Cons of the Nigerian Economy
THE CONS OF THE NIGERIAN ECONOMY
Nigeria boasts one of the fastest-growing economies in the world, with Gross Domestic Product growth rates above 6% every year since 2003. Home to more than 170 million people, it is the most populous country in Africa and the seventh most populated country in the world. The United Nations has projected its population could rise into the top three by 2050, potentially overtaking the United States. Unfortunately, Nigeria also has a tragic history of conflicts and power struggles, being a country that consists of more than 500 different ethnic groups. Since gaining independence in 1960, Nigeria has had eight military governments, numerous civilian governments and experienced a 30-month civil war. Nigeria boasts of itself as a democratic government – a government of the people, by the people, and for the people. Therefore human resources must play a huge role in the success or failure of any nation built on the opinions or decisions of its masses. In Nigeria, most of the problems facing the economy are a reflection of the poor quality of human development and management because education, which is important for the economic health of a nation, has been neglected for decades. (Dike, 2010; 2002) Part of the problems facing Nigeria is that its educational institutions are not designed for the modern economy. They lack the tools to produce good quality graduates to manage the affairs of the nation. Majority of our graduates go through the higher institutions without acquiring the skills that drive human productivity. Increase in productivity would enlarge the nation’s economic standing and reduce poverty and crime. No nation would make any meaningful socio-economic and political stride without viable educational institutions. In the World Bank’s 2010 report on ‘Doing Business in Nigeria 2010 – Through Difficult Times’, it noted that about 90 percent of Nigerian businesses that operate in the informal sector lack access to credit
Nigeria boasts one of the fastest-growing economies in the world, with Gross Domestic Product growth rates above 6% every year since 2003. Home to more than 170 million people, it is the most populous country in Africa and the seventh most populated country in the world. The United Nations has projected its population could rise into the top three by 2050, potentially overtaking the United States. Unfortunately, Nigeria also has a tragic history of conflicts and power struggles, being a country that consists of more than 500 different ethnic groups. Since gaining independence in 1960, Nigeria has had eight military governments, numerous civilian governments and experienced a 30-month civil war. Nigeria boasts of itself as a democratic government – a government of the people, by the people, and for the people. Therefore human resources must play a huge role in the success or failure of any nation built on the opinions or decisions of its masses. In Nigeria, most of the problems facing the economy are a reflection of the poor quality of human development and management because education, which is important for the economic health of a nation, has been neglected for decades. (Dike, 2010; 2002) Part of the problems facing Nigeria is that its educational institutions are not designed for the modern economy. They lack the tools to produce good quality graduates to manage the affairs of the nation. Majority of our graduates go through the higher institutions without acquiring the skills that drive human productivity. Increase in productivity would enlarge the nation’s economic standing and reduce poverty and crime. No nation would make any meaningful socio-economic and political stride without viable educational institutions. In the World Bank’s 2010 report on ‘Doing Business in Nigeria 2010 – Through Difficult Times’, it noted that about 90 percent of Nigerian businesses that operate in the informal sector lack access to credit
References: Dike, V. E. (2002), ’The State of Education in Nigeria and the Health of the Nation’. NESG Economic Indicators, Vol.8 No. 1 Lickona, T.(1992), Educating for Character: How Our Schools can Teach Respect and Responsibility. New York: Bantman Books. Sen A. (1999), Development as Freedom, New York: Anchor Books, pp.36-37. United Nations Development Programme; Human Development Report (2000). Human Rights and Human Development, New York, 2000.