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Major Economic Problems in Nigeria Today and Their Solution by the Book Author. ALKALI KABIRU MOH’D Sept 24, 2018. With the economic recession experienced some months ago, though the country finally scaled through it, but you will definitely agree that the economic problem in Nigeria is still very much obvious. There are lots of negative occurrences that have worsen the nation’s economy, and they will persist if appropriate actions are not taken. In this post, you shall see the 10 major economic problems in Nigeria today and some of their possible solutions.

Major Economic Problems in Nigeria Today and Their Possible Solutions 1.	Poor Leadership One of the major problems that have a negative effect on Nigeria’s economy is poor and bad leadership. Most of Nigerian leaders are incompetent and only occupying leadership positions to feather their own nest. They are not capable of leading the country to greater heights. The solution to this problem is to educate the youths of Nigeria about what quality leadership is all about. Since they say the youths are the leaders of tomorrow, they should have the right knowledge so as to avoid the mistakes that are being made by current leaders of the country. 2.	Devaluation of the Naira The devaluation of the Naira – Nigeria’s currency has caused a negative effect on the nation’s economy. It is one of the major economic problems in Nigeria, When the Naira gets devalued, it allows other foreign currencies to strengthen against it, causing it to lose its current value. The possible solution to this problem is to find ways of reducing the magnitude of importation of goods into the country. 3.	Strict Importation Policy The recent introduction of strict importation policy may be a way of reducing the act of importation of goods, but it is also one of the major economic problems in Nigeria today. This is because the country has a slow pace in the manufacturing of goods to balance the less importation. Nigeria should focus more on manufacturing and work towards being an exporting country as well. The possible solution to this economic problem is to encourage citizens of the country to depend on local goods rather than foreign products. Also read: Traditional Festivals in Nigeria: Their Importance and what they are all about 4.	Accumulation of Unpaid Salary It is quite obvious that a lot of states in Nigeria have refused to pay salaries to their workers. These accumulations of salaries have a negative impact on the country’s economy. The citizens of Nigeria do not have enough money to spend in the midst of economic hardship, and still they are expected to report at their place of work. The circulation of money in Nigeria is reducing by the day. The possible solution to this economic problem is quite simple, state governments should endeavor to pay up their accumulated salaries and allowances of their workers. 5.	Terrorism Terrorism is a very serious problem facing Nigeria today, although it is a global challenge and not peculiar to Nigeria alone. This very problem has been hunting Nigeria and causing a negative effect on her economy for a long period of time now. However, the security agencies in Nigeria has been fighting tooth and nails to ensure to curb the menace of insurgencies. At the moment, we are experiencing some bit of positive result. The possible solution to this problem is persistent hard work, and also citizens of the country should give their full support to our security agencies. 5.	Change of Government Nigeria as a country have always face a problem of discontinuity in governance when there is a change in government. When a new government take over the helm of affairs, they tend to abandon the ongoing projects of the former one. This sometimes result to economic instability because a new government will want to do something new thereby leading to lots of abandoned projects and policies. The possible solution to this problem is that there should be continuity in governance irrespective of political parties or differences. 7.	Over-dependence on Oil Nigeria is a country that have total dependence on oil as its major source of revenue generation. When the price of crude oil went on decline, the country began to experience more hardship. This is one of the major economic problems in Nigeria today. The possible solution this problem is simply to diversify the nation’s economy. Nigeria should find an alternative to oil by tapping into other natural resources found in the country. Better still, it will be better for the nation to go back to the green old days of Agriculture. Also read: Problems of Agricultural Development in Nigeria and Possible Solutions 8.	Selfish Personalities There are some top personalities in Nigeria today who benefit when the nation is in economic hardship. Some of these people are so greedy and selfish that they strive towards deteriorating the country’s economy. Government should try as much as possible to checkmate those people from their selfish ambitions. 9.	Corruption This top the list of the major economic problems in Nigeria for some years now. Hardly will you find someone holding a government office that is void of corruption. A lot of Nigerians are corrupt, both leaders and citizens. The possible and only solution to this problem is when both citizens and leaders choose to shy away from corrupt acts and do what is right. 10.	Poor Quality of Education The quality of education in Nigeria is very poor when compared to that of western world. As a result of this setback, the future leaders of the country lack skills, knowledge and morals needed to lead the country into the right direction. The solution to this problem is for the government to pump more money into the education sector. The quality and standard of education in Nigeria needs to be improved seriously. Government should provide a conducive environment for both students and teachers to work as a team. Conclusion These are the 10 major economic problems in Nigeria today that is pulling us back as a nation. The possible solutions are also stated, which means there is still hope for the nation when the right thing is done.

What Are the Problems Facing Nigeria Today?

