Instability of the Nigerian Economy Since the APC-led Administration – Otunba Babatunde Olushola Senbanjo

By Otunba Babatunde Olushola Senbanjo (BOS)

Since the assumption of office by the All Progressives Congress (APC) in 2015, Nigeria’s economy has suffered a trajectory of instability that has weakened the foundations of growth, deepened poverty, and eroded the purchasing power of the average citizen. The promise of “Change,” which ushered the APC into power, was built on the hopes of a more prosperous, secure, and stable Nigeria. Yet, the reality has been an economy characterised by repeated recessions, spiralling inflation, declining industrial productivity, and unprecedented debt accumulation.

The first blow came with the collapse of oil prices in 2015–2016, which exposed the administration’s lack of foresight and failure to diversify the economy despite having campaigned vigorously on that promise. Rather than cushioning the impact through proactive fiscal and monetary policies, the government responded with hesitancy and inconsistency. This mismanagement plunged Nigeria into its first recession in 25 years by 2016. Millions of jobs were lost, inflation soared, and businesses struggled under a harsh economic climate.

Instead of learning from that experience, the APC-led government continued with short-term, fire-brigade policies that failed to tackle structural weaknesses. The economy became overly dependent on borrowing, with public debt rising from approximately ₦12 trillion in 2015 to over ₦87 trillion today. Servicing these debts now consumes a disproportionate share of national revenue, leaving little room for investment in infrastructure, education, or healthcare.

Inflation has been another scourge. Under APC, food inflation has reached record highs, pushing ordinary Nigerians into hunger. A bag of rice that sold for ₦8,000 before 2015 now sells for over ₦60,000. Fuel subsidies were removed without proper cushioning measures, causing transport costs and commodity prices to skyrocket. The naira has been devalued multiple times, and the foreign exchange market is plagued by instability, discouraging investors and fueling speculation.

Furthermore, insecurity has compounded economic instability. Banditry, insurgency, and kidnappings have destroyed agricultural output in many regions, while foreign investors flee an uncertain environment. The absence of coherent economic policies has scared away confidence, leaving Nigeria as a consumer-driven economy, dependent on imports and vulnerable to global shocks.

Unemployment has soared, particularly among the youth. Today, millions of young Nigerians, graduates included, roam the streets without jobs. Rather than being an asset, our youthful population has been reduced to a liability due to poor leadership, lack of empowerment, and absence of enabling policies.

The APC-led administration has also presided over unprecedented capital flight. Industries have closed down due to epileptic power supply, multiple taxation, and policy somersaults. The manufacturing sector, once a source of national pride, has been stifled by a lack of access to foreign exchange and crippling operational costs.

In essence, the APC has presided over one of the most unstable and unproductive economic periods in Nigeria’s history. The ordinary Nigerian has borne the brunt of these policies through poverty, unemployment, hunger, and hopelessness. The social contract has been broken, as promises of prosperity have been replaced with harsh realities of economic hardship.

Nigeria requires a visionary leadership that can restore stability, diversify the economy, create jobs, and harness our abundant resources for national prosperity. We need leaders who understand that economic growth is not about propaganda but about policies rooted in sustainability, inclusiveness, and accountability.

The time has come for Nigerians to rise and demand a real change not the empty slogans of the past, but genuine change that brings stability, growth, and a renewed sense of hope to all Nigerians.