By Joseph Kingston
On October 1, 1960, Nigeria stepped into the community of independent nations with enormous hope. Sixty-six years later, the green-white-green flag will once again fly proudly across the country as Nigerians celebrate another Independence Anniversary.
There will be the familiar parades, speeches, church services, cultural displays and patriotic songs. But beneath the celebrations lies a sobering reality. For millions of Nigerians, independence has not translated into economic comfort.
The question increasingly being asked in markets, motor parks, offices, workshops and homes is simple: After 66 years of political independence, when will Nigerians begin to experience meaningful economic independence?
The Celebration Amid Hardship
Nigeria’s economic story today is complicated. On one hand, the federal government is saying there are signs that some of the difficult economic reforms introduced in recent years are beginning to produce greater macroeconomic stability.
Corroborating, the International Monetary Fund says Nigeria’s economy grew by about four per cent in 2025 and projects growth of 4.1 per cent in 2026. It also says reforms have strengthened the country’s economic resilience and improved the functioning of the foreign-exchange market.
On the other hand, the IMF estimates that poverty had reached 63 per cent at the national poverty line and that about 27 million Nigerians experienced food insecurity in late 2025.
It warned that higher food and fuel prices could worsen the situation, but the government at the national level seems not have cared much with its inability to take drastic measures to reduce pump prices which many analysts have described as the engine room pf Nigeria’s economy.
In a chat, a political analyst, Chief Ekpenyong Ita, found fault with the IMF postulation, and described it as a contradiction and deceptive.
“The economy may be improving on paper but the reality is that life remains painfully expensive for the ordinary citizen. As we all know, Naira’s purchasing power is perhaps the clearest measure of economic wellbeing.
“A salary that once covered food, transportation and other household necessities now disappear within days. The problem is not merely that prices are rising. It is that incomes have often failed to rise at the same pace.
“A trader sells more expensively because transportation and operating costs have increased. The transporter raises fares because fuel is more expensive. The farmer pays more to move produce to the market. The manufacturer spends more on energy and logistics. The consumer ultimately pays for all of it. And the cycle continues,” he stated.
Chief Ita described the fuel situation as “the pain that travels everywhere,” and noted that “Few economic developments have affected Nigerians as directly as the removal of petrol subsidy.”
But the Federal Government has maintained that the subsidy regime was financially unsustainable and that its removal was necessary to redirect resources towards development.
Surprisingly, the federal reforms has also been welcomed by international financial institutions which have submitted that the said reforms were part of the broader means of restructuring of Nigeria’s economy.
But for ordinary Nigerians, the immediate consequences have been painful. Transportation costs have risen, while higher logistics costs have fed into the prices of food and other goods. The pressure has returned strongly in recent weeks.
As at the time of this report, petrol prices had climbed to around ₦1,450 per litre in Calabar and as high as ₦1,700 in some northern locations, while diesel prices had exceeded ₦2,000 per litre.
Chief Ita again bared his mind: “For a country where millions depend on road transportation and businesses rely heavily on diesel and petrol, such increases have consequences far beyond the filling station. They affect almost everything.”
The Cross River Experience
In Cross River State, the national economic crisis is reflected in the everyday experiences of ordinary people.
In Calabar, for instance, where thousands depend on small businesses, transport services, civil service employment and informal economic activities, the cost of living has become a major concern.
From Marian Market to Watt Market and other commercial centres, consumers increasingly have to make difficult choices about what they can afford.
A family that once bought several household necessities with a particular amount now have to prioritise only the most essential items.
For small businesses, the challenge is even greater. The cost of electricity, transportation, rent, goods and other inputs continues to squeeze profit margins. Yet many traders cannot simply increase their prices indefinitely because customers themselves are struggling.
The Worker Caught in the Middle:
Perhaps the most vulnerable group is the fixed-income worker. When the prices of food, transportation, accommodation, healthcare and education increase, the worker whose salary remains relatively unchanged effectively suffers a reduction in real income.
This is why the debate about Nigeria’s economy cannot be confined to inflation figures and GDP growth.
Economic growth matters. Macroeconomic stability matters. Foreign-exchange stability matters. But what ultimately matters most to the average Nigerian is whether he or she can afford a decent meal, transport to work, pay rent, educate children and deal with unexpected expenses without falling into debt.
The Government Says Reforms Take Time
The Federal Government has consistently argued that the economic difficulties are part of the adjustment required to correct structural weaknesses that had accumulated over many years.
The IMF similarly says Nigeria’s reforms have strengthened macroeconomic stability and resilience, while stressing that conditions remain difficult for many Nigerians. It has called for stronger social protection and measures to ensure that the benefits of reform become more inclusive.
That distinction is important. Nigeria’s current economic difficulties did not begin with one administration, nor can they be solved overnight.
Chief Ita traced the hydra-headed economic challenges to “Years of dependence on crude oil, inadequate infrastructure, power-sector weaknesses, insecurity, low productivity, unemployment and weak social protection.”
He noted that “Governments are ultimately judged by their ability to improve the circumstances they inherit. The current governments at both the federal and States levels have no excuse for the degree of suffering Nigerians are subjected to as a result of policy summersault.”
And Nigerians are waiting.
At 66, Nigeria must therefore ask itself a difficult question: What exactly does independence mean to the ordinary Nigerian?
Speaking, an Akwa Ibom-born retired Chief Superintendent of Police, Edet Effiong, quipped “Political independence gave Nigeria sovereignty but economic independence should mean something more.
“It should mean an economy where citizens can work and earn enough to live with dignity. It should mean farmers can produce profitably. It should mean young people can find meaningful opportunities.
“It should mean businesses can survive without being crushed by the cost of energy and transportation. It should mean that a national economic recovery is eventually reflected in the quality of life of ordinary families.”
Between Hope and Frustration
Despite the difficulties, Nigeria remains a country of enormous possibilities. Its youthful population, entrepreneurial spirit, agricultural potential, natural resources, technology sector and expanding industrial capacity provide reasons for optimism. The challenge is converting those advantages into broad-based prosperity.
Many Nigerians agree that as the country celebrates its 66th Independence Anniversary, the appropriate mood should be neither despair nor blind celebration.
According to the retired Police strong man, “the mood should be reflection. The country has travelled a long road since October 1, 1960. It has survived civil war, political instability, economic crises, military rule and democratic transitions. It has remained one nation despite enormous challenges.
“But the next phase of the Nigerian journey must be about more than survival. It must be about making independence meaningful in the lives of the people.”
On October 1, the flags will fly. The national anthem will be sung. Speeches will be made. But when the celebrations are over and Nigerians return to their homes, markets, farms, offices and businesses, one question will remain: When will the promises of October 1, 1960 finally become economic renaissance for the Nigerian people in 2026 and beyond?
Pastor Joseph Kingston is the Chief Operating Officer of PillarToday Newspaper
