Nigeria’s Economic Crisis Deeper Than Great Depression, Says Afenifere

• Afenifere claims Nigeria’s economic crisis is worse than the Great Depression, citing declines in the naira’s value and real wages
• The group urges President Tinubu to implement simultaneous economic and political reforms to address Nigeria’s pressing challenges effectively

The pan-Yoruba sociopolitical group, Afenifere, has accused President Bola Ahmed Tinubu’s administration of driving Nigeria into an economic crisis even more severe than the Great Depression of 1929.

Afenifere claims Nigeria’s current economic woes surpass those of the Great Depression, highlighting sharp declines in the naira’s value, real wages, and overall economic performance since 2014.

In a statement released yesterday, Afenifere, led by Chief Ayo Adebanjo, condemned Tinubu’s response to a recent visit by the Patriots, headed by Chief Emeka Anyaoku, who urged the need for a new constitution.

President Tinubu reportedly said he would focus on economic reforms before considering restructuring. Afenifere finds this approach unacceptable.

Anyaoku, the former Commonwealth Secretary-General, led the Patriots to the Presidential Villa to advocate for a new constitution. This request has sparked varied reactions from leaders across Nigeria’s geopolitical zones.

Afenifere, in a statement signed by Adebanjo and National Publicity Secretary Prince Justice Faloye, argued that the president’s economic reforms have brought “economic hardship” and a lower standard of living.

The group insists that restructuring is vital, as it lays the groundwork for economic recovery and addresses Nigeria’s diverse challenges.

“We urge the president to rethink his strategy. A holistic plan addressing economic and political reforms simultaneously is essential, not just isolated economic actions,” the statement said.

Afenifere asserts that Nigeria’s economic problems stem from its political structure, which favors central control and economic dependency over prosperity.

“A constitution is a social contract between the government and its people. With Nigeria’s centralized and imbalanced system, both governance and societal welfare suffer. A new social contract with balanced political and economic responsibilities is needed,” the statement continued.

“Responsible leadership should push for significant economic and political restructuring, not just superficial reforms. Devolving power to federating units, as recommended in the president’s party’s El-Rufai Committee report, is key to achieving peace, harmony, and national unity,” the group concluded.