POLITICS TODAY

By Abdul-Azeez Suleiman
Hunger, starvation, and inflation are critical issues that have plagued many countries around the world throughout history, leaving devastating effects on populations and hindering socio-economic development. Extreme hunger has been a persistent challenge for humanity, with instances recorded throughout history. Famines, droughts, wars, and economic crises have all contributed to periods of severe food scarcity. The Great Famine in Ireland (1845-1852), the Bengal Famine in India (1943), and the Ethiopian famine in the 1980s are just a few examples of the devastating impact of extreme hunger.

Poor governance has often been identified as a major contributing factor to these problems. In Nigeria, the current situation is no different, as the country continues to grapple with widespread hunger, starvation, and a rise in inflation, leading to mounting anger among the population.
The interplay of inflation, hunger, and inadequate government policies has created a vicious cycle of despair and frustration among its citizens. These issues are deeply interconnected, with each one amplifying the impact of the others, leading to a cumulative effect that exacerbates the suffering of the Nigerian people. It is important to examine the cyclical nature of anger resulting from this interplay and the potential consequences it may have on the nation.
To understand the gravity of the situation, one must first grasp the interconnectedness of these issues. Inflation, the sustained increase in the general price level of goods and services, has been a persistent problem in Nigeria since the early days of the President Bola Ahmed Tinubu’s administration. The rising cost of living has made it increasingly difficult for the average Nigerian to afford basic necessities, such as food and shelter. This, in turn, has led to a widespread hunger crisis, with millions of Nigerians struggling to feed themselves and their families.
Inflation, the sustained increase in the general price level of goods and services, has been a persistent problem in Nigeria. The rising cost of living has made it increasingly difficult for the average Nigerian to afford basic necessities. This has resulted in a widespread hunger crisis, with millions of Nigerians struggling to feed themselves and their families. The inadequate policies of the administration further exacerbate the situation, leaving the most vulnerable members of society at the mercy of these crises.
The latest inflation figures released by the Nigerian National Bureau of Statistics (NBS) paint a concerning picture for the country’s economy. Food inflation stood at 35.4 per cent in January 2024, compared to 33.9 per cent in December 2023. The prices of essential food items have all witnessed significant increases due to rising production costs, transport fares, and insecurity concerns. Elevated inflationary pressures have far-reaching consequences that increase production costs, weaken profitability, erode shareholders’ value, and dampen investors’ confidence.
The rising inflation has led to expectations of continuous monetary policy tightening, as inflation continues to trend upwards. The inflation report highlights the increasing financial strain within the food industry, which directly affects the cost of living for households across the country.
The major drivers of inflation are not showing signs of receding; in fact, they have become even more intense. The depreciating exchange rate, surging transportation costs, logistics challenges, forex market illiquidity, astronomical hike in diesel cost, insecurity in farming communities, and structural bottlenecks to production continue to contribute to the inflationary environment.
The cumulative effect of these issues is a breeding ground for anger and frustration among Nigerians who feel abandoned by their government. As the cost of living continues to rise and hunger becomes more prevalent, they are unable to provide for their families and secure a better future which fuels a sense of hopelessness and resentment towards the system that perpetuates these issues.
The cyclical nature of anger is evident in Nigeria. As the frustration of the people grows, protests and demonstrations become more frequent. However, the government’s response to these protests often falls short, further fueling the anger and amplifying the grievances of the people. This cycle of anger and inadequate government response perpetuates a sense of distrust and disillusionment among the population.
However, it is not just inflation and hunger that plague the nation today. The inadequate policies of the administration further exacerbate the situation. The lack of effective economic measures and social safety nets has left the most vulnerable members of society at the mercy of these crises. The government’s failure to address the root causes of inflation and implement sustainable solutions has only deepened the suffering of its citizens.
The potential consequences of this interplay are dire. The anger and frustration of the Nigerian people if left unaddressed by the Tinubu’s administration can lead to social unrest, political instability, and even violence. History has shown that when a population feels neglected and oppressed, they are more likely to resort to extreme measures to voice their grievances. Nigeria cannot afford to ignore the cumulative effect of inflation, hunger, and inadequate government policies, as the consequences may be devastating for the nation as a whole.
