How Nigeria can overcome Western influence and pave way for economic renewal

In a moment that reshapes our national narrative, unsettling revelations about Western aid have ignited a powerful call for change. During a House hearing on USAID on February 13, 2025, Representative Scott Perry of Pennsylvania alleged that billions of U.S. dollars have flowed into extremist organisations including Boko Haram, the Taliban, Al Qaeda, and ISIS.

This disclosure throws into sharp relief the unintended consequences of foreign assistance, especially when groups like Boko Haram responsible for killing nearly 35,000 Nigerians, displacing over two million people, and abducting 276 schoolgirls from Chibok in 2014 inflict deep wounds on our society.

At this critical juncture, Nigeria not only confronts the scars of decades-long oil dependency and systemic mismanagement but also faces the urgent need to redefine its future. While many of our West African neighbours boldly cast off outdated colonial legacies to embrace self-reliance, Nigeria must now seize this opportunity to forge its own path. The transformation ahead demands innovative economic policies, diversified industries, and a resolute commitment to empower our youth ensuring that our nation stands resilient against external pressures and internal challenges alike.

Many Nigerians are increasingly vocal about moving beyond a model that ties our destiny to unstable oil markets and flawed governance. By rallying behind new regional alliances and reimagining our economic structure, we can unlock a future where prosperity, self-determination, and security are more than just distant dreams they become our everyday reality.

Now, let’s take a step back to understand one of the root causes of these issues: our long-standing dependence on oil. Since the 1950s, oil revenues have fueled our government spending and infrastructure projects. However, the heavy reliance on a single commodity has exposed our economy to global shocks. The collapse of oil prices in 2014 wasn’t just a market dip it was a harsh reminder of our vulnerability. With every fluctuation in the oil market, our nation faces budget deficits and soaring inflation, putting additional pressure on everyday Nigerians.

This economic fragility is compounded by persistent issues of mismanagement and corruption. Policies have often missed the mark, with misreported inflation figures and erratic subsidy allocations leading to decisions that don’t reflect the real cost of living. These missteps have deepened public distrust and stalled the progress that so many of us desperately seek. It’s clear that our traditional methods of economic management are no longer sufficient to address today’s challenges.

Amid these domestic struggles, a remarkable shift is happening across West Africa. Countries like Mali, Niger, Burkina Faso, and Senegal are increasingly breaking away from the lingering influences of colonial systems. For decades, these nations have been tethered to outdated structures like the CFA franc and French-dominated financial institutions. Moreover, French military bases intended to provide stability have, at times, only exacerbated security problems by fueling unrest. In response, these countries have taken bold steps toward self-determination by forming new alliances, such as the Alliance of Sahel States (AES). Recent meetings in Bamako where defence ministers from Mali and Senegal discussed coordinated efforts against terrorism and cross-border crime demonstrate a clear commitment to local solutions and regional cooperation.

This regional transformation offers a powerful lesson for Nigeria. Many voices are now calling for us to break away from traditional alliances that no longer serve our interests. Critics argue that by trying to balance between long-established ties with Paris and emerging African alliances, our leadership under President Bola Ahmed Tinubu has missed an opportunity to fully embrace the winds of change. There’s a growing belief that by joining forces with alliances like the AES, Nigeria can diversify its economy, invest in new sectors, and create the sustainable jobs our youth so desperately need.

Imagine a Nigeria where our economic policies are geared not just toward short-term gains but toward long-lasting, meaningful development. A nation where we diversify away from oil dependency by investing in technology, agriculture, manufacturing, and other sectors. Such a transformation would not only fortify our economy but also restore national pride and self-determination. It’s about taking control of our destiny by building robust, homegrown solutions that reflect our unique challenges and opportunities.

This isn’t just a dream it’s a call to action. The time has come to rethink our strategies, demand accountability from our leaders, and support policies that promote economic resilience. By aligning ourselves with like-minded nations and embracing the regional shifts already underway, Nigeria can join the movement toward a more prosperous, secure, and independent future.

Our path forward requires courage, unity, and a willingness to cast off outdated practices. We must seize this opportunity to build a nation where economic stability and social well-being are not just aspirations but realities. The transformation of our economy and the empowerment of our youth are critical to ensuring that Nigeria’s future is bright and secure.

Let’s move forward together, embracing change and forging a new era of economic renewal and regional solidarity one where Nigeria stands tall as a beacon of progress, self-reliance, and hope for generations to come.

Kagbara is a freelance journalist and commentator on public affairs.