Nigeria is currently facing a severe economic crisis characterized by a currency devaluation, soaring inflation, and widespread hardship. In a layman words, the hunger is real!
The Central Bank of Nigeria allowed the naira to fall by as much as 40% in June 2023, following the removal of petrol subsidies by President Bola Tinubu, leading to significant economic challenges for households, businesses, and the government. The country’s annual inflation is nearing 30%, with the Nigerian naira hitting record lows against the U.S. dollar, exacerbating the cost of living and prompting protests nationwide. This economic turmoil is further compounded by factors such as high government debt, unemployment, power shortages, declining oil production, and a heavy reliance on imports to meet the needs of its growing population. To alleviate the impact of reforms and cushion the hardship faced by vulnerable households, Nigeria has proposed cash transfers to 12 million households, to provide each recipient with 25,000 naira for three months. These measures hope to address rising prices, particularly in food, and support those less well-off amidst the challenging economic conditions in the country.
The naira crisis in Nigeria has significantly impacted businesses in the country, leading to economic difficulties and challenges. The devaluation of the naira, which has fallen by as much as 40% and lost 230% of its value against the U.S. dollar in the last year, has created a situation where businesses and investors have had to navigate multiple exchange rates, contradictory statements from officials, and a scarcity of dollars. This currency devaluation has further exacerbated the economic hardship faced by Nigerian businesses, with the plummeting naira affecting incomes, savings, and overall business operations. The economic crisis has also resulted in a surge in inflation, nearing 30%, which has added to the financial strain on businesses and consumers alike. Additionally, the removal of gas subsidies and other government reforms have contributed to the challenges faced by businesses, including increased costs and reduced consumer purchasing power. Overall, the naira crisis has created a challenging environment for Nigerian businesses, impacting their operations, profitability, and ability to navigate the economic turmoil in the country.
Propaganda has played a significant role in the context of the naira crisis and hardship in Nigeria, particularly in shaping public opinion and influencing perceptions during times of economic turmoil. In the past, the Nigerian government has employed various propaganda strategies to manage crises and conflicts, such as the ASUU-FGN feud in 2013, where deliberate falsehoods, suppression of negative information, and misinformation were used to sway public sympathy and support towards the government’s stance. Propaganda has been utilized as a strategic weapon to influence public sentiment, distort facts, and manipulate narratives to serve political goals during challenging situations like economic crises and labor disputes. The use of propaganda techniques like black propaganda, which involves spreading lies and deceptions through concealed sources or false authorities, has been observed in instances where hired groups protested against certain issues under the guise of legitimate associations, demonstrating the manipulation of public perception for political ends. Additionally, propaganda has been employed to manage news, control information dissemination, and strategically time public speeches to placate frustrated populations and win sympathy during times of crisis. Overall, propaganda has been a tool used by the Nigerian government to navigate economic challenges, influence public opinion, and maintain political control amidst hardships like currency devaluation and soaring inflation. The over 200million Nigerians will not yield to any Akpabio-based propaganda except of course it will exterminate the current hardship ravaging the land.