It’s the economy, the economy, the economy, dammit!

The people of this country called Nigeria deserve a stable economy at this point in their history because they merit it, especially when you consider the enormous potential that abound, with respect to the rich human and abundant natural resources. Going down the memory lane, not too long ago (precisely in 2022, according to International Monetary Fund – IMF –  data), this economy was rated the largest economy in Africa. However, this impressive economic position on the continent has unfortunately slipped off the nation’s firm grip due to the tumbling of the country’s currency against other currencies, and thus became short-lived and it dropped to third position behind Egypt and South Africa. Even worse off in the 2024 rating by the same multilateral institution (IMF) that made all the forecasts, it slipped further down to fourth position, behind South Africa, Egypt, and Algeria.

The structure or condition of economic life in Nigeria presently hurts with excruciating pains being suffered by numerous households as a result of high costs of virtually everything in the economy. Let the truth be told; as it stands presently, the system does not help to produce goods and services, nor enables the people to earn a decent living. Production and consumption of goods and services, their distribution through commercial activities in daily trading operations, and the general management of resources in today’s Nigeria can better be described as very confusing and unpredictable in terms of costing, with continuous daily upward price movements. This situation does not add up at all, economically, because the people are being constantly exposed to embarrassing impoverishment. It is a terrible experience that is happening like a dream or as if it is being dramatised. But in the real sense of it, the observed experiences are indeed the actual records of real life developments. Nevertheless, there is no relenting but to urge and advocate engagement with the government at all levels, with a view to improve this ugly economic situation. One assumes that the continuous cries and lamentations of the people won’t just fall on deaf ears. The government, therefore, should rise to the occasion and improve the deplorable economic situation of the country.

Sampling out one item, for instance, now commonly cited among many goods and services in market circles in the economy, refined products are generally sourced from our crude oil (fossil fuel); and their pump prices keep skyrocketing. That petrol presently sells for eight hundred naira per litre (N800.00 pump price to most Nigerians) is complete madness! How does the government expect the ordinary man to survive in such a situation in the country? The government should not be docile about such a deplorable situation. The most painful aspect is that this challenge is being faced by citizens of a country that is stupendously wealthy in the said hydrocarbon mineral resources. Why must productivity be slaughtered on the altar of zero performance in the oil and gas subsector of the Nigerian economy? Yet the country has a world class refining facility in the form of Dangote Refinery (with an impressive capacity of 650,000 bpd); and at the same time the country is busy exporting the raw material that the facility needs to refine and produce petrol. Why can’t the federal government, for once, intervene in such a situation, to better the economy, than, this open game of “the more you look, the less you see” in the petroleum sector? Also, the Port Harcourt refineries that were being rehabilitated are no longer being put in the purview of the public for discussion. What actually is happening to us, if one may ask? The same means that would aid the economic mechanism to reverse the tumbling rate and value of our weak and ailing local currency (the naira) is being frustrated from taking off for production in the petroleum subsector. No efforts whatsoever appear to have been made towards shifting the goal post from this continuous economic retrogression to a point where the economy should start improving.

One expects that the accusing fingers being pointed at the international oil companies (IOCs) in the economy, that appear to be frustrating full functionality of the local refineries ought to have received prompt attention from the federal government, by making sure that such matter is addressed to support the local refineries to be operational; and aid them to be adequately serviced with the needed raw material (crude oil). This sector of the nation’s economy alone is capable of turning things around positively for the economy to start getting improvement, if the people in the leadership (the management authority) of these affected areas in that particular subsector can eschew corrupt practices, and forsake selfishness that is being driven by the inordinate ambitions to amass ill gotten wealth. 

We shall continue to talk because it is a well-known fact that “no condition is permanent”, and on that premise, those responsible for holding this economy down shall definitely be relieved of such responsibilities and handed over to those who are patriotic to see that this economy works. Considering the strategic and significant role the oil and gas sector plays in the historical life of this economy (through foreign exchange earnings), the domestic refining of products and its supplies shall obviously make positive impact that would rub off on the comparative values and worth of the local currency, which would eventually materialise in visible economic terms, for the growth of this economy.

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