What Economic Problems Does Nigeria Have Today?

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What Economic Problems Does Nigeria Have Today?

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Answer 1

Nigeria has oil and natural gas revenues in excess of $40 billion per year, but human development is one of the lowest in the world.

A Congressional Research Service study at the following link states it is human development that creates economic problems in Nigeria today:

fpc.state.gov/documents/organization/102651.pdf,

Policy and Ethnicity Internal Struggles

Many of the residents of Nigeria face extreme poverty, even though Nigeria has the resources for a stable economy. There is a clash between ethnicity and religion which tends to hold back economic stability. With political disputes there is always going to be an issue with the economy. Those in power will tend to remain in power by using economic resources, while the poorest residents struggle with the economy.

Political Corruption

The most recent general election in 2007 was considered flawed. It is said the election was filled with intimidation, fraud, and violence. Even with strong revenue, a nation that is fighting over it will cause economic problems. For example, countries in need of oil are going to be hesitant to get into the middle of political turmoil in order to help stabilize the economy.

Global Recession

In the last four years, the global recession and crisis have not helped the economic problems in Nigeria. All economies are suffering due to the recession; some more than others, especially when political aspects are part of the issue.

Tourism

Disputes in Nigeria also make it difficult for a tourism industry to start up. When travelers are unsure of visiting a country due to unrest, it means there are limited means of revenue.While oil is the main revenue source, a country cannot be stable unless there is more than one source of revenue .

Answer 2

Anonymous answered

Corruptions, corruption corruption. It is the root of all other economic problem including poverty
B. Edem

Answer 3

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