Business
A Nation on Its Knees: How Nigeria Crumbled Before Our Eyes
A Nation on Its Knees: How Nigeria Crumbled Before Our Eyes.
By George Omagbemi Sylvester | saharaweeklyng.com
“Wake up Nigeria, we can not reclaim our throne when we are deep asleep on the job.”
NIGERIA (the land of vast potential, resplendent hope and a future once imagined so bright) has fallen into a quagmire of broken promises, shattered expectations and systemic decay. Once touted as Africa’s rising star, we now endure a reality of no reliable electricity, crumbling road networks, failing governance, a free-falling naira, insecurity and poverty levels that soar to new heights. In short: how can we reclaim the title of Giant of Africa when the foundations have collapsed?
What went wrong?
1. GOVERNANCE FAILURE.
At the heart of Nigeria’s decline lies the collapse of governance. A scholarly review noted that “despite being Africa’s largest economy, Nigeria faces governance deficits that hinder sustainable development and economic growth.” According to the same study, Nigeria’s power generation stagnated at 5,500 MW in 2023 while demand soared to around 30,000 MW. When governance fails to deliver the basics (power, rule of law, infrastructure) hope dies.
The former President of the NBA, Olisa Agbakoba SAN, warned that Nigeria can only reach a ₦500 trillion economy with “robust legal and institutional frameworks.”
We have the institutions on paper; what is lacking is integrity, capacity and political will.
2. ECONOMIC MISMANAGEMENT & OVER-RELIANCE ON OIL.
Nigeria’s economic malaise is not for lack of resources. The country is rich – in people, in land, in energy. Yet the so-called “RESOURCE CURSE” is very real. As one recent article summarised: “This study identifies political and administrative corruption, as well as low productivity, as key structural barriers to economic transformation.”
Our economy has remained overly dependent on oil, IMPORT-HEAVY and SHOCK-PRONE.
According to International Monetary Fund (IMF): “Between 2014 and 2023, real per capita GDP declined on average by 0.7 percent annually. In 2023 the poverty rate stood at 42 percent.” The naira crash, inflation and debt burden all result from decades of mis-prioritisation.
3. INFRASTRUCTURE COLLAPSE & SERVICE DELIVERY FAILURE.
How can farms prosper when there’s no road to bring produce to market? How can factories thrive when electricity is erratic and cost of doing business is punitive? Infrastructure is the backbone of growth and Nigeria’s backbone is broken. From dilapidated classrooms to degraded hospitals, with no street lights, neglected parks and streets, the promise of public service delivery lies in ruins. Education, for example, receives about 6 to 7 percent of the annual budget, far below UNESCO’s recommended minimum of 15 percent.
When schools are crumbling, teachers demoralised, classes crowded, the future shrinks. Health systems are overstretched; security infrastructure inadequate. In one study, “Effect of insecurity, no-one farms, output falls.”
4. SECURITY CRISIS & SOCIAL DISINTEGRATION.
You cannot build or grow in fear. Yet Nigeria’s security situation has deteriorated dramatically, insurgency in the North East, banditry in the North West, separatist violence in the South East, kidnappings and terror everywhere. The GOVERNANCE-INFRASTRUCTURE-SECURITY complex has collapsed. One article points to a “growing issue of terrorism financing” and noted that “137 out of 261 borders in the North-East and North-West remain unguarded.”
When citizens fear for their lives, investors stay away, agriculture shrinks and social capital bleeds away.
5. CURRENCY COLLAPSE, POVERTY SURGE & PUBLIC DESPAIR.
The currency is the barometer of trust in an economy. The fall of the naira, hyper-inflation, food insecurity, these are not merely economic metrics but human tragedies. In 2025, almost 129 million Nigerians were reported to live under the national poverty line; around 60 percent of the population.
And still we speak of “GIANTS”. A bigger statistical GDP does not mean new schools, new roads or new hope. As one expert warned after rebasing, the economy looked bigger, though it was “not more productive, nor more industrialised.”
Money is meaningless when schools are empty, clinics dilapidated and the streets unsafe.
HOW DID WE GET HERE?
The path to crisis is rarely sudden; it is built by years of neglect, bad decisions and compounding error.
After independence, Nigeria soared and hoping to be the model of African success. Oil money flooded in.
Instead of investing in infrastructure, diversification and human capital, elites chased rents, the institutions stagnated, corruption spread and oil-money dependency took root.
The roads were not built, the power plants were not completed, the schools were not upgraded. Governance became transactional. The public service, a career; accountability, optional.
Every crisis was met with bandaid (fuel subsidies, borrowed money, unsustainable spending) while the foundational work languished.