Nigeria has many problems. These problems are but not limited to: •	Corruption •	Crime and terrorism, specifically Boko Haram insurgency •	Unemployment •	Education and university systems •	The environment •	Infrastructure •	Gender •	Road accident •	The economy It would be impossible to thoroughly examine all of these issues in just one article, so think of this as an introduction. By ALKALI KABIRU (Own work), licensed under ALKALIGOLD Nigeria’s Biggest Problem Is Corruption; Very Sad Corruption is at the root of many of Nigeria’s problems in totality. Corruption takes many forms and infiltrates all political institutions and economic sectors. It is so sad to here that the government which is set up to build the country and fights any form of corruption is now stealing from her own people. Chapter II Section 15 subsection 5, Chapter II (15) (5), of the Constitution of the Federal Republic of Nigeria states thus: The State shall abolish all corrupt practices and abuse of power. The question is: is this State really adhering with the instruction given? The government personnel who are constituted to abolish corruption are careless about what is expected of them. Also, the non-governing citizens who are also expected to free from corruption are also found guilty. Abuse of power is observed in almost all the government arms of the federation. The current ruling government is not performing its functions as promised, and officials are too busy enriching their pockets instead of governing effectively. In 2013, Transparency International deemed Nigeria one of the most corrupt nations in the world, ranking as 144th in Corruption Perception Index out of the 177 countries measured. Mathematically, it shows that Nigeria was the 33rd most corrupt country in 2013. In the year 2012, a Gallup poll found that 94% of Nigerians thought corruption was widespread in their government. The spoils of political corruption—billions of US dollars—are stashed in foreign bank accounts. The Abacha administration in the 1990s notoriously looted upwards of $3 billion. Since then, government institutions like the Economic and Financial Crimes Commission and the former President Goodluck Jonathan have vowed to eradicate corruption. Even so, as recently as 2013, the Central Bank of Nigeria reported the 76% of the country’s crude oil revenue intended for the Bank was unaccounted for. The most currently released result on the level of corruption in Nigeria has improved when compared to that of 2013 and other years. In the 2014 result on corruption ranking, Nigeria is ranked 136 out 174 surveyed countries. This implies that Nigeria is the 38th most corrupt nation in 2014. The result was published by Transparency international on Wednesday 3rd December 2014. The result shows that former President Goodluck Jonathan administration was making an impact to bring down the corruption level in Nigeria. The current president, President Mohammed Buhari, is putting his own efforts to bring corruption in the country to the minimal level. This made few who looted in the past regime to bring back some of the money they embezzled. Election-rigging is not unheard of in Nigeria. The citizens of Nigeria are tired of coming out to cast their votes on `Election Day only to feel their votes haven’t been counted. A Foreign Affairs investigation of the 2007 elections counted around 700 election-related violent acts in the year leading up to the elections, including two assassinations. International observers in 2007 reported the rampant theft of ballot boxes, and while in 2011 the situation improved, ballot-rigging was still rampant. During elections, Nigerians and international watchdog groups tell stories of thugs hired by candidates to hijack the ballot boxes and intimidate voters. Many of these thugs are disaffected and unemployed youth. Nigeria Television Authority (NTA) on 2nd October 2014 reported that European Union (EU) Committed 15 Million Euros (€15,000,000) in the country’s 2015 election. How will the money be utilized? Will the money be solely used for what it is meant for? Only God knows what those who are ruling the election body will use it for what it is made for or embezzle it as corruption in the country is experienced more in public sector. Corruption doesn’t only exist in government but is pervasive in society. For example, what happens in some companies with male CEOs when a woman applies for a job? Unless they already know them, some of the CEOs demand special and sexual favors from young women seeking employment and at times do not hire them in the end. Those at the top adopt an attitude of “if I do no not already know you, I’m not going to hire you,” and exploit their power—this is just one illustration. Those who do not have connections to top officials or executives remain jobless, even if they’re university graduates with top marks. Gender and education will be discussed later, but this is a concrete example of how systemic corruption perpetuates a host of problems in Nigeria. The press is hamstrung in its efforts to report corruption and election-rigging. Some have been paid off by the governments they report on, a practice which produces weak news and must be stopped. In 2013 the Committee to Protect Journalists, an American NGO which evaluates press freedom around the world, added Nigeria to their impunity list, a list of countries where journalists are routinely harassed and murdered with little to no recourse. Though President Muhammadu Buhari administration is working hard to see that election-rigging in Nigeria is eliminated, much more needs to be done. Seminars should be organized for Nigerian youths to be taught the dangers of working as thugs for politicians. This is where the importance of youth empowerment comes to play. Television channels in the country should be used to educate the nation about corruption and how to stop it. Political candidates found guilty of election-rigging should be punished more frequently and harshly. If convicting corrupt politicians becomes normal others will learn, and with time, election-rigging in Nigeria can be made a thing of the past. It is true that Nigeria is blessed with crude oil (petroleum) but the question is, how correct are the volumes that are exported out of the country? For instance, a head in one oil servicing company in the country may export about one thousand barrels of