Why the #EndSARS protests makes me bullish about Nigeria

With an estimated 202 million people, Nigeria is the most populous black majority country in the world. Aside from its sheer numbers, Nigeria’s political, economic and cultural influence has made its fate crucial for the future of the African continent.

The political repression, corruption, poverty, power cuts and conflicts that rocked Nigeria for decades have kept the country from fully claiming its position as an economic power and cultural home for black people around the world. A flicker of hope appeared in 2015 when an alliance of opposition parties and defections from the ruling People’s Democratic Party (PDP) resulted in an electoral victory for the All Progressives Congress (APC) thus bringing an end to 16 years of (effectively) a one-party system.

However, the APC followed a long-standing government tradition of disappointing its voters and the rest of its citizens. Five years later many of the challenges which saw the PDP out of power still remain. Economic growth remains poor due to global crude oil price crashes and bizarre economic policies and communal conflicts remain a big problem. Even worse, some Nigerians are doubting the ability of meaningful change to be derived from the ballot box.

Despite these issues the recent protests against police brutality which have been led by young Nigerians have filled me with optimism about the future of the country. They have been coordinated through social media and the protesters have refused to appoint leaders thus making it difficult for authorities to infiltrate or compromise the movement. Whatever short-term economic disruptions arise from these protests pale in comparison to the long-term implications which I believe are going to be positive.

For starters, the outcome of these protests will create a much safer environment for the budding Nigerian tech scene whose members have been among the most targeted by the Special Anti-Robbery Squad (SARS). It is frustrating to think that Nigerian youth who have made a living in tech despite the lack of infrastructure the country offers are extorted by what is essentially a racketeering unit. The benefits for investors of a safer tech industry in Nigeria is obvious.

Secondly the top notch organization of the protests has revealed a level of competence among Nigerian youth which many would not have expected. Protestors are fed, given water, provided healthcare and legal assistance by a network of volunteers such as the Feminist Coalition. The media campaign has been excellently ran and has attracted the attention and support of several prominent personalities around the world. If you are a believer in value investing then the fundamentals of Nigeria’s human resource shows that it is currently being undervalued and it’s a strong buy.

Finally, the unity shown by Nigerian youth despite their diverse political affiliations, ethnicities and faiths is encouraging. I do not claim to be so optimistic that I expect that to continue for a significant period of time. However, I can only hope that the success that has come out of this unity towards one purpose will serve as motivation for joint action in future.

Leave a Reply