How Nigeria Can Break From The Poverty Trap

 By Banji Oyelaran-Oyeyinka

The SDGs, among others seek to reduce poverty, improve access to health care and education, mitigate the effects of climate change and attain food security by 2030. We are not meeting the key Goals.

Africa is unable to feed itself. We found during COVID-19 that we cannot produce a large percentage of drugs we need. The region relies on imports for food and will remain so unless there is an urgent paradigmatic shift in the structures of African economies. Food imports cost Africa US$55 billion a year but this could double to $110 billion by 2030. Many African cities will double in size by 2050, increasing demand for food and other infrastructure and services.

How Oil-Dependence Truncated Nigeria’s Development

 By Banji Oyelaran-Oyeyinka

It is the devil’s excrement. We are drowning in the devil’s excrement. —Juan Pablo Pérez Alfonso, Founder OPEC.

All in all, I wish we had discovered water. —Sheik Ahmed Yamani, Oil minister, Saudi Arabia

Ordinarily, finding a “treasure” tends to bring joy to the one who found it. Oil discovery has become Nigeria’s developmental Achilles’ Heel: in popular parlance, a Resource Curse. Six decades after independence, Nigeria remains one of the poorest countries in the world. It has evolved into one of the least economically diversified country in the world because of a pathological dependence on oil export earnings. The COVID-19 pandemic exposed the dangers of such dependence in ways never experienced in the past. The yoke of Nigeria’s colonial past of being a supplier of raw materials rather than a processor of commodities resulted in a country of a net exporter of crude petroleum and importer of products mired in perennial debate about “fuel subsidy.”