The economy remained fragile, when oil dropped, the rest of the system creaked. Export diversification (agriculture, manufacturing, services) was ignored or mis-managed.
Meanwhile security deteriorated: as poverty increased, marginalised youths turned to crime; state legitimacy waned; local grievances ballooned.
Now we arrive at a paradox, Nigeria has the youth, the land, the potential, but none of the trust, institutionality or infrastructure to harness it.
WHO CAN RESCUE US?
Rescue is not coming from outside. It must come from US (the citizens, the activists, the business owners, the churches, the societies) and the leadership we force to act.
POLITICAL LEADERSHIP WITH BACKBONE.
We need leaders who view their roles not as patrons, but as trustees. Leaders willing to discipline themselves, reduce wasteful governance costs and invest in the citizens. The NBA’s Agbakoba admonished that without “robust legal and institutional frameworks” Nigeria cannot achieve greatness.
A leader with moral authority, vision, discipline and one who prioritises the long game over short-term gain.
INSTITUTIONAL OVERHAUL & GOVERNANCE REFORM.
Formal institutions exist; what they lack is strength. We must build accountability systems, independent judiciary, transparent procurement, strong sub-national governments. As one article stressed: “Nigeria must prioritise transparency, accountability and inclusivity to foster national stability and prosperity.”
Real reform will destroy the rent-seekers and empower the productive.
INFRASTRUCTURE INVESTMENT & HUMAN CAPITAL.
The giant awakens when his spine is rebuilt. Roads. Schools. Hospitals. Electricity. Parks. Mines. Farms. This is not charity; it is investment in the future. According to the IMF, Nigeria’s “real reforms can help Nigeria realize its potential as an African and global economic powerhouse.”
We can not wait for foreign capital; we must mobilise domestic capital, diaspora remittances, public-private partnerships and ensure the results reach the ground.
ECONOMIC DIVERSIFICATION & PRODUCTIVITY CULTURE.
Oil is not the future. Nigeria’s future lies in agriculture, manufacturing, ICT, service exports, renewable energy. We must shift from monoculture to multi-pillar productivity. A deeper study pointed out how “unproductivity stems from poor resource usage and lack of diversification.”
When we make something, we manufacture value, we employ our Youth, we transform from consumers to producers.
CIVIC AWAKENING & DEMAND-DRIVEN ACCOUNTABILITY.
No one will do it for us. Citizens must rise. Vote consciously. Demand accountability. Monitor budgets. Report looters. Build local associations. The Reddit-commentary is blunt:
“Nigerians are pretenders. They know they are a reflection of what their leaders represent.”
Indeed, the giant cannot stand while the people sleep. Civic duty is no longer optional, but imperative.
The Way Foward.
The path forward is clear, but the will is weak. Nigeria can be the Giant of Africa again, but not by default. It will require decisive action, brutal honesty, structural reforms and collective courage. We must stop treating crisis as normal. We must stop rationalising failure. We must demand better.
The blazing truth is this, the country that fails to govern its internal house cannot govern itself; the country that cannot provide roads, schools, electricity and security cannot dream of greatness. We are capable. We have the people. The land. The future.
Now we must muster the will. For without will, even the greatest of nations will shrink. Nigeria, it is time to wake up. Your giant is asleep and your future depends on whether you rise and shake the dust from his shoulders.
Published on saharaweeklyng.com. Author: George Omagbemi Sylvester.
Riceocracy: When Tinubu and the APC Government Substitutes Governance with Handouts
By George Omagbemi Sylvester
“Tinubu’s administration faces mounting criticism as rice palliatives replace real solutions to Nigeria’s deepening crisis.”
ABUJA, Nigeria — March 17, 2026
A growing wave of public frustration is sweeping across Nigeria as citizens decry what has now been dubbed “Riceocracy” a governance pattern where the government of President Bola Ahmed Tinubu and the ruling All Progressives Congress (APC) respond to systemic failures with the distribution of rice rather than meaningful reforms.
Across the country, from major cities like Lagos and Abuja to underserved rural communities, Nigerians are voicing anger over persistent issues: no stable electricity, deteriorating road networks, unaffordable fuel and cooking gas, and a struggling education system. Yet, in response to these structural problems, the government’s most visible intervention has been the distribution of food palliatives; particularly rice.
The central figures in this unfolding crisis are President Tinubu and the APC-led federal and state governments, who have overseen the rollout of these relief measures. On the other side are millions of Nigerians battling rising inflation, joblessness, and declining living standards.
