Peju Kukoyi

Peju Kukoyi

Without any doubt the year 2023 was in the history of Nigeria the year with the most emotions and unity. The general election for the first time in the history of the country had the most involvement of the youths and young people who in their numbers and skills came together to be part of the general election. The highlight of the year 2023 was the removal of fuel subsidies by the President Bola Ahmed Tinubu led Administration on the 29^th of May as he assumed office. The entire country though still in shock at the current price of petroleum products and very high cost of living, the steady decline in the purchasing power and value of the naira, insecurity and banditry at its all-time peak, food scarcity/insecurity driving hunger and poverty deep into the lives of people, Nigerians are still hopeful that looking forward to what the year 2024 will bring and how the policies and changes made by the new Administration will strengthen the naira and eventually improve standard of living of the citizens.

According to the World Bank Group, the poverty rate is estimated to have reached 38.9% in 2023, with an estimated 87 million Nigerians living below the poverty line.

The President Bola Ahmed Tinubu led administration has made a lot of bold reforms in an attempt to grow and stabilize the macroeconomic situation of the country. Taking a look at some of the reforms and policy changes made since assuming office.

ECONOMIC REFORM: The government in the year 2023 made a lot of significant even though not as quick fix as expected by Nigerians Starting with the removal of petroleum subsidy which on its own has had the most impact on the Nigeria economy causing a staggering 31% increase in inflation and a 35% increase in cost of food and basic amenities. The exchange rate cap removal and allowing the forces of demand and supply to determine the exchange of the FX was another policy change made during the year 2023 to allow the circular and availability of FX to Nigerians leading to a more competitive and innovative money transfer system. Some of the economic and policy reviews made also include Tax reforms, agricultural industry reforms, and housing reform.

“Our economy has been in desperate need of reform for decades. It has been unbalanced because it was built on the flawed foundation of over-reliance on revenues from the exploitation of oil,” – Tinubu.

CREATIVE ECONOMY: 2023 saw a rise in the creative industry with some of Nigeria’s finest talent making way into the big screen. With the establishment of the Arts, Culture and Creative Economy Ministry, The president charged the Minister to ensure absolute inclusion of the creatives in the activities of the government as there’s so much untapped potential and resources in the creative economy as a part of nation building.

SECURITY REFORM: There’s been a huge debate on state policing with the increasing rate of banditry, kidnapping, unknown gunmen, and herdsmen just to mention a few. The NASS and the Nigerian Governors

divided as they maintain a different opinion as to the outcome of state policing as it may be hijacked by the governors and powers that run the state for their interest. While the nation continues to call on the federal power to create a more secure and conducive community for everyone this issue continues to be a pressing issue in the hearts of Nigeria.

This has given rise to vigilante, community policing and other local ways of safeguarding and securing lives in the community.

 “The power of community policing is in the relationship. This can happen only if an officer sticks around for a while.” – Greg Boyle.

With growing anticipation and predictions from economists and the government on possible growth and stability in the year 2024 Nigerians are faced with the worst hardship in recent years, the increasing cost of living and food scarcity are pushing a lot of Nigerian youths to flee the country in search of greener pasture while those left being are having to face the harsh reality of hunger and poverty. We await the outcome of the President Tinubu-led administration policy changes results and their positive impact.