As Nigeria approaches 2024 a year, for its generation and a test for its leadership structure the recent report from the World Bank provides both criticism and guidance. President Bola Tinubu‘s administration has taken steps towards reform since its inception specifically targeting the costly fuel subsidy and freeing up the naira currency. However these necessary actions have resulted in inflation tripled fuel prices and a weakened naira, which have had a particularly harsh impact on Nigerian youth and the general population.
However, for youth, these assurances come amidst increasing poverty rates and an economy struggling with the consequences of these reforms. The devaluation of the naira and skyrocketing fuel prices have not reduced Nigeria’s purchasing power. Have also cast a long shadow, over the country’s socio-economic landscape.
President Tinubu encourages patience and optimism while assuring that any negative effects resulting from his administration’s measures will be temporary.
However, the young people, who not only represent the future but also play a role, in Nigeria’s present are seeking more than just temporary relief. They aspire for a change that addresses the causes of the country’s economic challenges and sets the stage for sustainable and inclusive growth.
As we approach 2024 the urgency for action becomes more pronounced. The World Bank’s message is crystal clear; Nigeria must not continue its reforms but also focus on building a strong economy that works for everyone, particularly its youth. This entails investing in sectors that drive progress generating employment opportunities and utilizing the resources of the nation to uplift millions, from poverty.
Nigeria finds itself at a juncture where decisions made today will shape the trajectory of the nation for years to come. The World Bank report serves as a reminder that although the journey may be arduous Nigeria has the potential to become a more prosperous country if it commits to comprehensive and lasting reforms. The youth are keenly observing this moment. Eagerly await their chance to shape their destinies.
