Most Nigerians have the assumption that their country has never been great. They do not know that in the past, Nigeria stood as a symbol of promise and possibility among the comity of nations. Globally, Nigeria commanded respect among nations, not only for its vast natural resources but also for the strength of its economy, the quality of its institutions, the value of its currency, and its growing influence across Africa and beyond.
The younger generation that often dominates development and political discourse on social media was not told that in the early 1970s Nigeria was a creditor nation rather than a debtor. Specifically, the World Bank and International Monetary Fund (IMF) took approximately US$380 million in loans from Nigeria. In simpler terms, during the period, a US$240 million loan was given to the World Bank and a US$120 million loan to the IMF. Also, Nigeria extended its aid to the Caribbean Development Bank. When many developing countries depended on external financial assistance, Nigeria already had resources to lend out, helping others to fix their economic crisis.
Another unpleasant truth many will not want to hear or even believe is that, as at 1973, the Naira was more valuable and powerful than the United States dollar. At that time, one naira exchanged for more than one US dollar, showing confidence in Nigeria’s economy and optimism about its future. Additionally, most Nigerians below 40 years do not know that the country they now depart for a foreign country in search of a better future had one of Africa’s strongest and most diversified industrial economies. Its factories, including textile factories in Kaduna and Kano, vehicle assembly plants in Kaduna and Lagos, cement factories, food-processing industries, and manufacturing clusters across the country, created jobs and stimulated economic growth. Nigeria, a country that now suffocates its citizens with a high cost of living as a result of high petrol prices, built and managed one of Africa’s largest refining systems to support its industrial ambitions and meet domestic energy needs.
Again, many young parents with money who now consider sending their kids to private school and abroad for those who can afford it for better education may not know that Nigeria had one of the best education systems globally that earned her international respect. Its universities ranked among the best in Africa, attracting distinguished academics from Britain, North America, Asia, and other parts of the world. Nigeria had students across Africa who visited its universities as a result of their unmatched qualities and reputation for academic excellence, quality, and vibrant intellectual life. Nigeria had universities that served as centres of learning which shaped generations of professionals, scholars, and leaders across Africa and beyond.
These achievements tell the story of a nation that had done well in the past. It had a respected currency, a thriving industrial sector, internationally recognised universities, and a strong economy that the global financial institutions like the IMF and World Bank took loans from. It was a nation with ambition and influence.
Today, its citizens witness a sharp opposite situation that is difficult to explain. A country that once handed millions of Dollars to the IMF and World Bank in loans now relies heavily on borrowing to finance development and public expenditure. Its current debt servicing consumes a huge part of its revenue. Its highly respected and valued currency has lost value so much that some economists are beginning to describe it as tissue paper with no significant value. All the viable industries have crumbled while the country imports almost everything it uses, including toothpicks. The refineries that served as examples in Africa and other nations are no more, while the crisis of petrol availability has continued, killing business and lives. The universities that stood tall in Africa and were centres of excellence are now underfunded, with infrastructure deficits and poor academic learning being their major characteristics.
This reflection is not an attempt to portray past managers of the country’s economy as excellent managers. Even then, we faced challenges, but let us know that Nigeria, presented to us as a nation on life support, had in the past demonstrated remarkable economic strength, institutional capacity, and continental leadership. If we had leaders who made such remarkable efforts in the past, then rebuilding Nigeria is not impossible.
The question before us is not whether Nigeria has potential. It is: do we possess the leadership, discipline, vision, and collective resolve to unlock that potential once again?
History should inspire us, not imprison us. The past is valuable only if it teaches us how to build a better future. There was indeed a country.
The giant called Gulliver must rise again.
. Oseni, PhD, the Director of Centre for Development Communication (CDC), can be reached via [email protected].
