Top 10 Economic Problems In Nigeria Today And Solutions

Top 10 Economic Problems In Nigeria Today And Solutions

Everyone reading this article will agree to the fact that Nigeria is a country suffering from a wide range of economic problems. There are lots of economic problems that have worsened the country’s economy, and this would continue if proper actions are not taken. In this article, we will examine The Top 10 Economic Problems In Nigeria Today And Solutions

Major Economic Problems Facing Nigeria

Top 10 Economic Problems In Nigeria Today And Solutions

1. Poor Leadership

One of the leading problem facing Nigeria’s economy is poor leadership. Most of our leaders are incompetent and are not manful to lead the country to greatness.

The solution to this problem is giving youths quality leadership education, so that our future leaders will be capable of leading the country to greatness.

Top 10 Economic Problems In Nigeria Today And Solutions

2. Devaluation of Naira

The devaluation of Nigeria’s currency, Naira, has caused a bad impact on the Nation’s economy. When the naira is devalued, it allows other foreign currencies strengthens against the naira causing it to loose it current value.

The best way to solve this problem is by finding ways of reducing the magnitude of importation into the country.

3. Strict Importation Policy

The recent implementation of strict importation policy maybe a way of reducing importation but is also a major economic problem. Nigeria should focus more on manufacturing and work towards being an exporting country as well.

This problem can be best solved by encouraging people to depend on local goods, rather than foreign goods.

4. Accumulation Of Unpaid Salary

A lot state governments have refused to pay salaries of their workers. This accumulation of salaries has impacted negatively on the country’s economy. People don’t have enough money to spend in the midst of economic recession and still expected to be at place of work. There have been reduction of money in circulation.

The solution to this problem is simple, state governments should pay up accumulated salaries and allowances of workers.

5. Terrorism

Terrorism is a very serious problem the country is facing Although terrorism is a global challenge and not peculiar to Nigeria alone. This problem has been hunting the country down for a long time. However, Nigerian security agencies have been working hard to ensure they nip the monster in the bud. So far there have been positive result. All that is needed to wipe out this problem is persistent hardwork and support for our security agents.

6. Change Of Government

Nigeria have always have 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 what a previous have done before  e in in terms of projects or policies. This sometimes can cause instability in the country because a new government would want to do something new.

The solution to this is that there should be continuity in government in respective of political parties or differences.

Major Economic Problems In Nigeria Today And Solutions

Problems of Economic Development In Nigeria

7. Overdependent On Oil

Nigeria is a country which depends on oil as its major source of income. When the price of oil fell, the country began to experience hardship.

The solution to this problem is as simple as finding an alternative to oil, that is diversifying away from and oil and tapping into other natural resources we have. Although they have been clamour that we should go back to the green old days; Agriculture.

8. Selfish Personalities

There are some people who benefit from economic hardship of the country. Some of these people have gone greedy and strive towards marring the country’s economy. Government should try as much as possible to take such people out.

9. Corruption

Corruption in the country is an old economic problem. A lot of Nigerians are corrupt both leaders and citizens. This problem can be solved if every individual in the country choose to avoid corruption by doing what is right and also be a law abiding citizens, and also enjoin other not to partake in it.

10. Poor Quality Of Education

The quality of education provided in Nigeria is very poor. As a result of this, the future leaders lack the skills, knowledge and morals needed to lead the country.

More money needs to be pumped into the Education sector. The quality and standard of education needs to be improved and and government should provide go conducive environments for students and teachers to work and learn

Those are the Top 10 Economic Problems In Nigeria Today And Solutions. You can also help the country by joining the fight against economic problems. The contribution you can make should not be look down upon.

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