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Nigeria's fall from economic stability built on Agriculture to Oil dependent suffering

Nigeria's fall from economic stability built on Agriculture to Oil dependent suffering


Reports from history showed that Oil Palm exports formed the bedrock of Nigeria’s economy in the 1960s. But the discovery of crude oil around the same period rapidly overshadowed its attraction. From then crude oil exports have shaped and empowered all bold visionary undertaking to develop our nation. But this reliance on crude oils exports sans consistency in sound leadership and economic discipline proved to be a major flaw for growth. First was the yawning gap in excellence in leadership. This unfortunately created a window of opportunity for audacious corrupt practices that have eviscerated almost every chance to attain the needed critical balance in growth and development across our great nation.

Nigerians should be fighting more for restructuring of the whole system, because the Nigerian system isn't built for change or any developmental strategy to make a positive impact.

And it doesn't look as though things will turn out better in the nearest future.
Despite the low rate of Nigeria's economic growth, at the present rate of our population growth by 2047 it will have overtaken the US to become the world's third-largest nation with 387 million people, according to UN projections.

So just imagine over 300 million Nigerians in this state of the economy because take note that even if development occurs, the economic growth still need to be far better than now and move at a faster pace, because the estimated population by then will amount to an extremely higher poverty rate and would be far greater than the one sending millions of families into hardship presently.

World Poverty Clock released in 2018 that Nigeria had overtaken India as the country with the most extreme poor people in the world.
Recall in the second quarter of 2018, the NBS report noted that India emerged the highest importer of Nigeria’s crude oil.

According to the report, the 86.9 million Nigerians living in extreme poverty as at when published, represents nearly 50 percent of its estimated 180 million population.

Nigeria, a nation whose currency was once competing very well with the British pounds, also boasted then an economy which was regarded as a force to be reckoned with in the future, this period was just about a decade after democracy.

But fastforward to half a century and counting since we became a republic, what we have is a sinking Nation and a place filled with ever growing hardship.

The nation is reeling under an interlock of reckless absurdity and oddities that have greatly limited the envisaged synergy that significantly determine growth and development in a nation. Consequently, we need a visionary and fearless leader supported by a team of dedicated and experienced experts who will provide real solutions to the glut of problems plaguing our beloved nation.

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