The interplay of inflation, hunger, and inadequate government policies in Nigeria has created a vicious cycle of despair and frustration. The cumulative effect of these issues amplifies the anger and resentment felt by the Nigerian people, leading to potential consequences that may threaten the stability of the nation.
History has repeatedly demonstrated that when a population feels neglected and oppressed, they are more likely to resort to extreme measures to voice their grievances. Nigeria, a nation grappling with the cumulative effect of inflation, hunger, and inadequate government policies, cannot afford to ignore the potential consequences.
The mounting anger in Nigeria is a direct result of the government’s failure to address these issues effectively. The lack of transparency, accountability, and political will to tackle corruption and improve governance has left many Nigerians feeling frustrated and disillusioned with their leaders. The recent protests and demonstrations across the country are a clear indication of the growing discontent and anger among the population.
The current situation in Nigeria, characterized by widespread hunger, starvation, and a rise in inflation, is a direct result of poor governance and mismanagement of resources. The mounting anger among the population is a reflection of the frustration and disillusionment with the government’s failure to address these critical issues.
The potential consequences of neglecting these pressing issues are dire. When a population feels neglected and oppressed, they are more likely to resort to extreme measures to voice their grievances. History has shown that social unrest, political instability, and violence can erupt when the grievances of the people are left unaddressed. Nigeria cannot afford to ignore the cumulative effect of inflation, hunger, and inadequate government policies, as the consequences may be devastating for the nation as a whole.
In light of these alarming inflation figures, it is crucial for the government to take immediate action to stimulate the implementation of policy measures in key areas such as forex, power, security, and logistics. These actions are necessary to create a stable pricing regime and alleviate the inflationary pressures.
Given the current inflationary outcomes, volatility, and market imperfections, it is necessary to reconsider the policy choice of complete floating of the naira. The increase in core inflation, which rose by 53 basis points, can be attributed to sustained currency pressures, as the naira has depreciated by about 39.7 per cent against the official market so far this year.
Urgent intervention is needed to address the challenges facing production, productivity, forex, and insecurity in the economy.
The real sector of the economy must be incentivized to ensure moderation of production costs. The government should review its tariff policies by granting concessionary import duties on intermediate products for agro-allied industries and other industrialists. Similar incentives should be extended to investors in the logistics sector.
Additionally, the benchmark exchange rate for the computation of import duties should be pegged at N1,000 per dollar to reduce the pressure of escalating costs of cargo clearing and minimize uncertainty in international trade processes.
Concerted policies on forex, power, and transportation are crucial to tame inflation and foster a stable economy. However, it is important to acknowledge that the spiraling inflation may take time to abate fully. Nevertheless, with the right interventions and a commitment to addressing the underlying challenges, Nigeria can work towards achieving a more stable and prosperous economic future.
To prevent these potential consequences, Nigeria must prioritize addressing the root causes of inflation, implementing sustainable solutions, and ensuring good governance, accountability, and inclusivity. Immediate action is needed to curb inflation and alleviate the suffering of the population, particularly those facing hunger and food insecurity. By addressing these critical issues, Nigeria can restore faith in the system, prevent further discontent, and pave the way for a brighter future.
Conclusively, Nigeria stands at a critical juncture in its history. The cumulative effect of inflation, hunger, and inadequate government policies has left its population feeling neglected and oppressed. History has shown that when people are pushed to their limits, they resort to extreme measures to voice their grievances. Nigeria cannot afford to ignore these pressing issues, as the consequences may be devastating for the nation as a whole.
It is imperative for Nigeria to recognize the urgency of the situation and take proactive steps to address the perils of neglect. Failure to do so may lead to irreversible consequences that could plunge the nation into turmoil. By prioritizing the needs and grievances of its citizens, Nigeria can pave the way for a more stable and prosperous future. The time for action is now, and the consequences of neglecting these pressing issues cannot be ignored.