Greetings to you all, i sincerely appreciate the #informationwar community for the opportunity to share thought and facts that will better the life and welfare of the society in our little way, My case study is on Nigerian economics, as a Nigerian and also for the fact that, i desire a more better society.
Nigeria is a nation richly blessed with resources and amazing economic potentials but unfortunately the economic potential has been highly constrained by major structural issues, ranging from
Issues of inadequate infrastructure, we see tariff and non-tariff barriers to trade, many obstacles to investment, we see the lack of confidence in currency valuation, and again we see limitation in foreign exchange capacity.
Economic development speaks of improvement in economic welfare of the society, this is possibly done through what i would call higher real incomes, as well as other welfare indices, like improvement in literacy, Good infrastructure, reduced poverty and Good health care.
you must first agree that Economic development can not drive without degree of political stability, investment, public and private initiatives needs to be enhance to increase and better economic potential.
I will be looking at the main factors in the context of my case study, Nigeria,
Levels of infrastructure
In Nigeria, we truly do have a long way to, touching our infrastructural level, We will talk basically about the transport and communication sector. In the last few years, we see in Central Africa the economic development and improvement, via increased investment in roads, railways as well as seaports.
Talking about Nigeria on the issue, Roads it is very difficult to embark on inter state movement, due bad network road, except for a few state that has good network, i will even talk about railway and seaports, the railways are not functional, the seaports are only functional only in the eastern part of the nation while the south -south region has what it takes to do better, but approval will never be given.
Educational Standard:
Education and its standard, plays a major role in labour productivity, we see how bad and hard an economy can improve from the manual labor to a higher tech industries.
For instance we keep talking about the Nigeria of our dreams when every year, the Education system is degrading, My question is, how will there be a Good standard of education when Education system of our nation is not the priority of our leaders.
Today is the 14th day of February, its been one month now, since our university student were sent back home, as a result of industrial action of the ASSU with the federal Governments, as if that is not enough, this morning at the end of their close door meeting with the federal government, we are told again, that the strike action is extended for the next 8 weeks, you see our universities making life very difficult for the students to survive, you can imagine a student staying at home for more than 3 months and doing nothing, what will be the resultant effect?.
Natural Resources
Natural resources are the most important factor influencing an economy's development.
Natural resources include land area and soil quality, forest wealth, a good river system, minerals and oil resources, a favorable climate, and so on.
The abundance of natural resources is critical for economic growth. A country lacking in natural resources may be unable to develop rapidly.
This is actually true, but i will say that in Nigeria, this is not very true, because we do have abundant natural resources, but i see the issue of unutilized, underutilized and misutilisation as one of the a reason for the backwardness and until we awake to responsibility, then we will stay were we are.
Countries such as Japan, Singapore, and others, on the other hand, are not endowed with abundant natural resources, but they are among the world's developed nations.
These countries have demonstrated a commitment to preserving available resources, putting forth their best efforts to manage resources, and minimizing wastage of resources.
Looking at one of the major resources that Nigeria has which is crud oil, as great as this is, we have the oil but we only send it out to be refined outside Nigeria and send it back to us on a high cost, My question is this, why can't we bring in the infrastructure to our nation and refine the oils here to enhance productivity.
Levels of inward investment.
Any developing country like Nigeria, that can attract inward investment, will possibly see significant growth and massive development due to the levels of capital and it benefits for attracting multinational companies into an economy. but i have a big challenge because there is nothing really happening in Nigeria, that will attract inward investor, as much as this is lacking, how then do we and expect, this growth that is expected?.
Political stability / Law and order.
Political stability and the protection of private property was ranked as the most important factors for encouraging firms to invest in developing economies. Any sign of instability increases the economic and personal risk of investing in developing countries.source
Were there is no political stability, there will no progressive productivity, for instance I remember back then in 2011 election, the crises, was so great that massive destructions of life and properties and till date, the state have not recovered from the resultant effect.
He further said, “The federal government of Nigeria and the state government will react to the incidence of yesterday. The perpetrators should be worried. Every single person involved will be brought to book, no matter the political connotation brought to this. This is no longer politics. You cannot go and destroy over 800 cars, 500 keke napep (tricycle), burn down all sorts of buildings in place and kill people. They went as far as cutting off the private part of PDP members who are now in the hospital, some men lost their private parts yesterday and some were killed outright.
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Conclusion
Governments in developed countries are focused on these economic factors. Less-developed countries, even those with abundant natural resources, will fall behind if they do not promote technological research and improve workers' skills and education.
sources
The Nigerian government should wake up, and take responsibility, there is so much decadence in our economy despite the abundance of natural resources, let the Nigeria of our dream, not be a thing of the mind but a tangible reality, that will better our society. Thanks for having me
