Nigeria @ 64: Stunted growth belies large economy claim

…Citizens deplore slow progress, economic pains

As Nigeria marks its 64th year of independence from the British colonial rule, the mood across the nation is mixed. For many, it is a time to reflect on what the country has achieved over the decades and what it still struggles to accomplish.

While Nigeria remains Africa’s largest economy and boasts a population of over 220 million people, its trajectory has not been as smooth as expected.

The country’s journey has been marked by economic ups and downs, political instability, security challenges, and persistent inequality.

For many Nigerians, the progress made over the last six decades is slow, if not stunted. Critics have gone as far as saying that the country is in “reverse gear,” with many of the promises made at independence still unfulfilled. The disconnect between Nigeria’s potential and its reality is glaring.

A nation of great potential, unfulfilled promise

Many have argued that Nigeria’s case is a very depressing one. They point to the fact that everything is in abundance, yet the country is not developing.

“There is an abundant human and natural resources in Nigeria. With all these, Nigeria has remained unsuccessful,” someone has said.

At independence in 1960, Nigeria was seen as a beacon of hope for Africa. With vast natural resources, including oil and gas, and a diverse youthful population, the country was positioned to become a major global player.

However, six decades later, many Nigerians feel that the dream of a prosperous, stable nation remains elusive.

Olumide Adedayo, a Lagos-based banker, believes that Nigeria has failed to harness its potential.

“Look at how rich we are in natural resources, especially oil. But what has that done for the average Nigerian? We still don’t have stable electricity or healthcare. Our leaders have squandered our wealth,” he said, with frustration evident in his voice.

Similarly, Chika Nwafor, an entrepreneur, described Nigeria’s progress as “disappointing.”

“For a country like ours, we should have achieved much more. Instead, we have poor infrastructure, insecurity, and high unemployment. Corruption has been our biggest obstacle,” he lamented.

Read also: Nigeria’s 63rd independence anniversary: When shall we get it right, politically?

Economic woes and stagnation

One of Nigeria’s biggest challenges has been managing its economy. While the country has seen periods of growth, particularly due to its oil exports, the majority of its citizens have not felt the benefits.

Unemployment, inflation, and poverty rates remain high, and many Nigerians live in difficult conditions.

Africa’s most populous nation is currently grappling with rising prices which has led to various social unrest and industrial action by labour unions.

Though headline inflation has slowed for the second consecutive month to 32.15 per cent in August 2024, the living conditions of the citizens have in no way gotten any better.

Food inflation, which constitutes over 50 percent of Nigeria’s headline inflation, has also decelerated to 37.52 percent due to seasonal harvests.

Nevertheless, prices for essential items like rice, beans, bread, and other processed staples remain relatively high.

Nigeria, a nation with over 220 million people, has more than 24 million people who are food insecure and plunged into hunger, according to the 2024 Global Report on Food Crises.

According to the National Bureau of Statistics (NBS), over 133 million Nigerians, more than half of the population, are classified as multidimensionally poor.

This staggering statistic raises the question: why, after 64 years, is poverty still so rampant in a country with immense wealth?

John Aliyu, a small business owner in Lagos, feels that successive governments have failed to invest in sectors that could have improved the lives of ordinary Nigerians.

“It’s always about oil. But what about agriculture, technology, or manufacturing? Our leaders only focus on oil money. That’s why our economy is always shaking,” he said.

Nigeria’s dependency on oil has left its economy vulnerable to fluctuations in global oil prices, and while there have been efforts to diversify, these have not been successful enough to shield the country from economic shocks.

Political instability and security challenges

Since independence, Nigeria has experienced several military coups, a civil war, and multiple changes in government, which have hindered its political and economic development.

Although the country returned to civilian rule in 1999, political instability and poor governance remain significant issues.

One of the most pressing challenges Nigeria faces today is insecurity. From the Boko Haram insurgency in the northeast, banditry in the northwest, and kidnappings for ransom across the country, Nigerians are living in constant fear.

A data from SBM Intelligence revealed that 11,162 fatalities were recorded between 2018 and 2024, owing to Boko Haram insurgency.

These security concerns have dampened economic growth, displaced millions, and made day-to-day life precarious for many citizens.

Ibrahim, a schoolteacher, expressed her frustration with the government’s inability to address security issues.

“In the past, we were afraid of military rule, but now it’s the terrorists, bandits, and kidnappers we fear. Our government needs to take security seriously if we want to move forward as a nation,” he said.

Read also: Independence Day 63rd Anniversary: Brief historical perspective of Nigeria

Education and healthcare

Two sectors that are crucial for national development—education and healthcare—have not received the attention they deserve.

Nigeria’s educational system, once regarded as one of the best in Africa, has deteriorated due to underfunding, lack of infrastructure, and brain drain.

Nigeria now has 17.81 million children of school age out of school, according to UNICEF.

For young Nigerians like Tunde Oke, a university student, the country’s poor investment in education is a major concern.

“The state of our schools is terrible. We don’t have enough lecturers, the infrastructure is poor, and we spend more time striking than learning. How can we compete globally when our education system is in shambles?” he asked.

Healthcare is another area where Nigeria has fallen short. Many Nigerians still lack access to basic healthcare services, and the country continues to suffer from preventable diseases such as malaria, cholera, and maternal mortality.

For those who can afford it, medical tourism to countries like India and the UK has become a norm, draining resources that could have been invested in the local healthcare system.

Glimmers of hope amid challenges

Despite the many challenges, some Nigerians remain hopeful that the country can still reach its potential. They point to the country’s vibrant entrepreneurial spirit, growing tech sector, and resilient population as signs that Nigeria can turn things around.

Tobi, a tech enthusiast in Lagos, is optimistic about Nigeria’s future. “We have a young, dynamic population. Our tech industry is booming. Look at the success stories like Flutterwave. If we can fix the basics—electricity, security, and education—we have the potential to be great,” he said.

As the country looks forward to the future, the challenge remains: how can Nigeria’s leaders, and its people, work together to overcome the obstacles that have held it back for decades? The answers will determine whether Nigeria can finally fulfill the promise of independence, or whether it will continue to lag behind.