Nigeria has now been an independent nation for 64 years, but the standard of living and the well-being of Nigerians across the board seem to have progressively worsened since 1960. Today, we live in a Nigeria that is nearly unbearable for the average earner, let alone low earners.
A measurable indicator of this decline is the ability of Nigerians to trade with foreign currency. This is significant because Nigeria does not produce much, meaning that many of the goods consumed in the country are produced, or at least primarily distributed, outside of it. Importation becomes crucial to Nigerians’ consumption, making foreign currency a key factor. Other countries sell to Nigeria in dollars, so Nigeria has to either pay in dollars or provide the Naira equivalent.
This is where the conversion rate becomes critical. For decades, the exchange rate has steadily increased. Over the five years from January 2005 to January 2010, the cost of one dollar rose from N127 to N151, a 19% increase. From January 2010 to January 2015, it increased from N151 to N182, a 21% increase. Between January 2015 and January 2020, the cost went up from N182 to N359, a staggering 97% increase. From January 2020 to January 2024, it rose from N359 to N957, a 167% increase.
From January 2024 to October 2024, the cost jumped from N957 to N1,673, a 74% increase. This means that the cost of the dollar in Nigeria has risen more than three times the rate in the past 10 months compared to the 20 years prior. This illustrates just how increasingly difficult life has become for Nigerians and how the purchasing power of the population has plummeted over time.
Does this reflect Independence?
The first question is: what does it mean to be independent? Simply put, being independent means being able to handle one’s own survival and development. As a nation, Nigeria is far too dependent on external factors, which means that its economy is affected by many things that are not Nigeria-based.
Despite being a sovereign nation, Nigeria has not done enough to stand on its own. This lack of self-sufficiency has led to ever-increasing hardship, reaching a fever pitch today. The struggle was not as pronounced in the early years of independence, but that doesn’t mean it wasn’t present; it has simply become more glaring now.
Nigeria should be able to manage key aspects of its survival and development without external assistance. Infrastructure, energy, and food are three vital areas that drive development, and any country that relies on another for these essentials will find itself in deep trouble.
Can Nigeria actually be Independent?
Yes, Nigeria can manage its infrastructure, energy, and food production if resources are allocated properly. Funding is always a hot-button topic, but everyone knows that in a country like Nigeria, there is money for what the Senate and Federal Government deem important. A budget is presented to the Senate every year, which can serve as a starting point for allocating funds to the right areas.
Nigeria grows all major foods consumed in the country, such as rice, beans, yam, and cassava. In fact, Nigeria is the world’s largest producer of yam and cassava and the third-largest rice producer in Africa. Beans can be cultivated in all regions of the country.
The West African nation also generates its own electricity, mainly relying on fossil fuels and hydropower. With careful planning, funding, and equitable distribution, energy should reach all parts of Nigeria. While getting power and connectivity to rural areas may pose challenges, it is achievable. Nigeria is not the only country with rural and remote areas.
Nigeria can also manage its infrastructure development. This sector requires the most allocation of resources. Julius Berger is an elite Nigerian construction company responsible for at least two major bridges and one major stadium in the country. The Eko Bridge (completed in 1968), the infamous Third Mainland Bridge (completed in 1990), and the Abuja Stadium (completed in 2003). These structures are still standing strong today.
With adequate support from the Federal Government, Julius Berger and other civil engineering firms can be equipped with the tools, expertise, and exposure necessary to build structures of a quality that matches the world’s best.
Is there hope for struggling Nigerians?
Where there is life, there is hope. Nigeria can improve, but those in power who possess the resources to effect real change need to prioritize what is important. Buying private jets and increasing the pay of senators are trivial compared to the needs of the country.
Things are indeed dire, and they likely will not get better overnight. However, with careful planning, smart resource allocation, and unwavering sacrifice, Nigeria can become a place people want to live in. Happy Independence Day!
