What we are seeing at the moment is against all principle and guidelines that make protest a tool to responsibly deal with the very needs of the people.
We did not want this protest to hold, not because it is wrong, not because it is not the constitutional and democratic right of the people to do so; we vehemently stood against it because we knew it would spiral into the carnage we are witnessing at the moment. The ongoing protest defies everything appealing and against all the prescription of international laws guiding protest.
The looting has started, homes and institutions of state being vandalized; and who knows, if the protest is not stopped, how many lives would be lost. If the protest was meant to question issues as regards bad governance as opined by the protesters and organizers, then what we are witnessing is a far cry from what the protest was supposed to achieve.
International law provides guidelines for protests through various human rights instruments and principles. Have the protesters or the organizers of this protest adhere to these guidelines? From what we are seeing, I dare say this not a protest, but a carnival of anger and frustration wrongly directed to further worsen the economy which the protesters initially aimed to tackle.
There has not been the Right to Peaceful Assembly, which is the Universal Declaration of Human Rights (UDHR) and the International Covenant on Civil and Political Rights (ICCPR) protecting the right to peaceful assembly.
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While the protesters are free to express themselves according to the UDHR and ICCPR that protect freedom of expression, which includes the right to protest and express dissenting views, the UDHR and ICCPR do not in any way give room for destruction and looting, thereby making the economy worse than it was.
Life and property are right now at the mercy of the looters and criminals because these are not people who really are aspiring for a better economy of the country. We thought dialogue and mediation would be able to resolve this protest and prevent this destruction taking place, but it seems everything has failed, and the likelihood of a confrontation between security apparatus and the so-called protesters that is capable of leaving a further sour taste for everyone, including the international comity cannot be stopped if not dealt with now.
The protest and the organizers of the protest chose the wrong time to stage this one which gives some sinister reason that this is beyond just protest to end bad governance, as it were, because this administration is only at its infancy and it needs time to stabilize the economy and in doing so policies had to be made, without the intension of punishing the people.
Unfortunately, it seems, the planners of this protest decided to close their eyes to the global economic behaviours ravaging countries and went for their anger to address a situation which this administration did not give birth to in the first place.
The aftermath of COVID-19 is still very much here with us. The US, British, Canadian, and other European Economies continue to feel the bitter pills and are doing everything, just like this administration is doing, to tackle the economic crises. Nigeria needs time just like its European counterparts, to find the right and necessary healing to its economic woes.
These are some of the effects of the COVID-19 pandemic on the economies of the United States, Britain, Canada, and Europe, and of course, which Nigeria is not exempt:
Economic Contraction: The pandemic led to a decline in economic activity, resulting in a contraction of the economy.
Unemployment: which caused widespread lockdowns and social distancing measures led to a significant increase in unemployment rates.
Inflation: Causing supply chain disruptions, leading to higher prices and inflation.
Specifically, the United States economy experienced a significant decline in economic activity, with a contraction of 3.4% in 2020, while the UK economy also experienced a decline, with a contraction of 9.3%, the Canadian economy experienced a decline, with a contraction of 5.3%, and the European economy experienced a decline, with a contraction of 6.4%.
I am baffled while the organizers of this protest did not think through all this and arrive at the conclusion that there would not have been any need for this protest, and dialogue would have been the best option to avert the carnage and destruction being carried out by criminal elements that the country’s economy had its fair share of the COVID-19 pandemic during President Buhari’s administration.
What we are experiencing meantime did not start with this administration, during the last administration of President Buhari, Nigeria’s economy fell into recession in Q2 2016, and again in Q3 2020 due to the COVID-19 pandemic. The country’s debt profile rose from N42tn to N77tn, with domestic debt increasing from N8.84tn to N44.91tn and external debt from $7.35bn to $37.2bn. Inflation rose due to increased spending and “Ways and Means” becoming a staple of the Federal Government. Economic growth slowed down, with GDP growth rate decreasing from 6.54% in Q2 2014 to 2.35% in Q2 2015. Unemployment rates rose, with 33 out of 36 states unable to meet their obligations to their workers. The country became the world’s poverty capital, with about 40% of the population living on less than $1 per day.
Though the Buhari administration implemented various measures to address these challenges, but we are still feeling their bites. Some of the measures implemented by the last administration included:
Economic Recovery and Growth Plan (ERGP):
A high-spending plan aimed at catalyzing the economy to full recovery. *Capital Expenditures*: Increased capital expenditures from N1.44tn in 2017 to N1.66tn in 2018 and N1.17tn in 2019.
Economic Stimulus Program: A N500bn program offered by the Federal Government, with the Central Bank providing targeted support rising to over N150bn.
The effectiveness of these measures in addressing Nigeria’s economic challenges as at then, probably if they had worked and were effective enough we would not have been where we are now. I thought the organizers of this protest would have understood all these before this plunge they are taking us into.
Well, we are where are, and the protest must be called off because it is going to cause more harm than the expected supposedly good end, but in the meantime, we have to start looking at:
Diversification: Reduce dependence on oil exports by developing other sectors like agriculture, manufacturing, and services.
Invest in Infrastructure: Upgrade transportation networks, power supply, and internet connectivity to attract investments and boost economic growth.
Promote Entrepreneurship: Support small and medium-sized enterprises (SMEs) through access to finance, training, and favorable policies.
Foster Good Governance: Ensure transparency, accountability, and effective policy implementation to attract foreign investments and restore confidence.
Human Capital Development: Invest in education, healthcare, and skills training to build a productive workforce.
Trade and Regional Integration: Strengthen regional ties and negotiate favorable trade agreements to expand market access.
Fiscal Discipline: Implement prudent fiscal policies, reduce corruption, and optimize revenue collection.
Monetary Policy Reforms: Implement effective monetary policies to control inflation, stabilize the currency, and promote economic growth.
Agricultural Development: Invest in agricultural infrastructure, research, and extension services to boost productivity and exports.
Innovative Technologies: Leverage technology to drive innovation, improve efficiency, and create new opportunities.
Implementing these strategies requires a concerted effort from the government, private sector, and civil society. With a clear vision, effective leadership, and collective action, we can overcome its economic challenges and achieve sustainable growth and prosperity.
If the protesters and the organizers are sincere and they mean well for this country, its economy and they are actually rooting for good governance, then, time they had a rethink and call this protest off because if they do not it is going to lead to further destruction of properties and lives, which none of us need.
