By Abdul-Azeez Suleiman

Nigeria, a nation endowed with abundant natural resources and a youthful population, stands at a crossroads of potential prosperity and persistent hardship. The recent protests across the nation on the 64th anniversary of its independence epitomized a growing frustration among citizens who feel entrapped in an inescapable cycle of economic malaise. Dubbed the “National Day of Survival,” the protests highlight the stark contrast between Nigeria’s promise as a major oil exporter and the grim realities of pervasive poverty, inflation, and daily struggles for survival.

At the heart of the current discontent lies high inflation, which has surged to three-decade highs, crippling the purchasing power of ordinary Nigerians. The government’s recent economic reforms, enacted under the presidency of Bola Tinubu, were intended to remedy longstanding fiscal mismanagement and incentivize foreign investment. However, the immediate fallout of these reforms has disproportionately affected the very citizens they were supposed to help. The removal of the fuel subsidy, although aimed at reducing government expenditure, has led to an unprecedented spike in fuel prices, translating directly into increased costs of transportation, food, and essential services. As prices soar, Nigerians find themselves caught in a relentless struggle for dignity amidst an ever-deepening crisis.

The protests also underscore a broader socio-political frustration with a government perceived as out of touch with the citizens’ dire circumstances. The calls for a reduction in the costs of fuel, electricity, and food reflect an urgent demand for policies that prioritize welfare over austerity. Far from being an isolated phenomenon, this social unrest is emblematic of the cumulative discontent stemming from decades of economic mismanagement, corruption, and inadequate governance. Even as Mr. Tinubu’s administration pushes for reform, it faces the daunting task of reversing decades of systemic neglect while addressing the immediate needs of a population grappling with hunger and uncertainty.

Despite Nigeria’s status as a key player in global oil markets, the paradox of wealth amid wide-scale deprivation persists. This dissonance can be traced back to a historical reliance on oil revenues, which, instead of fostering widespread economic development, has engendered a culture of complacency and vulnerability. The boom and bust cycles of the oil market have repeatedly laid bare the country’s economic fragility, revealing an economy that has not diversified sufficiently to cushion against the shocks of global price fluctuations. Consequently, as oil prices skyrocket, Nigeria’s oil dependency dooms it to an economy that remains remarkably stagnant.

The notion of “running very hard and staying in the same place” is an apt metaphor for Nigeria’s current predicament. Each administration, including Tinubu’s, has promised reforms and recovery; yet, the foundational issues remain unaddressed. Infrastructure deficits, lack of access to basic services, and widespread unemployment erode public trust in governance, leading to a populace skeptical of yet another set of promised reforms. This cycle of hope and disappointment is disheartening, yet the resolve of ordinary Nigerians to demand accountability and change signals an awakening of civil engagement that could initiate much-needed reforms from the ground up.

The urgency expressed by protesters for the release of arrested activists from prior demonstrations highlights not only a struggle for economic justice but also a broader fight for civil rights and the right to exist without fear of repression. These protests represent a critical juncture; the government’s response will determine whether Nigeria continues to sprint in place or finds a path toward genuine progress and stability.

Nigeria’s current situation serves as a cautionary tale of missed opportunities.

While the potential for economic revival exists, it hinges on the government’s ability to craft targeted policies that address the underlying issues of poverty, inequality, and systemic inefficiencies. Citizens have expressed their unwillingness to wait passively for change; their actions demand a reckoning with the realities of the nation’s wealth and the desperate conditions of its people.

As the country navigates this moment of discontent, the resilience of its populace stands as both a challenge and an imperative for change, bringing forth the possibility that perseverance and engagement might ultimately lead Nigeria away from the unfortunate fate of running very hard and staying in the same place.

*Abdul-Azeez Suleiman, a journalist, writes from Abuja, Nigeria.