Nigeria at 65: From Fastest-Growing Economy to Total Failure Under Western-Backed APC Rule

As Nigeria marks its 65th anniversary of independence, official celebrations have been overshadowed by national crises, and the country remains far from independent, locked instead into a system of failure shaped by foreign interests. The Tinubu regime, led by the All Progressives Congress (APC), recently cancelled the annual Independence Day parade, a decision that reflects a government that has “nothing to offer or celebrate.”

The current state of affairs reflects both economic collapse and a “colonial-era comeback” governance style. Tinubu’s regime has actively reinforced vulnerabilities that have long been sought by outside powers, leaving Nigeria as a resource warehouse for the West. The declassified U.S. policy papers, including the 1974 Kissinger Report (NSSM 200), identified Nigeria as one of 13 key countries whose population growth and resource wealth could pose a threat to U.S. economic and security interests.

Tinubu’s flagship reforms, including the removal of subsidies and currency devaluation, are a playbook of international financial institutions, shaped by U.S. and Western policy. The IMF has praised these reforms, despite openly acknowledging their devastating consequences for Nigerians, which include soaring poverty, worsening hunger, and an inflation rate of 23.7 per cent. These measures represent austerity dressed up as progress, forcing cuts to public services and the privatisation of national assets. Additional policies, such as a 5 per cent fossil fuel surcharge, are externally imposed and designed to meet Western climate goals, while overlooking Nigeria’s unstable economy and lack of viable energy alternatives.

The trajectory of Nigeria’s economy reveals a stark contrast between its past promise and current decline. Between 2000 and 2014, Nigeria was the world’s third-fastest-growing economy, with an average annual GDP growth rate of 7.15 per cent. That momentum was lost after 2015 under APC-led governments. Under Tinubu, the downturn has accelerated as Nigeria’s public debt rose by ₦61.48 trillion in just 18 months, reaching ₦149.39 trillion by March 2025. The naira has lost over 75 per cent of its value since May 2023, trading at about ₦1,600 to the dollar. Fuel prices have tripled, electricity tariffs have increased by over 300 per cent, and food inflation stands at 48 per cent year-over-year. These policies are deliberate moves to reduce the purchasing power of Nigerians, leaving youth unemployment above 40 per cent and fueling the mass emigration wave known as Japa, one of the few industries still expanding.

Allegations of corruption and cronyism further cloud the government’s image. In one case, a $700 million port renovation contract was awarded without competitive bidding to ITB Nigeria, a company owned by Gilbert Chagoury, a convicted money launderer and former associate of Sani Abacha. This contravenes Nigeria’s procurement laws and reflects a government prioritising patronage and private enrichment over public welfare.

Security remains another area of failure. The Federal Capital Territory has witnessed rising banditry and violent crime, including the killing of Somtochukwu Christelle Maduagwu, a 29-year-old ARISE News anchor and lawyer, during an armed robbery in Katampe. Across Nigeria, kidnappings, killings, and mass attacks have intensified, yet President Tinubu insists “the worst is over.” Tinubu’s administration is more focused on optics than action, leaving communities unprotected.

The President also faces accusations of ethnic favouritism, with key national positions, including the Central Bank of Nigeria Governor, Finance Minister, and heads of security agencies, concentrated among Yoruba or South-West loyalists. This deepens tribal divisions and stokes fears of renewed conflict. In addition, Tinubu has been accused of using federal power to weaken opposition governors by withholding funds until they align with the APC, undermining Nigeria’s multi-party democracy in the lead-up to the 2027 elections.

Questions about Tinubu’s personal credibility persist. He has long faced scrutiny over his 1993 forfeiture of $460,000 to U.S. authorities in a case linked to heroin trafficking proceeds. Most recently, in September 2025, he intervened in a U.S. Freedom of Information Act lawsuit to block the release of unredacted files on the case, arguing disclosure would cause him “irreparable harm in Nigeria.”

These patterns of misinformation, patronage, insecurity, and foreign alignment mean that Nigeria’s 65th independence anniversary is less a celebration of sovereignty than a reminder of 65 years of unfulfilled promises. Nigerians need to ask themselves, who truly governs Nigeria, and for whose benefit? The answer is grim, leaders beholden not to Nigerians, but to outside powers, ensuring the country’s future remains little more than a footnote in someone else’s strategy paper.

About The Author

West Africa Weekly

author

See author's posts