The Nigerian nightmare: Any hope?

Many Nigerians are currently going through nightmare. The Nigerian nightmare is due to the country’s ailing economy and insecurity. The level of insecurity has become a subject of concern and a source of debate within the country and diplomatic circles. The level of insecurity is very embarrassing. The incontrovertible fact is that the insecurity is more in the North than any other part of the country today. A report by the Inspector General of Police, Mohammed Adamu, shows that within the first quarter of 2019, 1071 people were killed in crime-related cases with Zamfara recording the highest which is 203. These figures, do not include all robbery and kidnap cases unreported to the Nigeria Police. Never in Nigeria’s political history has the level insecurity assumed the power and ugliness it displays in the Twenty-first Century. It has become a source of worry for local and foreign direct investors, thus, affecting the economy of the country negatively.

President Buhari inherited an ailing economy and insecurity in 2015. But the economy hasn’t reacted significantly to policy stimulus within the past 4 years. The Economic Recovery and Growth Plan (ERGP) has not considerably recovered the economy of

our country from its low level. Without prejudice, the poor performance of the ERGP is expected because it is the All Progressives Congress’s (APC’S) economic plan, not a national development strategy. Rather than carryout a thorough assessment of deliverables in the ERGP every quarter in order to achieve set goals, APC politicians celebrated the document as if it had brought about sustainable development to the country. Our outgoing political office holders forgot that they are dealing with social problems involving 200 million people whose wants are insatiable.so with the poor implementation of the ERGP, more Nigerians are falling into joblessness. While herdsmen-farmers clashes have claimed thousands of lives, thus affecting the country’s stability and unity. When President Buhari’s “Next Level” agenda was unveiled during 2018 campaigns, he declared that the “next 4 years will be tough.”one has seen the sign that the next 4 years may indeed be tough.

With the Gross Domestic Product (GDP) dropping from 2.38 percent (Q4,2018) to 2.01 percent (Q1, 2019), coupled with oil sector’s (Q1, 2019) contraction, these figures show that there is turbulent economic times ahead if they do not improve. The oil sector that gives the country much of the foreign exchange we spend is currently experiencing declining investments due to reduced exploration and absence of clear fiscal policy, according to experts. The situation is such that banks are not willing to lend money to firms in the oil sector because of large volume of non-performing loans on their balance sheets.although, some Nigerian economists have professed that recession is not imminent, the CBN Governor’s recent salvo that Nigeria may slide to another recession if measures are not taken to tackle high rate of unemployment, and other economic crisis is to ginger those in the government not to spend money lavishly on governance. Nigeriansdo not want another round of recession. Regrettably, we have not significantly diversified our economy. It is a shame that we cannot even generate up to 3000 MW of electricity since independence in 1960. So how are we preparing for global uncertainties that will unfortunately, most certainly, lead to another economic crisis? As you read this article, Nigeria’s economy in 2019 is said to be one of Africa’s least buoyant economies and will be below the rate of population growth, which is almost 3 percent.

We are living in a peaceful but dangerous country. The country is dangerous because many Nigerians are unemployed while there is hardly a day without news of crime being committed in one state or the other. If it is not armed robbery, it is banditry. If it is not hostage taking, it is kidnapping or assassination. On a good day, thecountry mayappear peaceful but in a twinkle of an eye, acts of terrorismmay be recorded without any early warning. Security is highly compromised. When a nation of 200 million people is unsecured, there cannot be any meaningful development. The level of insecurity is directly correlated to the level of unemployment, resulting in weak purchasing power of many Nigerians as several businesses are not doing well. The deplorable state of our economy has disadvantaged many Nigerians and has tempted those with low tolerance to resort to armed robbery, brigandage, abduction, drug peddling, banditry and kidnapping.

The sustained conflict between the state and extremist groups such as Boko Haram and Niger Delta militants has equally exerted pressure on the country’s economy.in fact, mili