Sixty-five years after independence, Nigeria remains a nation defined by paradox. It is Africa’s largest economy and most populous country, blessed with fertile land, abundant oil and gas, diverse cultures, and one of the most entrepreneurial populations in the world. Yet it is also burdened with systemic corruption, weak institutions, chronic poverty, insecurity, and declining infrastructure. Nigeria has lived through military coups, civil war, dictatorships, and democratic experiments. It has celebrated global recognition in music, sports, and literature, while simultaneously enduring brain drain, inflation, and internal conflict.
To assess Nigeria at 65 is to look at both its triumphs and failures; its promise and its paradox. This essay analyzes the nation across key dimensions — economy, agriculture, energy, banking, education, healthcare, culture, religion, security, technology, diaspora influence, and politics — before reflecting on the present government and projecting its economic and political future.
Agriculture: From breadbasket to dependency
At independence, Nigeria’s economy was built on agriculture. The groundnut pyramids of Kano, cocoa farms of the southwest, and palm oil plantations of the southeast symbolised abundance. Agriculture contributed over 60% of GDP and employed more than 70% of the population. Nigeria was self-sufficient in food and an exporter of cash crops.
The discovery of oil in Oloibiri in 1956 and the oil boom of the 1970s shifted focus dramatically. With petro-dollars flowing, the government abandoned agriculture. Import dependency grew, local farmers lacked incentives, and rural communities became marginalised. Irrigation systems were poorly developed, mechanisation stalled, and research institutes were underfunded. The once-thriving Nigerian Marketing Boards that supported farmers collapsed, leaving agricultural communities vulnerable.
By the 1980s, Nigeria became a net importer of food. Rice imports surged, and smuggling flourished across borders. Structural Adjustment Programmes (SAP) in 1986 encouraged commercialisation, but subsidies were removed, and farmers were left at the mercy of volatile markets.
Today, agriculture still employs about 36% of the population, but productivity is low. Smallholder farmers dominate the sector, using hoes and cutlasses rather than mechanised tools. Insecurity in farming regions — especially in the north where banditry and insurgency disrupt cultivation — has worsened food scarcity. Food inflation remains persistently high, eroding household incomes. Nigeria spends billions annually importing wheat, sugar, and dairy despite having fertile land and a youthful labor force.
Yet, there are signs of renewal. Agritech startups are connecting farmers with markets, improving supply chains, and offering credit. Private sector investments in rice mills, cassava processing plants, and poultry farms show promise. Government initiatives like the Anchor Borrowers’ Programme have provided some support, though corruption and inefficiency often undermine results. If Nigeria commits to irrigation, mechanisation, research, and rural infrastructure, agriculture could once again be the bedrock of national prosperity.
Energy: Blessing and burden
Oil has been Nigeria’s greatest blessing and its deepest curse. By the 1970s, Nigeria had become an oil-dependent state, with crude exports accounting for over 80% of government revenue. Oil wealth funded infrastructure, expanded urban centers, and created a consumption-driven economy. But it also entrenched corruption, rent-seeking, and mismanagement.
The Nigerian National Petroleum Corporation (now NNPC Limited) became a symbol of inefficiency, opacity, and patronage. Billions of dollars in revenue vanished through subsidy scams, inflated contracts, and unaccounted exports. Nigeria, despite being the largest oil producer in Africa, ironically imports refined petroleum products because its refineries are moribund. Fuel subsidy regimes drained trillions from the treasury, benefitting smugglers and elites while leaving ordinary citizens with high costs.
The power sector tells a similar story of paradox. Despite massive natural gas reserves, Nigerians endure daily blackouts. The National Electric Power Authority (NEPA), later rebranded as the Power Holding Company of Nigeria, became synonymous with failure. The 2013 privatisation of generation and distribution companies was meant to resolve inefficiencies, yet electricity supply remains erratic. Businesses and households spend billions on diesel and petrol generators annually, raising production costs and worsening pollution.
