NIGERIA AT 61: Is There Anything Worth Celebrating?

Most countries celebrate their independence day with pomp and pageantry but this appears not to be so with Nigerians as the country marks its 61st anniversary. The citizens are disappointed by the pervasive atmosphere of gloom and mass despair. The country is grappling with failures in development, economy, prosperity, and at the verge of descent into oblivion within the comity of globalised and knowledge-driven nations.

It is a paradox that Nigeria blessed with natural and human resources is wallowing in lack, poverty, and distrust. The country’s population of  211 million and more than 250 ethnic nationalities is seething with discontent about the present, and fearful of an uncertain future.

Nigeria’s economy that was projected to be the giant of Africa is now struggling to survive. It is quite inconceivable that a country blessed with so much natural and human capital is becoming incapacitated by unproductivity, with the opportunity to become a diversified economy narrowing down to a mono economic structure with dangerous overreliance on oil export.

Agriculture, once the mainstay of the country and its defunct regions and contributing over 60 percent to Gross Domestic Product in 1960, added 22.13 percent to nominal GDP by June 2021. Oil and gas that contributed less than 1.0 percent to GDP and 6.65 percent of export earnings in 1961, according to the Central Bank of Nigeria, contributed 47.72 percent to GDP and 98.72 percent of export earnings in 2000.

The country’s currency Naira has lost significant value, exchanging at close to N415.50/$1 and N573/$1 at both the official and parallel market respectively. For the very first time in decades, the CFA currency of neighboring West African countries is more valuable than the Naira.

However, the leadership of the country have recognized the state of things and have promised to do everything possible to bring respite to Nigerians. President Buhari promised to size up the situation in years ahead from his 61^st independence day speech to the nation.

Without a doubt, downside risk has caught up with the country in the most segment of the economy but the country must take note of the president speech which says “Nigeria is for all of us. Its unity is not negotiable. And its ultimate success can only be achieved if we all come together with a common goal of having peace and prosperity for our nation”.




Analyst View
Nigerians should look at the upside and do everything in their power to restore the dignity of the largest black nation and largest economy in Africa. Nigerians are known to be resilient and determined people, they are blessed and innovative people. We need to rescue the nation from poverty, insecurity, hopelessness, anarchy, and descent into destruction. God bless Nigeria.