06/10/2017
57 Years gone by! Are we there yet?
Nigeria ranks among the foremost of Africa's political and economic power blocks. Since gaining political independence in 1960, Nigeria has in its 57 years of nationhood made great impact on the world stage and her citizens have achieved excellence in all fields of human endeavor. Immediately after the Federation of Nigeria achieved independence from Britain in 1960. Thereafter, the country was under civilian rule until 1966 and its political and economic life was characterized by military takeovers and a civil war until democracy was re-established in 1999. The following is an encapsulation of what happened from 1966 till date.
After independence, The Nigerian economy seemed very promising. Many saw Nigeria, with 25% of Africa's population, as an emerging economy. However, this potential never materialized. A series of unfortunate political and economic events have stalled Nigerias growth.
On January 15, 1966 a group of military officers held the first military coup in Nigeria. They arrested all the regional premiers, and assassinated the Prime Minister Tafawa Balewa, and the premier of the Western region and the Northern region, claiming that they were responsible for the chaos of the precedent years. Major General Johnson Aguiyi-Ironsi immediately assumed Power as Head of State after which L.t. Col. Yakubu Gowon had a counter-coup and assumed power. By July 1967 a civil war had erupted between Biafra and other regions of the country. It was a harsh and intense 30 month civil war, an estimated one million people died, mostly from starvation. The war ended with Biafras surrender in 1970.
During the 1970's Nigeria became the wealthiest country in Africa due to petroleum. The economy grew rapidly due to the expansion of petroleum exports, mostly from the Niger Delta region. But this wealth was inequitably distributed among Nigerians
On July 29, 1975. General Yakubu Gowon was overthrown in a bloodless coup: General Murtala Muhammed became Head of State. General Murtala Muhammed is assassinated on his way to work: His deputy, Lieutenant- General Olusegun Obasanjo becomes Head of State, and sets a date to terminate military rule. in 1979 Shehu Shagari wins the election as the first executive president of Nigeria in the American-styled second republic. Since the Nigerian economy depended on oil revenues when petroleum prices dropped in 1981 the economy went into recession until 1992. As a measure to assist the economy, the federal government asked for international loans and in 1982 it accepted aid from the International Monetary Fund (IMF). In the end, the vast borrowing did not help the Nigerian economy which ended up with decreased foreign reserves and a doubled external debt by 1983. By 1984 General Muhammadu Buhari became Head of State after ejecting Shagari from power in a palace coup.
Between 1985 and 1999, three military regimes ruled Nigeria until power was finally restored in 1999 to a civilian administration, led by president Olusegun Obasanjo, a former military ruler. The military regimes had rendered the economy in dire straits as it went further into economic decline. High hopes were raised during Obasanjo's administration as Nigeria returned to the world community and to lead Africa. April, 2003 President Olusegun Obasanjo was reelected as president. Obasanjo helped write off Nigerias 19 billion dollar debt from the Paris Club creditors and introduced the Global System For Mobile Communications ( GSM). In Nigeria among other things. But however, he's tenure as president was mired in political party squabbles and partisanship and couldn't actualize much of its economic dream.
Alhaji Umaru Yar'Adua , Governor of Katsina state wins election and is elected April 21, 2007 as President Federal Republic of Nigeria and he outlines a 7 point agenda to completely restructure Nigeria. but however, Yar'Adua passes on due to an unfortunate illness and Dr. Good luck Ebele Jonathan was sworn in as president May 5, 2010.
Most recently General Muhammadu Buhari was sworn in as president of the Federal Republic of Nigeria in a closely contested election to which Dr. Good luck Ebele Jonathan conceded defeat. But unfortunately, since he was sworn in 29 May 2015 the Nigerian economy has been beset with untold economic hardship and is technically in a recession due to the fall in global oil prices and incessant oil pipeline vandalism in the Niger Delta region. The Nigerian economy is a mono economy with oil accounting for about 80% of government revenue and fiscal expenditure. There have been recent calls for diversification of the economy due to the tumble in oil prices which has grossly affected Nigeria. However, the Nigerian government is auspicious that things will eventually start to pick up before the year rounds up.
JERRY . M. SAMBE
ECONOMICS DEPT.
