Nigeria may be celebrating 65 years of independence, but for many citizens, it is a painful reminder of unfulfilled promises.
In a candid interview with Dr. Samson Simon, Chief Economist at ARKK Economics & Data Limited, painted a grim picture of Nigeria’s economic struggles, political failures, and weakened judiciary.
Dr. Simon noted that independence has not translated into true economic freedom for ordinary Nigerians. He compared Nigeria to nations like South Korea and Malaysia—countries at the same economic level with Nigeria in 1960 but which have now far outperformed it.
“Ordinary Nigerians still struggle to afford food, fuel, and basic needs. Independence has only enriched the elite, who replaced colonial masters, while the masses remain in hardship,” he lamented.
According to him, hyperinflation has eroded purchasing power, leaving many families unable to “keep body and soul together.” He described Nigeria’s cost-of-living crisis as one of the harshest in its history.
Asked whether successive governments had betrayed the hopes of Nigeria’s founding fathers, Dr. Simon responded:
“Nigeria did not get it right from the word go. Successive leaders failed to build on the foundations of the past, leaving the majority of citizens stewing in regression instead of progress.
He highlighted corruption and bad governance as Nigeria’s biggest setbacks. “Public funds are diverted, contracts inflated, and incompetence has crippled growth. These twin evils have robbed Nigeria of its full potential.”
On the judiciary, Dr. Simon expressed disappointment, saying it is no longer seen as the last hope of the common man.
“The judiciary has become politicized and sometimes undermines democracy by deciding election winners instead of letting citizens’ votes count. Reforms are urgently needed to restore trust and independence.”
Dr. Simon strongly criticized how Nigeria’s wealth has been managed:
“A country is judged by how it cares for its weakest. Nigeria has failed in resource management, leaving its most vulnerable citizens to suffer.
- He recommended sweeping reforms before Nigeria’s 70th independence anniversary, including:
- Total overhaul of anti-corruption agencies (EFCC, ICPC, Auditor-General’s Office) with full independence and resources.
- Making Nigeria the easiest place to do business to attract foreign investment.
- Full autonomy for local governments with accountability and transparency.
- Building a merit-based and inclusive society.
Despite the bleak outlook, Dr. Simon believes hope is not lost. “Nigeria’s entertainment, music, and IT sectors show promise. But for now, hope is more emotional than empirical.”
