By HAMILTON ODUNZE
REMEMBER the 1970s and the 1980s, when Nigeria was supposedly at the height of its glory – the golden years of Nigeria? Have you wondered why the growth and success of these years were unsustainable? Here is the answer – the development and success of Nigeria’s golden years were unsustainable because they were not organic. In other words, contrary to what some people believe, the economic growth during this period did not result from a well-thought-out plan by the Nigerian government. A combination of external forces orchestrated it. Please indulge me as I make the supporting argument.
But first, let me refresh our memories. Nigeria’s golden years ran from the early 1970s to the early 1980s. During this time, the schools in Nigeria were some of the best in Africa and compared favorably to the best schools in the world. Nigerian universities participated in international exchange student programmes where schools sent their students to study in Nigeria. In speaking with Sahara Reporters, a retired Assistant Comptroller-General of Customs, Kayode Olusemire, said he recalls that during his university days in the 1980s, he had international students from America, South Africa, Ghana, and other countries.
The 1970s and 1980s were also a period when doing business in Nigeria was attractive. Global companies worked to have a Nigerian presence. Companies like Lever Brothers, Coca-Cola, United African Company, UAC, and Leventis were some of the companies in Nigeria. The naira dominated the financial market. From the 1970s through the 1980s, the naira exchanged 90 Kobo for one United States dollar. The unemployment rate stayed between 4.3% and 6%. Nigeria was the International Monetary Fund, IMF, target for lending programmes that turned out to be predatory because it resulted in the 1985 devaluation of the naira, which did not recover.
On the home front, from the 1970s through the 1980s, things were also going well for Nigerians. The workers got paid on time; pensioners got what was owed to them by the government every month. Many Nigerian students went to study abroad on government scholarships and received stipends from their government. University students received bursary awards while receiving quality education. Politicians and government officials were people with high-quality education backgrounds.
But the tide has turned for Nigeria, and for the past 40 years, Nigeria has continued a downward economic spiral. The effects on Nigerians are too numerous to list. For example, the unemployment rate in Nigeria is one of the highest in the world. Poverty and youth unemployment have led to insecurity across the country. The latest is one United States dollar exchanging for over one thousand naira. Many now look back to the 1970s and 1980s with nostalgia and believe that the successes of Nigeria back then resulted from government policies. Some say that politicians and government officials in the 1970s and the 1980s were morally better than we have today.
Because this article is not about moral equivalence, I will leave the conversation about the morality of politicians out of it, and instead, focus on the events that orchestrated the success of Nigeria during the 1970s and the 1980s. As I proceed, here is what you should bear in mind.
Consider that the 1970s and the 1980s were years preceding the Nigerian civil war. Historically, with periods after wars, economic growth has always resulted from rebuilding damaged resources and infrastructures. This was the case with Nigeria after the civil war. Projects to rebuild infrastructures provided a temporary economic boom and job opportunities for Nigerians—unfortunately, foreign companies sponsored and benefitted from supporting many of these projects.
Combined with this was an anticipation of a new direction and future for Nigeria by the rest of the world. Therefore, companies seeking new markets and opportunities wanted to explore the options a peaceful Nigeria offers. Consequently, they came to Nigeria to pursue these opportunities. But during this period, the Nigerian government was composed of young and inexperienced military officers who had no idea of global economics. Instead of capitalising on the opportunity to put Nigeria on a lasting growth trajectory, they squandered it on youthful exuberance.
Consider also that Nigeria’s golden years coincided with the Cold War between the United States and Russia. It was a time when the United States and its allies struggled for global domination against the Soviet Union. The United States and its partners recognised Nigeria as an essential ally in winning the Cold War. To achieve their goal, they encouraged companies to go into Nigeria. Subsequently, the involvement of these companies became a catalyst to Nigeria’s golden years.
Lastly, consider also the waning influence of colonialism. During Nigeria’s golden years, the governance and accountability structures the British colonial government set up were present. Rightly or wrongly, the British wanted the rest of the world to see them as people who handed over a prosperous country to Nigerians. Therefore, they played the big brother role for Nigeria in providing oversight and advocating for the country in economic and military negotiations. For example, Britain remained responsible for assisting the Nigerian armed forces in post-colonial years until the late 1970s.
In conclusion, the truth remains that although Nigeria had the potential to be a viable nation from the onset, the economic and political foundation needed to be adequately articulated. If Nigeria’s golden years were a result of a well-thought-out economic plan from the Nigerian government, it would have been sustainable.
Odunze is Editor, Nigerian Parents Magazine, NPM
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