In the 64 years since Nigeria gained independence, true stability and development have remained elusive. Almost all its sectors are struggling to survive. While the country claims to be the Giant of Africa, the poor state of affairs is proof that the daydreamer is yet to wake up from its delusions.
In the early 2000s, optimism was running high as Nigeria was included among the Next Eleven (N-11) emerging market groups in the world. Citigroup and other meaningful institutions projected that Nigeria could become the fastest-growing economy between 2010 and 2050, while the International Monetary Fund and the World Bank expressed similar confidence—citing the nation’s resource base and market size as key drivers for rapid economic expansion. Unfortunately, the promising nation has yet to fully realise these expectations. Like a baby whose becoming is yet to be eminent, the nation’s progress has been hindered by deep-rooted structural challenges and inconsistent policies. Years of mismanagement have overshadowed the potential shown by some reform-minded leaders.
Adding to this economic malaise, it is disheartening to witness how rapidly the economy is deteriorating with little or no remedial action taken by the government. With a 34.8% inflation rate reported by the National Bureau of Statistics in December 2024, the grim state of the economy betrays the earlier hopes that Nigeria would emerge among the leading global markets. With inflation, poverty, and unemployment on the rise, our leaders have yet to implement robust policies to revive the struggling economy.
Read also: Nigeria’s budget per person far below $2.15 poverty mark – report
Equally concerning is the country’s overreliance on oil revenue, even as the world shifts toward technology and the digital economy. Nigeria’s dependence on oil exports has made its economy vulnerable to global price fluctuations and international politics. While a diversified economy could have leveraged other comparative advantages, Nigeria has failed to tap into the full potential of agriculture and other major sectors. Despite agriculture’s significant contribution to GDP, this sector remains underutilised in offsetting the vulnerabilities of an oil-dependent economy. In contrast, the nation’s steadfast commitment to oil has resulted in reduced national income and persistent economic instability—thereby prolonging the hardships endured by its citizenry.
The challenges, however, are not confined solely to the economic sphere. Turning to social sectors, the health system is on the verge of collapse due to the lackadaisical concern of those in power. Over the years, the health sector has consistently received less than a 5% allocation of the national budget, even as its condition continues to deteriorate.
The dismal state of many medical centres and teaching hospitals across the nation underscores the chronic underfunding of the sector. Poor infrastructure and worn-out medical equipment contribute to Nigeria’s low ranking in global life expectancy ratings. Moreover, with a surge in chronic diseases, many hospitals cannot even boast of having a functional dialysis machine. To make matters worse, the cost of running tests in the few hospitals equipped with such machines is a nightmare for the average Nigerian.
Consequently, disillusioned medical practitioners—true patriots striving for transformation—are losing faith. Many are leaving for countries with better healthcare systems and more reasonable reward structures. According to coordinating Minister of Health and Social Welfare Muhammad Ali Pate, approximately 15,000 to 16,000 doctors have left Nigeria within five years. In a recent report by Nairametrics, Nigeria’s doctor-to-patient ratio stands at 1 to 10,000, highlighting how overstretched medical professionals have become. Amid this malady, there remains little hope at the end of the tunnel.
A similar crisis can be seen in the educational sector. Although the number of tertiary institutions and professors has increased, the retrogression in the overall quality of education is undeniable. The situation is even more dire in primary and secondary schools. Despite a recent upsurge in students passing their Senior Secondary School Examinations, the weak educational foundation becomes apparent when these students enter higher institutions. Recently, the chairman of the Academic Staff Union of Universities lamented the declining quality of students admitted to universities; many young learners who once boasted of scoring an A in mathematics struggle to solve even the simplest equation in their first year. This decline also reflects on the quality of teaching, as many educators lack the motivation to work due to low pay and poor working conditions. Furthermore, some teachers, compelled by an exacerbating unemployment rate, are forced into roles they neither desire nor are adequately prepared for. Consequently, the deterioration in our educational system is hardly surprising.
Continues on www.businessday.ng
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
