The Fall of the Giant: How Corruption, Inflation, and Poor Governance are Undermining Nigeria's Progress

 

By Osuolale Oluwatomilayo (Duchess)

Nigeria, the giant of Africa, did not earn this name from its width or landmass but from the natural resources our creator, in his infinite mercies, blessed us with. Nigeria is built on the sweat and labor of our heroes past. The likes of Nnamdi Azikiwe (commonly referred to as the Zik of Africa) was one of the notable heroes who fought relentlessly for the independence of Nigeria as a nation-state. 

In the year 1999, Abdulsalami Abubakar promised a transition to democracy, which he fulfilled, and adopted a new constitution. Beforehand, history connotes that life in the country, although it might not have been best was much more habitable compared to this present time the unruly twins, corruption, and inflation, have rewritten the story of what used to be a great country. As Yoruba elders will say “erin wo” as in the fall of an elephant, Nigeria struggled from grass to grace then back to grass. The introduction of politics, democracy, and governance by the Westerners to Nigeria which should have birthed prosperity and unending crumbled the country. 

The transition of power from one regime to the next kept on deteriorating the standard of living of Nigerians. The quality of goods slowly depreciated, the prices of materials steadily inflated, and the worth of naira, as compared to other currencies in the world, diminished. Now, we are facing naira to dollar at almost two thousand naira, but this is only just the beginning. 

Attributing all these to politics is quite unfair because many other countries in the world experience good growth and management of resources but ours just goes hand in hand with bad governance. Hence why the country is buried deep in trillions of debts and each individual head owes a few hundred thousand.

In May 2023, Nigeria recorded the most competitive election since the end of military rule in 1999, with Bola Ahmed Tinubu ‘the Godfather’ emerging as the winner of a four-year term alongside his vice. He served as the governor of Lagos state from 1999 till 2007 and was rumored to have ruled right. The growth of Lagos state was attributed to him. Why then is Nigeria crumbling under his rule or is this the storm before the calm?

President Bola Ahmed Tinubu, Nigeria’s 16th and current president, like his forefathers before him has exploited Nigeria of her rights. Starting from the almost ridiculous removal of subsidies on every sector, even going as far as removing subsidies on data subscriptions has led to the increased cost of basically everything starting from petrol and down to sachet water. The removal of subsidy on education, which should be free, has led to a rapid decline in the population of students in federal and state universities, an increase in the recorded number of dropouts, and unemployed persons, and a growing disinterest in furthering education. 

Is Nigeria now home to dropouts? If a remarkable solution is not found as soon as it can, Nigeria might be dragging poverty statistics with India.

Only just after a year of our current president’s tenure, Nigerians are starting to reminisce on how better life was in Muhammadu Buhari’s tenure and of course, continue to argue and give reasons why Peter Obi would have been the best choice had he won the elections in 2023. While that may be true, you never know the result of an event unless you live it. 

One of the other questionable doubts about this tenure is the reintroduction of the formerly existing anthem Nigeria we hail thee. Seeing as Arise o Compatriot is one of the works of our heroes past, Nigerians questioned the need for changing the anthem and people like Aisha Yesufu outrightly rejected it and denied singing it.

Democracy, which should above all, permit free and fair elections, choice, and successful government has been rigged like many other sectors in Nigeria. If ballots can be rigged and stolen, then rigging finances should be the least inconvenient. Animals should be allowed to swallow millions of naira too because grasses no longer exist in the country and printed currency is just the best form of nutrition. The rich, the politicians, ministers, and many others far ahead in social status are supposedly far more entitled to the money in the country than we are.

We are yet to see the occurrences that will take place in the years to come. Whether we could still be standing tall as the “giant of Africa” or not, we only hope to receive mercy from The Creator.