Nigeria’s economic crisis worse than Great Depression – Afenifere

The pan-Yoruba sociopolitical group, Afenifere, has accused President Bola Ahmed Tinubu’s administration of plunging Nigeria into economic crisis that is worse than the Great Depression of 1929.

Afenifere stressed that Nigeria’s economic crisis is far worse than the 1929 Great Depression, noting severe declines in the value of the naira, real wages and overall economic performance since 2014.

In a statement issued yesterday, Afenifere, which supports Chief Ayo Adebanjo, as the group’s leader, criticised Tinubu’s reaction to a recent visit by the Patriots led by Chief Emeka Anyaoku, who called for a new constitution.

The president reportedly stated that he would prioritise his economic reforms before addressing the issue of restructuring, a stance Afenifere finds unacceptable.

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Anyaoku, a former Secretary-General of the Commonwealth, led the Patriots to the Presidential Villa where they advocated for a new constitution. The request has elicited mixed reactions from leaders across Nigeria’s geopolitical zones.

Afenifere, in the statement signed by Adebanjo and National Publicity Secretary Prince Justice Faloye, argued that the president’s economic reforms have led to “economic hardship” and a decline in living standards.

The group emphasised that restructuring is essential as it forms the foundation for economic recovery and addresses the diverse challenges facing Nigeria.

“We urge the president to reconsider his approach. A comprehensive strategy that addresses both economic and political reforms simultaneously is needed, not just isolated economic measures,” the statement said.

According to Afenifere, Nigeria’s economic issues are deeply rooted in its political structure, which prioritises control and economic dependence on a central authority over prosperity.

“A constitution represents a social contract between the government and the governed. With Nigeria’s centralised and skewed system, both governance and societal welfare are compromised. There is a need for a new social contract with balanced political and economic responsibilities,” the statement continued.

“A responsible leadership should propose significant economic and political restructuring, rather than superficial reforms. Power devolution to federating units, as suggested in the president’s own party’s El-Rufai Committee report, is crucial for peace, harmony and national cohesion,” the group said.