By Kayode Emola
Over 2 months into the US/Iran war, the effect is beginning to unravel before our very eyes. Anyone observant of the world’s affairs and the effect of globalisation knows that it’s going to take a while before the world’s economy goes back to where it was before the war.
Unfortunately for mankind, whatever goes up in our world economy finds it very difficult to come down, irrespective of where we find ourselves on this planet. It is as though the forces of nature are constantly waging war against our pockets.
Take, for instance, the market of “just in time” we have become accustomed to. This has made the world’s economy into a global village where goods and services are readily available with the click of a button. That economy has been tested very hard by the US/Iran war, and it is about to crack. What happens from here will very much depend on the direction the negotiations between the US and Iran take.
The prices of commodities are beginning to skyrocket even though there hasn’t been an active military campaign since April 7. The damage from the month-long continuous bombardment is leaving countries around the world reeling from the effects of the war.
Many airlines across the globe are now cutting flights drastically, like in the case of Lufthansa, which cut down over 20,000 flights in April. Or Spirit airline that practical shut its door for good yesterday in the US. These are just a few direct consequences of the war between the US and Iran. The indirect consequences down the line may not fully unravel until many months later.
Once travel is disrupted, the movement of goods and people from one location to another becomes problematic. This, in effect, affects the prices of everyday supplies that we need to function. Eventually hurting every one of us in one way or another.
The funniest part of this whole situation is that many people in Africa are unaware of what is going on. Some more than others are feeling the pain because their essential commodities have gone up in price.
The most important thing is for countries in Africa that are blessed with good vegetation, arable land, and natural resources to begin to utilise them for their own benefit. This will mean going the extra mile in ensuring that external factors like the war in Iran don’t affect the prices of everyday goods.
As for us, our Yoruba people, the time is now to consolidate on what has been built by the Awolowo government in the 1950’s. We need to dust all the good works of that government and see how we can build something that would withstand unforeseen circumstances now and into the future. This is the only way we can shield ourselves from any external factors that we cannot influence.
At least, the Dangote refinery in Lagos is a blessing in disguise for the Yoruba people and the entire Nigeria at large. Were it not for that refinery, Nigeria would have been in total shambles right now, not least with an epileptic power supply. This is why the Yoruba nation must prioritise the production of its own goods and services that it consumes rather than the reliance on offshore markets or other countries.
