The State of the Nigerian Economy and the Way Forward – Otunba Babatunde Olushola Senbanjo

By Otunba Babatunde Olushola Senbanjo (BOS)

Fellow Nigerians,

Our beloved nation stands at a critical crossroads. The economic situation we face today calls for deep reflection, collective action, and visionary leadership. Every Nigerian can feel the weight of the times from the rising cost of food and fuel to the ever-weakening value of the naira. The struggle to make ends meet has become a daily reality for millions of people. It is heartbreaking to see hardworking citizens watch their purchasing power diminish, small businesses crumble under inflation, and families sacrifice basic needs just to survive.

The truth is simple Nigeria is a rich country, but our people are living in poverty. We are blessed with abundant natural resources, fertile land, an energetic youth population, and an entrepreneurial spirit that can rival any nation on earth. Yet, mismanagement, corruption, poor economic planning, and over-dependence on imports have crippled our growth.

For decades, our economy has relied heavily on crude oil exports, leaving other sectors like agriculture, manufacturing, and technology underdeveloped. We import almost everything from toothpicks to petrol despite having the capacity to produce locally. This has weakened our currency, depleted our foreign reserves, and created a system that benefits only a few while millions suffer in silence.

However, we must not lose hope. Every great nation today once went through economic hardship before rising to prosperity through bold reforms, discipline, and innovation. Nigeria can and must do the same.

Possible Solutions and the Way Forward

1. Diversification of the Economy
We must aggressively diversify our economy beyond oil. Agriculture, solid minerals, manufacturing, and digital technology must become the pillars of our economic strength. By supporting farmers with modern tools, access to credit, and guaranteed markets, we can achieve food security and even become exporters of agricultural products again.

2. Empowering Small and Medium Enterprises (SMEs)

SMEs are the backbone of every strong economy. The government should create enabling policies, low-interest loans, and tax incentives to encourage entrepreneurship. When we empower small business owners, we create jobs, reduce crime, and stimulate local production.

3. Investing in Local Production and Industrialisation

We must revive our local industries. Nigeria should not just be a consumer nation but a producing nation. Local content policies must be enforced to encourage “Made in Nigeria” goods, while power and infrastructure development must be prioritised to support industries.

4. Currency and Monetary Reforms

The Central Bank must adopt policies that stabilise the naira, control inflation, and promote productive investment. Speculative trading and multiple exchange rates must end. Our currency should reflect the strength of our economy, not the weakness of our systems.

5. Youth Empowerment and Skill Development

Nigeria’s youth are our greatest asset. The government must create massive skill acquisition and empowerment programs to prepare young people for modern jobs, especially in tech, renewable energy, creative industries, and agriculture. A well-trained youth population can transform our economy from within.

6. Good Governance and Accountability

No economy can thrive where corruption and waste prevail. Transparency, accountability, and efficient public service delivery are non-negotiable. Leaders at all levels must lead by example, cut the cost of governance, and ensure that public funds are used for the public good.

7. Infrastructure Development

Roads, railways, electricity, and internet connectivity are the backbone of modern economies. Massive investment in infrastructure will create jobs, open up rural communities, and attract local and foreign investors.

8. Encouraging Diaspora Investment

Millions of Nigerians abroad send billions of dollars home yearly. With proper incentives, policies, and trust in government, we can channel those remittances into productive investments and national development.

Conclusion

Nigeria’s economic revival is possible but it requires sincerity, courage, and unity of purpose. We must move from talk to action, from dependence to productivity, and from excuses to results. The time has come to believe in Nigeria again.

Let us build an economy that works for all, not just for a few. Let us restore hope to the common man and dignity to every Nigerian. The dream of a prosperous Nigeria is still alive and together, we can make it a reality.

God bless Nigeria.
God bless every hardworking Nigerian.