However, opportunities remain. Nigeria’s gas reserves, the seventh largest in the world, can drive power generation and industrial growth. Renewable energy initiatives — especially solar projects in rural communities — are expanding. The recently inaugurated Dangote Refinery, if fully functional, could reduce import dependence and stabilize fuel supply. Nigeria’s energy future depends on diversification, transparency, and infrastructure investment. Without resolving its energy crisis, economic transformation will remain elusive.
Banking and finance: From fragility to innovation
Nigeria’s banking history mirrors its economic fluctuations. In the immediate post-independence era, indigenous banks emerged but many collapsed due to weak regulation and poor capitalization. By the 1980s, SAP liberalised the financial system, leading to a proliferation of banks. Yet, many of these institutions failed due to insider abuses, reckless lending, and currency instability.
The watershed moment came in 2004 when the Central Bank of Nigeria under Charles Soludo raised the minimum capital base for banks to ₦25 billion. This triggered mergers and acquisitions, reducing the number of banks from 89 to 25. Stronger institutions emerged, including GTBank, Zenith Bank, and Access Bank, which expanded regionally and gained international recognition.
Yet challenges persisted. The 2008 global financial crisis exposed weaknesses, prompting another round of reforms under Lamido Sanusi, who cleaned up failing banks and introduced stricter governance. Despite these interventions, the banking sector continues to grapple with inflation, exchange rate instability, and rising non-performing loans.
A new revolution, however, has redefined Nigerian banking: fintech. Companies like Flutterwave, Paystack, Paga, and Interswitch have positioned Nigeria as Africa’s fintech hub. Mobile banking, digital wallets, and blockchain technologies are driving financial inclusion for millions. Nigeria leads Africa in fintech investments, attracting billions in foreign capital.
Still, the sector faces regulatory uncertainty, cybercrime, and currency volatility. If harnessed properly, Nigeria’s financial sector could anchor economic diversification, support small businesses, and accelerate digital transformation.
Government parastatals: Ambition to decay
Government parastatals were established in the 1960s and 1970s to drive industrialisation, provide services, and employ citizens. Nigerian Airways symbolised national pride, the Nigerian Telecommunications Limited (NITEL) was the backbone of telecommunications, NEPA powered the nation, and the Nigerian Ports Authority managed international trade. Initially, they expanded infrastructure, created jobs, and positioned Nigeria as a rising state.
But inefficiency, corruption, and political interference soon crippled them. Nigerian Airways collapsed under debt and mismanagement. NITEL, once a monopoly, became notorious for its dysfunction, leaving Nigeria lagging in telecom until private GSM operators revolutionized the sector in 2001. NEPA became a national joke for its chronic blackouts.
Privatisation dismantled some of these entities, but new agencies often replicated old failures. While the Nigerian Communications Commission successfully regulated telecom, many others remain ineffective. Some parastatals, such as National Agency for Food and Drug Administration and Control under Dora Akunyili, have occasionally excelled, proving that leadership can make a difference. Overall, however, parastatals have been more burden than blessing, reflecting broader governance deficits.
Education: From beacon to crisis
Nigeria’s education system was once among Africa’s best. In the 1960s and 1970s, Nigerian universities attracted students from across the continent. The University of Ibadan, University of Nigeria Nsukka, and Ahmadu Bello University produced scholars, professionals, and leaders recognised globally. Education was affordable, and graduates were readily absorbed into the labor market.
Today, the story is starkly different. Underfunding, deteriorating infrastructure, and outdated curricula have eroded standards. Public schools are overcrowded, libraries understocked, and laboratories ill-equipped. The Academic Staff Union of Universities frequently embarks on strikes, disrupting academic calendars and prolonging degrees.
At the primary and secondary levels, millions of children — particularly in the north — remain out of school due to poverty, insecurity, and cultural factors. Nigeria holds the unfortunate record of the world’s largest number of out-of-school children. Private schools and universities attempt to fill the gap, but high costs exclude the poor.
