Despite persistent economic and leadership challenges such as GDP decrease, structural weaknesses deficient transportation, electricity, and sanitation infrastructure, the Nigerian economy remains the largest in Africa. Despite multiple fiscal pressures, long-standing institutional challenges, and social headwinds faced by the government, the future of the economy is still bright. The country needs to wake up.
Political leadership challenges in Nigeria.
Like any other African country, corruption remains the biggest problem Nigeria currently faces. This scourge continues to put Africa’s largest democracy on the threshold of an economic crisis. First, corruption is a pressing issue in Nigeria. Corruption affects public finances, business investment as well as standard of living. Recent corruption scandals have highlighted the large sums that have been stolen and/or misappropriated. Second, governmental appointments based on qualifications and expertise are very rare. To ensure that the country ceases to grapple with these challenges, something needs to be done swiftly.
Nigeria is a rising economic powerhouse.
Nigeria has the largest economy in Africa. Nigeria has tremendous natural resources. Nigeria is the world’s eighth-largest oil producer and has the seventh-largest reserves of natural gas. Nigeria has the largest population in the continent and has been growing, due in part to gains from economic reforms and rising prices of oil. Nigerian exports to the United States include crude oil, cocoa, cashew nuts, and animal feed. However, the economy of Nigeria faces big challenges. With each passing day, the economic situation becomes increasingly dire. Government leaders are scrambling to respond to the constantly rising economic downturn. As the country wakes up to an upended geopolitical landscape, businesses are left to navigate a new economic environment rife with uncertainty.
Nigeria is a demographic superpower
Nigeria is a massive country in terms of land area and population. Nigeria is the largest economy and most populous country in Africa, with an estimated population of over 230 million, which is expected to approach 400 million by 2050 as Nigeria becomes the world’s fourth most populous country. The population increase has never been considered problematic in the economic development of a country. Look at India, China, Pakistan, Brazil, and so many other emerging countries on the planet at the economic development level. The number of talents plays and continues to play a massive role in manpower production. India’s population growth raises its labor force availability.
Other positive impacts of population growth in Nigeria are economies of scale, the possibility of increasing the market for the goods produced in the country, and the new attitudes, ideologies, and creativity they bring compared to the older population.
Nigeria’s growing youth population is a great asset to its large economy in many respects. Ensuring that young people have the right skills, education, and opportunities can play a major role in preventing millions of people from sliding deeper into poverty across Nigeria, which is a challenge that the government needs to address now.
Nigeria is a producer of great talents
Nigerian universities have a history of producing remarkable talents and contributing to the global pool of innovation. The number one challenge facing these great minds is the lack of economic and job opportunities in the country. As a result, millions of exceptional brains leave their nation to seek employment opportunities abroad, rather than supporting the local economy. This poses a serious threat to the country’s future. The gap between brain gain and brain drain in the African educational system presents an investment opportunity, spurring creativity and growth. Despite the brain drain faced across the continent, there are promising signs of brain gain across Africa.
A Call to Action
Nigeria possesses everything a nation needs to survive, compete, and win in the global economy. It is a clarion call to action for the Nigerian government to position itself as a brave and competent actor in the international relations of today.
Nigeria must wake up now. It is a call to action for stakeholders to become actively involved in the development and preservation of African talent.
By embracing innovation, fostering partnerships, and preventing obstacles, African universities can reframe the narrative from one of brain drain to one of brain gain, ensuring that future generations contribute to the growth and development of their homeland.
Author The Author
Jean Narcisse Djaha, Ph.D., is the Founding President and Chairman of the African Council on Foreign Relations. He is guided by Romans 8:30” And those he predestined, he also called; those he called, he also justified; those he justified, he also glorified”.
