Boluwatife Akinola,
Emmanuel Oluwadola,
Godfrey Eze & Rejoice Sule

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Nigerians may in the new year experience heightened economic instability due to hyperinflation, insecurity, increased unemployment,  and corruption.

This is  the submission of some stakeholders  on the  economic and political challenges in  the  year 2024.

Professor Rotimi Williams Omotoye, a Professor of Christian Religious Studies at the University of Ilorin opined that the ongoing economic challenges in the country will continue  due to unabated inflation rate.

He mentioned that the economy would be severely affected by hyperinflation, impacting the common man.

“Companies are folding up due to high tax payments and government failures, resulting in job layoffs, leading to  unemployment, corruption, and increased insecurity”.

According to him, challenges persist in electricity supply, and the rise in prices of petrol and diesel will make it difficult for producers to afford, leading to companies downsizing and loss of jobs.

Omotoye urged the government to focus on providing security and job stability. He also emphasized the need for anti-corruption agencies to improve their reliability and effectiveness for the people.

 Prof. Ann N. Okolo, noted that implementing policies that encourage job creation, fostering entrepreneurship, and ensuring fiscal discipline would help the nation scale through  challenges in the new year.

“Political stability is crucial for development, so discussions might revolve around promoting transparent governance, electoral reforms, and civic engagement to strengthen democratic institutions.

“Healthcare challenges may involve improving access to quality healthcare services, investing in healthcare infrastructure, and addressing issues like disease outbreaks.

“Infrastructural development is vital for economic growth, so discussions could focus on strategies to enhance transportation, energy, and technology infrastructure through public-private partnerships and sustainable planning.

“Engaging knowledgeable individuals in these areas could provide insights and solutions for overcoming these challenges in the year 2024,” she explained.

Similarly, Dr. Oluwafemi Abiodun, a senior lecturer at Obafemi Awolowo University, Ile-Ife pointed out some challenges, such as insecurity, food shortage, and poor governance which the country will battle in 2024.

He mentioned that hyperinflation has been disrupting the economy, potentially causing food shortage as the new year progresses.

He also identified corruption in the judiciary, and inconsistency in the legislature as other expected challenges.

However, Abiodun suggested a need to examine all sectors to understand the root causes, create new rules adaptable to Nigeria’s changes, promote effective leadership and followership, penalize corrupt individuals, and develop plans for economic growth.

Also, a lecturer of Mass Communication at Adekunle Ajasin University, Akungba-Akoko, AAUA, Dr Toyin Adinlewa called for strategic and decisive measures to prevent the country from undergoing further hardships in 2024.

He foresaw prolonged economic hardship in the new year unless the government intervenes strategically.

“People are struggling for survival and the situation is going to be the same this year if nothing drastic is done. We see the hike in the fuel which has  effect on all commodities.

“The value of our naira is not what it used to be today. Hardly can a N500 or N1000 get you something decent to eat. The harsh economy will persist this year and even grow worse if nothing strategic and drastic is done by this current administration.

He recommended  focus on domestic refineries, food security through local agriculture, and stabilizing the Naira against the dollar for the country to have a reversal of the previous year’s experience.