2024: The good, the bad, and hard lessons of a challenging year

As the curtain gradually draws on 2024, Nigeria stands on the precipice of a new era, awed by the tumultuous events and issues that shaped the past 12 months. It was a year of unrelenting trials that tested the nation’s cohesion and pushed its people to the very limits of endurance. But there are also unforgettable moments of triumph in certain areas. The optimism in the ‘renewed hope’ agenda plummeted due to economic hardship occasioned by the skyrocketing cost of living. 2024 has been a year of seismic shift for all Nigerians, regardless of status. This is evident in defining episodes that shaped different sectors of the economy, with attendant calls on the political leaders to do everything within their powers to fix the economy, pull the people out of poverty and save the country from plunging into an economic abyss, JOSEPH ONYEKWERE, IYABO LAWAL, LAWRENCE NJOKU, BERTRAM NWANNEKANMA, ADEYEMI ADEPETUN, KINGSLEY JEREMIAH, ANN GODWIN, GOWON AKPODONOR, TOBI AWODIPE, HELEN OJI, BENJAMIN ALADE ADAKU ONYENUCHEYA, NKECHI ONYEDIKA-UGOEZE, IJEOMA NWANOSIKE, AMEH OCHOJILA, and NGOZI EGENUKA report.

In Abuja, Nigeria’s capital, a young mother, Amina Kareem, was in a desperate race to save the life of her ailing son. The echoes of her son’s fevered cries filled their small, dimly lit room.

Kareem had already visited two healthcare facilities that day but was turned away due to a lack of medical supplies and personnel. Each rejection felt like a dagger to her heart, amplifying her fear and helplessness.

With every tick of the clock, her son’s condition worsened. The weight of economic pressures bore down on her, too. Public health initiatives had faltered, leaving countless families like hers without access to essential services. As she clutched her son to her chest, her mind raced with thoughts of the numerous others who had suffered in silence.

Indeed, the cries for help echoed through healthcare facilities’ corridors were not just hers. They were the collective anguish of a nation on the brink, a stark reminder of the health crisis gripping the country, leaving hospitals overwhelmed and resources critically scarce.

As 2024 flickers like an almost burnt-out candle in the shadow of political turmoil and economic strife reverberating through every corner of Nigeria—from escalating fuel prices, insecurity, unfriendly business environment, disasters, labour strikes to political disputes—Kareem’s story is symbolic of the nation’s struggle for survival.

In the outgoing year, Nigeria was engulfed in a storm of challenges, which reverberated in every sector, depicting its profound socio-economic complexities. But while these challenges loom large over Nigeria’s future, there remains an indomitable spirit among its people—a collective determination to rise above adversity and forge a brighter future.

A challenging year in health sector
THE year began with the Nigeria Centre for Disease Control and Prevention (NCDC) reporting the first suspected cholera cases on January 1. By June 11, about 1,141 suspected cases had been documented across 30 states.

The crisis escalated in June when Lagos State declared an outbreak on June 9, reporting 324 suspected cases and 15 deaths within three days and by October, the NCDC announced a dramatic rise in fatalities, with 10,837 cases and 359 deaths, marking a staggering 239 per cent increase in fatalities compared to 2023.

There were outbreaks of other diseases, such as Lassa Fever, with 9,492 suspected cases, 1,154 confirmed and 190 deaths recorded across the country this year alone. Also, 361 cerebrospinal meningitis-related deaths occurred across 174 local government areas in 23 states and the Federal Capital Territory (FCT). Mpox and Diphtheria also occurred.

The spike in the costs of most prescription medicines worsened by over 300 per cent in the health sector, undermining Nigerians’ access to quality healthcare.

In February, Sanofi-Aventi Nigeria, a leading multinational pharmaceutical company, finally discontinued direct operations in Nigeria and transitioned to a third-party distribution model. CFAO Healthcare became the third-party distributor of Sanofi’s general medicines in Nigeria.

As part of efforts to address the escalating prices of drugs in the country, President Bola Tinubu, in June 2024, signed an executive order to eliminate tariffs, excise duties, and Value Added Tax (VAT) on imported pharmaceutical inputs. However, this executive order’s positive effect has not yet borne fruit.

According to food insecurity and malnutrition analysis report released in November by Cadre Harmonisé, about 5.4 million children and nearly 800,000 pregnant and breastfeeding women suffered acute malnutrition from six of the most affected states of Borno, Adamawa, and Yobe in the North-East, and Sokoto, Katsina and Zamfara in the North-West. Of these, 1.8 million children could face Severe Acute Malnutrition (SAM) and require critical nutrition treatment.

