate jobs, and drive economic growth. We must invest in modern farming techniques, provide access to credit for smallholder farmers, and build the infrastructure needed to get products from farm to market. Agriculture should not be an afterthought; it should be at the forefront of our economic strategy.
Provide an enabling environment for industrialisation: Build, don’t borrow
Nigeria’s industrial base has been eroded by years of neglect, but the potential for a manufacturing renaissance is within reach. The key to unlocking this potential is creating an enabling environment for industrialisation. This means cutting red tape, improving infrastructure, and ensuring that businesses have access to reliable power and transportation networks. We must prioritise policies that encourage local production and reduce our reliance on imports. The goal is simple: build, don’t borrow. Industrialisation is not just about creating jobs; it is about building a resilient economy that can withstand global shocks.
Attract FDI: Welcome the world to Nigeria
Foreign Direct Investment (FDI) is the lifeblood of any developing economy. Yet, Nigeria has consistently underperformed in attracting the levels of FDI needed to drive growth. The reasons are clear—political instability, corruption, and a hostile business environment. This must change. We need to send a clear message to the world: Nigeria is open for business. This requires not just reforms but a complete overhaul of how we engage with foreign investors. We must offer incentives, ensure legal protections, and demonstrate that Nigeria is a safe and profitable place to invest. FDI is not just about capital; it is about bringing in the expertise, technology, and innovation needed to transform our economy.
Encourage Portfolio Investment: A new frontier
While FDI builds industries, portfolio investment fuels financial markets. Nigeria must create a thriving stock market that attracts global investors. This means ensuring transparency, enforcing regulations, and building investor confidence. By encouraging portfolio investment, Nigeria can tap into a vast pool of global capital that can be used to finance infrastructure projects, support entrepreneurship, and drive economic diversification. The stock market should not be a playground for the elite; it should be a vibrant, accessible platform for all Nigerians to build wealth and contribute to the nation’s economic growth.
Conclusion: The time for action is now
The #EndBadGovernance protests were a clarion call that shook the nation from its slumber. Nigeria’s potential for greatness is undeniable, but realising this potential demands decisive and comprehensive action. Revitalising our refineries, bolstering agriculture, fostering an industrial ecosystem, and attracting foreign investment are not merely policy options; they are essential pillars for economic rejuvenation.
To achieve this, we must create an environment where businesses can thrive, innovation flourishes, and corruption is eradicated. This requires strengthening institutions, enforcing the rule of law, and investing in human capital development. Moreover, we must harness the power of technology to drive efficiency and productivity across all sectors.
The journey ahead will be arduous, but the rewards are immense. By embarking on this path, Nigeria can reclaim its position as a leading African economy and a global player. The time for excuses is over. The time for action is now.
