Naira devaluation is not the only reason for Economic Depression in Nigeria -By Ehiogu Cyborg Emmanuel

Ehiogu Cyborg Emmanuel

It is more genteel or less iconoclastic to assert that naira devaluation is not basically the reason for economic meltdown in Nigeria. Naira devaluation can simply mean the intentional or spontaneous lowering of a currency’s value compared to another country’s currency or a standard value. This causes some extraordinary decline in value of assets and the economy generally. It is especially galling to categorically point out other implicit or less elusive factors that have tacitly thrung the economic pack of cards in Nigeria. Though some of the factors that caused the United State’s  great depression cannot be equated to the Nigeria’s factors but can be synonymic in distinct angles, one of which can be called a dust bowl.

This phenomenon can be related to some sectarian killings of palpable beings and myriad number of unprecedented ailments that have ravaged quite a number of throngs in distinct regions in Nigeria. Some periods ago, a gang of psychopaths and sycophants swore to unanimously decimate the innocent citizens and their properties, vandalise the state’s belongings such as pipelines and other relevant infrastructures. This sect called Boko Haram has bred some scions, equipping them with some locally made grenades, with an explicit instruction to erase an influx of multitudes in several notable areas of the nation where so many crucial activities that aid the economy of the state take place. This is absolutely preposterous and a disservice to humanity. With all these lethal reports, it makes some investors from other countries and even the indigenous ones to be less interested in setting a financial monument or partake in any other economic activity. This is because they efficacy of these uncivilized antics has already become apparent, thereby making so many to become vagabonds, hobos and derelicts in the society.

There is however another blatant factor that has caused a relentless and unremitting stasis to the economy of the nation. This explicit phenomenon or oddity called corruption, is quite expedient and understandable even to the school pupils, artisans and other primitive creatures in the universe. This concept is prevalent in all discrete stratum of life, so far Nigeria is concerned. Countless times,  citizens thrust the blame on the leaders while the leaders believe that it should start from the artisans. This can be seen in the unceasing  propaganda of the information minister through the media.

Some erstwhile leaders, both at the federal and state level, have inadvertently devastated the economy of the states by premeditatedly shoving the palpable lucre gotten from the states’ natural resources. A huge amount is kept for a personal affair that has no business with the state. A puppet is raised for continuity, albeit with largess, plushly preparing him in some resplendent ways of no discontent, and with the best act of demagoguery. The aspirant comes out and speak in a most convincing way, making the enthusiastic throngs to comprehend unambiguously. As the aspirant receives the mantle of leadership, has no much decision to make on how to move the nation or state forward because he has already grovelled, soiled and muddied before been incorporated as one of the monarch’s pliant acolytes. In this regard, it is quite unenviable for things to work as planned. The resources or allocations cannot be notefull for it must pass through some distinct corridors of appeasement. No one really bothers about such unconscionable apportionments.

However, the current president has rolled up his sleeves, hellbent on making this cankerworm dissipate outrightly into a raging inferno, so as to unilaterally bring back that wholesome economy that was quite apparent in the 70s. Categorically, a number of looted funds have been identified, confiscated and still to be fully utilized, probably soon to be, especially in some ministries that can fully revitalize the economy of the nation, though still beset with some intractable choices. Some Nigerians can attest to the fact that the president, though not politically impeccable, fights tooth and nail to bring this lamentable condition to a halt. But some people still wonder why so many have not been properly prosecuted, presumably, an act of uncouthness, a coarsening of sensibility and has brought a laceration of memory.

Today, these people that were chattering and clattering, jumping hither and thither, ready to even draft a hagiography about this man, have seen him as a Frankenstein, whose interest is to infinitely impoverish his people. How can that be? Someone who made the naira to become almost the same with an international currency; dollar. It is quite glaring that corruption is the prime cankerworm to Nigeria’s economy.

Invariably, citizens of Nigeria are infinitely interested in goods or products that come from the western world. Frankly speaking, most items used at homes, offices and other reserved places came from the west. It is as if Nigerians are engulfed with the phantoms of the west,  no one will ever appreciate any made in Nigeria product, instead a second handed one from the west is outrightly chosen. Well, no need for recriminations because the ones from this country might unarguably be of low quality, which absolutely become gaudy and inconsequential. However, the more Nigeria nibbles the seed of importation, the greater it depreciates our currency and render the naira to a hitherto unprecedented low.

Furthermore, it will be rightly apt or less incongruous to say that the reason why some products look gaudy and tawdry, without any relevance, is because of poor infrastructure and lack of enlightenment, or rightly called low advancement in technology. Most industries and factories in Nigeria do not have some sophisticated equipments for production, some still make use of many anachronistic tools and contraptions that were last seen in the Europe about twenty decades ago.  Workers remain in perpetual naiveness, continuing uninterrupted barbarity, despite all their involvements in a sort of camaraderie with the government to see if there can be an iota of avuncular support. All to no avail. Nigeria, whose economy is dual – an admixture of socialism and capitalism, can grow economically without much interruption and interference at the average rate of 6 to 7% per annum.

In conclusion, without being overly pessimistic, the economy can become the best in Africa and seek to contend with some BRICS countries. Most fascinations and admirations that are attached to only few cities in Nigeria can still be broadened to other parts of Nigeria once the economy has become an outright par. One uncommon fact about Nigerians is the ability of not coalescing with one another in some circumstances. Every segment wants to flourish in endless duration, perpetuity, with all superciliousness, without minding some supernumerary staff.  This in turn brings sharp reduction in the economy of the nation.

Ehiogu Emmanuel
(An economic analyst and a  masters student of economic history, University of Ibadan, Oyo state).