Disasters and avoidable deaths
THERE were enormous losses of lives because of boat mishaps and road accidents. In January 2024, the nation was jolted by the news of the death of 100 people following a boat mishap in Borgu Local Council of Niger State. The same month, about eight persons died in a boat accident that occurred in Anambra State.

Less than 48 hours later, 20 people were killed in another boat mishap in Rivers State. On April 10, an actor, John Odonwodo, popularly known as Junior Pope, alongside four others, died when their boat capsized in Asaba, Delta State while returning from a movie shoot. The latest of these tragedies occurred on Friday, November 28, 2024, in Niger State, leaving more than 100 missing.

Again, 27 people died when a boat carrying about 200 passengers from Kogi to neighbouring Niger capsized this December. Ibrahim Audu, a spokesperson for the Niger State Emergency Management Agency, confirmed this report.

In March, the Nigerian Army confirmed the killing of 17 officers and men, whom it noted were on a peace mission in the Okuama community in Delta State.

In September, the collapse of the Alau Dam – situated a few kilometres away from Maiduguri city – collapsed, leading to a flood that killed an estimated 77 people and displaced 300,000.

Another shocking incident was the death of 35 children on December 18 in a stampede during a Christmas funfair in Ibadan. Three days later, 22 people died in a similar stampede in Okija, Ihiala Local Council of Anambra State. While that was happening in Okija, another stampede occurred at the Holy Trinity Catholic Church in the Maitama District of Abuja, killing 10 people.

A turbulent year for businesses, industries
THE soaring cost of diesel and petrol due to the deregulation of the downstream sector by President Tinubu not only headlined 2024 as the year of ‘war’ in the petroleum sector but also impacted the economy.

Dangote Refinery and Nigerian National Petroleum Company Limited (NNPCL) engaged each other over importing dirty fuel and supplying crude oil to local refineries.

The divestment of assets from big oil companies to independent producers showed 2024 as a significant year of transition that would design what eventually became the petroleum industry in Nigeria.

For the power sector, end-users lived in fear as 2024 saw the repeated collapse of the national grid. At least the grid collapsed every month between January and December, with the 12th system failure occurring earlier this month. However, implementing the Electricity Act saw a level of interest from the state as most states moved to control power generation and distribution in their states.

In labour matters, the persistent face-off between the Federal Government and the labour unions hallmark 2024 as prices of goods and services pushed salary earners into crisis. Despite the eventual increase in minimum wage, the implementation became another struggle. Union leaders are still battling to get governments to pay the wages. Amid it, the President of the Nigerian Labour Congress (NLC), Joe Ajaero, was arrested under shady circumstances.

In 2024, the Nigerian Exchange (NGX) witnessed significant events that shaped market performance, starting with the delisting of 14 companies for non-compliance with post-listing requirements. While this regulatory clean-up aimed to enforce transparency and efficiency, it negatively impacted market liquidity and investor confidence.

Conversely, the NGX recorded several high-profile listings that boosted market capitalisation. Key listings included Aradel Holdings Plc., which added N3.4 trillion to the exchange in October, becoming the most significant single addition of the year. Similarly, Transcorp Power Plc’s March listing contributed N1.8 trillion, while Haldane McCall Plc. added nearly N12 billion in November. These additions drove market growth, enabling the NGX to outperform several of its African peers. By December 21, 2024, market capitalisation had surged by 33.4 per cent to N61.4 trillion, up from N40.9 trillion at the start of the year.

Nigeria’s $76 billion telecommunications sector faced significant challenges in 2024, with mobile network operators (MNOs) advocating a tariff increase for voice, data, and digital services. Rising production costs and naira devaluation eroded profits. MTN Nigeria reported a N519.1 billion loss in the year’s first half, primarily due to foreign exchange losses. Similarly, Airtel Africa posted $89 million post-tax loss and $770 million in FX losses.

Foreign Direct Investments (FDI) in the telecoms sector dropped sharply in 2024. Third-quarter capital importation fell to $14.4 million, an 87 per cent decline from $113.42 million in the second quarter. Year-on-year, this represents a 77 per cent drop from $64.05 million recorded in the third quarter of 2023, as the National Bureau of Statistics (NBS) reported.

Completing the National Identification Number (NIN) and Subscriber Identification Module (SIM) linkage exercise revealed discrepancies in subscriber data. The mobile subscriber base dropped by 30.09 per cent from 220 million in March to 153.32 million by September 2024, reflecting stricter compliance and audit measures.