crude oil from the country and went back and gave a report to the government that he exported five hundred barrels. What happens to the remaining five hundred? The money goes into his personal account-corruption in the higher order. Corruption is also rampant among Nigerian businessmen and woman. How many have bought any electronic product with a particular capacity and the product gives him or her result of what is written on it? In Nigeria, many populations of those who deal in electronic products buy products of particular lower capacity and use their own manufactured stickers to high the capacity on the products. For instance, a businessman may buy a Tiger generator of 4.5h.p (horsepower) and change the capacity to 6.5h.p to sell at higher price. In other business sectors, some sell inferior products to customers to make high profits. There had been lots of cases of misunderstanding in the country’s marketplaces between sellers and buyers because of inferior products sold to the buyers. Boko Haram and Terrorism in Nigeria Terrorist attacks are on the rise in Nigeria, which are the increased activities of Boko Haram over the past year. It is a big challenge in the country. Bombings, kidnappings, and other violent activities of Boko Haram prevent many Nigerians from feeling safe. The Global Peace Index, 2016, ranked Nigeria as the fourth country in the world with the highest number of “international conflict deaths". Boko Haram is a well-known agent of destruction in Nigeria. Even a casual observer who doesn’t live in Nigeria has likely heard of Boko Haram’s recent 2014 kidnappings of hundreds of children—mostly girls—from schools and villages in northern Nigeria. On the night of 14-15 April 2014, about 276 Chibok school girls were kidnapped by the Boko Haram. These girls were between 17 to 18 years according to a source. They were secondary school students at Government Secondary School, Chibok, and Borno State, Nigeria. Only God knows the nature of what is in-between the legs of the female students at the moment. In the northern part of the country, students cannot complete their studies because of the looming threat of kidnapping and murder. The news report from Channels Television of Nigeria (The best television station of the year) on June 18, 2014, had it that Boko Haram killed 15 students from a bomb blast in a school at Kano state of the country. What is Boko Haram? It is a militant Islamist movement with ties to Al-Qaeda whose name translates into "Western education is forbidden." Their ideology is based on a fundamentalist Sunni Islam, and their intent is to establish an Islamic state in Nigeria and cleanse the country of any and all Western influence. Boko Haram’s campaign of bombing, shootings, and kidnapping was launched in July 2009 but has recently intensified. On 1 May 2014, International Workers’ Day, a car bomb blast in Abuja killed at least 19 people at a bus station. The summer of 2014 has been especially violent, with bombings, massacres, and mass shootings being committed on a near-weekly basis. In July 2014, Human Rights Watch estimated 2,053 people had been killed in 95 separate Boko Haram-linked attacks in the first half of 2014 alone, and the number is likely much higher by now. Thousands more have been displaced by the violence. There was bomb explosion at the Bauchi Central Market on 22 December 2014 at about 17:30hrs. As a result of the blast, the market was in flames. At the early hours of the blast, 19 persons died in the incidence and 25 injured. Boko Haram in the most recent time has adopted a new method of terrorizing Nigeria. These wicked souls now use children for carrying out their evil motives of suicide bombing. When they enter any community, they make sure that they gather enough little children to work for them. According to a Nigerian newspaper report, on Sunday 22 February 2014, a girl of not more than eight years indulged in a suicide bombing in Potiskum market which killed about five and injured many. In February 2018, the citizens of Nigeria received sad news on the abduction of over 100 female students from Government Technical College, Dapchi, and Yobe State. The terrorists that are causing this heavy challenge are hardhearted. The president on receiving this sad news visited the state. Among his statements on his visit to the state are “On 19th February, 2018, we woke up to the painful news of the abduction of One Hundred and Ten (110) students of Government Girls’ Science and Technical College, Dapchi. Since this ugly incident happened, I have not left any stone unturned in making sure that the girls are rescued (Johnbosco Agbakwuru 2018)." Crime and Problems of Public Safety in Nigeria The Nigerian crime problem gives many citizens in this country sleepless nights. In many places, people feel they can no longer walk around their own neighborhoods unharmed. Public safety is the most fundamental responsibility of any state, and Nigeria has failed in this regard. Kidnapping has turned into business in the country. The one that took place in June 2017 shocked citizens of the country. On June 10, 2017, Chukwudi Onuamadike, aged 36, popularly known as Evans, was arrested by a police group in Lagos state of Nigeria. He hails from Umudim Village, Nnewi North Local Government Area of Anambra State. Evans is described as the most notorious, high profile kidnapper – and the richest in Nigeria. According to Vanguard news, he confessed the highest ransom he collected was $1million (one million dollars) from somebody living in Festac, Lagos state. The Inspector-General of Police, Ibrahim Idris, disclosed that the kidnapper collected about $6 million as ransom from his kidnapping business. Evan has houses in Nigeria and Ghana, and he made his money from kidnapping. The arrest of Evans the kidnapper is the biggest kidnapping news in Nigeria in 2017. Please bear with a personal anecdote on the subject. I have a friend by the name of Sampson C. On 13 June 2013, Sampson was heading to a night vigil at Onitsha in Anambra when a group of young men stopped him. They took everything he had on him. He pleaded with them saying, “Collect everything you want, but give me my wallet back because I have some important documents in it.” The young men refused and took the documents which were of no use to them. This situation is pitiable and is a typical example of rampant petty