Welcome to 2024. The year following 2023, which we described, at this time last year, as a mixed year; a year of mixed fortunes, a year of drama, a year of great historical events, some of which Nigerians may not have come to terms with.
Following this, is 2024, which will be a year requiring us, more than ever before, to apply common sense, and even, not so common sense, or if you like, of uncommon sense. The year 2024 will reveal herself, as one that needs common and uncommon senses to navigate.
The General Conditions of Nigeria
The Nigeria national circumstance that will unfold and prevail this year, requires a need to adapt, and innovate to survive. It is a year requiring the use of “number six”, in Naija speak. Some sense you have and some sense you need to borrow, will be needed. Open your eyes and see that the situation emerging needs changes, adaptations, and innovations. Put on your thinking cap. Nigerians living in inertia, unwilling to change, and wanting to continue with consumerism, and the habits following the oil boom era, will have to come to terms with a new reality, that the boom years are over.
The major requirement for 2024 – cut costs/wastes and raise incomes
This year calls for the suffering, low-income earners in Nigeria, as well as the harassed middle class, to seek ways to cut costs/expenditures. This is despite the rather difficult situation people already find themselves. Look through your expenditure profile and cut as much as you can. Explore all possible multiple activities you may embark on, which will yield incomes to you.
Find all possible legitimate ways to raise your income. No matter what it is, no matter how lowly you may consider any income-generating activity, keep ego aside, and find whatever you legitimately can do to put some money in your pocket, or/and earn some income.
For instance, and as much as possible, everyone should do some farming, or at least gardening. If you have no, or small land, try planting in sacks. Yam, Dioscorea spp. has been shown to do well in sacks. By this type of farming, you can put a little area to use, and you can minimise labour, especially for tillage and weeding. You can have small stakes stuck in the same sacks and rested on the wall in your backyards. Similarly, some other crops, and even vegetables, pepper, etc. can be grown.
If you do not expand your sources of income, and also cut your expenditures, and you belong to what used to be the middle class (including Professors, Directors in the civil service, Bank Mangers, and such) and those lower on the income ladder, you will end the year 2024 in very sore financial and economic crises. 2024 is a year to apply your “number six”.
The Economy
The year will see some money illusions. Some persons may see some nominal increase in incomes but their living standards, the volume of goods and services they will be able to acquire, will decline. At least two factors will lead to this:
- a) Inflation will be untamed, and prices will continue to rise.
- b) The exchange rate will worsen. Naira will lose more value.
- c) Challenges associated with petrol pricing and availability will worsen from the side of the ordinary buyer.
- d) These will coalesce into worsening living conditions for a broad spectrum of Nigerians, and more poverty.
However, the following will likely also occur:
- e) Some jobs will be created, even by government. That is, in the public sector, some employment will be done. These will however be so minor that the general level of unemployment will continue rising.
- f) Wages for government workers may be increased, but the rate of this increase will be lower than the rate by which prices have already increased, and will increase further.
Insecurity
Do not expect improvements this year. In fact, expect that in the northern parts of Nigeria, the situation will be worse than we saw in the second half of 2023. In the southeast, expect no changes in the situation, with the possible exception of Abia state, the only state in the southeast, that is witnessing an increase in the general happiness level of the people.
Education
This sector will continue what emerged in 2023 with less strikes and more stability, especially at the tertiary level. However, towards the end of 2024 expect the likelihood of simmering unrest and resumption of threats of strikes, as the economic conditions bite harder on the working class.
External Political and economic conditions
The United States elections will dominate the international space this year, except unseen events, such as we saw in 2023 with Israel and Palestine, happens.
Good news
The good news is that we will survive 2024, even if a lot of persons will be battered. 2024, will indeed be a year requiring the application of common sense as well as uncommon or not so common sense.
Those who apply these well, may yet end 2024 as a very blessed year for them.
Happy new and prosperous year, 2024.
Former Vice-Chancellor, Alex Ekwueme Federal University, Ndufu-Alike, Ebonyi State, Nigeria, Professor Chinedum Nwajiuba is Chairman, Board of Directors, Nigerian Environmental Study/Action Team (NEST)
