Nigeria Faces Increased Polarization, Economic Hardship Under Tinubu, Report Reveals

A 2024 report by SBM Intelligence highlights the deepening economic challenges and rising divisions in Nigeria following the 2023 elections and the policy reforms introduced by President Bola Ahmed Tinubu. The report points to growing food inflation, widespread insecurity across geopolitical zones, and an increasing number of citizens falling into extreme poverty as clear indicators of the country’s worsening economic condition.

Tinubu’s economic reforms, particularly the removal of fuel subsidies, have been described as highly unpopular. Critics argue that these policies have worsened living conditions, forced businesses to shut down, and contributed to the closure or relocation of 61 companies from Nigeria in the last four years.

Inflation has surged to 33.88%, according to the National Bureau of Statistics, while food insecurity affects 31.8 million Nigerians as of August 2024. Despite the government’s assurances that its policies will yield long-term benefits, many remain skeptical about their ability to deliver meaningful economic relief.

The report also highlights that Nigeria is more polarized than ever, with political and social divides deepening in the wake of the contentious 2023 elections. These challenges, combined with the current economic hardships, cast uncertainty over the country’s future direction under Tinubu’s leadership.