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NIGERIA 2024: Why we’ll slide further into economic chaos



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•Scarcity to bite harder as failures hit us more
•Reasons the budget may not be implemented

Once to every man and nation comes the moment to decide, in the strife of truth and falsehood, for the good or evil side.” James Russell Lowell, 1819-1891.


No two years are ever alike in the history of any country. But, 2024 in Nigeria, will be characterised by three words: SCARCITY, FAILURE AND CHAOS.

Scarcity will be the most pervasive. The year is already going to start with cash scarcity – which is a hangover from the disastrous currency change programme early in the year. Others to expect include the following: foreign exchange, food, manufactured goods, drugs, jobs, university lecturers, doctors, nurses, and accommodation.

Scarcity, meanwhile, induces recurrent inflation – which means that, contrary to the assumptions in the budget, inflation in 2024 might top 30 per cent. Furthermore, a look at the list above should reveal to the reader that the situations in Nigeria make the shortages of supply inevitable.

For too long, Nigerians have been led by one political falsehood after another. As we start 2024, we are once more confronted with the government’s increasing credibility gap. Trust in governments, which binds the people of the great nations together, has been missing in Nigeria since 1960.

Governments, at Federal, State and Local Government levels now deceive the people so shamelessly and without remorse. Except for those in government, the beneficiaries of their activities (whatever those might be) and their party members few people believe the leaders anymore. Yet, rapid social, economic and political development will continue to elude us until faith in governments is restored.

Two quick questions will illustrate the point and lead us to the forecasts for 2024 – which unbelievably promises to be worse than any year before it. Hope delayed.

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