Nigeria is a middle-income country, with emerging market and mixed economy. It has expanding manufacturing, service, financial, technology, communications, and entertainment departments. But still, let's point out what are 3 economic problems facing Nigeria economy today.
- Lack of interaction between the government and the society
The problem is standing in the first row among other problems facing Nigerian economy. The government will not be able to manage its economic, political and social affairs without fostering an interaction between it and the private sector and state civil society.
Therefore, the government should include processes and mechanisms for citizens and group to articulate their interest, to mediate their differences and work together. A good leadership will provide the right circumstances so that the Nigerian people can get quality governance and justice. Good governance starts from us, we are also responsible for this situation in the country.
#2) The сorruption
Granted, corruption is a global menace but Nigeria suffers the most of all. People are starting to see that this nation has a corruption culture. For many years, Nigeria has earned a huge sum of money from the rock-tar, which has gone down the cesspool that was created by corruption.
Actually, being the oil giant, which runs on a grease of politics, Nigeria could be characterized as a wealthy nation staying afloat on oil. However, the problem is that the money from oil does not flow to the people. The top public officials are very rich because they hide behind the falsehood that public money belongs to no one. The national news is full of information of how public officials are buying million-dollar mansions and accumulating stolen public funds in financial establishments abroad.
#3) The macro economy
The lack of consistency and greed of the politicians are among the causes of the haemorrhage in the economy. Every administration, which comes on board, sets up a new policy initiative instead of working on the previous one. Consequently, Nigeria now has a series of inefficient and badly executed policies.
For example, Charles Soludo, the chief economic adviser to Obasanjo, established the national economics employment, decreasing poorness and guiding the reorientation values. However, the demands failed to reach its objectives.
The late administration of Umaru Musa Yarardua discarded the needs of the people and his administration created a plan to convert Nigeria into one of the top 20 biggest global economics by 2020. So, this programme, which now seems to be dead, has gulped a huge sum of money, which could have been used to solve some of the political and social economic challenges facing Nigeria at the time.
