It's quite difficult to be (consistently) patriotic as a Nigerian. On some days, it's much easier and we're able to celebrate huge wins collectively—often cultural recognitions such as Grammy wins or World Records. These aren't necessarily insignificant, but pale in comparison to the ways in which it's difficult to be patriotic.
Micah Johnson described "the paradox of black patriotism" as the double consciousness of black American patriotism in the modern era marked by publicised police killings. In the same way, it's difficult to be patriotic in light of the nation's economic difficulties and regressive social values. It's particularly more layered observing this whilst being in the diaspora but having strong roots home.
For those unfamiliar with Nigeria's economic and sociopolitical history, it is awfully complex to say the least, and impossible to fully cover here. However, some context is necessary. Politically, I could point to how ethnoreligious biases determine voting behaviour and influence the lack of political ideology. Socially, I could draw on the colonial mimicry which reflects in our obsession with paternalism—this is all-encompassing and affects everything from workplace culture to domestic dynamics. Economically, I could point to our preference for excessive hedonism and splendour underscored by a collective myopia. It's all very loaded to say the least.
This is a redraft of a titular essay I published 2 years ago which critiqued our political leaders' shortcomings. Although it's valid to demand more from elected representatives, there's little point in regurgitating a played-out rhetoric. Accountability and acknowledgment of shortcomings is not nearly sufficient to improve things economically. I'm concerned with a sustainable plan going forward given the modern age, and a way out (and forward) which utilises our unique strengths. Hence, "Savings or Current?" seems apt.
For whatever reason, many Nigerian banks and fintech providers use the dual-account card system. Unlike elsewhere, this means both current and savings accounts can be accessed using a single card. As such, we're normally asked this question "savings or current?" before making a payment–often daily spending e.g. retail, hospitality. I've always found the process interesting because it often requires split-decision answering. In the same way, perhaps it's worth assessing our current capacity, if we're similarly relying on our (psychological and economic) reserves, for how much longer, and whether we should be at all. Simply: it appears time is running out.
As usual, some context. Our youth unemployment rate is amongst the highest globally at 42.5%; inflation is averaging +25% month-on-month; and 70.7% of the population is projected to be living in poverty in 2025. This is underscored by a currency rapidly declining in value and rising petrol costs—affecting trade and cost of living. Our external debt growth of +300% should be most concerning of all. All things considered, however, we have somehow found it quite easy to compartmentalise. The 'Detty December' phenomenon in particular embodies our ability to forego crucial reflection and long-overdue austerity for an unrelenting jollity characterised by Shallipopistic crooning. Yet, a progressive decline on multiple fronts over a decade is a cause for concern, especially as neighbouring countries such as Kenya, Ethiopia and Rwanda are set to surpass us in many ways.
Can a good degree of our socioeconomic and sociopolitical gaps be attributed to colonialism? Certainly. The colonial legacy left deep structural imbalances and extractive institutions that continue to shape our economy. But we're well over a half century since independence, and many of our wounds now appear self-inflicted. The focus should be on forging a path ahead rather than dwelling on what lies behind us, as other former colonies have done over the last two decades.
I believe our significantly young population and growing technology ecosystem presents numerous possibilities for economic growth centred around a tech-driven and tech-enabled economy. However, the investment required first and foremost isn't necessarily simply fiscal, but a collaborative effort at policy- and citizen-levels. Of these, there's a dire need for aggressively ambitious targets beyond the challenges being solved. By 'aggressive ambition', I refer to goals which transcend incremental improvements to existing problems and instead reimagine what's possible.
We need a more coordinated national strategy that's both state- and market-led but involving citizens towards a shared goal. We needn't reinvent the wheel, but lean into our strengths in financial technology infrastructure while pursuing more ambitious aims beyond the existing services. The opportunities for fintech should focus more on 'for Africa' solutions and 'by Africa' solutions, rather than merely replicating Western models with local adjustments. The data suggests we're more than capable, and such goals are not only realistic, but achievable. After all, excellence is already embedded in our genetic makeup; we simply needed to actualise our potential.
For example, Lagos and Accra have become incredibly popular vacation spots for tourists, particularly around the December period. I previously proposed a tourist digital identity initiative that would integrate with our existing fintech infrastructure. This kind of solution could help manage tourism flows while capturing much-needed foreign exchange—demonstrating how our existing strengths in digital identity and payments could be leveraged for broader economic benefits.
Three of the four major Nigerian fintechs are now developing solutions for the diaspora, in a current state whereby remittances are more useful than ever (due to weakened currency) and amidst a juxtapositional migration to-and-from the country in pursuit of new beginnings. Governance issues aside, I suppose on a psychological level, some of the colonial legacies may affect our relatively 'small thinking' and focus on piecemeal solutions. Perhaps it's time to adopt more global ambition (albeit not reckless) as espoused by our Western counterparts rather than focusing solely on issues affecting Africans.
Despite existing policy efforts, a truly transformative tech-first approach would require several ambitious initiatives. Beyond the ongoing AI revolution and predicted robotics boom, I expect a paradigm-shifting evolution in fintech which transcends basic payments infrastructure as we know it. Given our burgeoning capabilities in both traditional and decentralised digital finance, perhaps we centre our ambitions on powering an already integral part of the global tech ecosystem and global economy in the same way China has positioned itself as a world-leader in e-commerce.
The dual-account system is a fitting metaphor for Nigeria's economic dilemma. For decades, we've been relying on our savings—exhaustible oil resources—without developing sustainable current income streams. However, it appears we've drawn down our reserves without investing sufficiently in renewable sources for growth.
Perhaps now is the time for a broader strategic vision that extends beyond fragmented digital services, but truly cutting-edge and unparalleled financial technology which has use cases across healthcare, agriculture and more.
To answer the question "savings or current?", the answer for our nation must increasingly be "current"—building sustainable revenue streams through innovation, education, and strategic investment. Our savings, both literal and metaphorical, certainly won't last forever.