NIGERIA'S DWINDLING WEALTH:

Written by LUCAS ANUFORO, Dublin, Ireland

Email: peter.lemachi@yahoo.com     

“If a country is to be corruption free and become a nation of beautiful minds, I strongly feel there are three key societal members who can make a difference. They are the father, the mother and the teacher.”... Abdul Kalam

Nigeria is a country blessed with lots of natural resources but unfortunately becomes poor in the midst of vast wealth.

In 1950s and 60s before the advent of oil prior to Nigerian independence various regions in the country were predominately engaged in comparative production ranging from food baskets, cash crops to timber and also solid minerals. In the then western region were known mainly for cocoa, kola nut, cashew nut production etc, while the north were been known for herds, skin, dairy products, cotton and groundnut which Kano was then popularly known for its groundnut pyramid. Also in the east were palm produce.

At Ibadan a high rise building was built and called “Cocoa House.”  This building signifies the hegemony in power of production and comparative advantage enjoyed by then western region in cocoa production. The building was formerly called "Ile Awon Agbe" (i.e. "House of Farmers"). It was the tallest building in Africa in the 1960s. The regional administration of Chief Obafemi Awolowo was proud to tell the world, in the era before the Oil Boom, that Cocoa House was built entirely from proceeds of international trade in agricultural commodities such as cocoa, rubber and timber.

Even after 1967/1970 civil war however; the country was still making a descent living on foreign exchange through these products. On solid mineral Enugu in eastern region those days were known for coal mining and was named Coal city while Jos was known for its Tin production. Lagos, Port- Harcourt, Calabar and Warri were well known for foreign merchandise with lots of fleet vessels owned by then Nigerian National Shipping Line (NNSL), with some foreign partnership like Niger Line, Palm Line and Elder Dempster Line Ltd these were British companies with the inclusion of other foreign vessels sailing both in and out of Nigerian water for commerce purposes. It was huge foreign earnings for the country and also created lot employment opportunities for many Nigerians. But when oil was discovered the country gradually abandoned these avenues of wealth and resorted to lean on a single product as a source of foreign earning. Crude oil was accounted for 80% of the country’s GDP. No country survives on a single product for export especially in a corrupt society where many see the nation’s wealth as a national cake. 

The country drift from agriculture to oil was a sign of lack of commitments on the side of previous government to invest and promote agriculture. Farmers were not given the required supports and incentives needed to increase production.  The failure of the two major national agricultural programmes the Operation Feed the Nation (OFN) 1975 and Green Revolution 1983 which were initiated by both regime of Olusegun Obasanjo and Shehu  Shagari respectively were as a result of personal interest towards these projects.  The Funds carved out for the programmes were not properly utilized instead; some of the money was diverted for private agricultural farm project which at the end failed to meet with the nation food supply.

According to World Bank report 1989 the rise of oil price between 1973/ 1974 and 1979 saw Nigeria increase in foreign earning which agriculture was less prioritized.  The year 1977 saw Nigeria splurged on extravagant. The money realized on excess crude oil within those periods of years was not channelled on capital projects and infrastructures but instead was spent on jamboree by hosting World Black Festival Arts and Culture tagged “FASTAC 77”. It was also a repeat performance of waste of resource between 1984 and 1988 when $12.4 billion oil windfall proceeds that was accrued to the federal government during the gulf war era was not accounted for.

Since crude oil was discovered in the 1950s the product has enriched some few highly placed individuals especially within the political class who hijack and covet the commonwealth of the nation as their personal enterprise. Both past and present government has amassed much wealth through this product. The heist of oil-block by the so-called ruling class shows a clear narrative of how moral bankrupt the political leaders have been.  Last year one of Nigerian national dailies carried a publication of retired general from the military who was so proud to inform the nation on the vast proceeds he made from his oil blocks and on how confused he was to spend the money. This heist of the nation’s wealth has become normal practice especially within the ruling oligarchs.  The issue of the Halliburton bribery scandal is still fresh in our memories which were an enclave of top government officials but unfortunately, the case was swept under the carpet and never sees the light of the day. Corruption has become part of Nigeria daily lifestyle.

