Nigerians Face Economic Hardships Amid 25 Years of Unbroken Democracy

– Adejola Adeyemi Crown

As Nigeria celebrates a quarter-century of unbroken democratic governance, the atmosphere is tinged with both pride and palpable frustration.

While the nation has achieved a significant milestone in maintaining democratic rule since 1999, the economic landscape tells a more somber story.

Across the country, Nigerians are vocal about the severe economic challenges they face daily, overshadowing the democratic achievements.

The 25th anniversary of uninterrupted democracy is no small feat for a country that has experienced multiple military coups and political instability in its past.

The transition to a democratic system promised a new era of stability, freedom, and economic prosperity. Indeed, Nigeria has witnessed improvements in political participation and governance structures.

However, the economic aspirations that accompanied the democratic hope have yet to be fully realized.

Economic hardship is a recurring theme in conversations across Nigeria. The cost of living has skyrocketed, with inflation reaching double digits, exacerbating the struggle for many households.

Basic necessities such as food, fuel, and healthcare have become increasingly unaffordable for the average Nigerian. Unemployment, particularly among the youth, remains a critical issue.

Despite being one of Africa’s largest economies, Nigeria has struggled to create sufficient jobs for its burgeoning population.

The unemployment rate, hovering around 33%, has led to widespread disillusionment among the younger generation, many of whom feel their prospects are bleak.

Nigeria’s economy is heavily reliant on oil, accounting for a significant portion of the country’s revenue. This dependency makes the economy vulnerable to global oil price fluctuations.

The volatility in oil prices has repeatedly plunged the country into economic crises, highlighting the urgent need for diversification. Efforts to boost other sectors such as agriculture, technology, and manufacturing have been initiated but progress remains slow and inconsistent.

Corruption continues to be a major impediment to economic growth. Despite efforts to curb graft, it remains deeply entrenched, draining resources that could otherwise be used for development.

Additionally, inconsistent and sometimes counterproductive economic policies have hindered investment and growth. The bureaucratic hurdles and regulatory environment often deter both local and foreign investors, stifling economic expansion.

Infrastructure deficits are another major challenge. Poor roads, unreliable electricity, and inadequate water supply systems hinder both urban and rural development.

Farmers struggle with poor infrastructure and lack of access to markets, which severely limit their incomes.

In urban areas, congested roads and erratic power supply disrupt businesses and daily life, adding to the economic strain.

The sentiments of Nigerians across the country paint a vivid picture of the hardships faced. In Lagos, a bustling commercial hub, traders complain about the prohibitive costs of goods and dwindling profits.

In rural areas, farmers struggle with poor infrastructure and lack of access to markets, which severely limit their incomes.

Healthcare is another significant concern. Access to quality healthcare remains limited, particularly in rural areas. Hospitals are often under-resourced, and many Nigerians cannot afford the high cost of medical treatment. This has led to preventable diseases causing unnecessary suffering and death.

As Nigeria marks this significant democratic milestone, there is a growing consensus that more needs to be done to address the economic realities faced by its citizens.

Analysts suggest a multifaceted approach to economic reform, including reducing reliance on oil by investing in other sectors like agriculture, technology, and manufacturing, strengthening anti-corruption measures to ensure resources are used efficiently and transparently, improving infrastructure to boost economic activities, especially in rural areas, enhancing education and vocational training to equip the workforce for diverse economic opportunities, and establishing stable and business-friendly policies to attract and retain investment.

The next phase of Nigeria’s democratic journey must prioritize economic stability and growth. While the political strides are commendable, they must be matched with tangible economic progress.

As the nation reflects on 25 years of democracy, the collective focus must shift towards creating an environment where economic prosperity is not just an aspiration but a reality for all Nigerians.

The resilience and spirit of the Nigerian people have carried the nation through many challenges. With targeted efforts and genuine commitment to reform, there is hope that the economic landscape can transform, offering a brighter future that aligns with the democratic ideals celebrated today.

Adejola Adeyemi Crown writes from Abeokuta, Ogun State. adejola2010@gmail.com