Nigeria At 63: Ten Significant Events And Their Economic Effects

October 1 of every year has overtime been set aside to commemorate the independence of the Federal Republic of Nigeria since the country got independence in 1960.

In the past, the country’s Independence Day have been celebrated, with a lot of reflections in the history of the country, having a highlight and throwback of how the country has fared so far in the past.

Such day which is being observed by Nigerians, is always characterised by nationalistic activities to honour the country after an announcement for a public holiday to be observed.

Considering the role that the economy plays in every country, there are ten recent significant events in Nigeria that have been highlighted, which will be critical dissected, based on their effects on the economy of the country as she celebrates her Independence Day in October, 2023.

Top on the list is:

1. Increase In Fuel Price After Subsidy Removal: there is no doubt that the drastic increase in the cost of fuel price from N196 to N600 upward, is an important development that affected the daily living of the masses and the economy of the country. The marketers were given opportunity to fix their own price, which they did. The increase in the cost of Premium Motor Spirit (PMS) also called petrol which was triggered by the singular act of President Bola Ahmed Tinubu announcing that subsidy will be removed, (meaning he will not sign for the new one in his administration since the last one was to end in June after former President Muhammadu Buhari ended his tenure) there is no doubt that Nigerians as usual won’t forget how the cost of commodities increased drastically. From food items, transportation, to school fees.
2. NLC And TUC Strike: Next on the list was the National Labour Congress and Trade Union Congress strike which came as a response to the increase in the cost of commodities after the fuel price increased and the effect was reflected in the daily living of the masses. During this period till date, the NLC and TUC played the role of the mouthpiece of the masses, enumerating the areas which its members who are also members of the public have been affected by the increase in transportation, food items, and others. To them strike is the only language that should be spoken for the Federal Government to understand.
3. Redesign Of Naira Notes: The redesign of legal tender for the country by former CBN governor, Godwin Emefiele is another occurrence that Nigerians may not forget easily. There was economic hardship during the period because the newly designed notes were not available for the masses to use. This affected the masses and the economy of the country.
4. 2023 Election: The transition of government in the country is also an important moment. The last election in which President Bola Ahmed Tinubu emerged winner also attracted the attention of the masses as they were deeply involved in the transition moment, especially during voting.
5. Election Tribunal: After the 2023 election came the tribunal which attracted and got many Nigerians talking. Presidential candidate of the Labour party and that of PDP, Atiku Abubakar both went to court to question the emergence of President Tinubu as the number one citizen of the country.
6. Naira Devaluation: The situation was not different as the Naira was devalued after inflation came ravaging the economy of Nigeria. As a third world country, which has gone through all the aforementioned, such was expected.
7. Flooding And Climate Change: Nigerian won’t also forget how flooding affected most communities, businesses, the cities, thereby affecting economic activities of the country and the loss of lives in some communities.
8. Palliative For The Common Man: to cushion the effect of the pains that the masses are going through, the government decided to provide palliative in different forms: food items, deduction in transportation fare and others. But Nigerians are not satisfied with the idea, especially NLC and others.
9. Nigeria’s Debt: Nigeria has not stopped borrowing money. The government has taken this as an option to help reduce poverty.
10. The “Japa” Syndrome: Nigerians have also not stopped leaving the country in search of greener pastures. For survival, they have taken to “Japa” which means leaving the country to other nations for survival as an option. Their migration to other countries in large number has affected the working class in different sectors which has affected the productivity of Nigerian economy. Without mincing words, the best doctors, tech experts and others are leaving in search for greener pastures. This has brought about brain drain in the Nigerian economy.