SOME ECONOMIC DEVELOPMENT CHALLENGES IN NIGERIA, Debt burden and debt relief:
debt burden refers to the massive accumulation of huge debts by the country. Local government, state and federal executive borrow money and reuse it to pay back.
why Nigeria is regarded as a poor country
Nigeria is often regarded as a poor country due to a combination of factors that have hindered its economic development and social progress. Some key reasons include:
Historical factors: Nigeria, like many other African nations, has a colonial history that left it with a legacy of political, social, and economic challenges.
The colonial era disrupted traditional systems, imposed economic structures that favored the colonizers, and contributed to the exploitation of natural resources without adequate benefits for the local population.
Economic mismanagement: Nigeria has experienced periods of economic mismanagement, corruption, and poor governance.
The misallocation of resources, embezzlement of public funds, and lack of transparency in government have hampered the country\’s ability to invest in infrastructure, education, healthcare, and other essential sectors.
Dependency on oil: Nigeria is heavily dependent on oil exports for revenue generation, which makes it vulnerable to fluctuations in global oil prices.
Over-reliance on a single commodity has hindered the diversification of the economy, leading to an imbalance and susceptibility to economic shocks.
Poverty and inequality: Nigeria has a high poverty rate and significant income inequality. A large portion of the population lives below the poverty line, lacking access to basic amenities such as clean water, healthcare, education, and adequate housing. The unequal distribution of wealth and limited social mobility exacerbate these issues.
Population growth and urbanization: Nigeria has a rapidly growing population, which puts pressure on resources, infrastructure, and public services.
The pace of urbanization often outstrips the government\’s capacity to provide essential services, leading to overcrowding, inadequate housing, and strained social systems.
Inadequate education system: Nigeria faces challenges in its education system, including a lack of access to quality education, insufficient funding, outdated curricula, and a shortage of skilled teachers.
These factors limit the country\’s ability to develop a knowledgeable and productive workforce necessary for economic growth.
Insurgency and security concerns: Nigeria has faced security challenges, particularly in the northeast region where the Boko Haram insurgency has caused significant disruptions.
Ongoing conflicts, terrorism, and instability hinder economic activities, displace communities, and divert resources away from development efforts.
UNDERSTANDING ECONOMIC DEVELOPMENT CHALLENGES IN NIGERIA
This practice will never allow the economy to grow. Such loans in most cases, if not pay back will lead to accumulation of interest which in most cases are always difficult to pay. DEVELOPMENT CHALLENGES IN NIGERIA
This will definitely lead to low economic growth. Debt burden can only be removed or cancelled by developed countries through what is referred to as debt relief==DEVELOPMENT CHALLENGES IN NIGERIA
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problems of Nigeria\’s development
HIV/AIDS and the Economy: HIV/AIDS have become a major threat to the economy. This disease has caused a lot of problems for the economy. That the disease is not curable is more worrisome.
The disease is more common among the youths who should form a greater percentage of the working population. In this situation,
the economy will suffer as it will lead to low productivity and slow down the growth and development of the nation-DEVELOPMENT CHALLENGES IN NIGERIA
Power and Energy supply: The power and energy supply with particular reference to electricity is a big problem to the economic growth of a nation.
The power supply to the economy for productivity is grossly inadequate to ensure rapid economic development.
Resource control: Resource control may be defined as the control and management of resources by state, local governments from whose jurisdictions the resources are extracted is key to the emergence of a modern federal Nigeria. DEVELOPMENT CHALLENGES IN NIGERIA
The states or local governments would manage the resources from their territories under federal guidelines and then remit taxes to the federal centre.
Make no mistake about it, Nigeria as presently run is a trust fund state. The federal (central) government commandeers the process of extracting the natural resources and then having her pot full of money dispense patronage as it pleases to the states and local government.
This habit of not running true federalism is making the country not to develop–DEVELOPMENT CHALLENGES IN NIGERIA
Corruption: Corruption is the usage of acquired power in a dishonest or illegal way to acquire wealth that belongs to a person, state or government.
In Nigeria, corruption has eaten deep into the fabric of the society. Money meant to the development of the whole nation normally carried or carted away by a few individuals in power. DEVELOPMENT CHALLENGES IN NIGERIA
This practice do generally lead to the poor economic development of the country.
ROUND WORM OF PIGS
161. LIVER FLUKE
162. ECTO PARASITES
163. TICK
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