crime in Nigeria. As of 2004, Nigeria has a high murder rate: 17.7 homicides per every 100,000 people. Mugging and piracy are endemic. An overall increase in crime against foreigners, in particular, led the US State Department to consider the situation in Nigeria as “critical” in 2013. People around the world cannot even browse the Internet without fear of being scammed by Nigerians looking to make money overnight. One cause of Nigerian crime is the drug trade, in which organized criminal groups in Nigeria are heavily involved. According to the American FBI, ethnic Nigerians in India, Pakistan, and Thailand provide Nigerian gangs with easy access to 90% of the world's heroin supply. People engage in illegal and bad activities when they are frustrated with legitimate options. Lack of opportunity makes them indulge in criminal acts, and their actions make the whole nation look bad. Instead of allowing persistent unemployment to continue, the government should increase security in the country and hire youth as security agents. Kidnapping activity in Nigeria is growing fast like grasses on the river side that have water in abundance. This has come to the extent of kidnapping the country’s kids to be released on ransom. The Lawanson Road, I tire abode of the Orekoyas, whose three children were kidnapped by a housemaid last Wednesday, 24 hours after she was employed, became a Mecca of sorts of yesterday, following news of their discovery (Vanguard News, April 16, 2015). This was a kidnapping incident that took place in the Lagos state of Nigeria, whereby a housemaid kidnapped 3 children and demanded fifteen million naira as a ransom (N15 million), and after payment of the ransom the children released in an uncompleted building in the state. Unemployment in Nigeria Unemployment is a hot issue in Nigeria, and many people are frustrated with widespread joblessness. Unemployment in Nigeria is like a disease that the cure is not yet discovered. According to official statistics, 24% of Nigerians are unemployed. These numbers are worse for young people. Official Nigerian statistics say 38% of those under 24 are unemployed, but the World Bank estimates this number to be closer to 80%. In March 2014, 16 people were killed in stampedes when 500,000 desperate job-seekers rushed to apply for under 5,000 vacancies at the Nigeria Immigration Service. Students at tertiary educational institutions often graduate into joblessness and low morale. There is a great challenge in Nigeria education. Many Nigerian graduates did not learn good skills during their studies. They were busy reading only textbooks without knowing the applications of what they read. They apply for jobs for which they aren't hired because they lack skills. Graduates often must stay in their parents’ homes for a long time, with mounting frustration and pessimism. This negativity is one of the major root causes of crime among young people in Nigeria, as they turn to unscrupulous activities because there is nothing else to occupy their time or generate income. Each year, 200,000 students graduate from universities, but many fail to find a job, and some will seek out less-than-honorable means of supporting themselves. Encouraging acquisition of skills will go a long way in solving Nigerians unemployment challenge. Both the government and the individuals should work hand in hand to reduce unemployment. Another alternative to solving unemployment issue in Nigeria is through self-discovery. Embracing the opportunities offered by the internet is a welcomed idea in solving Nigerians unemployment challenge. Among them include application design and online publication. Online publication helps in discovering how to write. Nigerians can write on Hub pages ‘which is where this article is published. People who are interested can sign up and the site management will train them on how to use the platform and make money through an advertisement placed by merchants. This forum does not require any money to start-up and the management directs the writers on how to get paid. Nigerian primary school enrollment by state. By Closing Time (Own work), licensed by CC-BY-SA-3.0 | Source Problems in Nigeria's Educational System and Universities There is also a lot of corruption in the Nigerian educational system, particularly universities. Lecturers are known to collect money from students in exchange for good grades. Some say they have to bribe university administrators in order to have their exam results compiled and submitted to the (required) National Youth Service Corps. In August 2014, Nigeria’s own Independent Corrupt Practices and Other Related Offences Commission (ICPC) reported that corruption was endemic to Nigerian universities, due to continual failure to make violators accountable for their actions. The Chairman of the ICPC’s University System Study Review, Professor Olu Aina, said there was a lack “political will” to deal with corruption violations, few internal checks, and balances in universities to prevent corruption and little external oversight of corrupt practices. Beyond political corruption, the Nigerian education system suffers in other ways. It compares poorly not only to those of developed Western nations but also to other African countries like Ghana and South Africa. In 1997 and 2000, federal government expenditure on education was below 10% of the overall budget. The money appropriated to the education sector in the 2013 budget was ₦426.53 billion which amounts to only 8.67% of the total budget (₦4.92 trillion). The United Nations Educational, Scientific, and Cultural Organization (UNESCO) recommend that the education sector accounts for 26% of national budgets in order to impact national development. The universities and higher institutions in the country are not in shape. The departments that are supposed to be taught technically to be useful to firms after their graduations are lacking, and this makes them contribute less to the societal development of the country. Many firms have appealed to the Federal government to make the necessary tools available to enable the students that specialize in the area employable to the society. Etiwa Vocational Training Limited, a Lagos-based firm specialized in developing skilled workers, has called on the federal and state governments to pay more attention to technical education in the country (Eric Dumo 2017).

