Amalgamation: Its Effects On Nigeria’s Economy, More Good Or Harm? -By Olalere Abeeb Olawale

Filed under: Democracy & Governance |

 

 

Since our study of discuss is “effect Of amalgamation in the Nigerian economy” it will be appropriate to define some keywords in our topic.

Firstly, amalgamation can be defined as the combination of one or more companies into a new entity, Whereby a completely new entity is formed to house the combined assets and liabilities of both companies.(investopaedia).

The ill-conceived resolution that brought about the amalgamation of the southern Nigeria and the northern Nigeria together in1914 lord Fredrick Lugard is up till today debated as a blessing or a curse to Nigeria’s economy. To be sincere, unification or amalgamation is always bound to bring harm or good to both side that are concerned, and either part have to bear the effects together.

History has it that the northerners had a budget deficit and the colonial administrators seems to use the budget surpluses in southern Nigeria to offset the northern deficit. And the administrators had It at the back of their mind e that there should be a balance in the economic situation of the formed country. However, Nigerians will surely accept the fact that this unification further increases Nigeria’s deficit rather than providing a balance in the nations account. Currently, Nigeria is owing different nations trillions of dollars. Even though we are planning to borrow around #2.9 trillion to fund 2017 federal project deficit( vanguard Nigeria).

Secondly, the unification was consummated purely for economic reasons rather than political reasons. But it was carried out by the foreigners without consulting the northerners and the southerners. As a result of this, the northerners were happy and accepted the unification wholeheartedly while the southerns were actually not happy with it, Although the unification was forced through. This has lead to infidelity among the formed ethnic groups which results into some inhumane acts such as vandalization of oil pipes, unnecessary killings to mention a few. Which has even brought meltdown to our economy rather than progress.

Lastly, tribalism can never be overlooked. This is a force that is more ascendant than bombs. We are unitedly divided and divisively united because every serving Nigerian will prefer rending assistance to people from his or her race to other people, which is not suppose to be. This has created divide between Nigerians.

I think Nigerians will accept the fact that the unification that’s meant to move us forward is responsible for the country’s retrogressive nature. We’ve found diversity in unity and the only thing that unites us is corruption. Thus amalgamation has brought more harm to our economy than good.

 

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