Experts Warn of Nigeria’s Eroding Resilience Amidst Economic and Governance Challenges
Nigeria’s capacity to absorb economic and social shocks has been significantly undermined by a combination of factors, including poor governance, an overreliance on oil revenue, and institutional weaknesses. This critical assessment was delivered by Alhaji Rasaki Oladejo, President of the Muslim Ummah of South West Nigeria (MUSWEN), during the formal opening of the Guild of Muslim Professionals (GMP) Convention held in Ijebu-Ode, Ogun State.
Represented by Alhaji Thabit Wale Sonaike, Deputy President II of MUSWEN, Alhaji Oladejo articulated that Nigeria currently ranks among the least resilient nations in Africa. He issued a stark warning: without decisive reforms and leadership grounded in strong moral principles, sustainable national development will remain an unachievable aspiration.
The convention itself, themed “Resilient Professionals, Resilient Nation,” served as a crucial forum for Muslim professionals, scholars, and industry leaders to collectively deliberate on Nigeria’s economic fragilities and explore the pivotal role that faith-driven professionalism can play in national regeneration.
Economic Vulnerabilities and Their Impact
A central theme of the discussion was Nigeria’s precarious economic situation, largely attributed to its profound dependence on the oil and gas sector. This sector is the primary engine of the nation’s foreign exchange earnings, accounting for up to 90 per cent, and contributes approximately half of the government’s revenue. Such a heavy reliance inherently exposes the economy to global price volatility and supply chain disruptions.
Beyond the oil dependency, a confluence of other challenges has further eroded the nation’s resilience:
- Infrastructure Deficits: Inadequate and aging infrastructure hampers productivity and economic growth.
- Insecurity: Persistent security challenges divert resources and deter investment.
- High Poverty Levels: Widespread poverty limits domestic demand and social stability.
- Rising Debt: Increasing national debt places a strain on public finances and future economic prospects.
These compounding issues have had a tangible impact on the lives of ordinary Nigerians. Statistics presented indicated a concerning trend: Nigeria’s per capita Gross Domestic Product (GDP) experienced an average annual decline of 0.7 per cent between 2014 and 2023. Adding to this hardship, inflation soared beyond 40 per cent in 2024, significantly diminishing the purchasing power of citizens.
While acknowledging recent reforms, such as the liberalisation of foreign exchange markets and the removal of fuel subsidies, which have reportedly improved forex access and bolstered reserves, Alhaji Oladejo stressed that fundamental issues like persistent electricity shortages, pervasive food insecurity, and widespread poverty continue to pose significant obstacles to national progress.
Key Priorities for National Renewal
The MUSWEN president underscored the critical importance of several key priorities for the nation’s recovery and growth:
- Poverty Reduction: Addressing poverty requires long-term, strategic interventions rather than superficial fixes.
- Fiscal Discipline: Prudent management of public finances is essential to ensure stability and sustainable development.
- Increased Domestic Revenue: Diversifying revenue sources beyond oil is crucial for economic resilience.
The Imperative of a Resilient Workforce
Central to the discussion was the concept of a resilient workforce. Alhaji Oladejo emphasized that skilled, adaptable, and ethically grounded professionals are indispensable pillars of national stability. To achieve this, he advocated for targeted reskilling initiatives in critical areas such as digital technology, artificial intelligence, and cybersecurity. Furthermore, the adoption of flexible work models and robust mental health support systems were highlighted as vital components in ensuring that Nigerian professionals can maintain productivity and contribute effectively to long-term growth, even amidst crises.
Faith-Driven Professionalism and Ethical Leadership
Dr. Akeem Oyewale, Chairman of the Board of Trustees of GMP and Chief Executive Officer of Marble Limited, urged Muslim professionals to view resilience not just as a professional goal but as a moral and spiritual obligation. He posited that professionals must act as bastions of integrity within potentially weak institutional frameworks, guided by Islamic values of accountability, justice, and excellence.
Dr. Oyewale elaborated that true resilience, when rooted in faith, necessitates ethical restraint, unwavering diligence, and responsible stewardship, even when formal institutions falter. He called upon Muslim professionals to actively strengthen the organisations they are part of, rather than contributing to their erosion, as national stability is intrinsically linked to individual conduct.
The keynote address, delivered by Sheikh Muhammad Mahmoud, focused on “Ihsan in Islam.” He explained that a constant awareness of Allah’s presence cultivates ethical behaviour, fosters inner calmness, and drives the pursuit of excellence. When professionals internalise this divine accountability, integrity becomes an innate aspect of both their public and private lives. Sheikh Mahmoud encouraged participants to integrate spiritual mindfulness into their daily routines through simple practices, such as brief moments of reflection, potentially aided by technology, and stressed the importance of effective mentorship and adherence to established Islamic teachings.
Bridging Gaps in Influence and Representation
Dr. Jubril Salaudeen, Director of Executive Education and Consultancy at Nungu Business School, highlighted the need for Muslim professionals to assume proactive responsibility for Nigeria’s economic and social advancement. He cautioned that a passive approach, characterised by silence and poor coordination, has diminished their collective influence in national affairs.
Despite their significant presence across various key sectors, Dr. Salaudeen noted that Muslim professionals often grapple with gaps in identity, representation, and recognised contribution. These challenges are exacerbated by a lack of reliable data concerning their population numbers, sectoral distribution, and leadership positions. This critical data deficit, he explained, impedes effective strategic planning, accurate impact assessment, and robust succession planning.
A significant concern raised was the underrepresentation of Muslim professionals in top leadership roles across sectors like banking and law, with many remaining in middle management. Dr. Salaudeen described this trend as a considerable threat to long-term influence and advocacy. He advocated for intentional mentorship programmes and concerted advocacy efforts to propel qualified professionals into leadership positions, moving beyond reliance on chance.
The issue of discrimination against Muslim women in the workplace was also brought to the fore, with Dr. Salaudeen recounting instances where qualified candidates were overlooked due to their adherence to hijab. He stressed that empowering Muslim women professionally would not only strengthen household incomes but also significantly boost national economic outcomes.
To address these multifaceted challenges, Dr. Salaudeen urged the GMP to implement sustained mentorship and leadership development plans, envisioning a five-to-10-year horizon. He also called for enhanced collaboration among Muslim professionals in both public and private sectors and the promotion of responsible public engagement to elevate the community’s image and national relevance.
