Every patriotic and proud Nigerian desires to see our nation speedily overcome its numerous challenges, and realize its full potentials as a great nation and the pride of the African continent. And the fundamentals are strong for the realization of our common aspirations and desires. We are Africa’s biggest and most populous economy with very rich human and natural resources. We have, until very recently, recorded impressive growth in national output – one of the ten fastest growing economies in the world! Our democracy is growing, and is beginning to earn the respect of the international community. These facts have heightened global interests in our economy – especially from foreign direct investors.
Like many other nations of the world, especially at such a time as this, we also have a good dose of issues to worry about concerning our economy. Sustained low price of crude oil (Nigeria’s chief revenue driver) – currently at about $48 per barrel for brent crude – means very tough fiscal challenges for the nation. Revenues are projected to be inadequate to cover budgeted expenditure. Critical infrastructural development projects would naturally suffer neglect or abandonment. Economic growth has seriously slowed down – dropping to as low as 2.4% (from initially estimated level of about 5% for 2015). In fact, the Central Bank has warned that, if urgent steps are not taken, the economy may slip into recession sooner than later.
Despite the gains made by the deepening democratic tenets in the country, the tensions created by the in-fighting in the ruling All Progressives Congress party – the ruling party – have heightened the risk of political instability in the country. Desperate and self-defensive monetary policies of the Central Bank have made the business environment tougher than ever before. Companies are threatened with impending losses and unemployment issues are likely to exacerbate. The financial system (the major catalyst for economic growth and development) is not left out of the impending troubles.
Over and above all these issues already enumerated, I consider the problem of insecurity the real danger threatening the peace, prosperity and progress of this great nation; a real and present danger that must be urgently addressed by governments at all levels and in every part of this nation. After all, the origin and the very essence of government is primarily to provide security for the people, the citizens. And failure to guarantee people’s right to free movement is tantamount to failure of governance. The last elections in Nigeria are a good testimony to this fact.
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The Boko Haram insurgency is one big headache for Nigeria that must be resolved conclusively. Thankfully enough, the issue is currently receiving full-scale attention and handling by the federal government, and there are reasons to believe that, God helping us, the matter would be put behind us soon. In the end, one prays that our leaders would critically review and address all the issues that exposed us to such life-threatening invasion of brutal terrorists: illiteracy, poverty and hunger, religious fanaticism, political violence and gangsterism, corruption in the military and the governments, inadequate training and equipping of our military, poor border controls, among many others.
Aside Boko Haram threats, but as deadly and consequential as same, are the issues of kidnapping and armed robbery in the streets of Nigeria, from Rivers State to Anambra State to Lagos State to many other states of the federation. Armed robbers and kidnappers are having field days – choosing their targets at will and almost getting away with their evil plans. In the past two weeks alone, many prominent Nigerians, including the elder statesman and former Secretary to the Government of the Federation (SGF), Chief Olu Falae, have been kidnapped. As I write this, a family I know very well is also struggling to secure the release of a prominent family member from the jaws of kidnappers – even after allegedly paying about #100million to the criminals. Many Nigerian families have had to go through this traumatic experience, and the end does not yet seem in sight. In fact, it seems we are all now victims by instalment.
No part of the country is now safe for habitation. Lagos State that used to enjoy mention as a safe and secure state is gradually becoming one of the most insecure states in the country. Life in the Federal Capital Territory (FCT) is also getting very unsafe despite the “unsustainable” high cost security arrangements specially implemented for Nigeria’s capital city. Living in Nigeria now seems like living in an animal jungle. Any day you survive the “prey”, you thank your God, while waiting in anxiety for the next day. This is not the way to live. This is not the way to build a great nation. No serious government – national, state or local – should carry on as if things are normal – the way things are now.
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To be continued…
Udemezue is a management and financial consultant, policy analyst and leadership advocate.
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