By Maxwell M. Ngene
Since the emergence of Nigeria as an independent nation over six decades ago, its journey towards economic and political emancipation or development have been tumultuous. The nation’s story had been that of gloom and doom. As one the most populous countries in Africa, Nigeria is endowed with an abundance of rich natural resources, including oil, gas, minerals, and fertile land.
Yet, despite this wealth, many Nigerians, particularly, the poor and vulnerable struggle to make ends meet, living in abject poverty and lacking access to so many basic necessities of life. Such necessities of life include food, clean water, clothing, electricity, and healthcare. This stark contrast between Nigeria’s wealth and its citizens’ suffering is a paradox that has puzzled public intellectuals, policymakers, and citizens alike for decades.
The statistics are staggering. Nigeria is said to have the largest economy in Africa, with a GDP of over $250 billion, yet over 40% of its population lives below the poverty line. The country is the world’s 12th largest producer of crude oil, but millions of Nigerians lack access to electricity, relying on generators, lamps and candles for illuminating their homes at night. Nigeria is home to over 180 million people, but its infrastructure, including roads, schools, hospitals and transportation system, is woefully inadequate.
All efforts to ascertain why Nigeria is the way it is has failed. From one government administration to the other, the story is the same pitiable state of things. The reasons for this paradox are complex and multi-pronged. Corruption, mismanagement, and a lack of investment in human capital and infrastructure have all contributed to Nigeria’s failure to translate its humongous wealth into economic prosperity for all its citizens. The country’s overdependence on oil has also made it vulnerable to fluctuations in global commodity prices, exacerbating poverty and inequality.
At the heart of Nigeria’s woes is a leadership that has consistently prioritised selfish or personal gain over the welfare of the people. The political class and top bureaucrats have engaged in rampant corruption, embezzling funds meant for development projects and diverting resources to personal accounts in local and foreign countries. This culture of greed and impunity has perpetuated poverty and inequality, undermining the country’s potential for economic growth and accelerated development.
Furthermore, the political class has failed to implement policies that promote inclusive economic growth, instead perpetuating a system that favours a small elite at the expense of the majority. The result is a widening wealth gap and a perpetuation of poverty, marginalization and inequality.
However, there are glimmers of hope. Nigeria has made significant progress in recent years, with efforts to diversify its economy, invest in infrastructure, and promote entrepreneurship and innovation. The country’s technology sector, for example, has experienced rapid growth, with startups and young upwardly mobile entrepreneurs leveraging technology to solve some of Nigeria’s most pressing challenges.
As Nigeria moves forward, it must prioritize sustainable and inclusive economic growth. This can be achieved by investing in its people and infrastructure to unlock its full potentials. This requires a leadership that is committed to the welfare of all Nigerians, not just a privileged few. The time has come for Nigerian leaders to liberate her people and prepare them for a free, prosperous, and dignifying life. They can successfully do so by harnessing the country’s resources to build a prosperous and equitable future for generations yet unborn.
