The Drumbeat of Change

Dear 9ja, 

“When the music changes, the dancers find a new step”. 

Our country stands at the edge of a precipice.

Inflation has reached a staggering 29.9%, crushing living standards and sparking social unrest. 

This dire situation is fuelled by many names ‘’ currency depreciation, “subsidy removal”, “insecurity’’, “ food price hike” and the ripple effect has created a social tinderbox.

Hunger protests and unrest threaten to engulf the nation.

Yet this is not a time for panic but for decisive action. In this piece, I pen down some potential ideas drawing inspiration from a perspective informed by global examples and local realities. 

Addressing the Immediate Needs

1. Targeted Subsidies:While complete subsidy removal is desirable in the long run, a phased approach is crucial. Identify the most vulnerable populations and provide targeted subsidies for essential goods like food. This protects the most vulnerable while reducing overall subsidy burden. Egypt's targeted food subsidy program offers a successful example, reaching 72 million citizens with subsidized bread and other essentials. Drawback: Creating dependency is a concern. This can be eliminated by linking subsidies to skills training and job opportunities in the long run, empowering beneficiaries to transition towards self-sufficiency. In as much as targeted subsidies offer a crucial safety net for vulnerable populations in the short term, concerns regarding potential corruption cannot be ignored. Implementing transparent and accountable distribution mechanisms, leveraging technology for monitoring, and strengthening oversight by independent bodies are essential to mitigate this risk.
2. Social Safety Nets: This could include conditional cash transfers to low-income families, to cushion the blow of inflation, similar to Brazil's Bolsa Familia program, which lifted millions out of poverty. Expanding unemployment benefits and subsidizing essential services like healthcare and education can further alleviate the burden. However, implementing robust monitoring and evaluation systems is crucial to ensure these programs are effectively reaching intended beneficiaries and delivering desired outcomes.
3. Leveraging Increased Allocations: Increased monthly allocations from the federal government to states present a unique opportunity to not only address immediate needs but also lay the groundwork for long-term economic growth. Strategic investments in high-potential sectors like sustainable agriculture, renewable energy, and information technology can create jobs, stimulate economic activity, and diversify revenue streams, ultimately leading to a more resilient and prosperous nation.Being closer to the grassroots, Governors and local leaders hold immense responsibility for the people's well-being. Their role should extend beyond basic administration to driving economic development and social inclusion within their jurisdictions. By collaborating with the federal government and other stakeholders, they can ensure their policies and programs align with national objectives and priorities, maximizing their impact.

Building Long-Term Resilience

1.  Industrialization : Like Indonesia, a fellow major oil exporter, Nigeria can strategically diversify its economy to reduce dependence on oil exports. This requires collaboration between the government and private sector, with a focus on incentivizing and fostering growth in sectors like manufacturing, tourism, and technology.Indonesia's success in manufacturing demonstrates the effectiveness of this approach, offering a valuable blueprint for Nigeria's diversification efforts.The FG government's recent commitments to improve the business environment and the investment climate by removing the barriers and bottlenecks that hinder the growth and productivity of the private sector is commendable. However, accelerating these efforts is crucial to fully unlock the potential of industrialization and economic diversification.
2.  Anti-Corruption Measures: Empowering anti-corruption agencies like EFCC and ICPC with greater autonomy, resources, and legal frameworks sends a powerful message of deterrence. This, coupled with increased transparency, public accountability mechanisms, and whistleblower protection programs, can significantly discourage corrupt practices and foster a culture of integrity within public institutions.This approach, similar to Singapore's zero-tolerance policy, fosters economic growth and public trust by ensuring resources reach those intended.
3. Enhancing the fiscal policy and budget management: President Tinubu's recent decision to reduce foreign and local travel delegations demonstrates a commitment to responsible resource allocation even at the potential expense of personal safety. Expanding such initiatives to simplify business registration procedures, streamline tax regulations, and leverage technology for efficient revenue collection can significantly improve the business environment, attract investments, and boost economic activity.

The dream. 

While the responsibility might seem to lie solely with leaders, the path forward requires citizen participation.

The public, diverse and vibrant, holds immense power to influence positive change.

Inspired by successful citizen-led initiatives around the world, like the Borgen Project in the US, Nigerians have a long history of harnessing their collective power to tackle poverty and inequalities. 

Groups like YIAGA Africa, SERAP, and Enough is Enough Nigeria are just a few notable examples, successfully advocating for reforms and increased accountability in government. These ongoing efforts demonstrate the immense power of citizen participation in shaping a more just and equitable future. By learning from their experiences and building upon their momentum, we can continue to harness this collective power to address the challenges we face and build a brighter future for Nigeria.

Research and join existing organizations or create new ones and tailor your efforts to maximize impact. 

Small actions, when combined, create a powerful wave of positive change.

Let's proactively contact our elected officials at all levels personally, from senators to councilors.

Learn to advocate for policies that lift people out of poverty and build Nigeria's economic might.Focus on creative ways that improve our system. 

Not all will “Japa” in search of greener pastures. Let's plant our own green.

But who farms looking over their back ? 

Supporting our security forces is crucial, but we must also address the root causes of insecurity: poverty, unemployment, lack of opportunity, and marginalization. We need community policing, improved intelligence gathering, and tackling corruption within security forces.

Beyond Slogans, Action Speaks Louder

While advocating for "buying local" is crucial, mere rhetoric without action undermines its effectiveness.

To truly reduce dependence on imported goods and encourage our domestic economy, we must bridge the gap between talk and action. With this we can achieve multiple goals like reduced dependence on dollar, stimulation of the internal economy, and promotion of self-sufficiency and reliance. 

Buying local is important, but we must acknowledge and address limitations like product quality and availability in certain areas. Supporting initiatives that improve local production standards, promote innovation, and facilitate access to financing can empower small businesses and bridge the gap between intention and action and encourage a sustainable shift towards domestic products.

Our products, our choices, our power. 

Change takes time, but with persistence, knowledge, and collaboration, we can leverage our voice and our hearts to build a more prosperous and equitable Nigeria for all. 

This crisis is formidable, but not insurmountable. 

No gree for inflation. 

Enough said. The drumbeat of change is calling. Are you ready to dance?

Abraham Ikongshul.