Nigeria @ Age 65: But Still in Underdeveloped Stage within the Comity of Nations
By: Abbati Bako,psc,bsis,mti and Alumnus Kent University, UK and Researcher in Globalization Policy
Nigeria, the “Giant of Africa,” is still struggling to find its footing at 65, despite being endowed with vast natural resources including oil, gas, diamond, gold, arable lands and a large population (number 6 most populous nation in the world). The country’s underdevelopment can be attributed to several factors, including:
Dependence on Oil Revenue
Nigeria’s economy is heavily reliant on oil, which accounts for over 90% of its export earnings and funds almost all government operations. This monocultural economy makes it challenging to diversify and develop other sectors.
Corruption and Poor Governance:
Corruption is rampant in Nigeria, with the country ranking 154th out of 180 countries surveyed in the Corruption Perceptions Index in 2022. Weak institutions, accountability and poor governance have led to mismanagement of public resources and hindered economic growth and development of the country.
Read Also:Â The Nigerian Chase Game: Unpacking the Complexities of Political Parties in the 2027 Elections
Inadequate Infrastructure:
Nigeria’s infrastructure is in a state of disarray, with inadequate power supply, poor transportation networks, and insufficient healthcare and education systems. This has led to a lack of competitiveness and hindered stable economic growth and development.
Regional Disparities and Social Inequalities:
Nigeria’s economic growth and development is complicated by regional disparities, with the northern regions facing higher poverty rates and lower development levels compared to the southern regions. Social inequalities, unproductive population and mass youth unemployment are also significant challenges.
Read More:Â Commissioner for Public Procurement Inspects School of Health Tech, Monitors Major Infrastructure Projects
To overcome these challenges, Nigeria needs to adopt a comprehensive approach that addresses these underlying issues. This includes:
Diversifying the Economy:
Nigeria needs to reduce its dependence on oil and develop other sectors, such as agriculture, manufacturing, and services.
Strengthening Institutions:
The country needs to strengthen its institutions, including the judiciary, legislature, and executive, to ensure good governance and accountability. Also, massive rural integration.
Investing in Infrastructure:
Nigeria needs to invest in critical infrastructure, including power, IT, AI, transportation, healthcare, and education (to give emphasis on science, technology and innovation).
Promoting Social Equality:
The country needs to address regional disparities and social inequalities by promoting inclusive growth and development.
Conclusively:
By addressing these challenges and adopting a comprehensive approach to development, Nigeria can overcome its underdevelopment and take its rightful place as a leading economy in Africa and even in the Global Southern Hemisphere.
Dr. Abbati Bako, abbatibako@gmail.com
+2349077889959