Yet Nigerians continue to excel abroad. From MIT to Oxford, Nigerian students distinguish themselves academically. This paradox — of domestic decline and international excellence — underscores the need for reform. Without urgent investment in education, Nigeria risks squandering its demographic dividend.
Healthcare: Underfunded and struggling
Nigeria’s healthcare sector once inspired confidence. Institutions like the University College Hospital, Ibadan, were among the best in Africa in the 1960s. Medical schools produced skilled professionals, many of whom became global leaders.
Today, healthcare is one of Nigeria’s weakest sectors. Public hospitals are underfunded, ill-equipped, and overcrowded. Strikes by doctors and nurses are frequent, driven by poor pay and conditions. Many health workers join the japa wave, emigrating to the United Kingdom, United States, Canada, and the Middle East.
As a result, Nigerians spend billions annually on medical tourism, seeking treatment abroad for ailments that could be managed locally. Rural communities lack basic healthcare, leading to high maternal and child mortality rates. Outbreaks of preventable diseases highlight systemic weakness.
Yet resilience shines through. Nigeria’s swift containment of the Ebola outbreak in 2014 was globally praised. NGOs and diaspora doctors provide support. Telemedicine startups are emerging to bridge gaps. Still, without sustained investment in primary healthcare, infrastructure, and staff welfare, Nigeria’s health system will remain inadequate.
Culture: The power of Nollywood and Afrobeats
Nigeria’s cultural output is one of its greatest strengths. Nollywood, born in the 1990s, has become the world’s second-largest film industry, producing thousands of movies annually. Despite criticisms of quality, Nollywood has shaped African identity, created jobs, and expanded Nigeria’s soft power.
Afrobeats, pioneered by Fela Kuti, has exploded globally. Today, Burna Boy, Wizkid, Davido, and Tems dominate international charts, winning Grammys and performing at global festivals. Nigerian fashion, literature, and comedy also thrive, amplifying the nation’s cultural capital.
At the same time, cultural diversity remains a source of division. Nigeria’s over 250 ethnic groups struggle with unity, and cultural pride often intersects with politics. Yet, culture is also Nigeria’s most powerful unifying force. From the rhythms of Lagos nightlife to the vibrance of Yoruba festivals and Igbo masquerades, Nigerian culture embodies resilience and creativity.
Religion: Faith and fragmentation
Religion shapes Nigeria’s identity profoundly. Christianity, Islam, and indigenous faiths coexist, often uneasily. Churches and mosques provide education, healthcare, and charity, filling governance gaps. Mega-churches like Redeemed Christian Church of God and Winners Chapel wield global influence, while Islamic organizations like Nasrul-Lahi-il-Fatih Society (NASFAT) and Jama’atu Nasril Islam provide social services.
But religion also divides. Politicians manipulate faith for votes. Extremism, particularly Boko Haram in the northeast, has devastated communities. Religious violence in Kaduna, Jos, and other regions has claimed thousands of lives.
At its best, religion inspires hope, moral order, and community service. At its worst, it fosters intolerance, manipulation, and conflict. The challenge is balancing faith’s positive influence with curbing its destructive misuse.
Security: A nation under siege
Nigeria’s security challenges are complex and persistent. The civil war (1967–1970) left deep scars. Military rule suppressed dissent but did not resolve ethnic grievances. Since 1999, insecurity has worsened.
Boko Haram insurgency in the northeast has killed tens of thousands and displaced millions. Banditry in the northwest disrupts agriculture and education. Farmer-herder clashes in the middle belt cause deaths and displacement. Separatist movements in the southeast and militancy in the Niger Delta threaten stability. Kidnapping for ransom has become an epidemic, targeting schoolchildren, travelers, and clergy.
Security agencies are overstretched, underfunded, and sometimes complicit. The military shows courage but lacks resources. Police reform remains elusive. Insecurity not only threatens lives but undermines investment, food production, and education. Without decisive action, insecurity will continue to erode Nigeria’s national fabric.
