HOW CAN WE MAKE NIGERIA ECONOMICALLY AND SOCIALLY STRONG

To get more update, visit our Facebook page - Click here . Article by Abel Oberaifoh HOW CAN WE MAKE NIGERIA ECONOMICALLY AND SO...

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Article by Abel Oberaifoh




HOW CAN WE MAKE NIGERIA ECONOMICALLY AND SOCIALLY STRONG?


  Nigeria is a great country and she is blessed with many human and natural resources. Nigeria is indeed a land of treasure with many mineral resources, ranging from crude oil, Gold, coal, zinc, e.t.c to mention but a few.

 Nigeria is a country of over one hundred and eighty million people and also the most populated black nation. In the past Nigeria was popularly referred to as the "Giant of Africa" because it was a land endowed with much blessing but today i wonder if the notion that Nigeria is the giant of Africa is still valid.

  In the early 60's, Nigeria was indeed the largest economy in Africa, Nigeria was indeed soaring high like the eagle, because then agriculture was the mainstay of our economy.

Nigeria was leading in the exportation of Cocoa, cassava, cotton, palm oil e.t.c. This led to increase in our foreign reserve but the crisis of Nigeria started in the 1970's when agriculture was neglected for the "liquid -black -Gold"(crude oil). Crude oil in this period was general referred to as the period of "oil boom".

The discovery of crude oil was meant to be an advantage but turn out to be the beginning of Nigeria woes. The point being made here is not to say that crude oil is the cause of Nigeria problem, but my point is that oil made the economy to be monopolized, instead of a diversified economy which encouraged development.

Nigeria economy is highly dependent on oil revenue which account for over 70percent of her export earnings.

 Nigeria is ranked the 30th largest economy in the world in terms of nominal GDP and 23rd largest in terms of purchasing power parity (PPP). In 2007 for example, Nigeria had an estimate GDP of U.S $166.8million according to the official exchange rate and U.S $292.7billion according to the purchasing power parity, this figure had an increase of 5.40;5.05 and 5.48percent from 2008 to 2010.

With all this economic growth mentioned above, one may ask why is Nigeria  still among the third world countries instead of a member of the G20 nations? G20 nation is consist of 20 most industrialized countries which include , China, France, United kingdom, Canada, USA ,e.t.c.

Nigeria is still backward because of this deadly virus called corruption. Corruption is a major problem that is retarding economic efficiency in the country. The wealth of the nation is in the hands of a little - few individual who called themselves leaders.

Having dealt decisively with the state of things in Nigeria, it is necessary to provide solution. Nigeria which is the suppose giant of Africa, have become too weak, because she have being infected with a disease called corruption. For Nigeria to be strong socially and economically, corruption must be reduced to the minimal level. In essence, the leaders must have zero tolerance for corruption.

For Nigeria to be economically and socially strong, she must develop it primary and secondary sector. Primary sector include oil and gas, ranked in billion while the secondary sector include agriculture and mining. In a way of explaining further, Nigeria should diversify her economy, so that she can retain her lost glory.

For Nigeria to be socially and economically strong, infrastructural and technological development must be increased. Nigeria government should focus on welfare of the society, such as provision of social amenities like good road, hospital, schools, industries, bridges, railway lines, e.t.c. Government expenditure should thrive out encouraging investment because it is the right dosage of investment that brings economic development.

For Nigeria to be economically and socially strong there must be a reform educational system because the development of any nation is a function of literate or educated citizen. Nigeria educational system should encourage entrepreneurship because entrepreneurship is the soul of creativity and creativity is the key to economic development.

  In conclusion, Nigeria is a great country blessed with much human and natural resources but the  product of this resources is not visible in the standard of living of it citizenry. As such, the country has become relatively weak economically and socially. This is why the goal of this article is Jared towards providing relevant solution as to how the economy of Nigeria can be socially and economically strong.


Further Study:

* World Bank (2012)world development indicators, Washington DC .


* World bank(2006)investment climate survey data, Washington DC

* NPC(2007)Nigeria national empowerment development strategy (NEEDs)


* NPC (2009)Nigeria vision 2020

Economic and transformation blueprints.


* Tertiary sector of the economy.

- Wikipedia


* http://www.today's today's today's.ng/news/ Nigeria

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