The president of the African Development Bank (AfDB), Mr. Akinwumi Adesina, voiced concern over Nigeria’s lackluster progress in spite of its 64 years of independence. In his talk commemorating Rtd. Gen. Yakubu Gowon’s 90th birthday, Adesina considered Nigeria’s original goal of becoming a major African power and a beacon of hope for the black community globally. Nigeria should be an inspiration to the continent, he stressed, and its growth is essential to Africa’s overall advancement.
Adesina compared this to areas like the Gulf and Asia, which had fast development as a result of Saudi Arabia and China taking the lead. He called on Nigeria to fulfil this function for Africa. He highlighted the nation’s current situation, pointing out that 63% of Nigerians are regarded as multidimensionally poor, with Poverty rates particularly high in rural areas. Focused efforts are needed to combat poverty, enhance health and education, and give young people work, according to Adesina. He also emphasised the necessity of security, protection, and programs to fight against problems like drug misuse, kidnapping, and other social vices that have been made worse by difficulties in the economy.
About 90% of Nigeria’s export revenue comes from oil.
Also, Nigeria, like Saudi Arabia, ought to lessen its excessive dependence on oil exports. About 90% of Nigeria’s Export Revenue comes from oil, yet there is still unrealised potential in non-oil industries including tourism, technology, and agriculture. By growing these industries, the Economy might become more stable and less susceptible to fluctuations in oil prices. The basis for China’s Economic Growth was established by its infrastructural investments. Nigeria needs to spend more in power generation, digital infrastructure, and transportation networks from both the public and private sectors. With better ports, roads, and reliable electricity, industry would flourish and Nigeria will be able to draw in more foreign direct investment.
China’s emphasis on science and Education was a major factor in its success. Nigeria needs to encourage Innovation clusters and restructure its Educational System to emphasise STEM (science, technology, engineering, and mathematics). This will provide a trained labour force that can propel technical innovation and economic growth. As of 2022, 133 million Nigerians are living in multidimensional poverty, necessitating urgent solutions. To lessen extreme poverty, the government should increase the scope of social safety programs like food assistance and cash transfers.
Unemployment rate is still high, estimated at over 33%.
Rural areas with the highest rates of poverty will be improved by investments in agricultural development and rural infrastructure. The high Unemployment rate encourages societal vices like drug misuse and banditry, particularly among young people. By establishing strong job creation initiatives, especially in the fields of Technology and entrepreneurship, Nigeria can turn its sizable youth population into a valuable economic resource. Programs like company incubation centres and training in digital skills may empower youth. Nigeria’s progress is significantly hampered by insecurity. Banditry, insurrection, and kidnappings have caused economic activity to stop in some areas.
Government funding for military and police reform must be increased, with a particular emphasis on intelligence collection, community policing, and conflict zone rehabilitation. Because Nigeria is currently dealing with a number of issues, Adesina’s demand for development is more pressing. As of August 2023, the nation’s Inflation rate was 24.08%, mostly due to food inflation. The unemployment rate is still high, estimated at over 33%, and it is significantly worse among young people. The economy is highly dependent on oil, and changes in the price of the commodity around the world continue to cause instability in government revenue.
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More so, Nigeria has the biggest economy in Africa, yet its GDP per capita is only $2,366, significantly less than that of its international counterparts, Egypt ($4,016) and South Africa ($6,994). The nation is negotiating serious political tensions. Allegations of voter suppression and electoral tampering plagued the 2023 elections. Furthermore, instability is still brought on by regional conflicts, especially in the North, where Boko Haram thrives. In line with Adesina’s recommendations, these political and economic difficulties underscore the necessity of strategic leadership and reforms to establish Nigeria as the engine of Africa’s growth.