Economic Problems Affecting Nigeria Development- Where we are and where we are going
The economic problems affecting Nigeria development has always been a subject of discuss in the Schools, social platforms and National assembly but the truth is, the canker worm which have derail the economic development in Nigeria is known by all and sundry but getting out of it is as difficult as the main problems. This is simply because our leaders and citizens have always failed to make things right in both rule of law and governance. If Nigeria continue this way, we will have nothing but perpetuity of Economic and political mess. People are asking, Why is Nigeria like this? Fifty-Five years on and we’re still stuck in the mud.
Look around. We cannot boast of decent roads devoid of potholes and craters. Public schools are a study in degeneration. Our hospitals are like an incurable disease. Our international airports are a journey into morass. Civil service is a cesspool of decay, the epitome of inefficiency and extortion.
We wear corruption like an ornament and flaunt loot like a medal. You can hardly get anything done in the private or public sector without partaking in corruption. We are swarmed by ethnic and religious conflicts, still neck-deep in tribal wars that were the hallmark of primitive societies in centuries past. From OPC, Egbesu, MASSOB and Bakassi Boys to MEND and Boko Haram, we lie hopelessly in the grip of terror, unsure of when the next bomb will go off or when the next machete will be swung wildly and fatally. The Economic Problems Affecting Nigeria Development are numerous to mention but the 5 core problems are mentioned below.
Economic Problems Affecting Nigeria Development
1. Government challenges Affecting Nigeria Development: Related to leadership problem is bad governance has among others, been defined as a system of values polices and institution by which a society manages its economics social and political affairs through interaction within the state civil society and private sector (Shabbir Cheema, April, 2004, UNDP, 1997, UNDP, 2000). Thus governance comprises the mechanisms and processes for citizens and group to articulate their interest, to work together and mediate their deference and exercise the legal right and obligation with rules institutions and practice that set limits and provide incentives for individuals organization and firms good governance refer to the question
of low a society can organize itself to ensure quality of opportunity and equities (social and economic justice ) for all citizens (Shabbir Cheema, April. 2004) it also promotes people centered development
2. Corruption Challenges Affecting Nigeria Development: Although corruption is a global scourge, Nigeria appears to suffer the most form it because the leaders are pathologically corruption every one appears to believe that the nation has a culture of corruption (smith 2008). Over the years, Nigeria has earned huge sum of money from crude oil, which has gone down the sinkhole created by corruption in an articles, oil giant that runs on grease of politics, Nigeria was described a rich nation floating on oil wealth but almost none of it flows to the people (san Francesco chronicle, march 1 2007) top public servants are very rich because they harbor the mendacity that public money belong to no one. National dailies area wash with news of how public officials are acquiring million dollar homes (within and outside Nigerian ) and stock piling stolen public money in financial institution abroad.
3. Macro economic challenges Affecting Nigeria Development: policy in consistency and greed are among the causes of the hemorrhage in the economy(Eichenggen, 2004). Every administration that comes on board take on a new policy initiative instead building on the previous ones. As a result, Nigeria has toyed with a series of ineffective and poorly implemented polices.
For instance, as chief economic adviser to Obasanjo, Charles Soludo instituted the national economics employment, reducing poverty and guide values reorientation. But the needs failed to achieve its objective because of the reason already elaborated in the preceding sections. The late Umaru Musa Yarardua administration (inherited by Jonathan) dumped the NEEDS and adopted the vision of the administration to transform Nigeria into one of the first 20 largest global economics by the years 2020 . These program that now appear dead gulped huge sum of money, which could have been sued to resolve some of the social economic and political challenges facing the nation.
4. Human development challenges Affecting Nigeria Development: Human resources play an immense role in the success of failure of any organization or nation in terms of capability and strength of character of the workers or leaders in Nigeria , most of the problems facing the economy are reflection of the poor quality of human development and the economic health, of the nation has been neglected for decades (Kruege March, 2002 ) one has to understand the problems facing the educational institution to really appreciate the magnitude of problem facing the Nigerian economy.
5. Market challenge Affecting Nigeria Development: lack of genuine competition in the system is among the challenges facing the economy. Real capitalistic economics are controlled by market forces or what Adam Smith brands the invisible hand of the market (see the theory of moral sentiment 1759). The self-regulating nature of the market determines where one live and work, how much one earns, and what one can buy. Although every economy (developed, developing or undeveloped) needs some form of government intervention, Nigeria leaders are yet to need the advice of Adam Smith in 1776 that the state should not unnecessarily interferer in the economy. In Nigerian, the federal government has virtual monopoly of setting the price of petroleum products and other goods and services. Recently the federal government arbitrarily, the raised the price of gas by HOD percent (daily trust, may 28, 2010) without considering the distributive negative consequences on the economy.
Economic Problems Affecting Nigeria Development