Nigeria has struggled with numerous challenges throughout its history. One of the significant factors contributing to these challenges is the role played by the calamitous elites. Defined as the privileged and influential individuals who hold power and influence in society, the elites have often used their positions to exploit the system for personal gain, perpetuating corruption, and exacerbating socio-economic inequalities.
A former Nigerian president once attributed the country’s political and socio-economic problems to the elites, who have continuously hindered Nigeria’s progress and impeded its development.
Corruption has been a pervasive issue in Nigeria, and the elites have been at the forefront of this destructive practice. They have used their positions of power to embezzle public funds, divert resources meant for infrastructure development, and manipulate the legal system to their advantage. The mismanagement of public resources has resulted in dilapidated infrastructure, inadequate public services, and a lack of access to essential amenities for the majority of the population. The diversion of funds intended for education, healthcare, and basic infrastructure has hindered Nigeria’s progress and perpetuated socio-economic disparities.
Whether in the public or private sector, the character of the elites remains the same, perniciously greedy and destructive. There are many of them in the private sector roaming freely in an opulence lifestyle. If the Central Bank of Nigeria (CBN) published all the names of commercial bank loan defaulters, many of them will stand accused or incriminated. Among the super-rich elites, there are about 20 of them owing over N5 trillion. The Buhari Administration set up a committee through AMCON to get the money from them, but just like an elite game, Nigerians did not hear much of what happened.
These men are super elites and above the law, most of the debts are now classified as bad debts. But they are sitting on riches.
These people are responsible for where we are at the moment. Some tonnes and tonnes of money deposited in the banks have disappeared without a trace. Some debts have been declared doubtful because the effort to retrieve them has not been successful. Whereas, those who took the loans from these banks may not have supported it with collateral, getting their collateral to go for it is not possible because there’s nothing on the ground to auction. This is the seriousness of the huge financial crime they have inflicted on Nigeria.
The Nigerian economy, despite its vast resources, has failed to uplift the majority of Nigerians out of poverty. Through monopolistic practices, rent-seeking behavior, and collusion with multinational corporations, elites have ensured that the benefits of economic growth are disproportionately enjoyed by a small fraction of the population. This has resulted in a wide wealth gap, high unemployment rates, and limited opportunities for social mobility, reinforcing the cycle of poverty and social exclusion.
Furthermore, the elites have also neglected investing adequately in human capital development. Education and healthcare, essential components of human development, have been neglected, leading to a poorly skilled workforce and inadequate healthcare infrastructure. The elites have failed to prioritize and invest in the development of critical infrastructure such as roads, electricity, water supply, and transportation systems. This lack of infrastructure hampers economic activities, stifles productivity, and limits the potential for industrialization and job creation.
Most dangerously, the elites have exploited ethnic and religious fault lines for their own political and economic interests. Nigeria is a diverse country with over 250 ethnic groups, however, the elites have often fueled ethnic tensions and conflicts to gain political power and control over resources. They manipulate the sentiments of their respective ethnic or religious communities, playing on their fears and grievances to secure their support. This divisive strategy has resulted in violence, displacement, and loss of lives across the country, hindering national unity and development.
In Nigeria’s 36 years of uninterrupted civilian rule, the elites have repeatedly impeded democratic processes, undermining the principles of transparency, accountability, and fair representation. They have manipulated elections through voter intimidation, ballot rigging, and the use of political thugs. The result is a political landscape dominated by a class of people who are more focused on consolidating their power rather than addressing the needs and aspirations of the citizens. The suppression of dissent and the lack of political inclusivity have eroded trust in democratic institutions, limiting the potential for positive change and fostering a culture of impunity.
Sadly enough, the weak institutions and governance structures have allowed elites to thrive and act with impunity. The lack of effective checks and balances, coupled with a culture of patronage, has created a system that enables elites to consolidate power, protect their interests, and perpetuate their dominance.
In addition, the actions of elites including corruption, mismanagement, and inadequate investment in education, have contributed to a significant brain drain. Skilled professionals, including doctors, engineers, and academics, often seek better opportunities abroad due to limited prospects and a lack of conducive working environments at home. This brain drain deprives Nigeria of valuable intellectual capital and further perpetuates the cycle of underdevelopment.
Regrettably, the elites have been complicit in facilitating international exploitation and fostering a dependency on foreign powers. Through corrupt practices and unequal trade agreements, they have allowed the exploitation of Nigeria’s resources by multinational corporations without adequately benefiting the country. This perpetuates an unequal global economic order and hinders Nigeria’s ability to assert its sovereignty and pursue independent development.
And, within Nigeria’s democratic set up, a culture of nepotism coupled with the trend of political dynasties is prevalent among the elites, with power often concentrated within a few influential families. Political positions and economic opportunities are passed down through generations, reinforcing a system of privilege and exclusion. This practice limits meritocracy, stifles innovation, and hinders social mobility, as opportunities are primarily reserved for those with familial connections.
Perhaps one of the most significant challenges in addressing the destructive actions of elites in Nigeria is the culture of impunity and the lack of accountability. The elites often operate with little fear of facing consequences for their actions, as they exploit their positions of power to manipulate the legal system and evade justice. This lack of accountability undermines the rule of law, erodes public trust, and perpetuates a culture of corruption.
The role of elites as agents of destruction in Nigeria encompasses a wide range of issues, but addressing these challenges requires a comprehensive approach that includes political, economic, and social reforms. Strengthening institutions and promoting good governance are essential for curbing the destructive actions of elites and fostering a more inclusive and just society. By holding elites accountable and prioritizing the needs and aspirations of all Nigerians, the country can overcome these destructive forces and pave the way for a brighter future.
