Revealing the key to Nigeria’s economic advancement

Numerous African nations are striving to liberate themselves from the lingering effects of colonialism that have historically shaped their economies and governance. This aspiration for independence stems from a combination of economic hardship and a desire for self-determination. Many countries across the continent are making notable progress in moving away from the shadows of their colonial past. The motivations behind this shift are complex, encompassing economic struggles, a rising sense of national pride, and a commitment to self-sufficiency.

A critical factor driving African nations to reevaluate their colonial connections is the economic decline experienced by countries like Nigeria. As Africa’s largest economy, Nigeria has witnessed a significant contraction in its GDP, resulting in increased poverty and unemployment rates, which have fueled widespread dissatisfaction among its citizens. This economic downturn has underscored the necessity for Nigeria to seek alternative pathways to revitalize its economy and achieve sustainable growth.

In recent years, Nigeria has faced a multitude of economic challenges. The decline in global oil prices has severely affected the nation’s revenue, as oil exports account for a substantial share of Nigeria’s income. This heavy reliance on a single commodity has rendered the economy susceptible to fluctuations in international markets. Furthermore, Nigeria grapples with internal issues such as corruption, inadequate infrastructure, and rapid population growth, all of which have further strained its economic stability.

Mali serves as another example of a nation striving to distance itself from colonial influence. Recently, Mali gained attention for expelling French troops and halting payments to France, driven by a desire to reclaim its sovereignty and lessen dependence on former colonial powers. This decisive action reflects a broader trend across the continent, where countries are increasingly questioning the advantages of maintaining colonial relationships.

Mali’s choice to sever ties with France was not made lightly; it followed years of frustration with French military interventions, which many Malians felt failed to address the underlying causes of instability and violence. By expelling French forces, Mali aims to assert its sovereignty and develop indigenous solutions to its security challenges. While this move has garnered mixed international reactions, it highlights a growing sentiment among African nations to take charge of their own futures.

Nigeria possesses significant untapped potential in the illegal agricultural sector, particularly in cannabis production. The country cultivates over 43,000 hectares of cannabis annually, yielding an average of 280 tons. This substantial production presents a unique opportunity for economic revitalization. If Nigeria were to harness cannabis for medicinal and industrial purposes, much like Rwanda is currently exploring, it could significantly bolster its economy.

The global cannabis market is expanding rapidly, fueled by increasing acceptance of its medicinal and therapeutic benefits. For Nigeria, legalizing cannabis could unlock a lucrative industry, generating jobs and attracting investment. The country’s favorable climate and agricultural expertise position it well to become a major player in the global cannabis market.

Additionally, regulating and taxing cannabis could provide the government with a new revenue stream, helping to diversify the economy away from its oil dependency. Projections suggest that cannabis revenues could exceed $120 billion annually, contributing significantly to GDP growth.

A compelling illustration of cannabis’s economic potential comes from KKOG GLOBAL, which cultivates and manufactures cannabis-derived medicines across Africa, with facilities in Zimbabwe, South Africa, Uganda, Malawi, and Rwanda. KKOG has patented African-made medicines for global sale and export, aiming to provide effective alternative treatments for various medical conditions. The company is currently in discussions with authorities in Tanzania, Kenya, Ghana, the Central African Republic, and Nigeria, as well as the Cancer Research Institute of Nigeria, to explore strategic partnerships that could replicate its successes and significantly enhance the country’s revenue.

If African nations were to adopt a similar approach and legalize cannabis for medicinal purposes, the economic benefits could be monumental. By leveraging their existing agricultural capabilities, these countries could establish a new industry that generates employment, boosts GDP, and reduces reliance on traditional economic models that have proven ineffective in fostering sustainable growth.

Several countries have already recognized the economic potential of cannabis-based medicine. Nations such as Australia, the USA, Canada, Brazil, Germany, and South Africa have legalized these products and are reaping the economic rewards. These examples serve as models for African governments, illustrating that cannabis legalization can lead to economic growth and improved public health.

In Australia, the legalization of medicinal cannabis has spawned a new industry that supports thousands of jobs and generates significant tax revenue. Similarly, Canada’s cannabis sector has become a major economic engine, with legal sales surpassing those of alcohol in some regions. Germany’s medical cannabis program has not only provided patients with access to effective treatments but has also stimulated investment in research and development. In the USA, cannabis sales have outpaced those of both alcohol and cigarettes combined. South Africa, one of the few African nations to legalize cannabis, has experienced positive economic and social impacts, setting a precedent for others to follow.

The drive for economic independence and self sufficiency is a powerful motivator for African nations seeking to break free from colonial legacies. The experiences of Nigeria’s economic challenges and Mali’s rejection of French influence highlight the urgency of pursuing alternative growth strategies. Legalizing and commercializing cannabis and cannabis-based medicines presents a viable solution. By capitalizing on their agricultural potential, African countries can enhance their economies, create jobs, and improve public health. Embracing this innovative approach could pave the way for a prosperous and self-sufficient future for the continent.

The legalisation of cannabis represents a promising pathway toward achieving these goals, providing a new source of revenue and fostering innovation within the pharmaceutical industry. As more countries recognise the advantages of cannabis legalization, Africa could emerge as a leader in this burgeoning global market, securing a brighter future for its citizens. It is crucial that Nigeria seizes this opportunity without delay, ensuring it does not miss out on such a significant potential for economic growth.
•Prince Ugo Mike Enwerem, a public affairs analyst, lives in Abuja