Nigeria is rated one of the poorest countries in the world. This is as a result of the gross mismanagement of resources, corruption, incompetence in leadership, poor accountable framework of the public sectors, and so on. It is the first oil exporter in Africa, but too dependent on oil. The fall in international crude oil prices has led to a sharp drop in Nigeria’s export earnings, which had led to a fiscal deterioration, currency depreciation, increasing foreign debt and so on. As a result, unemployment is high and prices are rising continuously.
“In July HSBC global research publication has reported
that as a result of higher oil prices, Nigeria macro outlook
has been brightened, foreign exchange has risen, export
earnings have been boost. Nigeria trade account experienced
a surplus of about 6.2% in the first quarter(Q1) of 2018
which helped stabilized the Nigerian Naira against
foreign currencies, and global market shocks”.
Financial institutions have affirmed that Nigeria is technically out of recession; this may seem true but an average Nigerian is yet to see this translate in his/her standard of living. Nigeria remains the biggest market in Africa and although debatable, it is one of the largest resource market in the world. If we channel the powers of resources to it opium, harness strategically our institutions to perform at their best, we might not only be experiencing partial growth framework, but we might soon be competing with the largest emerging market such as China and India.
Nigeria economy remains
Sluggish has a result
of it over dependence on oil”
A lot of expert has relentlessly advice the government to diversify, and deviate from the art of mono economy system, seeing that we have more to explore than oil; because the truth remains we are pillared around oil, which means we have given our economic growth fate to the international oil creed. When the cloud of international trade does not favor us, it literally means that we will be left with no option than to sink. To experience real sustainable economy, we must create linkages to our reserves, effectively putting our other raw materials which include human capital, natural resources into deliberate use. Corruption in public sectors must also be dealt with, carelessness towards public trust, and deploying competent hands to strategic sectors than play with the future of this nation over political appointment.
We should invest in our infrastructure considering our current national challenges or conditions, focusing more on exploring our mineral resources. Introduction of foreign capital and technology, economic diversification is the long term solution to Nigeria’s economic decline in growth, agricultural development; focusing on developing our real economy is key to Nigerias economy prosperity.
Political struggles in Nigeria also affect the economy negatively; leaders putting political offices ahead national welfare remains imbecilic and unhealthy to national progress.
We believe in Nigeria more than ever,
we have all it takes to lead the world economy,
lets do it!
Peter Priscilla Nuhu
She writes from UNIJOS