Nigeria's economy over the last three decades, has faced many challenges ranging from high inflation, foreign exchange rate volatility, low productivity, weak governance, and poor infrastructure. The problems with the Nigerian economy which has both remote and immediate causes can be said to have began in the 80s with the successive military intervention whose economy policies were misfits for any meaningful economic growth. The deviation from Agricultural boosts of the same period when the exploitation of oil reserves began in the country is another remote causes of Nigerian economic woes.
Nigerian citizens demanding for a better economy
The immediate causes of the nation's economic woes include Rapid population growth, inefficient agricultural and industrial practices, poor governance, corruption, and diseases. The most recent one being the activities of the terrorist in the country, especially, against farmers across the nation.
Chary that shows Nigeria's dwindling GDP growth for the past 6hree years
However, even with the challenges identified above, It can still be said that Nigeria's economy is still growing. This is because the country's reserves point to the growth of the economy as a result of the fact that the country is awakened to the fact that she needs to surmount her challenges if she will remain a piece of nation, together with all her components.
Foremost, the country is already trying to reduce its dependence on oil exports and focus on on other areas like agriculture, manufacturing, and services. The nation's economy is already taking leaps in many areas that make up a nation's economy.
- Tech Business, A Good News
A nation whose economy is technology driven will surely make a real impact. It is very convenient to say that Nigeria's tech industry is booming! And that it has a lot of potentials for this country in the years to come. Indigenous Startups like Jumia, Paystacks and Flutterwave are doing well and creating several jobs, contributing to the nation's economy and GDP.
*Government Policies, a way out
Although, Tinubu's removal of fuel subsidy has caused prices of goods and services to sky, the government has promised that the fund from subsidy Removal will be re-invenred into other areas to build the economy in such a way it will impact on everyone, especially, the masses.
Even at that, the present administration of President Bola Tinubu has been credited with policies that are targeted at the people of the country and which is to develop the economy. To underscore the FG's commitment to economic growth which take the nation out of the present economic quagmire, President Bola Tinubu recently inaugurated the Presidential Economic Coordination Council (PECC) and launched the Economic Stabilization Programme to ensure food security, improved power supply, enhanced social welfare and healthcare, increased energy production, and overall economic transformation.
Nigeria's foremost Business moguls onboard the P.E.C.C recently inaugurated by President Tinubu
*Reasons to be Hopeful
Meanwhile, Despite the economic challenges, many people still find reasons to be optimistic. This is because it is perceived that rhe government is trying to make it easier for people to start and run businesses, while counting on the fact that Nigeria has a lot of smart and talented people, as well as a lot of natural resources.
Nigeria's Future
Nigeria's economy under President Tinubu is unequivocally working towards a brighter future, even though, it is currently facing serious challenges. But with the right attitude, hard work and determination, on the part of the citizenry, as well as goodwill, focus and emphaty on the part of the government, Nigeria can become a hub for business and innovation in Africa, thereby, becoming a great economy.