Why Nigeria's economy has not shown significant improvement

From the day that Nigeria regained her independence to the present day, Nigeria’s economy has not shown any significant improvement. Some people may argue that the oil boom of the early 1970s was significant, but it will be pertinent to note that it was at that same period that the then head of state General Yakubu Gowon made a ridiculous statement that Nigeria’s problem is not money or resources, but how to spend it. This ridiculous statement made other countries to devise means of helping Nigerian government officials to squander the country’s resources. This article will highlight some of the factors that have contributed in making Nigeria’s economic status retrogressive rather than progressive.

1. Embezzlement and personal aggrandizement among past and present Nigerian Leaders: From the day of Nigeria’s independence to the present date, all the heads of state are all guilty in one form or the other of embezzling funds in the state treasury, and use it for personal aggrandizement. From the reign of General Ibrahim Babangida, embezzlement started taking another form. Nigerian leaders started to deposit their stolen money into foreign banks. They continued in this action without thinking about the plight of the masses. General Sani Abacha’s loot continues to be a serious subject of discussion till tomorrow. The fact is that it is when a head of state or president in Nigeria leaves office that his loot is being mentioned, and its recovery is only being discussed when the head of state or president dies. The biggest problem is that when a stolen fund is being recovered, the incumbent president at the time diverts the fund into his personal account, and it goes on and on. Things like this cannot help any country to improve economically or otherwise.
2. Corruption; Corruption has eaten deep into Nigeria’s general population that people has less regard for values. It is so sad that from top government offices to the least, collecting bribes has become a way of life. The masses are not left out in this as kids in the streets of Nigeria are all aware of what bribe is and how it works. Some government workers are no longer relying on their salaries but on the bribes they collect from people who need any form of help from them. Nigerian Police has continued to be guilty of collecting money from travelers at checkpoints through illegal and disgusting means. These actions are worth crying for.
3. Sole reliance on crude oil: Nigeria is blessed with both mineral and material resources, but as a result of discovery of crude oil and the oil boom of the early 1970s, the Nigerian government has neglected other areas that helped her economy to grow in the past before the discovery of oil. Even the crude oil, Nigerian government claims to rely on does not receive proper attention. None of Nigeria’s refineries is working properly at the moment, and instead of finding ways to rebuild the old refineries or setting up new ones, the Nigerian government decided to be importing refined oil which they produce from outside the country. With this kind of attitude by both government and individuals in Nigeria, making any significant improvement in Nigeria’s economy is almost impossible.

For Nigeria to make any progress at all to revive her economy, both the leaders and masses’ attitude towards values, corruption and idiosyncrasy must change positively and drastically.
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