KEY POINTS

• Nigeria’s growth hasn’t matched its vast natural resources.
• Over 133 million Nigerians are classified as multidimensionally poor.
• Dependence on oil makes the economy vulnerable to price swings.

Nigeria will mark its sixty-four independence tomorrow.

However, for most Nigerians, the realization of their progress is nothing more but a mirage.

As a giant of Africa, it is alarming that Nigeria’s problems remain huge and daunting; poverty, inflation, insecurity and poor infrastructure. Some folks think Nigeria is the way it is today because the country has not grown as expected at independence.

Promises left unfulfilled

Back in 1960 when Nigeria got its independence there was hope. The country was endowed with gigantic natural wealth and possessed a youthful demography that many considered would propel it and the rest of Africa towards prosperity.

Nevertheless, many citizens feel disappointed instead. More than half of Nigeria’s 220 million population is multidimensionally poor, as stated by the National Bureau of Statistics. This indicates that basic needs such as feeding, health care, and education are not met.

On the other hand, unemployment and inflation keep increasing with several people unable to afford necessities.

Lagos-based banker Olumide Adedayo is one of those who have spoken loudly to say that the country’s leaders have failed. ”We are indeed endowed with natural resources especially as we possess oil but lack some of the basic amenities such as standard electricity,” he noted.

According to a report by BusinessDay, Chika Nwafor, an entrepreneur also affirms this arguing that corruption is all that is retarding the progress of the country.

Economic challenges remain

Nigeria has the largest oil reserves in Africa, however, the majority of the population has not enjoyed the country’s wealth.

The dependence on oil has made the economy vulnerable to price fluctuations. The diversification attempts have not been impressive and where they have been attempted, they have not been very successful.

Food costs continue to be expensive despite signs of a small decline in the inflation rate in the recent past.

The result shows that poverty, unemployment, income inequality and poverty have affected the standard of living and food insecurity in Nigeria, as about 24 million Nigerians are food insecure and struggle to make ends meet.

The path forward

Despite all these hindrances, many still hope for Nigeria. The country has a growing tech industry and some companies like Flutterwave have started making waves internationally. Its youthful and very determined people could in the future define change if only the government pays attention to things that define human life such as education, electricity and security.

Will Nigeria’s leaders work to turn things around and fulfil the once promising potential?