Unfolding crises in Nigeria as voters prepare for Saturday’s general elections

Opinion

By Stephen O Aderinto,

PhD Researcher, University of Sheffield

With less than a week before Nigerians head to the polls for the 2023 General Elections, times are tough and the situation seems uncertain. Last month saw many new developments in the most populous and largest oil-producing country on the African continent. At a time when the nation approaches a crucial, deciding watershed moment in its history, but alas, the preponderance of evidence shows that the nation is in a hideous state already with these developments that are reflected upon by this author.

Photo credit: https://businessday.ng/

Such a recent development was the disclosure of the redesign of the Naira, Nigeria’s official currency, after Mr Godwin, the Governor of the Central Bank of Nigeria (CBN), had an emergency meeting with the National Council of State Nigerians. Emefiele ordered the Security Printing and Minting Plc (The Mint) to effect the redesign. The new design includes updated security features and improved aesthetics supposedly making its counterfeiting trickier, with a purpose to lower corruption, while also improving the security of the currency. The last day for the old notes to be in circulation was meant to be January 10, but the CBN Governor received backlash from the general public and was forced to postpone the deadline to February 10. At the time, the new date was also not deemed practical for most Nigerians. This question of currency redesign has been concerning for many citizens who have questioned whether the timing of the move is right due to proximity to the elections taking place on 25th February. Nigerians anticipate order, not chaos at this stage from their government.

Old N200, N500, and N1000 notes,

New N200, N500, and N1000 notes. Photo credit: https://dailypost.ng/ and https://nairametrics.com/

Another major development is the recent surge in the prices of basic food items such as rice, maize, beans and vegetables over the past one month, impacting on the country significantly. Tomato is now both literally and proverbially the new gold. This food price increase takes its toll on the nation in many ways, as it has further strengthened the current hardship of many people, particularly those living at or below the borderline poverty status. The hike in food prices is a combination of several factors, including the falling purchasing power of Naira in comparison to the dollar, the escalating cost of imports and the general impact of the COVID-19 pandemic on global food supply. Whether this is the best time to witness such food price hikes is again a question for the government to address, as people are concerned that the situation may worsen as elections approach.

Hikes in food prices continue. Photo credit: https://punchng.com/

In addition to the aforementioned two challenges, Nigeria has also been facing an increase in the prices of petrol and other petroleum products. This has been inexcusable to many, as despite the country being an oil-producing nation, it still depends heavily on oil exports. Fluctuations in oil prices therefore, have a considerable impact on its economy and the effect on the economy is increasingly deeply felt by citizens. Price hikes for other goods and services being the natural consequence of things, thereby further aggravating the difficulties faced by the country’s citizens.

Increase in petrol price is a current concern. Photo credit: https://www.bbc.com/pidgin

Pressure is mounting on the Nigerian government to address these challenges and improve the nation’s economic outlook. However, with the elections just a few days away, fingers remain crossed on what concrete steps will be taken to address these issues. The current preoccupation of many Nigerian citizens, however, is the impact these economic challenges will have on the elections and how they will likely affect the outcome.