Nigeria has a growing GDP not a Developing Economy:
Nigeria is a country that is gradually or always trying to sit up and improve her economic development and activities but certain vices like corruption and inadequcies consistently obscure or cause chaos for such a planned movement.
The Development In the country is a degrading and static one as there is no obvious clamor for a rejuvenation from the Goverment. Nigeia is an independent state that was colonialised by British and was dumped with a psychological and physical economic dependency.
The country is chronologically depleting at a very fast rate as development is at it's lowest. Despite increases in GDP, little has been done to use the revenue into developing weak links in the country such as unemployment, price stability, economic stability, power stability etc. There is no means of trying to convert possible activities into revenue deriving prospects for the country.
GDP means Gross Domestic Product and it implies the country's domestic/market product for a period of time. Increases in a country's GDP is very much likely but it differs from Economic Development. Development implies growth, progression in all manners and at all stages. Nigeria is increasing visibly via her revenue earnings percentage but not in her economic development scaling.
An economy that is dependent on import goods/products but has a high GDP earning is impoverished. Also a country that has high unemployment rate and fails to curb this is impoverished and has a weak development even if it has the largest and biggest economy or is the continent's fastest growing economy.
The country has taken great strides to see to her emancipation from a poverty stricken country to a developing and producing country. However, this continued and futile struggle for such progression has been met with extreme difficulties as corruption seems to be a major setback for the nations widespread Development.
Coronavirus seems an obvious pandemic but corruption is a pervading endemic and chaos that has ravaged the country and even the globe in it's entirety. The country has witnessed great celebrations in her GDP growth, however these revenues are not used to properly alleviate and eradicate poverty from the country, unemployment, insecurity/defense challenges, provide and allow for a sustainable economy that does not depend on the fluctuations and gyrations in oil prices acting up as 80% of the country's revenue generation but that all other parts of the economy are propelry utilised into providing and generating revenues such as Healthcare, Agriculture, Mining etc.
Africa as a continent is marred by corruption and it's one of the constant challenges bedevilling the country. Africa as a continent and Nigeria as a country cannot survive on governments input or effort only, it needs a combined effort of citizenry and Goverment. Nigeria as a country has been labelled as a corrupt state and as such in most organizations or something especially in some online cases been backlisted to indulge in certain things that might generate a revenue for her citizenry online.
Nigeria is an Impoverished but developing country. This impoverishment comes from her inability to manage available resources and also use these resources to further develop and build her economy but prioritising things of less importance and also falling into/incurring large Debts.
Nigeria needs to adopt a lot of measures to curb this economic insecurity and underdevelopment through a number of ways but not limited to:
* Reduction in Import dependence
* Increment in stocks/foreign investments and reserves.
* High tariffs on imported goods to discourage goods.
* Relinquish the overtime hydrocarbon power generation to a more locally industrialized and stable power supply generation.
* Lots of SME schemes for young graduates and traders.
* High Export
* Less consumption but more savings/investment
* Increased productive and production capacity or stock.
* Utilisation of available manpower.
* Privatization of certain sectors
Therefore, Nigeria needs to re-strategize, remake and reform her economy, economic goals and economic policy. Nigeria needs to provide a easy, comfortable environment for economic activities to foreign and even home based investors. Most importantly, strict laws and sanctions should be put in place as per curbing corruption activities in the country. Growth differs from Development and both is what we must attain.
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Essiet James Peter
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