As Nigeria marked its 65th Independence anniversary, economist and university lecturer Prof. Godwin Oyedokun painted a sobering picture of the nation’s economic journey, blaming decades of poor governance and policy failures for the naira’s dramatic collapse.
Speaking in an interview with DAILY POST on Wednesday, Oyedokun recalled that while the naira exchanged at just 71 kobo to the US dollar in 1960, it now trades at ₦1,475.35 — a fall he described as the result of “severe devaluation and sweeping economic shifts.”
According to him, Nigeria’s over-reliance on oil revenues, inconsistent foreign exchange policies, and years of economic mismanagement have crippled the currency. He noted that the broader economic story since independence has been one of high inflation, food insecurity, and unstable energy supply.
The professor urged President Bola Tinubu to take decisive steps towards economic diversification, strengthen the naira, and invest massively in infrastructure. He also emphasized the need for policies that boost agriculture, create jobs for restless youths, fight corruption, and rebuild public trust in governance.
“The economic journey of Nigeria reflects both the challenges and the potential for growth,” Oyedokun said. “By prioritising diversification, good governance, and investment in critical infrastructure, Nigeria can still chart a path to stability and prosperity.”
