Basic Economic Problems in Nigeria with Solutions
Basic Economic Problems in Nigeria with Solutions
Every country in the world, is faced with four (4) major economic problems which are:
How to Produce
What to Produce
For Whom to Produce and;
Provisions to be made for Economic Growth.
Of course, Nigeria is also faced with these problems, but they are general ones. In this article,
we wouldn’t be addressing these four global economic problems, but we would be considering
the basic economic problems that are peculiar to Nigeria as a country, alone.
Nigeria, now in its 60 th year, is a predominantly middle-income, developing country that
operates the mixed system of economy. Its emerging market also has various sectors, some of
which include the manufacturing, communication and entertainment industries, and just like
most other countries around the world with an expanding economy, Nigeria is faced with
several economic problems.
Let’s take at look at the glaring problems our economy is faced with, alongside plausible
solutions to these problems.
1. Lack of Adequate Communication between the Government and the
People
Any country that isn’t able to establish effective communication mechanisms between the
Government and the people, would definitely run into problems in the long run, and this has
gradually evolved over the years, to one that Nigeria now faces. To be able to effectively
manage the social, political and economic affairs of the nation, there has to be timely
interaction between the Government, the Private Sector and the Civil Society.
To tackle this problem, processes and structures that would facilitate projection of varying
interests, mediation of differences and peaceful co-operation, has to be put in place. This can
be achieved by setting up Youth Groups, Unions and other mediums, that would enable citizens
freely express their concerns and constructive criticisms, to top government officials.
2. Corruption
This problem of corruption, has plagued Nigeria for so many years. Many might say that
corruption has now become a “global menace”, but Nigeria has suffered greatly from it, as she
is currently one of the top picks in the list of the Most Corrupt Countries in the world. Daily on
the news, we hear stories of how some corrupt government officials, accumulate stolen funds
in financial institutions abroad, and spend lavishly on luxurious living.
For a country blessed with so many natural resources, it is really a shame that our citizens are
at the standard of living that they are, but the reason why this is so, isn’t far-fetched. The
returns that are made from the trade of our crude oil, all seem to go down the drain as the
money doesn’t flow down to the people. This has not only affected our citizens, but has also
given our country a bad repute internationally.
To solve this problem, our youths would have to rise up to the challenge by protesting, and
saying NO to this corrupt government officials. With one national democratic voice, we would
kick against corruption and god-fatherism in our country. The government can also play a role
in this, by setting up monitoring bodies, such as the EFCC and ICPC, that would fish out these
corrupt government officials, and make them face the full wrath of the law.
3. Poor Human Development
The quality of human resources, play a key role in the success or failure of a nation’s economy.
Most of the problems we face in our country presently, are a reflection of the poor state of our
economic health and human development. Our education institutions are in a terrible state
with poor facilities, and our medical institutes aren’t any different. This is why we observe that
most of our citizens, including the so-called government officials, prefer to travel abroad to
receive medical attention, and they even send their children to school there.
This problem of poor human development, can be solved by ensuring our educational
institutions and medical institutes are running at optimal performances, with adequate facilities
and duly paid staff. Courses and programs that also help to build the morale and mental state
of our youths should also be promoted, so they can equally contribute their roles in nation
building.
4. Crime and Terrorism
Over time, public security has proven to be very essential in nation building, as the growth of
the economy wouldn’t be evident, if crime and terrorist attacks prevail. Numerous damages
have been done to lives, families and properties of economic value by the 'Boko Haram', and
the infamous 'Fulani' herdsmen. There are rising cases of deaths, bombings and kidnappings all
over the country, and some communities are now even considered as 'unsafe', especially in the
Northern part of the country.
To curb this daunting problem, the government would have to beef up the national security and
extra measures would have to be taken by security officials, to safeguard the lives and
properties of Nigerians.
5. Unemployment
Now finally, the glaring problem of unemployment. By statistics, over 480,000 youths graduate
from the university every year and barely 30% of them, are able to secure reputable jobs in
stable companies. Year-in-year-out, this vicious cycle continues and it almost seems as though
there would never be an end to it. The youths, now graduated but jobless, then start to
consider other means through which they can earn some passive income for themselves and
their families hence, the rising cases of crime and juvenile delinquencies.
Rather than the conventional system of pressuring the government to create more job
opportunities, the youths should rather rise up to the challenge and tackle this problem
themselves, by going into entrepreneurship. Entrepreneurial skills and courses should be
promoted both formally and informally, so our youths wouldn’t be dependent on white-collar
jobs. Practical systems of teaching, rather than theoretical, should also be encouraged in
schools nationwide, to further encourage entrepreneurship in our youths.
