Nigeria at 65: Independence Celebrations Marred by Economic Hardship, Hope Hinges on Reforms

By: Chidozie Nwali

On 1st October Africa’s largest population marks its 65th anniversary of independence from Great Britain, a milestone celebrated with calls for national unity and reflection, but one that takes place against a backdrop of severe economic struggles gripping the populace.

The mood across the country is one of guarded optimism mixed with profound anxiety, as citizens grapple with the lingering effects of bold, yet painful, economic reforms initiated by the president Bola Tinubu administration, including the removal of the fuel and electricity subsidy and unification of the foreign exchange window.

While government officials, under the anniversary theme “Nigeria at 65: All Hands on Deck for a Greater Nation,” have urged patience and collective support, many Nigerians are buckling under soaring living costs.

Annual inflation remains persistently high at 20% in August, food prices continue to climb, and the value of the Naira has significantly depreciated, eroding the purchasing power of millions and pushing more into poverty.

In official addresses leading up to the holiday, the government acknowledged the “trials and triumphs” of the nation’s journey since 1960, describing Nigeria as a “work in progress.” However, officials stressed that the tough structural reforms are necessary to stabilize the economy and lay a foundation for long-term growth.

The government pointed to what it described as “early signs of macroeconomic stabilisation,” including an easing of inflationary pressures, which has been on a downward trend for 5 consecutive months; a reported strengthening of the Naira which has also been appreciating against the US dollar, and renewed interest from foreign investors.

It also highlighted ongoing efforts in job creation, infrastructure development, and social intervention programs designed to cushion the impact of the reforms on vulnerable groups.

Economists and analysts, reflecting on the six-and-a-half decades of self-rule, note that Nigeria’s economic history is defined by cycles of boom and bust, with its heavy reliance on oil revenue and decades of under-diversification leaving it acutely vulnerable to global shocks. Nigeria is the largest oil producer in Africa with 1.6 million barrels per day.

However, critics argue that despite its vast human and material resources, the country has fallen short of its potential, citing persistent challenges like high unemployment, massive infrastructure deficits, and widespread insecurity which have curtailed productivity in sectors like agriculture and manufacturing.

Experts suggest that the current reform agenda offers a crucial, though difficult, opportunity to fundamentally reset the economy toward sustainable and inclusive growth.

As the nation pauses for reflection on its 65th anniversary, the overwhelming sentiment remains that the success of Nigeria’s next chapter will depend on the sustained commitment to these reforms, accountability in governance, and the ability of the government to translate economic policies into tangible improvements in the daily lives of its over 200 million citizens.