The Ministry of Communications, Innovation and Digital Economy expanded its 3 Million Technical Talent (3MTT) programme to build Nigeria’s technical talent pool for the digital economy. By 2024, the initiative trained over 180,000 individuals, positioning Nigeria as a future exporter of tech talent.

Nigeria’s manufacturing sector struggled significantly in 2024, growing by only 2.18 per cent against the government’s 6 per cent target. Rising costs, weak consumer demand, and economic pressures led to many businesses’ collapse and major multinationals’ exit, reducing job creation by 37.83 per cent.

In April, the Nigerian Electricity Regulatory Commission (NERC) increased electricity tariffs by 231 per cent for industrial users, forcing manufacturers to rely on alternative energy due to unreliable power supply. Energy spending rose to N238.31 billion in H1 2024, up 7.69 per cent from H2 2023, driven by higher diesel and gas prices.

Interest rates surged, with maximum lending rates climbing to 35 per cent in Q2, up from 28.6 per cent in Q1, tightening financial conditions for manufacturers. Currency instability caused further losses.

Companies like Microsoft, PZ Cussons, and Diageo exited the market, reflecting the harsh business environment. The Manufacturers Association of Nigeria (MAN) called for urgent reforms, citing structural bottlenecks, multiple taxes, and inflationary pressures as critical challenges threatening the sector’s survival and growth.

Nigeria’s automotive sector faced significant challenges in 2024, primarily due to prolonged delays in enacting an automotive policy, high inflation, naira depreciation, and skyrocketing exchange rates. Vehicle prices rose to unaffordable for most consumers, including new and fairly used cars. Corporate buyers suffered massive losses due to unfavourable exchange rates, while automobile loans with interest rates exceeding 33 per cent remained inaccessible to most buyers.

Amid federal incentives for compressed natural gas (CNG), many assembly plants began converting vehicles to CNG models, offering consumers the choice between CNG and internal combustion engine (ICE) vehicles. The sector remains hopeful for recovery in 2025, driven by the naira’s recent appreciation and anticipated government support.

Judiciary battles with reputation management
IN a historic development, the Supreme Court, on February 26, reached its full complement of 21 justices for the first time, following President Bola Tinubu’s appointment of 11 justices. This milestone aligned with Section 230(2)(b) of the 1999 Constitution.

After three decades of clamour for autonomy, the Supreme Court delivered a landmark judgment on July 11, affirming the financial independence of Nigeria’s 774 local governments. The court ruled that allocations must go directly to local councils, bypassing state control. Attorney General of the Federation (AGF), Lateef Fagbemi, who initiated the suit, hailed the ruling as “a victory for grassroots development and true federalism.”

Further reinforcing judicial integrity, the National Judicial Council (NJC), presided over by Chief Justice of Nigeria (CJN) Kudirat Kekere-Ekun, reviewed multiple petitions against judicial officers in November. Notable among the disciplinary actions was the compulsory retirement of Imo State Chief Judge T.E. Chukwuemeka Chikeka and Yobe State Grand Kadi, Babagana Mahdi, for falsifying their ages. They were also ordered to refund salaries earned during their extended tenures.

In a landmark decision aimed at improving the welfare of judicial officers, the Federal Government also approved a significant salary increment for judges and other judicial workers. The move, announced in December, came after years of agitation for better remuneration and working conditions for judiciary members.

The revised salary structure will see Supreme Court justices earning a monthly salary of N10 million, up from N2.477 million, while judges of the Court of Appeal will now receive N9 million, an increase from N2.297 million. High Court judges will earn N8 million monthly, a sharp rise from N1.8 million.

However, the judiciary has faced intense scrutiny over its image, with accusations of corruption, undue influence, and delays in delivering justice. The court was recently condemned for placing a high bail bond on children brought to court for involvement in public demonstrations against bad governance.

There are also accusations of fraternisation between judges and politicians in recent times. The President of the Nigerian Bar Association, Mazi Afam Osigwe (SAN), had urged an end to the fraternisation.

A year of political conundrum
THE year 2024 started on a sad note for political opponents as the Supreme Court unprecedentedly validated the elections of 10 governors who participated in the controversial 2023 general election.

Following the controversy that trailed the conduct of the polls, opposition parties went to court to challenge the elections of those governors. Those challenged were Alex Otti of Abia State, Caleb Mutfwang of Plateau State, Mutfwang Hyacinth Alia (Benue State), Dauda Lawal (Zamfara State), Babajide Sanwo-Olu (Lagos State) and Bala Muhammed of Bauchi State.

