Can a Revolution Rescue Nigeria from Its Rulers?
Nigeria’s situation highlights a disparity between its vast potential and the mismanagement by political elites. Despite past promise, the nation suffers from corruption and stagnant economic growth, failing to provide opportunities for its youth. A dramatic political revolution is deemed necessary for real reform and accountability as the nation seeks to reclaim its future and bridge the economic divide.
Nigeria’s narrative is marked by a striking contrast; it possesses immense potential yet suffers considerably under mismanagement. Previously celebrated as Africa’s giant, Nigeria now grapples with feeble governance, rampant corruption, and a political elite proficient in perpetuating its decline while superficially addressing constituents’ concerns. The continent’s economic challenges are summarised in The Economist’s examination, vividly illustrating Nigeria’s struggles as it squanders opportunities for growth through political nepotism.
Upon gaining independence in 1960, Nigeria’s per capita GDP was on par with that of Malaysia and South Korea. Presently, while the latter two nations have ascended to high-income brackets, Nigeria remains entrenched in economic stagnation, oscillating between aspirational development strategies and severe policy failures. President Tinubu’s purportedly innovative economic reforms have, regrettably, exacerbated hardships, leading to skyrocketing inflation and increased poverty levels.
Rather than bridging the economic chasm with other nations, Nigeria continues to fall behind as its citizens’ living standards plummet despite the country’s vast natural resources. Governance failures are to blame as political leaders repeatedly provide empty promises of revitalization while indulging in excessive self-serving behavior. Despite possessing abundant resources, Nigeria remains overly reliant on oil, neglecting the necessity for diversification.
The ruling elite has transformed governance into a zero-sum game, extracting resources for personal gain and perpetuating a cycle of corruption. Many politicians, once prominent during Nigeria’s military regimes, perpetuate policies that benefit only themselves while hindering genuine economic reform. The consequences are evident in the management of foreign exchange and debt crises, as the naira’s devaluation and depletion of foreign reserves threaten economic stability.
The disconnection between Nigeria’s leaders and reality is profound. Political officials espouse resilience while seeking medical care abroad, ignoring the dire state of local healthcare. Despite claims of promoting job creation, policies stifle small enterprises, forcing youth into informal sectors. Furthermore, while advocating for foreign investment, the lack of infrastructure and security creates an unwelcoming environment for potential investors.
The growing youthful population, expected to exceed 400 million by 2050, further emphasizes the urgency for strategic job creation and industrial development. Without a clear plan, this demographic may resort to migration, viewing it as the sole avenue for economic success, thereby exacerbating the nation’s challenges.
Nigeria possesses the necessary resources to thrive, yet continues to falter. The notion that Nigeria’s complexities justify its economic challenges has lost credibility, as similar nations have successfully navigated out of crises. A fundamental political revolution is essential to uproot entrenched elites and demand accountability across governance structures.
Nigerians must reflect critically on their present condition and future aspirations. The time for rhetorical promises and superficial reforms has passed. A commitment to creating meaningful change and challenging status-quo practices is imperative to reclaim Nigeria’s future. The decisive question remains: Will Nigeria persist on the path of decline or take bold actions toward transformation? History will judge those in power who choose inaction amidst pressing needs for change.
In conclusion, Nigeria stands at a crossroads, burdened by ineffective governance and a political elite that prioritizes self-interest over national progress. As the country faces escalating economic challenges and a burgeoning youthful population, urgent systemic change is necessary. A political revolution that fosters accountability and encourages responsible governance is crucial. It is time for Nigerians to demand substantive reform and strive for a future where potential is realized rather than squandered.
Original Source: businessday.ng