The trend gained momentum following the removal of fuel subsidies in May 2023, a policy decision by the Tinubu administration that triggered a surge in transportation and commodity prices. By 2024 and into 2025, the government intensified the distribution of rice and other palliatives as a stopgap measure to quell public discontent. Now, in 2026, the approach has become a defining feature of the administration’s response to economic hardship.
The “Riceocracy” phenomenon is nationwide. Reports from states such as Kano, Rivers, and Borno show large crowds gathering for rice distribution exercises, even as basic infrastructure continues to decay. Urban centers are not exempt; in cities like Lagos, residents still grapple with erratic power supply and high living costs despite periodic palliative programs.
Analysts point to political convenience and immediate optics. Distributing rice is quick, visible, and politically advantageous, especially in a climate of widespread hardship. However, critics argue that it reflects a deeper governance failure; an inability or unwillingness to implement long-term solutions.
Nobel laureate Wole Soyinka has long warned against superficial governance, describing such approaches as “a betrayal of democratic responsibility.” In the same vein, global economist Ngozi Okonjo-Iweala has stressed that “palliatives may provide temporary relief, but they cannot replace sound economic management and structural reform.”
Political economist Pat Utomi offers a sharper critique: “A state that reduces its responsibility to food sharing risks institutionalizing poverty rather than eliminating it.” His statement captures the growing concern that Nigeria’s leadership is addressing symptoms rather than causes.
The implications are severe. Nigeria’s power sector remains unreliable, forcing businesses to depend on costly alternatives. Road infrastructure continues to hinder economic activity, while the education sector suffers from underfunding and frequent disruptions. Despite these challenges, rice distribution has become the most consistent government response.
Critics further argue that this strategy fosters dependency and weakens civic engagement. Instead of demanding accountability, citizens may feel compelled to accept handouts as substitutes for rights and services. Allegations of mismanagement and politicization of palliative distribution also persist, raising questions about transparency and fairness.
The term “Riceocracy” may sound satirical, but it reflects a sobering reality. It highlights a governance model where survival replaces development, and where public policy is reduced to emergency relief rather than strategic planning.
As Nigeria marks this moment on March 17, 2026, the message from scholars, civil society, and frustrated citizens is unmistakable: rice cannot fix a broken system. Only deliberate investments in infrastructure, education, energy, and economic productivity can restore confidence and chart a sustainable path forward.
Until then, the image of Nigerians queuing for bags of rice will remain a stark symbol of a nation still searching for leadership that goes beyond palliatives to deliver real progress.
ZENITH BANK OPENS MANCHESTER BRANCH TO SUPPORT CROSS-BORDER TRADE AND INVESTMENT
Zenith Bank Plc has announced the opening of a new branch in Manchester, United Kingdom, marking another significant milestone in the bank’s international growth and its commitment to strengthening financial connections between Africa and global markets.
The official opening ceremony, scheduled to hold on Tuesday, March 17, 2026, is expected to attract government officials from Nigeria and the United Kingdom, regulators, investors, customers, and business leaders from both countries, underscoring the growing economic ties and investment opportunities between the two markets.
The new Manchester branch will complement Zenith Bank’s existing operations in the United Kingdom and serve as a strategic hub for supporting businesses engaged in international trade and investment. Through the branch, the bank will provide corporate banking, trade finance, treasury and related financial services to clients operating across the United Kingdom, Europe and Africa.Speaking ahead of the launch, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame Dr. Adaora Umeoji, OON, said: “The opening of our Manchester branch represents another important step in Zenith Bank’s growth as a leading African financial institution connecting businesses and markets across continents. Manchester is one of the United Kingdom’s most dynamic commercial centres, and our presence here will further strengthen financial connections between businesses in the UK and opportunities across Africa’s rapidly expanding markets.
”Founded in 1990 by its Founder and Chairman, Jim Ovia, CFR, Zenith Bank has grown into one of Africa’s most respected banking institutions, boasting a robust capital base and a remarkable history of year-on-year profitability. Built on a strong foundation of people, technology and service, the Bank has consistently delivered innovative financial solutions while maintaining a disciplined approach to growth and risk management. The impressive performance of the Bank has consistently earned it excellent ratings, recognition and endorsement from local and international agencies and institutions.Headquartered in Lagos, Nigeria, Zenith Bank operates over 500 branches and business offices across the 36 States of the Federation and the Federal Capital Territory (FCT). The Bank currently operates subsidiaries in several African countries including Ghana, Sierra Leone, Gambia, and Cote d’Ivoire, while maintaining a presence in major international financial centres including the United Kingdom, France, UAE and China.
