By Otunba Shola Senbanjo (BOS)
Nigerians hold on to a strong belief that the year 2025 will finally deliver the “Renewed Hope” promised by President Bola Tinubu’s administration. However, many are beginning to wonder if this year will bring true relief—or usher in yet another round of economic hardship and despair.
Across the country, Nigerians are facing unprecedented economic challenges. The removal of the fuel subsidy has led to a near 500% increase in petrol prices within just one year. Compounding this, the liberalization of the foreign exchange market resulted in a more than 100% depreciation of the naira between October 2023 and October 2024.
To combat rising inflation—recorded at 34.6% as of November 2024—the Central Bank of Nigeria has embraced a contractionary monetary policy, hiking interest rates from 15.5% in October 2023 to 27.25% by September 2024. While this move targets inflation, it has also worsened the cost of living. Nigerians now pay significantly more for food, transportation, energy, healthcare, and education.
Frustration is widespread. In August 2024, Nigerians took to the streets in nationwide protests tagged #EndBadGovernance. Similar protests flared up again in October, as citizens demanded action and accountability.
WAYS TO ADDRESS NIGERIA’S ECONOMIC CHALLENGES
Fiscal and Debt Management
- Debt Restructuring: The federal government should actively negotiate with international and local creditors to restructure existing debts. Extending maturities and lowering interest rates will reduce pressure on government finances and free up resources for development.
A Healthy Nation is a Wealthy Nation
- Nigeria’s healthcare system is critically underfunded and underperforming. Strikes have paralyzed public hospitals, and millions of Nigerians are left without access to care. It is unacceptable that our leaders seek treatment abroad while ordinary citizens suffer. We need urgent investment in health infrastructure, medical training, and fair remuneration for health workers. A healthier population will translate into a more productive workforce.
Competitiveness and Growth
- Nigeria must finally diversify from oil dependence. This goes beyond rhetoric—we must activate practical strategies for economic diversification. The government must conduct a competitive profiling of all national resources to maximize revenue potential. For example, Nigeria earns billions from the cement industry, yet government royalties from limestone barely reach ₦500 million, according to NEITI. This is unacceptable. Strategic reforms can unlock value across agriculture, mining, technology, and manufacturing.
Putting People to Work
- Nigeria’s unemployment crisis is alarming. Every day, thousands of graduates enter a market with no jobs. The best way to visualize this is at newspaper stands—crowds of young, able Nigerians, reading for free because they have nowhere to go. From the NYSC camps to the corners of every community, the signs are clear. We must create targeted job creation programs, vocational skill centers, and enable entrepreneurship through access to finance and digital platforms. Idle hands are a national risk—we must act now.
Conclusion:
The time for promises has passed. What Nigeria needs now is purposeful action. Citizens are ready to contribute. They only need a government that truly listens, plans wisely, and delivers results. The future of our economy depends not just on policies—but on the political will to implement them.
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