Top 10 Major Economic Problems Facing Nigeria

Top 10 Major Economic Problems Facing Nigeria. Get Knowledge Of The Problems Facing The Economy Of Nigeria And Even More. Check This Post Now.

Top 10 Major Economic Problems Facing Nigeria

Are you in search of some of the economic problem that has impeded Nigeria’s growth over the years? Do you wish to know how these problems can be corrected? Then you have come to the right platform for such information as I have put together a number of the economic problems that we have in Nigeria. Here are some of the major problems facing Nigeria economy:

  1. Corruption
  2. Little or no human development
  3. Socio culture constraint
  4. Crime and Terrorism
  5. Unemployment of Nigerian youths
  6. Poor educational system
  7. Rural urban migration
  8. Brain drain of Nigerian youth
  9. Poor infrastructure
  10. Gender inequality

Top 10 Major Economic Problems Facing Nigeria

1.   CORRUPTION

One of the major problems of almost all the systems we have in Nigeria which has currently impeded the growth of the country is corruption. Corruption is the biggest problem facing the economic system in Nigeria currently. Corruption has various forms of its manifestations which is popularly known as embezzlement of funds which many political persons has taken up. It is said that corruption cannot be totally taken out of Nigerians and Nigeria but it can only be reduced.

Read Also: Top 15 Factors Affecting Economic growth in Nigeria

2.   LITTLE OR NO HUMAN DEVELOPMENT

Another problem that has rocked the economy of Nigeria in recent years is the problem of little or no human development at all. While citizens of other countries of the world are working very hard to develop themselves so that they can be useful to themselves and their countries at large, many of Nigerian citizens do not want to get creative and make exploits for their own development and as such or in return impeded the growth of the Nigerian economic system.

An average Nigerian would spend hours sitting and just looking at the television set instead of developing themselves.

3.   SOCIO CULTURE CONSTRAINT

Another problem that has rocked the economy of Nigeria in recent years is the problem of socio culture constraint. This particular problem can be viewed as one that has impeded the country’s growth over time in the sense that many cultures, beliefs or values in Nigeria does not support or does not tally with some of the jobs that can be done to improve the economic state of the country.

4.   CRIME AND TERRORISM

Another problem that has rocked the economy of Nigeria in recent years is the problem of crime and terrorism. The rate at which we have so many criminals in Nigeria is very alarming and also terrorist. Nigeria has been dealing with the problem of book haram for a very long time and has impeded the growth of the country economically because of the damage this causes all the time.

5.   UNEMPLOYMENT OF NIGERIAN YOUTHS

Another problem that has rocked the economy of Nigeria in recent years is the problem of unemployment of the Nigerian youths. We know very well that the Nigerian government has failed to provide sufficient jobs for the Nigerian youth which are usually frustrated after going to school for many years to acquire knowledge. The lack of provision of jobs for many Nigerian has in turn impeded the growth if the country.

6.   POOR EDUCATIONAL SYSTEM

Another problem that has rocked the economy of Nigeria in recent years is the problem of poor educational system. This particular problem can be seen as the lack of funding for Nigerian schools to produce good and well competent graduates that can take the Nation to a greater height. The way the educational system is in Nigeria is not the way it should be if we crave higher economic growth.

The government can help to make this problem right by making education priority and making sure that schools are properly equipped with the right facilities to produce great minds and competent graduates.

7.   RURAL URBAN MIGRATION

Another problem that has rocked the economy of Nigeria in recent years is the problem of rural urban migration. This problem is prominent mostly in many populated cities in Nigeria. For example, in Lagos the city is so populated that you have to wake up very early to be able to beat traffic if you need to go to work. This is simply because many people has moved to the city in search of bigger opportunities and end up even suffering in these urban areas than they would have suffered while in the village.

The bottom line here is that many of the people who are supposed to be in the rural areas in Nigeria producing food for the Nation has moved to the cities where they do not even get bigger opportunities. The agricultural sector has suffered in that it needs more man power.

Read Also: Full List Of Mineral Resources In Nigeria And Their Locations

8.   BRAIN DRAIN OF NIGERIAN YOUTH

Another problem that has rocked the economy of Nigeria in recent years is the problem of brain drain of Nigerian youth. This particular problem can be seen as any of the Nigerian youth which have successfully spent lots of years in School to be trained get out and do not find jobs to complement their education relocate to other countries to perform, menial jobs just to be paid properly. This has in turn impeded Nigeria’s growth economically. For instance, you find someone that graduated from a university in Nigeria going to be a mortuary attendant in other countries.

9.   POOR INFRASTRUCTURE

Another problem that has rocked the economy of Nigeria in recent years is the problem of poor infrastructure in Nigeria. This particular problem is one that has probably been caused by corruption. The funds that are supposed to be used to produce properly infrastructure for the citizens to be able to perform optimally have been embezzled. If the government improves on infrastructural improvement, then it would be a major breakthrough for the Nigerian economy.

Read Also: How To Improve Standard Of Living Of Nigerians

10.  GENDER INEQUALITY

Another problem that has rocked the economy of Nigeria in recent years is the problem of gender inequality. This particular problem can be seen as the fact that many competent women are not allowed to perform some functions that would increase the growth of the economic sector in Nigeria.

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Ruth Aldama

Ruth Aldama is a Content Developer at BenUpdate.com. Ben Update Is A Team of Resource Persons and Consultants. If You Need A Personal Assistance on This Topic, Kindly Contact Us.

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