What proportion of Nigerian students quite from school? According to Channels Television Station report on 9th September 2014, over 10.5 million Nigerian children are out of school. This shows the illiteracy level of the country. According to the guest on Channels Television who gave the statistics, he stated that the problem of Boko Haram in Nigeria today is because they were not in schools when they were young. He went further to say that they were fed with wrong information and because of that lacked knowledge, and when they lacked the knowledge they lacked wisdom. So, they are a problem to the country because they lacked knowledge which they would have gained if they went to school (Boko Haram). There is also a lot of corruption in the Nigerian educational system, particularly universities. Lecturers are known to collect money from students in exchange for good grades. Some say they have to bribe university administrators in order to have their exam results compiled and submitted to the (required) National Youth Service Corps. In August 2014, Nigeria’s own Independent Corrupt Practices and Other Related Offences Commission (ICPC) reported that corruption was endemic to Nigerian universities, due to continual failure to make violators accountable for their actions. The Chairman of the ICPC’s University System Study Review, Professor Olu Aina, said there was a lack “political will” to deal with corruption violations, few internal checks, and balances in universities to prevent corruption and little external oversight of corrupt practices. Beyond political corruption, the Nigerian education system suffers in other ways. It compares poorly not only to those of developed Western nations but also to other African countries like Ghana and South Africa. In 1997 and 2000, federal government expenditure on education was below 10% of the overall budget. The money appropriated to the education sector in the 2013 budget was ₦426.53 billion which amounts to only 8.67% of the total budget (₦4.92 trillion). The United Nations Educational, Scientific, and Cultural Organization (UNESCO) recommends that the education sector accounts for 26% of national budgets in order to impact national development. The universities and higher institutions in the country are not in shape. The departments that are supposed to be taught technically to be useful to firms after their graduations are lacking and this makes them contribute less to the societal development of the country. Many firms have appealed to the Federal government to make the new.

What proportion of Nigerian students quite from school? According to Channels Television Station report on 9th September 2014, over 10.5 million Nigerian children are out of school. This shows the illiteracy level of the country. According to the guest on Channels Television who gave the statistics, he stated that the problem of Boko Haram in Nigeria today is because they were not in schools when they were young. He went further to say that they were fed with wrong information and because of that lacked knowledge, and when they lacked the knowledge they lacked wisdom. So, they are a problem to the country because they lacked knowledge which they would have gained if they went to school (Boko Haram). Inadequate Infrastructure in Nigeria Infrastructure may seem a trivial issue following other problems like Boko Haram, but how can a country progress without a reliable power supply? The power sector is corrupt and mismanaged, and many workers in the electricity sector are not equipped with the proper skills or training. Domestic production suffers in these conditions, but many foreign companies also find it difficult to conduct business in Nigeria because of frequent power failures. This problem keeps Nigeria a Third World country from year to year. Also, what do we have to say on the state of Nigerian road networks? Business suffers without a dependable road system. Corruption and the embezzlement of public funds keep roadways in disrepair. In 2011, the World Bank reported that only 67% of paved roads and 33% of unpaved roads were in good or fair condition. Between 2001 and 2006, only $50 million of the needed $240 million were allocated for road maintenance. Similar issues of inadequacy and corruption can be seen in the water resources and railways. Nigeria needs to tackle the challenge its infrastructure problems by providing the proper funding and cracking down on the embezzlement of public funds earmarked for infrastructure. Any engineer or contractor that fails to do his work well should be taken to task. Nigeria needs more power and better roads. The workers in these sectors should be paid well, and those with good skills and strong ethics should be rewarded. Citizens should carry out a peaceful movement, telling the government how important the power supply is to the country. Environmental and Public Health Issues in Nigeria The environmental and health standards of Nigeria are in a bad state. In 2013, Amnesty International reported that Nigeria experiences hundreds of oil spills per year in the Niger Delta, largely due to pipe erosion, sabotage, and neglect by oil companies. Oil spills weaken the microorganisms and the soil nutrients, and this weakening harms communities who fish and farm the Delta as well as the overall economy. Littered waste is scattered all over the roads