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 to pay back.
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. This will definitely lead to low economic growth. Debt burden can only be removed or counceled by developed countries through what is referred to as debt relief==DEVELOPMENT CHALLENGES IN NIGERIA
problems of Nigeria’s development
HIV/AIDS and the Economy: HIV/AIDS have become a major treat to economy. This disease has cause a lot of problem to the economy. That the disease is not curable is more worrisome. The disease is more common with the youths who should form the greater percentage of the working population. Under 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. 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. 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, dispenses 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 acquiring wealth that belong 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 of normally carried or carted away by few individuals in power. This practice do generally lead to poor economic development of the country.