Nigeria’s economic hardship: Crisis that cannot be ignored

By: Oluwafunbi Afe

ECONOMIC hardship in Nigeria is no longer just a statistic — it is a lived reality for millions. It is the stomach that groans without food, the silent pain behind a parent’s eyes when they cannot pay school fees. It is the resignation in a graduate’s voice when they say, “There are no jobs.” What we are experiencing as a nation is not just a rough patch — it is a deepening crisis. And unless we confront it head-on, we risk tearing apart the fabric of our society. The fuel subsidy removal in 2023, although hailed as a necessary economic reform, set off a chain reaction that worsened the standard of living for the average Nigerian. While the elite continue to fly first-class and hold meetings in air-conditioned boardrooms, ordinary citizens are struggling to afford basic meals. Transport fares have tripled. Food prices have soared beyond imagination and a simple basket of tomatoes now costs what a whole meal used to. Cooking gas is fast becoming a luxury. And the minimum wage? Still crawling behind the pace of inflation.

Many Nigerians have adjusted their lives to survival mode. Three-square meals have become a dream. Bread is now sliced thinner; fuel is bought in litres, not gallons. Parents now choose which child goes to school. Families now pool money just to buy paracetamol. And in the midst of all this, the government continues to urge patience — a patience that is wearing thin by the day. What is particularly painful is the lack of urgency in response from those in power. The government continues to roll out plans, policies, and committees, but the people see little impact. Instead, they are greeted with news of bloated government budgets, allowances for lawmakers, and extravagant foreign trips. This is not just economic hardship — it is economic injustice. When the leaders ask the led to tighten their belts while they loosen theirs, trust is broken. And then there’s the unemployment crisis. Graduates roam the streets with degrees that have no value in the current system. Many turn to street hawking, betting, or online scams to survive. The informal sector is saturated, and the few available jobs are underpaid and unstable. For a country with such a young population, this is dangerous. Idle youths are easy prey for crime, violence, and radicalisation. If we do not give them tools to build, they will pick up weapons to destroy.

The impact on mental health cannot be ignored either. Depression, anxiety, and suicidal thoughts are becoming more common, especially among young adults. People wake up every day wondering how they will survive. The uncertainty is suffocating. Mental health facilities are either unavailable or too expensive. We are sitting on a ticking time bomb. But it doesn’t have to be this way. Firstly, the government must show that it understands and feels the pain of its people. This means cutting down on unnecessary spending, leading by example, and implementing emergency relief measures that actually reach the poor. Palliatives must go beyond soundbites and photo-ops. There should be real investments in local production, agriculture, and infrastructure. Instead of importing everything, we need to build capacity at home. Nigerians are not lazy — they just lack the tools and support. Secondly, there must be urgent labour reforms. The minimum wage must reflect current realities. A salary that cannot cover transportation and feeding is not a wage — it is punishment. The private sector also has a role to play in creating jobs and ensuring fair pay.

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Education must be prioritised too. It is not enough to build more schools — the quality of education must improve. Students must be taught skills that are relevant in today’s economy. Technical and vocational training should be expanded, especially in rural areas. Most importantly, there must be political will to fight corruption. Economic growth cannot happen where embezzlement thrives. Funds meant for development should not end up in private pockets. Transparency and accountability must become the norm, not the exception. This is not the time for blame games or empty rhetoric. Nigerians have sacrificed enough. It is time for bold action and people-centred policies. The economy must work for the many, not just the privileged few. Nigeria is a country of resilience. We are known for our creativity, our strength, and our hope. But no people can continue to suffer endlessly and remain peaceful. The patience of the masses must not be mistaken for weakness. We want a country where working hard means earning a decent living. We want a nation where children can dream — and actually achieve those dreams.

This economic hardship is not just a phase. It is a warning. And if our leaders do not listen, they may wake up to a country that no longer believes in them. Let this be a call, not just to government, but to every Nigerian with a platform or a voice. We must speak up. We must act. We must demand better, because we deserve better.

 •Awe, a 300-level Mass Communication student at Adekunle Ajasin University, Akungba Akoko, Ondo State, is an intern at the Nigerian Tribune.