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PROBLEMS OF ECONOMIC DEVELOPMENT IN NIGERIA AND SOLUTIONS

TOP 10 PROBLEMS OF ECONOMIC DEVELOPMENT IN NIGERIA AND SOLUTIONS

We have had lots of problem in this country today. Lots of economic challenges have faced Nigeria overtime. The main problem is that our citizens and leaders have always failed to make things right. Nigeria is now in a political mess, lots of killing, kidnapping and also internet fraud which is now the latest we have today.

Problems Of Economic Development In Nigeria

Problems Of Economic Development In Nigeria

Lots of recent bombing attacks have taken place, many leaders are looting the country’s money. In this article, we would look at the top 10 problems which Nigeria has been facing today.

TOP 10 PROBLEMS OF ECONOMIC DEVELOPMENT IN NIGERIA AND SOLUTIONS

  1. One of the major problems which Nigeria is facing today is poor leadership. Nigeria has been ruled by poor leaders over time from the onset. Our leaders are not doing their jobs effectively. Most of our leaders in the country are incompetent and are not manful to lead the country to greatness. You can imagine the kind of leader we have today, they cannot properly rule the country and the youths are looking up to them for directions.
  2. Corruption is the root of the problem in this Nigeria. Everyone is corrupt from the lowest to the highest level. Corruption comes in many forms and it has been able to infiltrate from the grass-root to the highest system of government. In the Nigeria constitution, it is stated that “The state shall abolish all corrupt practices and abuse of power. The leaders who are in the position today are the ones even heading the group of corruptions, the non-governing citizens are expected to be free from corruption also, then found guilty of this same act. Now we have the constant abuse of power, the current ruling government is not performing functions as expected, the people who are also with them in the government system are enriching their pockets. In the year 2013, it was shown that Nigeria was the 33rd most corrupt country in the world.
    In term of rigging of elections, that is very popular as the citizens are tired of voting. Thugs are being hired by candidates of the election to rig and even steal ballot boxes. Corruption is a worm which has been eating deep into this country over time, if certain measures are not carried out, we would have nothing left to call a country anymore.
  3. Terrorism is a big issue in Nigeria everyday. With the killings by Boko Haram, kidnapping, bombing, and rape they carry out daily in the country is very alarming. In the year 2016, Global Peace Index ranked Nigeria as the fourth country in the world with the highest number of international conflicts deaths. Boko Haram is called an agent of destruction in Nigeria, the northern part of the country has been destroyed so bad that even students cannot complete their education. 
  4. Lack of consistency and greed of the politicians are among one of the causes of hemorrhage in the economy. Now, for instance, let’s take a look at this any government that comes on board, they set up a new policy instead of working on the old one, because of this new policies many of the old projects are left and unfinished, some are still pending while others are inefficient and badly executed policies. 
  5. Education has been a problem in Nigeria today. Many youths are lacking education in the country, especially in the northern states. Corruption has also spread out in the educational system in Nigeria. Lectures now take money from students in exchange for good marks, many students even bribe university executives to have their exam result submitted and compiled for the NYSC. Facilities which are needed to teach students adequately so that they can be useful to the society are not available. Too much theory in our educational institutions and a total lack of practice is what is the big issue today. 
  6. Unemployment is like a viral disease in Nigeria. Due to the economic recession, there has been a high rate of unemployment, no jobs are available for the youths, 24% of Nigeria people are unemployed am talking about the ones who are a little bit of age, now lets move on to the youths, there is not even a rating I can give you for that, because we have so many jobless youths on the street, but based on some facts I can 8% of youths who are below 24 are unemployed. During the year 2014, 16 people were killed in a scuffle when 500,000 job seekers were in a hurry to apply for about 5,000 vacancies in the immigration service of Nigeria. Unemployment has also been one of the main causes of social vices in the country, students who even graduate find it hard to get a job. 
  7. There has been no stable infrastructure in Nigeria. The power sector is corrupt and mismanaged and many workers in the electricity sector are not equipped with the proper skills and training. The road system in Nigeria is very bad, business suffers without a dependable road system. Between the year 2001 and 2006 only $50million of the needed $240million were allocated for road maintenance. 
  8. Health standards of Nigeria have been in bad conditions. Nigeria experiences hundreds of oil spillage per year, this is due to pipe erosion neglect by oil companies and also an uncaring attitude of oil firms. Oil spills spoil the soil nutrients and other important elements. The health issue in Nigeria suffers from the lack of medicine and inexperienced doctors with bad education. It is known that in Nigeria if you do not have money you will not be able to get good treatments, so it is also seen that corruption is also affecting this sector. 
  9. The crime problem in Nigeria gives many citizens of Nigeria sleepless nights. Public safety is very important in Nigeria and they have failed in that aspect. Kidnapping has now turned into a business in the country, during June 20th, 2017 one of the most notorious kidnaper in the country who is popularly called Evans was arrested. He was said to have caused pain for many people, he collected a huge amount of money from different sets of people. Nigeria now has a high murder rate of 17.7 homicides per every 100,000 people. 
  10. Unpaid salary of workers has now become a rampant issue these days. Government finds it hard to pay salaries of workers or even make an increase and they expect them to resume to work daily. People do not have enough money to spend in this period of recession.

Now that we have highlighted 10 major problems of economic development in Nigeria, let’s take a look at the probable solutions to the economic challenges.

Below are some solutions to the problem of economic development in Nigeria, which can help us in solving these problems.

  • Unpaid salary of workers should be cleared up immediately. The government should pay up accumulated salaries and allowances of workers.
  • In the aspect of terrorism, there should be security agents and also persistent hard-work by everyone.
  • There should be quality education that should be given to youths, it is advised that the federal government should invest more in the educational system of the country.
  • Proper infrastructure should be put in place, steady power supply, good roads.
  • The current government should be able to finish up a past project before bringing up a new up, the ones they met before should be completed, so as to ensure an efficient government.
  • Leadership and Patriotic citizens; Theirs need for proper reorientation of those in the leadership position to fully understand that they are there, to serve the people of Nigeria and not their pocket or family.

Making Nigeria great is not a one day job, with collective effort, we can make it the country that we always dream of. So that’s all on Problems of economic development in Nigeria and solutions.

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Updated: April 17, 2018 — 2:46 pm

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