In recent years, Zenith Bank has continued to expand its international network as part of its strategy to support global trade and investment flows involving Africa.Manchester, widely regarded as one of the United Kingdom’s most vibrant economic centres, hosts a diverse base of businesses across sectors such as manufacturing, engineering, logistics, technology and consumer goods. The city’s strong commercial ecosystem and international outlook align closely with Zenith Bank’s expertise in corporate banking, structured finance and trade finance.The Manchester branch will work closely with the Bank’s London operations and its broader international network to support clients seeking to expand across markets and unlock new opportunities in both the United Kingdom and Africa.
With the opening of the Manchester branch, Zenith Bank continues to advance its vision of building a truly global African banking institution that connects businesses, facilitates trade and investment, and creates stronger economic bridges between Africa and the world.
Business
New Petrol Import Permits May Reverse Nigeria’s Push for Domestic Refining and Increase Pressure on Foreign Reserve” — Energy Policy Group Tells President Tinubu
*“New Petrol Import Permits May Reverse Nigeria’s Push for Domestic Refining and Increase Pressure on Foreign Reserve” — Energy Policy Group Tells President Tinubu*
An energy policy group has advised President Bola Ahmed Tinubu to reconsider the wider economic consequences of newly issued permits allowing marketers to import petrol into the country, warning that the move could undermine Nigeria’s efforts to strengthen domestic refining and stabilise the economy.
In a statement released on Sunday in Abuja, the Energy Transparency and Market Justice Initiative (ETMJI) said the approvals granted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) could produce unintended consequences if not carefully managed.
The group’s president, Dr. Salako Kareem, said Nigeria was at a delicate moment in its energy transition and that policy choices made now would determine whether the country finally escapes its decades-long dependence on imported refined petroleum products.
Kareem said while the regulator’s responsibility to guarantee adequate fuel supply is understood, expanding import permissions at this stage could weaken the policy direction required to encourage local production and long-term sector stability.
“Our respectful appeal to President Bola Ahmed Tinubu is that decisions concerning petrol importation must be carefully weighed against their long-term economic consequences,” Kareem said.
“Nigeria has spent decades trying to overcome the paradox of being a major crude oil producer while relying heavily on imported refined products. Any policy action that appears to reopen the floodgates of importation may slow down the progress that has been made toward strengthening domestic refining capacity.”
He warned that increasing petrol imports could place additional pressure on the country’s foreign exchange reserves, especially at a time when the government is pursuing difficult economic reforms aimed at stabilising the naira and improving fiscal discipline.
“For many years, the country has lost enormous volumes of foreign exchange importing petroleum products that could ideally be refined locally,” Kareem said.
“If import volumes begin to rise again, the demand for foreign currency will inevitably grow. This could place renewed strain on the naira and undermine the broader economic stabilisation programme that the government is currently pursuing.”
The group also warned that excessive reliance on imported petrol could create opportunities for product dumping and the entry of substandard fuel into the Nigerian market, a challenge that has troubled regulators and consumers in the past.
According to Kareem, Nigeria’s downstream sector has historically struggled with quality control issues whenever importation becomes widespread, because imported fuel often travels through multiple intermediaries before reaching domestic depots.
“One of the lessons from the past is that when imports dominate the supply chain, the market sometimes becomes vulnerable to the dumping of inferior petroleum products,” he said.
“This not only creates regulatory complications but also exposes Nigerian consumers to fuels that may damage vehicles, affect industrial machinery and ultimately impose hidden economic costs on the country.”
He added that encouraging domestic refining and strengthening local supply chains would provide better product traceability and improve overall market transparency.
Kareem stressed that the group’s intervention was not intended as criticism of the NMDPRA, noting that regulators must often make complex decisions to prevent supply disruptions in a volatile energy market.
However, he urged the federal government to ensure that short-term supply management does not weaken long-term national objectives in the petroleum sector.
“We recognise that the regulator has the responsibility to ensure that Nigerians do not experience fuel shortages, and that duty is extremely important,” he said.
“But at the same time, policy coherence is essential. The country must avoid sending signals that could discourage investment in local refining or create uncertainty about Nigeria’s commitment to energy self-sufficiency.”
Kareem said Nigeria now has a rare opportunity to restructure its downstream petroleum industry in a way that strengthens domestic production, protects foreign exchange reserves and builds long-term industrial capacity.
He urged the president to ensure that the country’s regulatory framework reflects that strategic vision.
“Our appeal is simply for policy alignment. If Nigeria truly wants to build a resilient energy economy, then every major decision in the downstream sector must reinforce the goal of reducing import dependence, strengthening domestic production and protecting the country’s economic stability,” Kareem noted.
The group added that careful policy coordination between regulators and the presidency would help ensure that Nigeria avoids repeating the costly fuel import cycles that have historically drained public resources and weakened the national economy.
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