(Poor economy pushing more Nigerians into depression)

The high numbers of trending news media headlines about Nigeria?s wobbling economy are not only worrisome and disturbing but also question the failure so far of the government?s policies, to bring us back from the brink of collapse.

A few of these and their analysis thereof should suffice. That is more so, if practicable solutions are proffered as the way out of the woods. For instance, one of such headlines stated that: ?Economic Hardship: Hunger drives Nigerians to waste bins, party leftovers?.

Another related news headline was titled: ?Nigerian consumers at breaking point as cost of living becomes unbearable?. That was similar to ?Bottled up emotions Nigerian men battle depression?. Also, a 91-year-old Ondo indigene, Pa Adesanoye Eghaegbemi, lamented after casting his vote at Polling Unit 5, Ward B, Igbinsin-Oloto in Okitipupa Local Government Area in Ondo State.

He stated: ?There is hardship in the land; it?s affecting the elderly ones too.? The point of convergence in all of these is that the President Bola Tinubu reforms are not working as a recent IMF report has hinted. But what is the way forward? That is the million naira question, literally begging for credible and workable answers.

According to Organised Labour, the Federal Government should as a matter of urgency reverse the floating of the naira and hike in energy tariffs to ease the economic hardship. Also, seasoned economists are of the firm opinion that the provision of an enabling environment for businesses, including the Medium and Small Scale Enterprises (MSMEs) to thrive would be the best way forward.

Also, reducing trade barriers, improving trade facilitations as well as increasing access to reliable electric power supply would assist to reduce the hardship currently putting millions of Nigerians in the survival mode. All these do not require rocket science but the political will on the part of the president.

Currently, over seven million Nigerians are suffering depression, roughly equating to 3.9 % of the 322 million people affected globally

That was exactly what the Tanzanian President, Suhulu Hassan, did to raise the food security ranking of the country to 128%. Little wonder that she has received commendations from the African Development Bank (AfDB) and the World Food Programme (WFP).

For instance, it would be in the best interest of Nigerians if the President Tinubu-led government retraces its steps back to pre-May 29, 2023 and restore the fuel subsidy that was rashly removed without a thorough thinking through, or with meaningful cushioning measures and safety nets firmly in place.

Ever since then, it has led to the exponential hike of the premium motor spirit (pms), leading to high costs of transportation, food items and sundry goods and services with the inflation rate skyrocketing to 33.88%, as one of the highest ever in the nation?s chequered history.

Furthermore, if the cost of running the government machinery is drastically scaled down, with more investment in infrastructure and community projects across the country and the national grid is made more stable the president does not need to go to any other country to ask for Foreign Direct Investments (FDIs). With a conducive operational environment in place foreign interests would be the ones clamouring to come back to Nigeria.

With the increase in public and private employment as well as a tax regime that is transparent and affordable to the poor masses the increasing issue of depression amid economic hardship would be drastically reduced.

Currently, over seven million Nigerians are suffering depression, roughly equating to 3.9 % of the 322 million people affected globally.

That is according to www. sciencedirect.com. Depression is a mental disorder resulting in loss of interest or abiding pleasure in the affairs that make living worth its while.

There is decreased energy, poor concentration aligned with feeling of guilt, and low self-esteem. It also causes disturbed sleep outside and loss of appetite.

Unfortunately, research has shown that within the Nigerian social sphere 25% of young adults, 26.2% of the elderly people, 17% of those in IDPs and between 20% to 59% of HIV/AIDs patients are currently depressed. But with good governance, and pro-people economic policies strongly in place it could be reduced.

It is therefore, time for retooling the Tinubu economic reforms, which the IMF has stated and Nigerians as victims know and feel are not working.

With the rate of youth unemployment rising from 13.7% in Quarter 3 of 2023 to 14.4% in the First Quarter of 2024 and the exit of several multinational companies there is cause for serious concern. Urgent action needs to be taken to address this serious mental health issue. Sentiments aside, as former President Olusegun Obasanjo rightly stated:

?You cannot address a problem by creating multiple others.? Now is another opportunity for the president?s economic team to have an objective appraisal of the policies that should be articulated using a bottom-up approach as desired and demanded by the people and not otherwise.

That would positively impact on their quality of life, save them from unemployment, hardship, hunger and depression and make meaning out of democracy (New Telegraph Editorial)

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