Nigeria: Return to economic growth era desirable

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When I think back to the last two decades in Nigeria—the 2000s and the 2010s—a complex tapestry of progress and regression comes to mind.

The 2000s were a transformative period for Nigeria. Emerging from the long shadow of military rule, the dawn of democracy under President Olusegun Obasanjo ushered in a renewed sense of hope. The economy flourished, buoyed by global oil prices, and there was a palpable sense of optimism in the air. Nollywood, our burgeoning film industry, made waves across Africa, and our music, especially Afrobeat, began to capture global attention. The GSM revolution, with companies like MTN and Glo bringing mobile telephony to millions for the first time, marked another significant change. It was a time when everything seemed possible.

The middle class thrived, buoyed by new opportunities in banking, telecommunications, and real estate. Banking consolidation under the Central Bank of Nigeria’s Governor Charles Soludo created stronger financial institutions, while universities expanded, and a new wave of private institutions promised to revolutionise education.

In those days, there was a belief that Nigeria could truly become the “Giant of Africa,” not just in name but in reality. The CEOs of the time—figures like Tony Elumelu, Jim Ovia, Cecilia Ibru, and Aliko Dangote—became symbols of the possibilities within our borders.

The early 2000s were a period of energy and optimism. The Y2K bug was a looming fear, with concerns that Nigeria’s digital infrastructure might not withstand the date change. Yet, the nation pressed on with resilience, even amid fears that the world was ending.

Nigerian urban music surged with the unstoppable rise of stars like 2Baba (formerly 2Face Idibia), whose hit “African Queen” defined a generation. Kennis Music, the powerhouse behind many artists, rivalled the impact of today’s biggest record labels.

Politically, 2003 was a year of hope and transformation. Nigerians looked forward to the retirement of Olusegun Obasanjo in 2007, whose administration had begun to stabilise the country after years of military rule. The economy started to show signs of growth, driven by policies aimed at reforming various sectors.

Nollywood, Nigeria’s film industry, became a significant cultural export, with movies like “Living in Bondage” setting the stage in the ‘90s. By 2002, Nollywood was a household name, producing films that resonated across the African continent and beyond.

Meanwhile, the price of bread had climbed from N10 in the 1990s to about N50 by the early 2000s, reflecting the economic changes of the time. The rivalry between Kennis Music and Storm Records added vibrancy to the Nigerian music scene, while magazines like ‘Encomium’ and ‘Ovation’ captured the pulse of Nigerian society.

Globally, the 2000s were marked by significant events such as the September 11 attacks, the Iraq War, and the 2008 financial crisis. These events influenced Nigeria, shaping its socio-political landscape.

But then came the 2010s. The euphoria of the early 2000s faded as the realities of deep-seated corruption, poor governance, and insecurity set in.

The 2010s were marked by the rise of Boko Haram and the devastating consequences of their insurgency. The kidnapping of the Chibok girls in 2014 was a tragic symbol of the state’s inability to protect its citizens. The economy took a hit as oil prices plummeted, revealing the vulnerability of our oil-dependent economy. The banking sector, once the pride of the nation, faced numerous challenges, including the collapse of some institutions.

The general election of 2015 was historic, bringing in Muhammadu Buhari. There was hope that the “change” mantra would lead to better governance, a fight against corruption, and an improvement in security. But for many, the 2010s were a decade of disappointment. The recession of 2016 was a blow to the economy, and the promises of diversification seemed more like pipe dreams.

Industries that once thrived began to falter. The power sector, despite privatisation, remained as unreliable as ever. Education suffered as strikes became more frequent, and the quality of university education declined. The media, once robust, faced challenges of censorship, declining revenue, and the rise of social media, which disrupted traditional business models.

And yet, despite all these challenges, there are those who still believe in the potential of Nigeria. The 2020s could be our time of recovery. Much like the late 1990s, when we transitioned from military rule to democracy, this decade could be one of renewal and rebirth. But it will require us to learn from the mistakes of the past, to elect leaders who are not just interested in power but are committed to the collective good of the nation.

The scars of the last two decades are deep, but with the right choices, Nigeria can once again rise to claim its rightful place as the Giant of Africa.

Stephanie Shaakaa

Source: punching.com