The ancient Chinese proverb reminds us of the power of education and self-reliance in escaping the clutches of abominable penury. However, in Nigeria, a nation blessed with vast resources and potential, the approach to combating poverty seems to be a misguided dalliance, leading to worsening conditions for its citizens.
Recently, authorities proposed the distribution of N8000 tokens to households for a period of six months as a supposed solution to poverty. While this gesture may provide temporary relief, it falls short of addressing the root causes of poverty.
Instead of empowering the poor with sustainable means of livelihood, such as setting up small businesses through skill training and financial support, the approach only perpetuates dependency on handouts.
The tragedy lies in the fact that those who should be leading the nation towards prosperity are often the ones undermining its progress. Decision-makers who have neglected education, leading to its defunding, cannot be expected to think coherently about comprehensive poverty alleviation strategies.
The distributed consequences of their short-sightedness reverberate throughout the country, leaving Nigeria trapped in a tragic cycle of decline.
A glaring example of this mismanagement is reflected in Nigeria’s petrol prices. While Nigeria boasts a vast oil reserve and stands as the second-highest exporter of oil globally, its citizens pay exorbitant prices for petrol, ranging from N568 to N620 per litre. In stark contrast, war-torn Libya, despite its challenges, sells petrol at a mere N25 per litre. The key difference lies in the management of their petroleum sector, with Libya demonstrating transparency and operational refineries.
Other African nations, such as Angola, Egypt, and Algeria, have strategically utilised their oil resources to establish operational refineries, bolstering their economies and fostering development. In contrast, Nigeria, with four non-functional refineries and a combined production capacity of 445,000 barrels per day, remains mired in multidimensional penury.
The inability to produce and refine its own oil resources not only hampers Nigeria’s economic growth but also perpetuates poverty by failing to create jobs and add value to its natural wealth. In a nation where education and intellectual prowess are not adequately valued or rewarded, the cycle of poverty persists. A nation blessed with fertile lands would find no necessity to import cattle worth a staggering N1.2 Trillion each year.
With a solid focus on research and functional education, financial resources need not be squandered on ventures beyond our means.
It was with profound disheartenment that I reflected on the figures from the National Bureau of Statistics (NBS) a few months ago, revealing a disconcerting reality: Nigeria’s textile imports had inexplicably doubled, despite the serious push for local production. A disquieting sum of N365.5 billion was spent on imported textiles within a year, marking the highest record in the past 15 years.
The implications of these realities are far-reaching, painting a portrait of a nation at odds with its own potential. It is time for a profound shift in priorities, where the cultivation of knowledge and innovation takes centre stage, propelling the nation towards self-sufficiency and prosperity.
The allure of distant shores, where recognition and remuneration for intellectual prowess is better rewarded will continue to be our bane. That’s probably the reason over 130 scholars will abscond after the country, through TETFUND coughed N2.3 Trillion to have them trained in world-class tertiary institutions.
To break free from this tragic affair with shortages, Nigeria must prioritise education, invest in developing its human capital, and foster an environment that rewards innovation and expertise. Additionally, the revival of the country’s refineries and a transparent approach to managing its petroleum sector are essential steps toward unlocking Nigeria’s true potential.
Nigeria’s struggle with poverty is largely self-inflicted, stemming from a lack of coherent thinking and mismanagement of its abundant resources. The path to prosperity lies in empowering its people through education, self-reliance, and sustainable economic practices, thus breaking free from the vicious grip of poverty and paving the way for a brighter future. Only with this can the shackles of reliance on external resources be broken, and the true potential of this country be unleashed.