In Nigeria, the economic problems have always been a topic meamt for discussion, on televisions, radio, schools, newspaper stands, and even the upper chambes. However, everyone can relate to what the major problem is.
Here are Seven major problems of Nigeria’s Economy:
1. Lack of interaction between the government and society The problem is standing in the first row, among other basic economic problems facing Nigeria. The government will not be able to manage its economic, political, and social affairs without fostering interaction between it and the private sector and state civil society.
2. Corruption Granted, corruption is a global menace, but Nigeria suffers most of all. People are starting to see that this nation has a corrupt culture. For many years, Nigeria has earned a considerable sum of money from the rock-tar, which has gone down the cesspool that was created by corruption.
3. Macroeconomy The lack of consistency and the politicians’ greed are among the causes of the hemorrhage in the economy. Every administration, which comes on board, sets up a new policy initiative instead of working on the previous one.
4. Poor human development In general, human resources play a significant role in the success or failure of any nation or organization. Most of the problems facing the Nigerian economy reflect the bad quality of the nation’s economic health and human development.
5. Nature of the market A lack of authentic competition in the system is among the problems facing the economy. Market forces guide actual capitalistic economics.
6. Crime and terrorism These two issues also negatively influence the economic situation of the country. The Nigerian crime issue gives many people in this country sleepless nights.
7. Unemployment Unemployment is one of the most damaging problems of Nigeria, and many people are disappointed due to widespread joblessness.