PanNigerianNews 
By Muftau Popoola
The Nigerian economy, as the largest in Africa, stands as a beacon of potential and promise. Yet, it is not without its complexities and challenges. A key issue that continues to plague Nigeria is its heavy reliance on oil revenue, which leaves the economy vulnerable to global oil price fluctuations. This overdependence underscores the urgent need for diversification to build resilience against external shocks.
In one of his scholarly articles published in 2021, Popoola (this aitgor), unemployment and underemployment remain pressing concerns in Nigeria, particularly among the youth. With a rapidly growing population and limited job opportunities, the high levels of unemployment pose not only economic obstacles but also social and political risks. Addressing this issue is crucial to unlocking the country’s demographic dividend and fostering sustainable growth.
Furthermore, Nigeria’s infrastructure deficit presents a significant barrier to economic development.Scholars like Kowo and others have revealed that Inadequate road networks, unreliable power supply, and limited access to basic services hinder productivity and drive up costs for businesses. Addressing these infrastructure challenges is essential for improving competitiveness and attracting investments that can drive economic growth.
Despite these challenges, there are reasons for optimism in the Nigerian economy. The country’s entrepreneurial spirit, large consumer market, and abundant natural resources provide a solid foundation for growth. Also, Popoola revealed that entrepreneurship practices is an antidote to poverty reduction. Government initiatives aimed at improving the business environment, such as the ease of doing business reforms, signal a commitment to fostering a more conducive climate for investment and economic activity.
Moving forward, Nigeria must prioritize diversification efforts to reduce its reliance on oil, which is mono economy, invest in infrastructure development to enhance productivity, and create more opportunities for its burgeoning youth population. By addressing these key issues head-on, Nigeria can unlock its full economic potential and pave the way for sustainable and inclusive growth.
In conclusion, while the Nigerian economy faces significant challenges, there is a path forward towards resilience and prosperity. By tackling the issues of diversification, unemployment and infrastructure, Nigeria can chart a course towards a more robust and dynamic economy that benefits all its citizens. With determination and strategic planning, Nigeria can navigate the complexities of its economy and emerge stronger on the global stage.
… Popoola, a lecturer at Federal Polytechnic Ayede, is also a Professor and Doctorate student advisor from Global Humanistic University, Curacao, South America.
