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Double-digit inflation, weak economic growth, and mounting insecurity are key concerns for Nigerians, while they exercise their franchise in general elections on February 25. Africa’s largest economy and the top oil producer has resources and wealth
Double-digit inflation, weak economic growth, and mounting insecurity are key concerns for Nigerians, while they exercise their franchise in general elections on February 25. Africa’s largest economy and the top oil producer have resources and wealth. But the global pandemic and the economic fallout from the war in Ukraine hit the country at the fag- end of Buhari’s terms.
The country has been hit by fuel shortages of essential goods. It was compounded by the severe scarcity of cash following the central bank’s decision to swap old naira notes for newly designed bills. Long queues are seen in banks where account holders line up to get new currencies. In some cities, the cash crunch led to protests. The Nigerian Supreme Court stayed the decision for some time. Buhari also intervened to ease the cash situation by making 200 naira notes a legal tender for 60 more days along with the new currencies. The central bank says the policy is needed to curb the amount of cash outside the banking system, which is estimated to be very high.
In the meantime, coming Saturday’s election has developed into a tight three-way race for the presidency. The frontrunners are critical of the present situation and have come out with their solutions to overcome the situation. The three frontrunners are ex-Lagos governor Bola Ahmed Tinubu of the ruling All Progressives Congress (APC) is pitched against vice president Atiku Abubakar of the main opposition Peoples Democratic Party (PDP) and Peter Obi of the Labour Party, a surprise third party candidate, who commands a high youth appeal.
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Apart from the present turmoil, the West African country faces a number of legacy problems. The unemployment rate is about 33 percent. The number of people living in poverty rose to 133 million or 63 percent of the population in 2022. Youth unemployment at 43 percent is a record high as compared to 10 percent prior to Buhari’s first administration in 2015. The value of the naira eroded from an average of 200 nairas to a dollar in 2015, to around 750 on the parallel market.
