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David Hundeyin -Nigeria’s economic decline: A wake-up call or just incompetence?
The erosion of our economic foundation is not just a result of mismanagement; it’s a battle for control over our resources and future. Until we confront the reality that we are under siege, recovery will remain a distant dream.
In a recent post, journalist David Hundeyin highlighted the alarming drop in Nigeria’s GDP from over $560 billion to $258 billion in just nine years, arguing that such a dramatic decline cannot simply be attributed to incompetence.
Hundeyin asserts that the obliteration of nearly half of the nation’s economic output within a decade is indicative of severe underlying issues, akin to the impacts of a war.
He emphasizes that while “incompetence” could typically lead to stagnation, the scale of Nigeria’s economic downturn suggests a much graver situation.
“Incompetence would at worst stagnate economic growth to 0.1%, not erase 50% of our entire economy,” he writes, attributing the crisis to the policies of past administrations under Muhammadu Buhari and Bola Tinubu.
Hundeyin argues that Nigeria’s government is not uniquely incompetent compared to other African nations, questioning why other economies have not experienced similar catastrophic declines.
He highlights that several countries on the continent have managed to achieve relative stability and growth despite facing their own challenges.
The journalist goes further, suggesting that the current economic turmoil is the result of a “classic Washington DC economic hitman operation,” implying that external pressures and influence are exacerbating the country’s economic woes.
He asserts that these forces are actively undermining Nigeria’s economic sovereignty, leading to a deterioration that is both strategic and systemic.
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“We’re in the middle of a war, and you don’t even know it,” he concludes, urging citizens to recognize the severity of the situation and the need for a critical reassessment of the nation’s economic trajectory.
Hundeyin calls for a collective awakening to the reality of the crisis, emphasizing that acknowledging the depth of the problem is the first step towards finding solutions.
As the nation grapples with rising inflation, unemployment, and social unrest, Hundeyin’s commentary serves as a stark reminder of the urgent need for accountability, reform, and a renewed focus on rebuilding Nigeria’s economy.
The path forward, he argues, requires not just awareness but also decisive action to reclaim the country’s economic future.