Nigeria’s Economy Is In An Intensive Care Unit And The Deficiencies That Truncated Its Development—–
By Abbati Bako,psc,bsis,UK
President Bola Ahmed Tinubu of Nigeria claims that his country “will go bankrupt without oil subsidy removal”. The Nigerian leader said this at the World Economic Forum (WEF) taking place in Riyadh, Saudi Arabia. Fuel subsidy removal has created economic precarity in Nigeria and Mr. President sacrificed his political popularity for the fact that the removal of subsidies has not solved the availability of the product and badly and negatively affected the economy of each and every citizen in the country. Hence, Nigeria’s economy is in intensive care unit (ICU). Not every leader in the world can sacrifice his political popularity for economic prosperity of his country. Former President Muhammad Buhari has been an excellent example for avoiding the issue of complete oil subsidy removal of which the decision will tamper with his political popularity as a leader.
Nigeria being among the South South Nations of the world has been considered as an economic emerging nation or less advanced economic country (not even among the 30, 20 or even G7 global economies). Nigeria is among the top 100 poorer nations. President Bola Ahmed Tinubu’s comment on Nigeria to become bankrupt if oil subsidy removal has not been removed is a fact and in the right direction. This is in consideration for the fact that WB/IMF conditions on ten prescriptions must be implemented. Many emerging nations of the world implemented and they succeeded. Others like Saudi Arabia, Kenya, South Africa and other South-South nations are on the way.
*Analysis of the situation
Sincerely, if one considered United Nations Human Development Index 2022, “Nigeria, Africa’s biggest economy, is ranked 163rd in the United Nations (UN) Human Development Index (HDI) for the second consecutive year, a new report by the UN Development Programme (UNDP) shows on 8th Sep 2022”.
Therefore, Nigeria must wake up and become an industrial nation not a consumer nation. Nigeria like other African nations; economic reforms like privatization, care of intellectual property, removal of subsidies and other conditions must be implemented. Are there any other ways and means to reform the economy? No there is none because the world is in an “American Centric” for global economic direction and development.
Life expectancy in Nigeria is 52.7 years and economically speaking Nigeria is becoming among the poorest countries in the world despite our huge population and resources as well as 64 years of independence and an unbreakable democracy for the past 25 years.
But in the year 2018 Nigeria was ranked 132 among the 191 nations even our sister nation Niger Republic was ranked in the position of 130 ahead of Nigeria. The reason why President Bola Ahmed Tinubu agreed that Nigeria will be bankrupted if oil subsidy removal has not been implemented. But below are the list of Nigeria’s deficiencies that truncated the nation development——-
1. Nigeria’s Economy seems to be meager to take care of the responsibility of 227m population, Egypt, South Africa and other economic emerging nations of Africa have more money to spend in their annual budgets three times higher than Nigeria—
2. Corruption is Nigeria’s number one enemy seriousness to tackle the problem must be taken ASAP—–
3. Crude type and unbearable kind of capitalism is under implementation in Nigeria the issue has to be reviewed—–
4. Poor and substandard leadership has been under implementation in Nigeria since independence in 1960—–
5. Nigeria is a debtor and beggar nation and measures must be taken ASAP—–
6. The current debts both internal and external has been about $100b or there about and Nigeria’s foreign reserve has been about $40b or so—–
7. Between 60 to 70% of Nigeria’s population has been unproductive or under production and utilization—-
8. Policies that has been under implementation are outdated or not going together with the current global modernism and direction—–
9. The current global economic direction has been under the modernism of Globalization Policy; education based on science, technology and innovations; China with about 6500 Universities but converted 10% of them to science, technology and innovations for rapid development and economic development–
10. Nigeria is not on the same page and direction with other emerging nations such as India, China, Brazil, Saudi Arabia, Qatar, Malaysia, UAE, Mexico, South Korea, Kenya, Iran or even Rwanda—
11. Research conducted in UK in 2007 indicates that 80% of Nigerian economy belongs to 1% and 20% belongs to 99% of the country’s population—
12. Dependency on oil for economic foreign earnings and that of dependency on foreign goods; Nigeria is a consumer nation and that’s what is hindering the country to achieve economic growth—
13. Nigeria never have serialized strategic planning based on calendar time frame; European nations have about 30,000 of serialized strategic planning based on calendar timeframe for implementation in the years to come—
14. Outdated judicial system has been in implementation in Nigeria; in the coming year of 2030 robotics system will change the global judicial system—
15. Poor and substandard education of which the world had abandoned decades ago are still exist in Nigerian education system—–
16. Employment and political appointment has been based on who you know but not based on competence, meritorious and standard experience—–
17. Nigerians are lacking in patriotism, respect for leaders, discipline and law abiding—–
18. Political conflicts and elections rigging at the time elections has been in practice in Nigeria and 57 key elements and principles of the game has been not known to majority of politicians—–
19. Security challenges must be tackled ASAP otherwise, development will be like a mirage in Nigeria—–
20. Stagflation must be tackled ASAP—–
21. Lacking in electricity energy for economic development in the country must be tackled—–
22. Lack of infrastructure especially railroads transportation system that will hasten the development and control of inflation in the country—–
23. Solve the problems of landlocked states and areas especially in Northern Nigeria also the issue of environmental degradation and the oils emissions—–
24. Solve the problems of poor and substandard leadership at all levels; meaning right from presidency down to councilor levels—–
25. Mentoring and grooming the younger ones from primary school and secondary levels on fighting corruption, instilled patriotism, respect for leaders, discipline, sincerity, accountability, respect for parents and elders etc. That’s what South Korea did after WW11. And their achievements in political, economic and social development have been positive, historic, amazing and wonderful in the history of the world. Hence, the country S/Korea is among the top 20 economic nations in the world.
Conclusively——-
Otherwise, if all the above measures have not been taken and implemented there will never be development in Nigeria of which if considered and implemented African nations and other South-South nations will copy Nigeria for the development of their nations. With the hope this writing will reach out to President Bola Ahmed Tinubu and his team for “RENEWED HOPE”. The Nigerian leaders must try to educate and enlighten Nigerians on any important issues especially global political and economic interplay and direction.
Peoplesmind
