NYFA LEADERS' ECONOMIC DIGEST Episode 20

NYFA LEADERS' ECONOMIC DIGEST

Episode 20

By NYFA Editors

Nigeria's Saturday Morning Delight: The Great Akara, Moin-moin and Akamu Divorce.

In the land of Nigeria, where the sun rises with promise and sets with despair, the once-beloved tradition of Akara or Moin-moin with Akamu (pap or ogi) on a Saturday morning has become a distant memory, a relic of a bygone era when beans were affordable and governance was not a mere facade. The perfect marriage between Akara or Moin-moin and Akamu, a symphony of flavours and textures that delighted the senses, has been torn asunder by the harsh realities of economic mismanagement.

The price of a bag of beans, the heartbeat ingredient in Akara and Moin-moin, has skyrocketed to dizzying heights, leaving the average Nigerian to ponder the wisdom of their leaders. A bag of beans, once a mere ₦2,000 to ₦3,050 between 1999 and 2007, now costs a whopping ₦70,000, a price increase of monumental proportions. One is left to wonder if the beans are infused with gold dust or perhaps the essence of rare African spices.

The leaders of this great nation, in their infinite wisdom, have decreed that the people shall suffer, that they may learn to appreciate the value of a well-placed naira. The people, perhaps in their naivety, had thought that the government was there to serve, to provide for their needs and ensure their well-being. Alas, it seems that the government is merely a vessel for the leaders to enrich themselves, to line their pockets with public funds and to leave the masses to struggle.

Akara and Moin-moin, once a perfect match with Akamu, are now forced to live apart, a consequence of the unaffordable price of beans. The Saturday morning tradition of enjoying these delicacies together is fast becoming a thing of the past. The people are left to wonder what went wrong, why the perfect marriage between Akara/ Moin-moin and Akamu has been torn apart by the harsh realities of economic mismanagement. One is forced, like a marriage counsellor to revist an era when the marriage was perfect...

| Year | Price Range |
| --- | --- |
| 1999-2007 | ₦2,000 - ₦3,050 |
| 2023 | ₦20,000 |
| 2025 | ₦70,000 |

...and project, following current trend, what disaster looms should current trend continues assuming an average annual inflation rate of 50% (based on recent trends), the price of a bag of beans could reach:
- ₦105,000 in 2026 (50% increase from ₦70,000)
- ₦157,500 in 2027 (50% increase from ₦105,000)

One is further forced to revisit the aud lang signe in the once Giant of Africa whilst conscious of the present grace to grass phenomenon with no thanks to standing on Tinubu's mandate:

- 1999-2007:
- Lower price index (1999): ₦2,000
- Upper price index (2007): ₦3,050
- Price increase: 52.5% (₦1,050 / ₦2,000) over an eight year period.
- Average annual inflation rate: approximately 6.3% When Nigeria was the Giant of Africa.

- 2023-2025:
- Lower price index (2023): ₦20,000
- Upper price index (2025): ₦70,000
- Price increase: 250% (₦50,000 / ₦20,000) in two years only.
- Average annual inflation rate: approximately 87% the huge fall from grace.

The price increase from 2023 to 2025 is significantly higher than the increase from 1999 to 2007. The average annual inflation rate for beans during Tinubu's government is substantially higher than 1999-2007 combined eight years.

The marriage between Akara/Moin-moin and Akamu, therefore, has been irreparably damaged, a casualty of economic mismanagement and bad governance. The people are left to pick up the pieces, to wonder what could have been done differently, and to hope that one day, the perfect marriage between these Saturday morning delicacies will be restored. Until then, the people will continue to perhaps suffer, and Akara and Moin-moin will remain divorced from Akamu, a sad reminder of the consequences of bad governance.

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