Nigeria has everything as a free nation: a flag, an anthem, a coat of arms and institutions of state which make it an independent nation, but in reality, the country is not independent.
Independence is not just a ceremony; it is the ability and power to create and produce what you consume and manufacture what you need. Yet, Nigeria’s economic heartbeat is not controlled in Abuja. It is dictated from London, Beijing, Paris and Washington.
When a country cannot feed or employ its citizens, depends on foreign loans from foreign entities to fund its national budget and stands by as local politicians loot its wealth dry, it loses its sovereignty. When a country is coerced by Washington-backed lenders like the IMF into devaluing its currency and raising domestic taxes just to survive, it stops being a nation. We celebrated our freedom from British colonialism decades ago. But looking at the economy, we quietly walked right back into the “chains”.
Years ago, when Nigeria got debt relief from the Paris Club, it was a huge burden lifted from Nigeria. As a country that desired full economic independence, it was a huge opportunity to walk into a future where loans are not taken to finance a country huge in mineral resources. In the last few years, Nigeria has halted many tangible developments and adopted borrowing, spending and looting.
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The National Assembly resorted to approval without question of the loans. Nigeria’s debt has risen to N159.28 trillion as of December 31, 2025. When a government relies on multi-billion dollar external loans to finance its domestic funding, it surrenders policy control to the IMF and World Bank. Here the IMF asks Nigeria “to raise taxes on fuel products and telecommunications services in Nigeria as part of broader measures to increase government revenue and create fiscal space for development spending and social interventions.” The Punch.
These externally controlled policy recommendations are crushing the Nigerian middle class. These initiatives are not sovereign but conditionalities for more loans. These initiatives tie Nigerian leaders to foreign control as they have become not so loyal to the Nigerian voter.
These policies of fuel subsidy removal, tax increase, monetary policy and forex have not only affected Nigeria's economy but also have had an impact on the high unemployment rate. The manufacturing sector is in a coma. From the year 2020, due to bad economic policies, rising operational costs, numerous companies shuttered, workers were laid off, and multinational corporations left Nigeria in droves. The sad thing is that Nigerian leaders did not care nor rally to find the solution. The country depends on importation of finished goods. When Nigeria imports something as simple as a toothpick, it is a surrender.
While Nigeria has many raw materials that could engage millions of citizens, the Nigerian government has not ushered in any policy that will ensure the refining of the raw materials and to export finished products. Instead, Nigeria exports the raw materials and imports the finished product. While there are no provisions to refine many other raw materials, the crude oil refineries, the country's primary mineral for foreign sale, remain grounded despite over N11.35 trillion spent to fix these three moribund facilities in the past 10 years. At the same time Dangote refinery took less years to be established and it is fully operational.
Nigerian leaders benefit from the import-dependent economy; that is why electricity cannot be fully fixed because of the interest in the importation of generators. It is a deliberate sabotage to the local manufacturers and the country itself.
A free country controls its vital resources, controls its sovereignty and looks after the economy and citizens.
In 2020, Nigeria took a loan from China with a sovereignty clause. Many people raised questions about the clause. But Chinese and other nationals had been across Nigeria taking raw minerals illegally with almost no adequate regulation from the government as banditry and unrest increased across rich mineral communities.
In December 2025, Nigeria signed an MOU with the French revenue agency on tax cooperation. And in March 2026, Nigeria signed a tied-aid agreement with the UK to fund the redevelopment of two of Nigeria’s major trading ports and contract for British Steel.
Nigeria has experts or can develop experts that can upgrade its ports. The steel industry in Ajaokuta could supply Nigeria all the steel needed and even for export. After spending N46.62 billion in Ajaokuta, it is still in a coma. By agreeing to import British steel as a condition for this aid, Nigeria is outsourcing its economic freedom.
We are signing agreements to borrow money just to import what we already have the capacity to build.
Nigerian leaders are complicit in every way as the sovereignty is being chipped away and they look confused on how to fight for the economic freedom of the country. Whereas Abuja is controlled from London, Paris, Beijing and Washington, liberation could be again far and will demand fighting back with an informed society who should resist the orchestration of division along ethnic and religious lines while the country is at the brink of collapse.
True independence was not won by surrendering the country to external interests in 1960, even though they were still lurking around at the time. It is won through self-reliance, local production, strong institutions, holding these leaders accountable, saying no to corruption and looting and for the people to be able to say enough and take back their country.
A country that is so reliant on loans will remain captured by the lenders. A country whose economy can be threatened by currency volatility lacks a firm foundation.
By now, Nigerians should be familiar with Peter Obi’s economic slogan: “from consumption to production.” This means turning the economy around from a loan, import, and external-interest-dependent nation into a country that is sufficient to sustain itself, secure its sovereignty, protect the lives and property of the people, and stop the brain drain.
When a country exports its human capital, the youth and the best minds for free to the same countries that give Nigeria loans, it is ultimately a "resource drain," an idea that affects Nigerian sovereignty.
To change the trajectory of Nigeria and pull it back from the brink depends on the ballot box decisions. Remember, whoever takes the seat determines the path for the country.