Nigeria, a multi-ethnic and culturally diverse federation of 36 autonomous states and the Federal Capital Territory, is a significant player in West Africa. Often described as ‘too big to fail’, it is the largest and most powerful nation in sub-Saharan Africa alongside South Africa. This article examines the current political and economic landscape of Nigeria, including the aftermath of the 2023 presidential elections and key challenges facing the nation.
Map of Nigeria showing its 36 states and Federal Capital Territory.
The 2023 Presidential Elections
Presidential elections were held in Nigeria on February 25, 2023. The candidate of Nigeria's ruling All Progressives Congress (APC) party, Bola Ahmed Tinubu, won the election. He was known as a political 'godfather' in the South West. His major contender, Atiku Abubakar, 76, running on behalf of the major oppositional People's Democratic Party (PDP) lost, as well as the third, Peter Obi, 61, a candidate for the little-known Labor Party. He had hoped to break the two-party system that ruled the country since the end of military rule. But he failed despite enjoying passionate support on social media, especially among the Nigerian youth. Acting President Buhari, whose term has ended, had renewed his call for foreign powers not to interfere in Nigeria's internal affairs.
Despite the passionate support Peter Obi enjoyed on social media, especially among Nigerian youth, he failed to break the two-party system. The political landscape is partly dominated by the ruling All Progressives Congress party (APC) which controls the executive arm of government and holds majority seats at both the Senate and House of Representatives, and majority of the States. President Bola Ahmed Tinubu was sworn into office on May 29, 2023, having won the February 2023 Presidential election.
Given the recent history of military coups in West Africa, including Russia's involvement, the military command again dismissed coup rumours. However, the latter were largely ignored by the general public anyway. Most people focused on more pressing concerns such as insecurity, fuel shortages and a shortage of new banknotes.
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Nigeria Political Future
Economic Challenges and Prospects
Although Nigeria is a resource-rich country and oil and gas revenues have funded national budgets for decades, around 40% of Nigerians (83 million people) live below the poverty line while another 25% (53 million) are at risk. So far, Nigeria has not been able to benefit from rising global oil prices. Oil production has fallen to historic lows since 2021. Gasoline subsidies continue to consume too much of oil revenue.
Nigeria faces a persistent challenge in absorbing the 3.5 million people entering its labor force annually. Weak job creation, limited entrepreneurial opportunities, and rising emigration reflect the economy’s inability to generate sufficient quality employment. Despite recent reforms, poverty remains widespread-over 46% of Nigerians live below the poverty line, with food inflation disproportionately affecting poor households who spend up to 70% of their income on food.
Nigeria's growth prospects are bleak due to further declines in oil production and heightened uncertainty. Recent macroeconomic reforms offer a foundation for a new social compact. Stabilizing inflation, improving fiscal transparency, and enhancing exchange rate flexibility have created fiscal space. If sustained, these reforms can enable deeper structural changes-such as improved public service delivery, better infrastructure, and a more conducive environment for private sector-led growth.
Following the May 2023 change in administration, Nigeria has embarked on bold macroeconomic reforms aimed at restoring stability and growth. Key measures included the full removal of the gasoline subsidy, unification of the exchange rate market, and a shift to market-reflective pricing-steps that have reduced fiscal distortions and improved external balances. The Central Bank has tightened monetary policy and refocused on price stability, while also ending deficit monetization.
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Nigeria’s new policy direction is improving competitiveness and attracting investment. With targeted investments in human capital, social protection, and climate resilience, Nigeria can shift from a low-equilibrium trap to a more dynamic and inclusive growth path.
Economic indicators in Nigeria.
The Role of the National Assembly
The National Assembly of Nigeria (NASS) is the democratically elected body that represents the interests of the Federal Republic of Nigeria and its people, makes laws for Nigeria, and holds the Government of Nigeria to account. Under Section 4 (1) of the 1999 Constitution of the Federal Republic of Nigeria (as amended) (the "Constitution"), the National Assembly of Nigeria often called NASS is vested with the legislative powers of the Federal Republic of Nigeria. That is the power to make laws for the peace, order, and good government of the Federation with respect to any matter included in the Exclusive Legislative List and the Concurrent List - a list of 12 items that both NASS and states' house of assembly can legislate on.
The National Assembly (NASS) is the nation's highest legislature, whose power to make laws is summarized in chapter one, section four of the 1999 Nigerian Constitution. Together, the two chambers form the law-making body in Nigeria, called the National Assembly, which serves as a check on the executive arm of government. This legislative power is typically exercised through bills passed by the NASS which are assented to by the president.
The National Assembly of Nigeria has two chambers: the House of Representatives and the Senate. The House of Representatives is the lower chamber of Nigeria's bicameral National Assembly and is presided over by the speaker of the House of Representatives. It has 360 members each of the federal constituencies of the country, who are elected for four-year terms in single-seat constituencies. The Senate, which has 109 members, is presided over by the president of the Senate.
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The legislature is said to be the first among the three arms of government - the legislature, executive, and the judiciary. These arms are characterized by the principle of separation of power as each is supposed to be independent of the other.
Foreign Relations and Security
The new president has to cooperate closely with ECOWAS to tackle gang violence and insecurity in the West African region. The cooperation documents Nigeria's role as a political, economic and security policy hegemon in West Africa. Nigeria currently has better foreign relations with its neighbors, due to its current state of democracy.
Nigeria continues to face many challenges that include insecurity such as banditry and kidnappings especially in the northwest region, continued insurgency by terrorist groups in the north-east, and separatist agitations in the south-east. Reconsider travel to Nigeria due to crime, terrorism, civil unrest, kidnapping, armed gangs, and inconsistent availability of health care services. Some places in Nigeria have an increased risk. Overall, all locations carry significant security risks.
Violent crime is common in the country. This includes armed robbery, assault, carjacking, kidnapping, hostage-taking, roadside banditry, and rape. Kidnappings for ransom happen often. citizens perceived as wealthy. There is risk of terrorist violence in Nigeria. Terrorists continue plotting and carrying out attacks in Nigeria. Terrorists collaborate with local gangs to expand their reach. Civil unrest and armed gangs are active in parts of Southern Nigeria. This is especially true in the Niger Delta and Southeast regions.
Map illustrating security challenges in Nigeria.
The Legal System
The law of Nigeria is based on the rule of law, the independence of the judiciary, and British common law (due to the long history of British colonial influence). The legal system includes:
- English law, derived from its colonial past with Britain.
- Common law, case law has developed since colonial independence.
- Customary law, which is derived from Indigenous traditional norms and practices.
- Sharia law, law used in some states in the northern region.
- Local legislation (comprising enactments of the Nigerian legislatures from colonial period to date).
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