Nigerian Economy: A Feeble Soldier in the Battle of Superpowers

Saula Sheriffdeen O.

The situation of the nation we live is depressing, the nation where nicely the leaders scent, and horribly, the led stink.

Since 1963, that the Nigerian economy discovered crude oil as the centre of her economic power, yet in 2020, refineries are yet to be created for the massive exploration of the source of her economic power.

Despite the huge resources, and the teeming population, the Nigerian economy is yet to grow into a superpower, because, of the following reasons that made this sweet dream sour!

Going by definition, the Oxford Advanced Learners Dictionary, defines superpower as “one of the countries in the world that has very great military or economic power and a lot of influence”.

As response to the question pumping the arteries and capillaries of the heart of my inquisitive readers, “For what reasons have you raised this stand?” Here are the problems I have identified, and the solutions to their formation.

First and foremost, “a tree can never make a forest” says an adage, the concentration of the Nigerian economy on the capital-intensive oil sector, would make her dream of becoming a superpower unrealized, because, there are many resources and sectors in which the Nigerian economy can invest which will contribute immensely to the development of her Gross Domestic Product (GDP) at the end of every economic year.

Thus, focusing on a single sector would not be the Moses that will drive the nation's economy to her promised land.

The diversification of the Nigerian economy is however apt, which gives close and equal attention to other sectors which will enable the Nigerian economy's strength and thereby shield it against unforeseen tragedies.

Examples of models for the Nigerian economy includes; the People's Republic of China which focuses on all sectors despite being known to be a wiz of construction, and Japan despite being known for her therapeutic wisdom.

Another problem is the over dependence on foreign economies. “No nation can ever survive her economy on isolation” as many would say. But is this in the case of a nation that seeks to grow into an economic superpower that still depends solely on the importation of matchsticks for national consumption despite the huge amount of trees at her disposal as resources.

So also does the crude oil which serves the economy as her bestselling resource, goes through the process of exportation into other nations and then importation, for national consumption.

It would be best if the Nigerian economy withdraws from this retrogressive act, and focuses on empowering herself with the power of local production which will enhance her exportation rate, and thus brings about a boost in her revenue generated, and undeniably, this will build the success of this feeble soldier in conquering hurdle that surfaces in her quest for superpower.

Additionally, corruption of the people at the realms of power, speaking on the success story of the Dubai's economy, a Dubai citizen said and I quote, “We have nothing, but we have everything, because of good leadership”.

Tragically, the dream of raising the Nigerian economy to standardization is being hampered by her leaders as a result of the maladministration, mismanagement, and corruption that reside in their hearts.

About 30% of the Nigerian citizens constitutes her government, and 98.5% of these thirty are corrupt and thus rule over the 70% of the population, and therefore cause increase in the rates of insecurity, economic instability, and most importantly, increase the intense rate of poverty, which is a factor considered in knowing how developed an economy is, this however, gives a clear proof that the Nigerian economy is yet a man, capable of battling in the battle of superpowers.

This problem therefore calls for mass reorientation of the young and old of the Nigerian citizens, towards becoming great leaders, as a solution to the menacing menace identified as corruption.

Predominantly, if speaking of ability, Nigeria hasn't any, because of the predominance of bad governance. Imagine a country aiming towards becoming a global economy that tells her teeming population to come out for registration of national identification during the times of national and international health crisis.

It would have been idealistic and praiseworthy, if the process had been digitalized and the educated 62.02 percent population are being used as mechanism for the seamless execution of this process, with provision of needed information broadcasted on all media platform which is a primary responsibility of the ministries of information and culture, communication, and other stakeholders concerned.

If this had been considered, this would help in curtailing the surge in the virus cases, and also help the telecommunication sector affected during this exercise, maintain growth in its business activities, and which would further help the Nigerian economy to maintain its balance.

Conclusively, this feeble soldier in the battle of superpowers will gather strength if he is fed with these human intellectual resources.

Also would the administration of the Nigerian nation be with ease, and her dream of becoming a superpower would never seize.