Others are Bassey Otu of Cross River State, Francis Nwifuru (Ebonyi State), Abba Yusuf (Kano State), Umo Eno (Akwa Ibom State and Dapo Abiodun of Ogun State.

However, on a single day, January 12, 2024, the apex court validated the elections of these governors. Also, it went ahead on January 19 to give favourable judgment to governors Muhammad Inuwa Yahaya of Gombe State, Nasir Idris (Kebbi State), Uba Sani (Kaduna), Engr Abdullahi Sule (Nassarawa) and Francis Obovrevwori (Delta).

Many will also not forget 2024 in a hurry because the rank of the opposition political parties was also shrunk with crises that engulfed three leading parties such as the Labour Party (LP), PDP, and New Nigeria Peoples Party (NNPP).

Also, the flank of the opposition parties has been weakened in the year by the defection of many of their members to the ruling APC. Most hit is the LP and PDP, where several of their members at the National and State Houses of Assembly have dumped the party in the guise of irreconcilable indifferences among its membership.

President Bola Tinubu had, within the year, reshuffled his cabinet. The exercise saw him naming seven new ministers, sacking five and reassigning 10 others to new portfolios from the 45-member cabinet.

The changes include renaming the Ministry of Niger Delta Development to the Ministry of Regional Development, the winding up of the Ministry of Sports, and the merger of the ministries of Tourism and Arts and Culture.

He appointed new ministers for humanitarian and poverty reduction, trade and investment, labour, livestock development and junior ministers for foreign affairs, education and housing.

The political unrest in Rivers State, which started on October 31, 2023, intensified throughout 2024. The unabated crisis led to the withholding of the State’s revenue by the Federal Government after a Federal High, Abuja, ordered the seizure of the allocations following the refusal of Governor Siminalayi Fubara to represent the 2024 budget before the Martins Amaewhule-led State Assembly. A recent ruling by the Appeal Court in Abuja has upturned that decision.

Insecurity threatens education sector
THE year started on a sad note as bandits, on March 7, 2024, kidnapped 287 students, including many girls, at the government secondary school in Kuriga town, Kaduna State. Two days later, unknown gunmen broke into a boarding school in Gidan Bakuso village in Sokoto State and kidnapped 15 children as they slept.

On March 18, over 87 people were reported to have been kidnapped in Kajuru community in Kaduna State. They were, however, released after the government paid a ransom. As a result of all these, many parents pulled their children out of school to avoid the risk of being kidnapped.

Another highlight was the signing of the Student Loan Bill into law and the disbursement of funds by the Nigeria Education Loan Fund (NELFUND). It was introduced to ensure access to quality education for all, considering the high cost of living in the country and subsequent increment in tuition fees by various schools.

Another major highlight was the controversial policy by the erstwhile Minister of Education, Prof Tahir Mamman, which set the minimum age for writing the Senior Secondary School Certificate Examinations (SSCE) at 18 years, starting in 2025. This decision sparked widespread criticisms from education stakeholders, who viewed it as a regressive step that fails to consider the realities of modern education. Following the public outcry, it was reversed.

It wasn’t all about woes; Sports sparkled
YES, it was not all about doom and gloom. In sports, Nigerian athletes showcased their talents on international platforms despite significant funding challenges. The national football team garnered attention during the African Cup of Nations final in Cote d’Ivoire and brought home silverware.

Ademola Lookman of the Super Eagles emerged as the African Footballer of the Year (2024). This underlined Nigeria’s improving profile in African football. His triumph made him the seventh Nigerian to win the prestigious award and upheld Nigeria’s impressive record in the category following Victor Osimhen’s victory in 2023.

However, Team Nigeria’s Paris Olympics outing was a disaster. A contingent of 88 athletes departed Nigeria for the Paris Olympic Games with high expectations of surpassing the nation’s performance at the Atlanta ’96 Games. But they returned home empty-handed, though the National Women’s Basketball team, The Tigress, held their heads high.

Notably, the paralympic team at the Paris 2024 Olympics saved Nigeria’s blushes, returning home with seven medals of gold, three silver, and two bronze, solidifying their position as a global para-sport powerhouse.

2024 has been a turbulent one for Nigerians across all sectors. Therefore, it is incumbent on the government at all levels, as well as all political leaders, to strive to better the fortunes of Nigerians in 2025.