Technology and innovation: A new frontier
Despite systemic challenges, Nigeria has emerged as Africa’s technology powerhouse. The liberalisation of telecommunications in 2001 sparked a mobile revolution. From a few hundred thousand landlines under NITEL, Nigeria now has over 200 million mobile subscriptions.
Technology has transformed banking, commerce, and communication. Lagos has become a tech hub, attracting foreign investors and fostering startups. Companies like Paystack, Flutterwave, Andela, and Jumia have achieved international recognition. Nigerian youths are leveraging tech in entertainment, fashion, logistics, and agriculture.
Challenges remain: poor infrastructure, high internet costs, electricity shortages, and government regulatory hostility. Yet the potential is enormous. With strategic investment, Nigeria could leapfrog development gaps and become a global digital leader.
Diaspora influence: Ambassadors of resilience
The Nigerian diaspora, estimated at over 15 million, exerts enormous influence globally. Remittances exceed $20 billion annually, providing lifelines for families and supporting local economies. Nigerian doctors, engineers, academics, and entrepreneurs excel worldwide, enhancing the nation’s reputation.
From Chimamanda Ngozi Adichie in literature to Ngozi Okonjo-Iweala at the World Trade Organisation, Nigerians abroad shape global discourse. Sports icons like Hakeem Olajuwon and cultural ambassadors in music further amplify Nigeria’s soft power.
Yet the diaspora remains frustrated by exclusion from domestic politics. Calls for diaspora voting reflect the desire to contribute more directly to governance. Harnessing diaspora skills and resources could accelerate national development.
The political system: Promise and failure
Nigeria’s political journey has been turbulent. At independence, a parliamentary democracy was adopted, but ethnic tensions and military coups disrupted stability. Military rule dominated for decades, combining repression with infrastructure development.
Since 1999, Nigeria has operated a presidential democracy. Positives include peaceful transfers of power, vibrant civil society, and media freedom. Negatives include corruption, ethnic politics, vote-buying, and weak institutions. Federalism exists in theory, but centralization undermines state autonomy.
Democracy has deepened participation but also revealed systemic flaws. Political office is seen as a gateway to wealth, not service. Until politics is redefined as a call to leadership, governance will remain compromised.
The present government: Reforms and hardship
The current administration inherited a fragile economy: rising debt, double-digit inflation, foreign exchange shortages, and widespread insecurity. Policy reforms, including fuel subsidy removal and exchange rate unification, reflect bold steps toward restructuring.
However, these reforms have triggered short-term hardship. Fuel and food prices have soared, transportation costs cripple households, and wages lag behind inflation. The government faces growing discontent as citizens struggle with declining purchasing power.
The administration’s success will depend on balancing reform with social protection. Transparency, credible communication, and investment in infrastructure are vital to restoring public trust. Without this, reforms risk deepening inequality and unrest.
Forecasting the future
Nigeria’s future is both precarious and promising. Its young population, natural resources, and global diaspora provide unmatched potential. If insecurity is tackled, governance strengthened, and economic diversification pursued, Nigeria could become a global power in coming decades.
Agriculture, technology, and energy diversification are pathways to transformation. Education and healthcare must be prioritized to harness the demographic dividend. Anti-corruption reforms must move from rhetoric to results.
If leadership continues to falter, Nigeria risks further poverty, inequality, and instability. If vision and courage prevail, the “giant of Africa” could rise to its full stature.
Conclusion
Nigeria at 65 embodies the paradox of greatness and dysfunction. Its economy swings between booms and busts, its politics between hope and betrayal. Yet, its people — resilient, creative, and unyielding—remain its greatest strength.
The call at 65 is not merely for reflection but renewal. To rise, Nigeria must reform its institutions, diversify its economy, secure its people, and harness its cultural and human capital. The “giant of Africa” is not dead— it is only asleep, waiting for leaders and citizens alike to awaken its destiny.
Adeoye can be reached on +234 803 772 3500
