By Zainab Folawiyo
As we bid farewell to 2023, it’s impossible to deny the rollercoaster ride this year has been for Nigeria. From the momentous national elections to grappling with cash shortages, fuel crises, subsidy removals, a plunging currency, increased poverty, hardships, and surging crime rates – 2023 certainly exceeded our expectations, for better or worse.
The year kicked off with a fervent “Obidients” movement, the Obi/Datti, predominantly led by Nigerian youths and members of the Labour Party rallying behind Peter Obi. This movement clashed against the “Emi Lokan” supporters fervently advocating for the Kingmaker cum presidential candidate, Asiwaju Bola Ahmed Tinubu. This caused a lot of tension and sky-high expectations in the political sphere, especially with the huge support for the “Obidients movement.”
However, amidst the tension-filled run-up to and aftermath of the presidential elections, Bola Tinubu was declared the 16th President of the Federal Republic of Nigeria. Initially seen as a beacon of hope for progress and national prosperity, this hope took a hit when the President announced plans to scrap fuel subsidies during his inauguration speech. Unfortunately, this declaration became a weapon for unscrupulous fuel vendors, leading to inflated fuel prices or outright refusal to sell, leaving citizens in dire straits.
In the midst of these developments, let’s not overlook the impact of the unified exchange rate and the devaluation of the naira, which saw the US Dollar exchanging at nearly 1300 naira in the black market. This economic whirlwind has contributed to rising inflation and soaring crime rates, painting a bleak future for the Nigerian economy as 2024 looms ahead. Scarcity, economic turbulence, and increased crime rates appear inevitable.
Therefore, as we gear up for the new year, crafting resolutions, setting goals, and making plans, it’s vital not just to prepare our agendas but also to brace our minds for the forthcoming challenges. Here are five essential preparations every Nigerian should consider as we step into the new year.
Scarcity Could Become The New Normal:
Already, numerous states and communities are facing the harsh reality of cash scarcity, indicating that the upcoming year might bear the weight of this ongoing financial challenge. But this scarcity isn’t limited to just cash flow. The devaluation of the naira, coupled with enduring economic hardships and the prevailing ‘Japa’ trend, is set to deepen shortages across various essential facets of life. Brace yourself for increased scarcities in foreign exchange, basic food supplies, job opportunities, proficient teachers and lecturers, healthcare and medical professionals, and, naturally, suitable accommodations.
Higher Inflation rate:
November 2023 saw the Nigerian inflation rate spike to a staggering 28.20 percent, as reported by the Central Bank of Nigeria. Forecasts hint that this inflation could soar to 30 percent by January 2024. The impact of such soaring inflation hits home – it affects our everyday lives significantly. Expect your expenses to climb as the cost-of-living surges. Groceries will pinch your wallet harder, rents might shoot up, and you’ll likely see increases in fuel and car maintenance expenses. Moreover, brace yourself for potential spikes in tuition fees and healthcare costs. This continuous rise in prices threatens to edge the economy dangerously close to a recessionary state.
Your Japa Plans Could Become More Difficult to Achieve:
2024 might bring a harsh truth for many Nigerians aiming to pursue ‘Japa’ dreams, especially with countries like the UK, France, Australia, Canada, and the USA tightening their immigration policies. As these nations enforce stricter rules on Nigerian applicants, it’s becoming clearer that merely having funds and determination may not suffice to achieve your ‘Japa’ aspirations. Already a strenuous process, securing tourist or study visas involves enduring rounds of relentless verifications. Brace yourself, as the coming year could intensify the challenges for aspiring tourists and international students seeking entry into these countries.
Higher Unemployment Rate:
As Nigeria’s economic landscape worsens, numerous companies find themselves grappling with escalating costs and financial pressures. Consequently, they’re compelled to take drastic measures, including significant workforce reductions and, in extreme cases, the closure or relocation of their businesses. Since January 2023, a disheartening trend has emerged, with no less than seven multinational corporations, such as Unilever, GSK Plc, Sanofi-Aventi Nigeria, Bolt Food, Jumia Food, Procter & Gamble (P&G), and Equinor, either departing the country or publicly announcing their exit plans by December. Additionally, local entities like Paystack, Gokada, Kuda, Lyft, and Quidax have initiated employee layoffs as part of their organizational restructuring. Shockingly, this isn’t an issue in Nigeria alone as reports have highlighted a global trend, revealing that the global technology sector alone laid off 153,000 employees in 2023.
News Flash! Things might never get better:
As much as we yearn for a glimmer of hope and optimism for Nigeria in 2024, it’s crucial to face the reality that this year might not bring the improvements we desire. Without expressing excessive pessimism, it’s essential to acknowledge the possibility that the economy could deteriorate further. While we fervently pray for divine intervention tonight, we must also prepare ourselves mentally and emotionally to confront whatever challenges the new year may bring. Let’s approach the uncertainties ahead with steadfast faith, unwavering resilience, and a determined spirit.
Essentially, the journey ahead for Nigeria in 2024 seems fraught with challenges that demand both attention and resilience. The looming specter of scarcity, escalating inflation rates, stringent immigration policies affecting ‘Japa’ aspirations, job insecurities, and the stark reality of economic instability paint a rather daunting picture for the new year.
While hope for a miraculous turnaround persists, it’s crucial to acknowledge the possibility that the road ahead might not be smooth. The coming year might not bring the immediate improvements we hope for, and in fact, could even present tougher trials.
However, amid these uncertainties, what remains unwavering is our resilient spirit as Nigerians. The ability to face adversity with determination, faith, and adaptability has been a hallmark. As we step into the unknown of 2024, let’s fortify ourselves with a strong sense of community, resourcefulness, and an unwavering belief in the country’s potential.
Wishing you a prosperous new year!