and streets in Nigeria. Improperly disposed garbage contributes to the spread of disease. The health system in Nigeria does not adequately serve the population. The average Nigerian life expectancy is 38.3, according to the World Health Report, one of the lower life expectancy in sub-Saharan Africa. Infant mortality has been on the rise since the 1990s, and the maternal mortality rate is one of the highest in the world. The Nigerian health system is poorly funded, and this lack of resources creates a “brain drain”: talented doctors and nurses find jobs in developed countries, leaving Nigerian hospitals in the hands of their less-talented colleagues. Within Nigeria, good doctors are disproportionally concentrated in cities, leaving rural areas under-served. In 2014, there is a health challenge in the country resulted by Ebola virus. This disease entered the country through an official from Liberia, Patrick Sawyer. The doctors in the country are doing the much they could to bridge the spread of the disease. At the initial stage when the disease was contacted by few Nigerians, there came a rumor that the disease can be cured by table salt. Many citizens of the country dissolved some salts in water and drank and some took bath with it and this led to the death of about eighteen while many others hospitalized, which is more than what have been killed by the virus. The statistics of people who have been killed by the virus as of on 17th September 2014 were seven and fifteen infected recorded in the Lagos state of Nigeria. African Development Bank (ADB) issued one million dollars to Nigeria in September 2014 to assist in the fight against Ebola virus. The government needs to play a bigger role in providing proper waste disposal systems and better healthcare, particularly in neglected rural areas. Environmentally sustainable disposal practices, like recycling, should be adopted. Those who vandalize oil pipelines should be pursued more aggressively and punished for causing oil spills. Bush burning must be limited so that the micro-organisms that promote crops output can thrive. Hospitals need better funding. The state must take steps to keep qualified young doctors in the country, perhaps by giving them more important roles in public health administration. A classroom of midwives at the Jigawa State School of Midwifery in northern Nigeria. In 2012, the British Government launched Women for Health to support female health workers in Nigeria. Nigerian Women's Issues Many people in Nigeria still believe that only men should be in positions of power. There are many causes of gender inequality in Nigeria. Some archaic traditions and customs do not permit women to occupy top professions or political offices. As a result, women in Nigeria face discrimination and violence. Unemployment in Nigeria affects the women most when compared with that of men. This is due to the fact that some women are neglected due to their sex and weaknesses. Because of such, the wife of former President Goodluck Jonathan, Patience Jonathan, and other women in the country came up to empower Nigeria women to the best of their capacities. The Chapter II Section 17 (1) (1) of the Constitution of the Federal Republic of Nigeria states, "The state social order is founded on ideals of Freedom, Equality, and Justice". That is to say that the Constitution of the country has given every citizen, both male and female equal right to participate in any political and non-political activities. In the same chapter Section 15 (2), it quotes, "Accordingly, national integration shall be actively encouraged, whilst discrimination on the grounds of place of origin, sex, religion, status, ethnic or linguistic association or ties shall be prohibited". This line of the Constitutions points at some factors including sex. It demands that no philosophy or belief should discriminate the women from participating in any important roles in the country. As of 2011, there are only 32 women (out of 469) in the national parliament. Women’s status in Nigeria is improving in some ways, though. In 2011, President Jonathan appointed a cabinet made of 33% women, something unheard of previously. With women’s participation in politics and elections slowly increasing, we may see more female candidates for office in the future. The old customs and beliefs about women’s roles need to be updated. Civic Pride and Patriotism in Nigeria Nigeria suffers from a deficit of civic pride and collective responsibility. Wealthy Nigerians do little to use what they have to help the masses. Instead, they transfer their money to foreign banks rather than making it useful for the nation. When these wealthy men want to go on holiday, they travel to the United States or Canada, and many migrate to the developed world rather than spend their money here. Citizens should cherish the goods manufactured in Nigeria, and wealthy Nigerians should invest their money in the local industry to encourage development. With this, more jobs will be created for the masses. Economic freedom should be encouraged in the country for better business growth. This lack of civic engagement has real economic consequences. The masses do not purchase the goods manufactured in Nigeria because they believe they are inferior. Instead, they spend money on goods created in Europe, which doesn’t benefit businesses or ordinary