Nigeria’s upcoming presidential election is poised to present significant challenges for the next leader of Africa’s most populous country. The lead-up to the election has been marked by acute shortages of both gasoline and hard currency, leading to chaos at gas stations and banks nationwide. This is just the latest development in a troubling trend; over the past eight years, Nigerians have become poorer and less safe by almost every measure.
Economic deterioration has driven criminality and violence throughout the country, with crude oil production falling to a multi-decade low, inflation reaching a 17-year high, and economic growth stagnating at just 1.1% annually from 2015 to 2021. The three candidates competing to replace President Muhammadu Buhari have all promised to tackle these issues, but the challenge is immense.
The majority of Nigerians are young people, and over two-thirds live in poverty, lacking basic necessities like water, food, healthcare, and shelter. The lack of economic opportunities is causing a brain drain, with UK visa approvals for Nigerian residents skyrocketing. While the Buhari administration has completed some major infrastructure projects, it has not done enough to boost revenue, resulting in skyrocketing debt service costs.
The World Bank and International Monetary Fund have long called for crucial reforms, such as cutting the popular gasoline subsidy that cost the country more than half what it made pumping crude last year. However, implementing such policies comes at a political cost, and Nigerians are already disillusioned with the government. The upcoming president will have a lot on their plate, and righting the ship will not be easy.
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