As Nigeria marked its 65th Independence anniversary, an economist and university lecturer, Prof. Godwin Oyedokun, painted a sobering picture of the country’s economic journey, blaming poor governance and policy missteps for the naira’s dramatic collapse.
In an interview with DAILY POST on Wednesday, Oyedokun noted that while the naira exchanged at just 71 kobo to the US dollar in 1960, it now trades at ₦1,475.35 — a fall he described as the product of “severe devaluation and sweeping economic shifts.”
According to him, Nigeria’s over-reliance on oil revenues, inconsistent foreign exchange policies, and years of economic mismanagement have crippled the currency. He added that the story of Nigeria’s economy since independence has also been one of high inflation, food insecurity, and unstable energy supply.
The professor urged President Bola Tinubu to move decisively towards economic diversification, strengthen the naira, and invest massively in infrastructure. He also stressed the need for policies that boost agriculture, create jobs for restless youths, fight corruption, and rebuild public trust in governance.
“The economic journey of Nigeria reflects both the challenges and the potential for growth,” Oyedokun said. “By prioritising diversification, good governance, and investment in critical infrastructure, Nigeria can still chart a path to stability and prosperity.”
