Nigeria at 64: Lingering Hardship and the Struggle for Development
By Matthew Eloyi
As Nigeria celebrates her 64th Independence Anniversary on October 1st, 2024, the prevailing mood across the country is far from celebratory. For many Nigerians, the event serves as a grim reminder of the persistent economic challenges, political instability, and underdevelopment that continue to afflict the nation. Despite its abundant natural resources and a youthful population full of potential, Nigeria remains shackled by hardship and stagnation, raising critical questions about why, after more than six decades of self-governance, the country is still struggling to achieve meaningful progress.
Over the years, the economic landscape of Nigeria has been characterised by recurrent challenges that leave millions of citizens battling poverty, unemployment, and inflation. The rising cost of living has rendered the basic necessities of life—food, shelter, healthcare, and education—unaffordable for a large portion of the population. According to data from the National Bureau of Statistics (NBS), inflation is at a staggering 32.15%, with food inflation even higher, eroding the purchasing power of ordinary citizens. The removal of fuel subsidies earlier in 2023 has only exacerbated the situation, with fuel prices surging and causing a ripple effect on transportation costs, electricity tariffs, and the prices of goods and services.
Unemployment remains a critical issue, especially among Nigeria’s youth, as many young graduates are struggling to secure jobs that match their qualifications. The informal sector, where most Nigerians earn a living, remains precarious, offering little in terms of job security or income stability. With no social safety nets in place, the daily realities of hunger, homelessness, and a lack of access to basic services have become the norm for millions.
One of the biggest questions that loom large on this anniversary is: why has Nigeria not achieved the developmental milestones expected of a country with its vast potential? While other countries that gained independence around the same period—such as Malaysia and Singapore—have transformed into prosperous economies, Nigeria remains mired in underdevelopment.
The reasons are multifaceted, but key among them is the issue of leadership. Since independence, Nigeria has been plagued by poor governance, corruption, and a lack of continuity in policy implementation. Successive governments have failed to articulate a clear and sustainable vision for the nation’s development. Corruption, in particular, has siphoned billions of dollars that could have been invested in critical infrastructure, healthcare, and education. The country’s oil wealth, which once seemed a blessing, has in many ways become a curse, fostering a culture of dependency and elite mismanagement rather than broad-based industrial growth.
Nigeria’s development is further hampered by its lack of functional infrastructure. Despite being the largest economy in Africa, Nigeria’s power sector remains in disarray, with regular power outages crippling businesses and stifling innovation. Roads are poorly maintained, public transportation is inadequate, and healthcare facilities are underfunded and understaffed. In the education sector, public schools are plagued by strikes, dilapidated buildings, and outdated curricula, making it difficult for Nigeria to compete in a rapidly evolving global economy.
In addition to economic hardships, security concerns have posed a significant obstacle to development. The insurgency in the northeast, banditry in the northwest, and separatist agitations in the southeast have not only claimed thousands of lives but have also disrupted agriculture, commerce, and daily life in many parts of the country. Businesses are wary of investing in volatile regions, leaving large parts of the country economically underdeveloped.
Nigeria’s vast regional disparities further complicate the development agenda. While Lagos and Abuja thrive as economic and political hubs, states in the north and southeast continue to lag behind. The uneven distribution of resources and development projects has only deepened the frustration among Nigerians, who feel abandoned by their leaders.
As Nigeria marks another Independence Anniversary, it is clear that the country stands at a critical crossroads. The challenges are daunting, but the solutions are not out of reach. For the nation to overcome its current economic difficulties and reverse its development stagnation, the government must prioritise good governance, transparency, and inclusive economic policies that benefit all Nigerians, not just a privileged few.
Investment in infrastructure, education, and healthcare is essential for building a resilient economy. Policymakers must also take bold steps to tackle unemployment and poverty through targeted job creation programmes and the promotion of small and medium-sized enterprises (SMEs). Nigeria’s abundant natural resources—beyond oil—should be harnessed to diversify the economy and reduce dependence on crude oil exports.
Furthermore, tackling insecurity and regional disparities must be at the top of the national agenda. A unified Nigeria, where all regions are given equal attention and development opportunities, is key to ensuring a stable and prosperous future.
At 64, Nigeria has yet to realise the dreams of its founding fathers who envisioned a prosperous, peaceful, and united nation. The path forward will not be easy, but with collective will, strong leadership, and a renewed sense of purpose, Nigeria can rise above its current challenges. As we celebrate this Independence Day, it is crucial that we reflect on what needs to change if Nigeria is to reach its full potential and take its rightful place on the global stage. Only then can we hope for a future where hardship is replaced with prosperity and backwardness with progress.
Happy Independence Day, Nigeria!
