Nigeria faces numerous challenges, including rising poverty rates, widespread insecurity, and persistent political corruption. At the same time, the government has become increasingly intolerant of dissenting voices. After two terms in office, Muhammadu Buhari’s presidency will end in 2023.
While the Nigerian economy has experienced modest growth in the aftermath of the COVID-19 pandemic, poverty has worsened due to unemployment and high inflation rates, leading to food insecurity for millions. Actual revenues have consistently fallen short of projected revenues, necessitating additional borrowing. In addition, foreign exchange reserves are declining and the value of the national currency is depreciating.
Despite these pressing issues, Nigeria’s elites have largely maintained a “business-as-usual” approach, prioritizing their own interests over the public good. On the security front, the country faces escalating challenges in its northern regions due to continued insurgency by terrorist and other armed groups.
