Nigeria’s Economic Problems; Causes and the Way Forward

Abstract

Nigeria has been facing with a lot of economic problems in the recent years. This paper discusses the Nigeria’s economic problems, causes and the way forward. Governance issues, lack of policy directions on the part of government, corruptions, fall in crude oil prices, over-reliance in crude oil, lack of economic diversification, spate of violent among the constituent units and militancy group, fear of the reintroduction of Buharinomic policy and greed were identified as the major causes of the Nigeria’s economic problems. On the way forward, the study noted that strong law against corrupt practices is imminent, and vibrant market economies that will result in the emergence of classes of industrial workers, diversification, unity and national economic summit to discuss some gray issues in the country. Moreover, Federal Government of Nigeria should come up with definite economic policy direction, “engage in more efficient restriction and controlling of foreign exchange outflow, undertake revival of the country’s productive capacity and broaden government revenue base”. The Federal government should as a matter of urgency concentrate on economic programmes that will continue to arrest the decline in the economy, restore investors confidence and avoid unguided utterances. To chart a future course for economic stability and prosperity, government should engage the services of renowned technocrats in any economic team and continue to demonstrate exemplary leadership in principles and practice in issue of national interest.