Why nigeria economy is so bad?

Abdulfattah Ogirima Yusuf

Since when i was young, and had fully developed listening faculty to listen to people’s conversation, i listen to my parents, families and ordinary Nigerians complaining about Nigeria’s bad economy. It’s incomparable fact that today’s Nigeria’s economy is worse than that our parents had experienced in their time, and i prayed it won’t get even worse for coming generations.

So, the question: why is Nigeria’s economy so bad?

To be able to answer this, we must first digest this popular quote that says it all, “You can’t solve a problem with that which caused the problem.” The same is true with Nigeria’s economic problems can’t be solved if those elements who had caused the problems are directly or indirectly still making the rule. Unless these elements are completely excluded from making rules in the country, Nigeria’s economy will completely evoparised!

Do you agreed with this, or do your mind negates this? What’s your opinion?

Jameela ohunene

Abdulfattah Ogirima Yusuf

Nigeria’s economy is bad today due to long years of bribery & corruption, foreign debts, loss of employment opportunities and the nature of the Nigerian market.

Let me explain.

Bribery & corruption. Since after Nigeria’s independence, the rate of bribery & corruption only increased. Nigerians bribe their ways to high-paying job and, when they got the job, they use the job as a medium to get rich. Remember: Not the country riches!. It’s a norm in Nigeria to find tax officials printing fake receipts and become rich through fake levy without government’s awareness. Observe the road tax officials!
Foreign debts. Nigerian foreign debt is estimated to be “at N31. 98 trillion (US$41.59 billion) in Q3 2023, while total domestic debt was N55. 93 trillion (US$72.76 billion). The share of external debt (in naira value) to total public debt was 36.38%in Q3 2023, while the share of domestic debt (in naira value) to total public debt was 63.62%.” according to 2024 Nigerian Stat. What were those debts used for? A question for the ancestors! It’s no brainer that most of the debts were in the personal foreign banks of politicians.
Loss of employment opportunities. High level unemployment is one big unsolved problem rather it’s been increasing in Nigeria. The Nigerian government are careless about job creation. And the available government jobs were being ceased and rotated among some selected few unknown families, like a dynasty. Moreover, the Nigerian government failed to encourage entrepreneurs who would have establish more private businesses and failed to encourage both domestic and foreign investors, determine to invest in Nigeria and create more jobs. Instead Nigerian businesses are going overseas.
The Nature of the Nigerian market is so poor. No price control yet no fixed minimum wage, sufficient to cover workers expenses. The question is, who will buy the pricy Nigerian produce? In the same country, the government debauched (useless) the naira currency against neighboring state currencies giving way to higher export ratio against domestically reserved consumable produce thereby starving Nigerians, how do you expect the civil workers to be quiet🙊! I notice Nigeria is in mixed economy, but i never heard even a prosperous nation subscribed to such economy.

Overall, the economic situation in Nigeria is like a combination of a long-gone Tsarist economy and SOVIET union, which followed.