NIGERIA AT A CROSSROADS

 President Tinubu should move fast and address the pressing challenges of the nation, writes Aliyu Tanimu

In May 2023, the people of Nigeria witnessed a historic moment as Mr. Bola Tinubu, a seasoned politician, took the oath of office as President of the nation. He pledged to heal a deeply polarized country and resuscitate its ailing government institutions.

With the nation’s future hanging in the balance, Tinubu’s role as the commander-in-chief is akin to that of a surgeon tasked with saving a critically ill-patient. This patient, Nigeria, is grappling with a terminal illness, and the symptoms of this ailment are rapidly spreading, jeopardizing its very existence. The afflictions include rampant inflation, poverty, banditry, kidnapping, cattle rustling, a high number of out-of-school children, underutilized hospitals, almajiris, and the alarming depreciation of the national currency, the Naira. If we continue to pay fuel subsidies and import, we will never have a strong and stable economy. China, Japan, India, Vietnam, and Indonesia deliberately weakened their currencies to promote exports and local consumption, and it worked. The responsibility now lies squarely on President Tinubu’s shoulders, as he holds the metaphorical surgical knife that could either mend the nation’s wounds or potentially deal a fatal blow.

Nigeria is unquestionably at a crossroads, demanding a comprehensive strategy that encompasses short-term, medium-term, and long-term solutions to address its multifaceted challenges. The time for excuses has long passed, and the Nigerian people, exhausted by years of unmet promises and broken dreams, are no longer willing to bear the full brunt of the blame. While the president shoulders a significant burden, it is essential to recognize that state governors also play a pivotal role in the nation’s governance and development.

State governors, being closer to the people, hold a unique position in addressing the concerns and needs of their constituents. However, the national discourse remains overwhelmingly focused on the presidency, often overshadowing the essential role of state leadership in Nigeria’s development.

As the process of healing and recovery begins, it is crucial to approach the situation with care and attention. The removal of the fuel subsidy, which has triggered a series of economic shocks and challenges, is a prime example of this. While the removal itself is not inherently problematic, it necessitates a well-thought-out and sustainable plan to mitigate its effects.

One way to stabilize the Naira is to revive Nigeria’s ailing refineries, promote locally made goods, add value through exports, services and implement comprehensive measures to strengthen the nation’s economic foundation. Currency devaluation, which Nigeria has experienced, is a strategy used by exporting nations to gain a competitive advantage in the global market. As mentioned earlier, China, a prominent example, has utilized currency devaluation to challenge the dominant position of the United States and enhance its competitiveness in international trade.

However, Nigeria stands as an import-dependent nation, importing a wide range of products, from basic necessities to luxury items. This dependence on imports places the nation in a vulnerable position when its currency depreciates. Instead of adding value to its abundant natural resources, Nigeria exports raw materials, missing out on the opportunity to create a value-added economy.

The consequences of these economic challenges are far-reaching. Businesses have shuttered their doors due to the increased cost of production, while those that have managed to endure have been forced to pass these costs on to consumers. The business climate in the country has been plagued by issues such as multiple taxation, soaring diesel prices, and what many perceive as harsh government policies.

The cost of living has surged, creating a heavy burden on citizens who are already grappling with low incomes and frequent power outages. In addressing these challenges, state governors play a vital role in alleviating the adverse effects of fuel subsidy removal.

An exemplary case is Lagos State, where significant strides have been made in infrastructure development, including the establishment of a robust railway network. These initiatives have not only improved transportation but also significantly impacted the lives of residents. The daily commute of over 200,000 individuals via the efficient train system underscores the potential for progress that can be achieved when state governments prioritize critical infrastructure projects.

In conclusion, Nigeria’s current state of affairs demands a comprehensive and multifaceted approach to address its pressing challenges. President Tinubu, a former holds the responsibility of healing a deeply divided nation and repairing its ailing institutions. However, the role of state governors in this endeavor should not be underestimated, as they are vital in implementing policies and initiatives that can alleviate the economic burdens facing citizens.

As the nation embarks on its journey to recovery, it must move beyond mere rhetoric and focus on tangible solutions that will stabilize the Naira, reduce import dependency, and create a favorable business environment. The collective effort of leaders at the federal and state levels, in collaboration with the active participation of the Nigerian people, will be essential in steering the country away from the precipice and towards a brighter future. Nigeria’s fate hangs in the balance, and the decisions made in the coming years will determine whether it will emerge as a mended nation or face further deterioration.

Arc Tanimu writes from Kaduna