workers in Nigeria. When the local industry is discouraged, the Nigerian government spends more on imported goods. Even as an exporter of crude oil, Nigeria imports its refined oil from other countries. Road Accident: Trending Problem in Nigeria Road accident is another trending challenge in Nigeria. Many citizens of Nigeria have lost their lives in road accidents. Before, it was air accidents by flights that were being experienced in the country until the government of the federation looked into it and had the problem tackled. So many have their future shattered and others have lost focus because of careless accidents by road in the country. At around 3 p.m. on Sunday 31st May 2015, break failure on a tanker carrying petroleum product killed not less than 80 people at Upper Iweka, Onitsha Anambra state of Nigeria. There was a death of over 20 university undergraduates from the University of Nigeria Nsukka on road accidents. The accident occurred on Tuesday, 2nd of June 2015. These students were the hope of their parents who have been training them for years in the university. The instances given are just a few of many road accidents that take place in the country. High statistics of lives are being lost in Nigeria in road accidents every year. The government of Nigeria should implement and enforce the law that will be guiding drivers who drive on the roads. This should include monitoring every transportation company to make sure that they have qualified automobile engineers that check their cars before they embark on any transportation. Also, the time through which the vehicles run on the highways should as well be taken care of. Nigeria has lost a lot of lives through tankers transporting highly inflammable liquids and we do not want more of that tragic experience any longer. Cars which travel by roads should be “healthy” enough to prevent loss of lives. The economy The economic state of Nigeria has really reduced. The state of buying and selling in the country is poor and not encouraging at all. The earnings of the country per year have reduced and affecting the citizens of the country negatively. Inflation is a big problem in the country. Inflation is the rate at which the general level of prices for goods and services is rising and, consequently, the purchasing power of currency is falling. The salaries earned by workers can no longer buy tangible items from markets. It is a threat in the lives of many people and that is one of the reasons why many workers are agitating for increase in their salaries. Nigeria’s annual inflation rate increased to 11.23 percent in August of 2018 from 11.14 percent in July and above market expectations of 11.11 percent. It was the first rise in inflation rate after being declining since January 2017, when it reached a 12 year high of 18.7 percent (Trading Economics 2018). Nigeria Gross Domestic Product (GDP) growth rate from 2010 to 2018. | Source In terms of Gross Domestic Product of Nigeria, the rate of growth has been sluggish in the recent years. The gross domestic product (GDP) is one of the primary indicators used to gauge the health of a country's economy. Also, in some months, the GDP has also reduced. It reduced by -13.98 percent in the first quarter of 2016. Also, in the first quarter of the year 2018, the GDP of the country reduced by -13.4. The Way Forward: the Youth Can Transform Nigeria The only way Nigeria can solve its many problems is by giving the youth more opportunities to participate in the government, economy, and society. Young people are the prime beneficiaries of school improvement, and the percentage of youth in higher learning institutions is currently very high. If young people were in charge, the educational system in Nigeria would not be in its current state, and unemployment would be reduced. At the same time, young people shouldn’t wait for good things to come to them, but need to take individual initiative. Youth empowerment and initiative will improve life for all Nigerians. Nigerian government officials and other elites need to share power with the country’s youth and listen to young peoples’ ideas for how to better the country. The young men and women of Nigeria are tomorrow’s elders and, if included, could transform Nigeria. Without the energy of youth, society will decay and perish. In addition to minimizing of corruption in the country, Nigerians should cultivate the habit of being patient. Why many indulge in corrupt practices is because they are impatient and want to make quick money. In developed countries of the world like the United States, many Nigerians are locked up in the prisons and some have been killed because of the corrupt practices they practiced. Conclusion Discussed are the major challenges that Nigeria is facing for some time now. These challenges are many though not all of them were properly detailed out. On the other hand, the piece is backed-up with the possible solutions to arrest the challenges. It is believed that the situation of the country will get better if these solutions are put into action by both the government and citizens of Nigeria. Nigeria is our country and we can build it with combined effort. Let there be peace and you be an agent of peace. Key issues debilitating the Nigerian economy as identified by IMF Heightened security problem in the country also received the fund’s attention.

