May 29 and the Nigerian Lessons of Chinua Achebe’s – “Things Fall Apart” -By Caleb Onah

In Chinua Achebe’s renowned work, “Things Fall Apart,” a powerful portrayal of Nigeria’s pre-colonial era and the subsequent arrival of European colonial powers is presented. The imposition of colonial rule in “Things Fall Apart” disrupted the traditional economic practices of the Igbo people, replacing subsistence farming with cash crops and introducing a new economic order.

Similarly, our country Nigeria has undergone significant disruptions in its economic landscape. Our transition from predominantly agrarian practices to an oil-dependent economy, driven by the discovery of oil reserves, has resulted in a decline in the prominence of agriculture, neglected by past administrations, and increased vulnerability to global oil price fluctuations. Moreover, the introduction of cash crops by the British led to the growing dependency of the Igbo people on external markets, compromising their self-sufficiency.

Nigeria’s current economy exhibits a similar pattern, heavily relying on oil exports. This heavy dependence on a single resource has resulted in what economists refer to as the “Dutch Disease,” whereby other sectors of the economy are neglected, hindering diversification efforts and leaving Nigeria susceptible to fluctuations in oil prices.

While Achebe’s novel explores the exploitative nature of colonialism, with the British extracting wealth from Nigeria while leaving the indigenous population in a state of economic inequality, painfully, we still grapples with similar issues under past democratic administrations.

By comparing Chinua Achebe’s “Things Fall Apart” with Nigeria’s present-day economy, we gain an illuminating perspective on the nation’s developmental trajectory.

Corruption, resource mismanagement, and unequal wealth distribution have contributed to a widening income gap and hindered inclusive economic growth. In “Things Fall Apart,” the role of the youth in shaping the economic future is evident. Today, Nigeria faces significant challenges, including high youth unemployment rates.

The outcome of the May 29 events will significantly impact the economic and living conditions of Nigerians in the next eight years. While the novel highlights the disruptive consequences of colonialism, present-day our present economic still grapples with its own set of economic challenges. For instance, the International Monetary Fund (IMF) predicts that the Nigerian economy will experience a growth rate of 3.2 percent in 2023, according to its “World Economic Outlook: A Rocky Recovery 2023 APR” report released in the last month. This forecast aligns with the IMF’s previous growth projection.

The report also projects a growth rate of 3.0 percent for the Nigerian economy in 2024. However, it highlights that early signs of a soft landing for the global economy, characterised by declining inflation and steady growth, have diminished due to persistently high inflation and recent turbulence in the financial sector.

According to the report, inflation has decreased due to central banks raising interest rates and a decline in food and energy prices. However, underlying inflationary pressures remain significant in several economies. The report also emphasises that the rapid increase in policy rates has unintended consequences, including the exposure of vulnerabilities in the banking sector and concerns about potential contagion within the broader financial sector, including nonbank financial institutions.

For a stronger and robust economic, there is a growing need for our incoming government to emphasis entrepreneurship and innovation as young Nigerians seek to create their own opportunities and contribute to the economy through startups and small businesses. Initiatives to promote sectors such as agriculture, manufacturing, and technology should gain more momentum than ever before, emphasising the importance of developing a robust and resilient economic framework. The stakes are high in achieving this goal.

Policymakers should implement stronger measures to stabilise the banking and educational systems as financial and educational conditions fluctuate in response to changes in market and knowledge sentiment.

Inspired by Achebe’s thoughts, the Tinubu-led administration and Nigeria as a whole must address the issues of resource dependency, and economic inequality, while simultaneously fostering diversification, innovation, and inclusive growth

Strategic planning, investment in infrastructure and policies that support the growth of the sectors is paramount; additionally, initiatives to enhance productivity, access to finance, and technological advancements can drive innovation and entrepreneurship among the youth. Simultaneously, addressing issues of economic inequality and wealth distribution is essential. By implementing effective measures to combat corruption, promote transparency, and ensure equal access to economic opportunities, Nigeria can create a more inclusive economy.

This entails strengthening institutions, improving governance, and enforcing accountability at all levels. Moreover, stabilising the banking sector and educational system is crucial for sustainable economic development. This can be achieved by implementing robust regulations, enhancing oversight, and fostering a culture of financial literacy. Investing in education, vocational training, and skill development programs can equip the youth with the necessary tools to succeed in a rapidly evolving job market. The success of Nigeria’s economic transformation also requires collaboration between the government, private sector, and civil society.

Creating an enabling environment for businesses to thrive, attracting foreign direct investment, and fostering public-private partnerships can accelerate economic growth and job creation. As the Tinubu-led administration takes office after May 29, it must embrace these challenges as opportunities for positive change.

By drawing inspiration from Chinua Achebe’s insights and combining them with evidence-based policies and innovative strategies, Nigeria can overcome its economic hurdles and pave the way for a prosperous future. With a strong commitment to diversification, inclusive growth, and youth empowerment, we can further build a more resilient and equitable economy that benefits all its citizens.

Further, by learning from the lessons of the past and embracing a forward-thinking mindset, Nigeria as Nigerians can chart a path towards a more resilient and prosperous economy. This cannot be done except we also prioritise efforts to reduce the nation’s overreliance on oil. Promoting sectors such as agriculture, manufacturing, and technology can provide alternative sources of income and employment opportunities.