Femi Akintunde- Johnson Nigeria’s independence in 1960 held a promise of prosperity for its citizens, a dream underpinned by an abundance of natural resources, and a population driven by the prospect of prosperity. Economically, the 60s might have seemed simple; families could survive on modest incomes, and essentials were within reach for many. But that promise took on a new form in the early 1970s after the discovery of oil in massive, exportable quantities.
An “oil boom” followed – a golden opportunity, one would think, to uplift Nigeria’s living standards. Instead, the newfound wealth was significantly mismanaged, particularly by the military regimes that intervened time and again, throwing the country’s economic balance off course. Infrastructure and industry were neglected as easy petro-dollars flowed in, creating a national reliance on oil while sidelining critical sectors like agriculture and manufacturing that could have fostered economic resilience.
The implications of these missteps are now evident in every ordinary Nigerian’s struggle with an unbearable cost of living. Fast forward to the dawn of the Fourth Republic in 1999, and Nigeria was a changed landscape. The naira, battered by years of inflation and devaluation, had left ordinary Nigerians grappling with a life that was becoming prohibitively expensive.
Essentials – food, healthcare, housing – were beginning to slip out of reach, transforming what was once a decent middle-class existence i.