According Transparency International Nigeria is believed to have lost more than $400 billion as a result of corruption between 1960 and 1999. Fresh cases of startling sleaze include the N32.8 billion police pension fund scam, Halliburton saga, the recent revelation of NNPC and missing (stolen) $20 billion oil proceeds just to mention but few.

The endowment of oil wealth has been a curse to the nation since the product was discovered in the 1950s while it becomes blessing to other nations especially the countries in the Gulf region and in the Middle East. Qatar for example as a rich oil nation has given good account of its oil wealth by building lots of infrastructures. The kingdom of Saudi Arabia, Kuwait, kingdom of Bahrain both have follow suits and Iran despite economic sanctions from international community has exhibited good management in its oil industry. The question one would ask is where did Nigeria get it wrong?  For some years past many had casted blames on the era of military hegemony which has constituted about 85% control of leadership since the country gained her independent in 1960. But however some critics argued that 16 years after the country returned back to democracy much has not been achieved instead what the nation witnessed was dilapidated infrastructures, looting of public treasury, economic backwardness and above all institutional decay.

 How long will the nation continue to be neonate while other nations have gone far both in economic development and industrialization? The recent price fall of oil in the international market did not come as a surprise to the country because Nigeria has wasted virtually all her opportunities by failing to actualize its dreams at the right time.  In the near feature oil would no longer be the only option as western countries and some new emerging economies have intensified efforts to source for alternative energy such as biofuel which country like Brazil has already embarked on.  The Ethanol is produced by fermentation through a method similar to beer brewing of any biomass containing carbohydrates. At the present time, ethanol is derived from starches and sugars however there have been constant research to allow it to be produced from fibrous substance which consist the bulk of most plant matter the cellulose and hemicelluloses. Ethanol is widely used as a blending agent with gasoline to boost octane and at the same time reducing carbon monoxide and other toxic smog-causing emissions.

However according British Petroleum and Royal Dutch Shell by 2050 one- third of word’s energy will come from solar, wind and other renewable source this will help to reduce climate change.

 The country failure to lead others as the largest black nation on earth has draw opprobrium from different countries around the globe. Many believe that Nigeria has all it takes to be among the greatest countries in the world but if only the leaders have resisted or better still curtailed the appetite and temptation to steal from public coffers.  Many at times some western countries have blamed the country for its failure to raise the standard of living of its citizens. Today an average Nigerian lives below one dollar per day. The former American President Bill Clinton when he visited Nigeria in 2013 in his remark he told Nigerian Leaders that they have not done well with the oil revenue. 

The leaders have failed in all facet of development of the economy both in infrastructures, in power sector, in educational sector etc. In the 60s to late 1970s Nigerian educational system both in tertiary, the higher institutions and the universities were among the best in the world. University of Nigeria Nsukka, Ahmadu Bello University Zaria, University of Lagos, University of Ife now (Obafemi Awolowo University) and University of Ibadan were the academic pride of the nation. These institutions previously produced first class graduates that can be equate with any university in the world but sad to note that today; these universities are now living on their shadows because of government negligence on education.

 As the country enters a new chapter of her political and developmental journey much is expected from the new administration of President- elect Mohammadu  Buhari. Buhari a dogged warrior and moralist with zero tolerance on corruption. Many Nigerians have waited for his second coming for too long “To whom much is given, much is expected.”  As May 28 is around the corner he should roll up his sleeves and get ready for work.  The new administration should determine to fight corruption and also revamp all the decayed infrastructures. Electricity, education, healthcare services and youths unemployment should be prioritize. They should be the government of the poor, the voiceless, the forsaken, the downtrodden and the vulnerable.

 The last concluded general election has proved that the nation can move forward despite all odds if the leaders would agree to lead with honesty and sincerity the citizens would also ready to obey. According to William Pollard who says “It is the responsibility of leadership to provide opportunity, and the responsibility of individual to contribute.” And Brian Koslow an American author and entrepreneur also believed that “The freedom to move forward to new opportunities and to produce results comes from living in the present not the past.” In as much as the country has wasted lots resources due to bad leadership there are still opportunities and hope to move forward. The country can still regain its lost glories if the every hand will be on deck to support the new administration. If every individual play its part and the government also play its part; Nigeria will be a better place for all. God bless Nigeria! 

LUCAS ANUFORO , Freelance Journalist, Dublin Ireland.