By Haroon Aremu
The world is reeling from a relentless storm of inflation that knows no borders. Post-pandemic recoveries have become nightmares for many, with economies struggling to keep pace with skyrocketing demands. Disrupted supply chains—fueled by the devastation of COVID-19 and further shattered by the Russia-Ukraine war—have left nations gasping for stability. Commodity prices for essentials like oil, gas, and food have surged, igniting a crisis felt most acutely by those already on the edge of survival.
Global inflation hit 8.8% in 2022, shrinking consumer spending and pushing 150 million people into extreme poverty. Economic slowdown and uncertainty have gripped every continent, turning hopeful recoveries into distant dreams. In one sentence, we can say, “The Global Economic Chaos: A World on Fire”. But if the global economy is trembling, Africa—already vulnerable—is teetering on the brink of collapse.
With inflation soaring to 12.3%, Africa is caught in a spiral of despair. Food inflation hit 15.6% in 2022, driven by droughts, conflict, and the uncontrollable price surge. Energy costs have become unmanageable, soaring by 20.5%, and with local currencies crumbling against the U.S. dollar, daily survival has become a question mark for millions.
The hope of a unified, self-reliant Africa through initiatives like the African Continental Free Trade Area (AfCFTA) seems increasingly remote as corrupt leadership and poor economic management derail potential progress. Sigh, Africa’s Plight: A Heavy Toll on the Weakest
Now to Nigeria’s Economic Downfall: A Land Bleeding Under the Weight of Inflation. Nigeria! Africa’s largest economy is sinking under the weight of its own ills. With inflation at a devastating 31.7% as of February 2024, Nigerians face a nightmare scenario where everyday life becomes a battle for survival.
Food prices have skyrocketed due to domestic challenges like drought, conflict, and the fallout from removing fuel subsidies. Transportation costs have become unbearable, and with the Naira weakening against foreign currencies, the cost of imported goods has skyrocketed.
Yet, these economic problems are not only the result of natural or external factors. Nigeria’s reliance on oil exports has left its economy vulnerable to the volatility of global oil prices. Corruption and inefficient supply chains worsen the impact, while a broken infrastructure leaves the country incapable of delivering basic services.
As Nigeria’s economy crumbles, its leaders—those entrusted with the nation’s welfare—have instead chosen to enrich themselves. Public funds meant for development are looted, while ordinary citizens—whether struggling innocents or corrupt poor—are left in despair. Yahaya Bello and Rochas Okorocha have been accused of dipping their hands into funds meant to lift Nigeria out of the abyss. The worst part? The justice system, weak and compromised, seems incapable of holding them accountable.
Yahaya Bello, for instance, has mastered the art of playing “hide and seek” with the law, knowing that in a system as broken as Nigeria’s, his chances of facing real consequences are slim to none. Meanwhile, regular citizens, including “yahoo boys” and even innocent individuals, are being hunted and prosecuted with swift brutality. This stark contrast between how the law treats the powerful and the powerless is a cancer eating away at the soul of the nation. Who protects the people if the leaders steal from the innocent and the corrupt?
Should all this be blamed solely on President Bola Ahmed Tinubu? Or is there a broader problem that goes deeper into the fabric of Nigeria’s leadership and society?
The mismanagement of Nigeria’s resources is not only the fault of a select few in power. It is the collective failure of all those in leadership positions who have turned governance into a self-serving endeavour. Governors, senators, and other public officials have consistently failed to deliver on their promises, leaving citizens to bear the brunt of their incompetence.
But are the citizens themselves free of blame? The culture of apathy that pervades Nigerian society has allowed this systemic rot to fester. When people fail to hold their leaders accountable by demanding better governance or active civic participation, they become complicit in destroying their nation.
If Nigeria continues on this path of corruption, injustice, and economic decay, the consequences will be catastrophic. The poverty rate is already climbing at an alarming pace, with an estimated 87 million Nigerians living below the poverty line. This number will only increase as inflation pushes basic commodities out of reach for the average citizen.
Social unrest is bubbling beneath the surface, waiting for a spark. Frustration and desperation are building, and if left unchecked, they could lead to widespread violence and instability. As Nigeria’s institutions crumble, its brightest minds will continue to flee the country in search of greener pastures, further accelerating the brain drain that has left Nigeria without the intellectual capital it needs for progress.
Decisive action is required to prevent Nigeria from falling into the abyss. For the government, transparency and accountability must become non-negotiable. Strengthening institutions, particularly the justice system, is critical if corruption is to be rooted out. Public funds must be directed toward tangible development, focusing on infrastructure, education, and healthcare.
For citizens, the time for apathy is over. A collective awakening is needed, where people demand better governance at all local and federal levels. Nigerians must realise that their silence is contributing to the nation’s downfall. Only through collective effort—by both government and citizens—can the cycle of corruption and economic ruin be broken.
Haroon Aremu Abiodun is a mass communication graduate and an NYSC member of the PRNigeria Center in Abuja. He can be contacted via exponentumera@gmail.com.
