With the economic recession experienced some months ago, though the country finally scaled through it, but you will definitely agree that the economic problem in Nigeria is still very much obvious. There are lots of negative occurrences that has worsen the nation’s economy, and they will persist if appropriate actions are not taken. In this post, you shall see the 10 major economic problems in Nigeria today and some of their possible solutions.
10 Major Economic Problems in Nigeria Today and Their Possible Solutions
One of the major problem that have a negative effect on Nigeria’s economy is poor and bad leadership. Most of Nigerian leaders are incompetent and only occupying leadership positions to feather their own nest. They are not capable of leading the country to greater heights.
The solution to this problem is to educate the youths of Nigeria about what quality leadership is all about. Since they say the youths are the leaders of tomorrow, they should have the right knowledge so as to avoid the mistakes that are being made by current leaders of the country.
Devaluation of the Naira
The devaluation of the Naira – Nigeria’s currency has caused a negative effect on the nation’s economy. It is one of the major economic problems in Nigeria, When the Naira gets devalued, it allows other foreign currencies to strengthen against it, causing it to lose its current value.
The possible solution to this problem is to find ways of reducing the magnitude of importation of goods into the country.
Strict Importation Policy
The recent introduction of strict importation policy may be a way of reducing the act of importation of goods, but it is also one of the major economic problems in Nigeria today. This is because the country has a slow pace in the manufacturing of goods to balance the less importation. Nigeria should focus more on manufacturing and work towards being an exporting country as well.
The possible solution to this economic problem is to encourage citizens of the country to depend on local goods rather than foreign products.
Also read: Traditional Festivals in Nigeria: Their Importance and What They are all about
Accumulation of Unpaid Salary
It is quite obvious that a lot of states in Nigeria have refused to pay salaries to their workers. This accumulation of salaries have a negative impact on the country’s economy. The citizens of Nigeria do not have enough money to spend in the midst of economic hardship, and still they are expected to report at their place of work. The circulation of money in Nigeria is reducing by the day.
The possible solution to this economic problem is quite simple, state governments should endeavour to pay up their accumulated salaries and allowances of their workers.
Terrorism is a very serious problem facing Nigeria today, although it is a global challenge and not peculiar to Nigeria alone. This very problem has been hunting Nigeria and causing a negative effect on her economy for a long period of time now. However, the security agencies in Nigeria has been fighting tooth and nails to ensure to curb the menace of insurgencies. At the moment, we are experiencing some bit of positive result.
The possible solution to this problem is persistent hard work, and also citizens of the country should give their full support to our security agencies.
Change of Government
Nigeria as a country have always face a problem of discontinuity in governance when there is a change in government. When a new government take over the helm of affairs, they tend to abandon the ongoing projects of the former one. This sometimes result to economic instability because a new government will want to do something new thereby leading to lots of abandoned projects and policies.
The possible solution to this problem is that there should be continuity in governance irrespective of political parties or differences.
Over-dependence on Oil
Nigeria is a country that have total dependence on oil as its major source of revenue generation. When the price of crude oil went on decline, the country began to experience more hardship. This is one of the major economic problems in Nigeria today.
The possible solution this problem is simply to diversify the nation’s economy. Nigeria should find an alternative to oil by tapping into other natural resources found in the country. Better still, it will be better for the nation to go back to the green old days of Agriculture.
Also read: Problems of Agricultural Development in Nigeria and Possible Solutions
There are some top personalities in Nigeria today who benefit when the nation is in economic hardship. Some of these people are so greedy and selfish that they strive towards deteriorating the country’s economy. Government should try as much as possible to checkmate those people from their selfish ambitions.
This top the list of the major economic problems in Nigeria for some years now. Hardly will you find someone holding a government office that is void of corruption. A lot of Nigerians are corrupt, both leaders and citizens.
The possible and only solution to this problem is when both citizens and leaders choose to shy away from corrupt acts and do what is right.
Poor Quality of Education
The quality of education in Nigeria is very poor when compared to that of western world. As a result of this setback, the future leaders of the country lack skills, knowledge and morals needed to lead the country into the right direction.
The solution to this problem is for the government to pump more money into the education sector. The quality and standard of education in Nigeria needs to be improved seriously. Government should provide a conducive environment for both students and teachers to work as a team.
These are the 10 major economic problems in Nigeria today that is pulling us back as a nation. The possible solutions are also stated, which means there is still hope for the nation when the right thing is done.