play The table has turn around now. (Pointblank News) The International Monetary Fund (IMF) just published the Article IV consultation on Nigerian economy for 2018, and these problems stand out in the report. This assessment was released on Wednesday, March 7, 2018. The report also said Nigeria’s economy is slowly exiting recession but it is vulnerable to external shocks. View image on Twitter

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4:02 PM - Mar 7, 2018 38 people are talking about this The Article IV Consultation is an annual appraisal of a country’s economy by IMF. It usually contains an evaluation of both fiscal and monetary policies of government as well as recommendations“The Nigerian economy is slowly exiting recession but remains vulnerable,” said the report. 1. Huge fiscal deficit Increasing debt accumulation by the government was identified as a major problem. IMF also noted that this is an indication of weak revenue mobilization by the government. Despite the tax drives of the current government, it still heavily relies on external debts to fund its annual budget. Bonds raising programs of the Nigerian government have also been noted to have crowded out the private sector. This means it has reduced the crediting raising opportunities for private businesses. 2. Low economy diversification The country’s high dependence on oil sector was also brought to fore by IMF in this document. The report revealed that the economy was dragged into and brought out of recession by one sector – oil and gas sector. “…This performance was accompanied by positive economic growth for two consecutive quarters in 2017, propped up by recovering oil production.” 3. Increasing domestic risks The economy is still noted to be vulnerable to some domestic shocks. Some of which include heightened security tensions, weak implementation of structural reforms etc. The herdsmen-farmers crisis was also noted in the report. More so, delayed fiscal policy response to issues such as subsidy payment and budgetary allocations were also cited. 4. Rising banking sector risks The document also stated that there are many banking sector vulnerabilities, and advised that they should be contained. As a result, the move by Central Bank of Nigeria (CBN) to increase capital buffers of weak banks by preventing dividends payment was commended by the bank.

Nigeria Economic Outlook October 16, 2018 Incoming data suggests that the recovery is back on track in the second half of the year, after GDP growth dropped notably in Q2. Pipeline disruptions, which had plagued oil output in Q2, have dissipated and the ministry of petroleum announced that oil production rose to over 2.0 million barrels per day in September. In addition, fiscal spending has ramped up as the delayed 2018 budget kicks in, while the PMI pointed to solid economic conditions in September. That said, the government’s fiscal dynamics are growing worrisome. Despite higher oil prices, international reserves dropped for a third consecutive month in September as the government defends Nigerian assets against capital outflows. Moreover, weak tax collection combined with record spending plans for this year, have forced authorities to turn to international markets for cash, adding to the country’s debt burden. Nigeria Economic Growth Growth is expected to gain steam going forward thanks to softer inflation, improved exchange rate liquidity and higher oil output. That said, political uncertainty is high going into the 2019 election and politics will likely put economic reforms on the backburner and delay the 2019 budget. Focus Economics panelists see GDP increasing 2.7% in 2019, which is down 0.1 percentage points from last month’s forecast. In 2020, the economy is seen expanding 3.4%. Nigeria Economy Data 2013	2014	2015	2016	2017 Population (million) 169	174	179	184	189 GDP per capita (USD) 3,082	3,312	2,766	2,206	1,995 GDP (USD bn) 522	576	494	405	376 Economic Growth (GDP, annual variation in %) 5.5	6.2	2.8	-1.6	0.8 Consumption (annual variation in %) 21.2	0.5	-0.4	-3.7	- Investment (annual variation in %) 7.9	13.4	0.6	-6.8	- Industrial Production (annual variation in %) -0.1	6.0	-3.4	-9.4	-3.6 Unemployment Rate 3.7	4.6	4.3	7.1	7.0 Fiscal Balance (% of GDP) -1.4	-0.9	-1.6	-2.2	- Public Debt (% of GDP) 12.9	13.1	16.0	19.6	23.4 Money (annual variation in %) 1.3	20.6	5.8	17.8	1.7 Inflation Rate (CPI, annual variation in %, eop) 8.0	8.0	9.6	18.6	15.4 Inflation Rate (CPI, annual variation in %) 8.5	8.1	9.0	15.7	16.5 Policy Interest Rate (%) 12.00	13.00	11.00	14.00	14.00 Exchange Rate (vs USD) 155.2	167.5	196.5	304.5	305.5 Exchange Rate (vs USD, aop) 155.3	156.5	192.6	253.2	305.3 Current Account (% of GDP) 3.7	0.2	-3.1	0.7	2.8 Current Account Balance (USD bn) 19.2	0.9	-15.4	2.7	10.4 Trade Balance (USD billion) 43.8	21.0	-6.4	-0.5	13.1 Exports (USD billion) 95.1	82.6	45.9	34.7	45.8 Imports (USD billion) 51.4	61.6	52.3	35.2	32.7 Exports (annual variation in %) 0.8	-13.2	-44.4	-24.4	32.0 Imports (annual variation in %) -3.8	19.9	-15.0	-32.7	-7.3 International Reserves (USD) 43.6	34.5	29.1	25.8	38.8 External Debt (% of GDP) 1.7	1.7	2.2	2.8	5.0 SAMPLE REPORT 5 years of Nigeria economic forecasts for more than 30 economic indicators.

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