NIGERIA AT 62: DEPENDENCE OR INDEPENDENCE

NIGERIA AT 62: DEPENDENCE OR INDEPENDENCE Name: Adeyemi Kehinde Oluwatobi Department: Entrepreneurship and Industrial Development. Level: 100 Level Chief Anthony Enahoro, a renowned Nigerian nationalist introduced the motion for self-rule in 1953, proposing that Nigeria become independent in 1956. The Northerners rejected this motion because they were of the opinion that we weren't yet ready for independence. Now, 62 years after we eventually attained the long-awaited independence, one has to question whether we are truly prepared for independence. The song “Which Way Nigeria?” written by iconic musician Sunny Okosun in 1984 is still a valid question that requires answers today. An average Nigerian is aware that the country became an independent federation on the 1st of October 1960 and actually 62 years old this year but unfortunately, we are yet to partake of the fruits of independence. What are the fruits of independence? Amongst many, one particular fruit of independence is to be primarily self-sufficient and not require outside intervention or foreign aid. But is this true of my nation, our nation, Nigeria? Apparently not. Nigeria is daily submerged in the deep waters of debt with no hope of survival. According to the Debt Management Office (DMO), the body in charge of debt statistics in Nigeria. As of March 2022, Nigeria is indebted to five countries in an amount worth over One Trillion Naira. The debts to these countries were reached through various bilateral agreements with the country's lending institutions. These countries are China, France, Germany, Japan, and India. The West has carried Nigeria significantly in major projects that a so-called independent nation should execute on its own. Though with major external indicators of independence, in reality, dependent as ever. A growing and enormous national debt has always been a downside to an independent country. A growing national debt causes: Rising debt leading to fewer economic opportunities for Nigerians. Less flexibility to respond to crises. Lower national savings and income Higher interest payments, leading to large tax hikes and spending cuts. Greater risk of a fiscal crisis. A country that is serious and intentional about gaining an independent status would do everything possible to alleviate its debt or at most reduce it to its barest minimum. Nigeria is Africa’s largest economy, but unfortunately not a rich or equal country. This is because Nigeria is still heavily reliant on foreign aid. International aid is help given by one country to another. Aid can be given as advice, technology, food and money. Typically, aid is given to low-income countries (LICs) and newly-emerging economies (NEEs) by high-income countries (HICs). Most of Nigeria's foreign aid comes from the World Bank, USA and UK. These aids have prevented us significantly from standing on our own. We have considerably lost our status as an independent nation as a result of these aids, since we now appear unable to complete large-scale domestic projects without some kind of assistance from other nations. Nigeria may appear from the outside to be a sovereign state with 62 years of independence, but a closer examination of the country's governance would show that Nigeria is actually more of a dependent country.