From budget and current account deficits to hyperinflation, a devalued currency and a huge sovereign debt that it can no longer pay, the stage was already set for unrest in the country.Sri Lanka’s sovereign debt is held by many countries, most notably China, India and Japan. China holds about 10 per cent of Sri Lanka’s debt, and this has often been used as an example of “debt trap diplomacy.”Sri Lankans took to the street in record numbers to protest economic challenges.
Nigeria also watched Sri Lanka happen – at least we would hope our leaders watched what happened. And mere wishful illusions that it can’t happen in Nigeria might be too costly in these times. Although some would quickly point to all the dissimilarities between Nigeria and Sri Lanka, especially the population difference and all. But the reality on the ground in Nigeria isn’t so rosy.
Nigeria currently faces intense economic hardships marked by power blackouts, fuel shortages, long university strike and heightened insecurity. The debt profile is equally worrisome just as the country’s revenue shrinks by the day. Yet tales of corruption, wastages, mismanagements and misplaced priorities continue unabated even in these critical times.The country’s mainstay, which is oil, is fast becoming irrelevant as the global order moves away from fossil fuel.
What’s more, Nigeria barely two years ago experienced its own protest named the EndSars protest which lasted for weeks in major cities. Although it started as a revolt against Police brutality, it quickly nosedived into a demand for quality governance before it was infiltrated by thugs and it became violent.Thankfully, calls made on the protests to channel their anger through the polls were heeded as is seen with the increased voter registration of young persons.