Nigerian attorneys and experts have expressed differing opinions about the current status of Nigeria, with a special emphasis on social issues, the economy, and governance under President Bola Tinubu’s administration. The general consensus is that Nigeria is dealing with serious issues, such as unstable economy, high cost of living, inadequate infrastructure, corruption, insecurity, and a dearth of accountability in governance. According to Kingsley Jesuorobo, two of Nigeria’s main problems are the dissemination of false information and a lack of respect for due process.
He advocated for significant changes in Technology Integration and governance. Dr. Olisa Agbakoba drew attention to the high expense of living and urged immediate economic actions, including the use of food reserves and quantitative easing. Kede Aihie evaluated the first sixteen months of Tinubu’s presidency and faulted the government’s poor communication and glacial pace of reforms. Other voices, like Chief Aikhunegbe Anthony Malik and Mandy Asagba, stressed the critical need for strategic planning, concrete support for residents, and justice reform. They voiced concerns about gender-based violence, human trafficking, and pervasive Poverty as well as the inadequacies of present government policy.
Bad leadership, widespread corruption are main contributors to the issues.
Jide Ojo and Emmanuel Onwubiko also talked about how Human Rights are being violated and how international development goals are not being met. They concluded by saying that Nigeria’s future is grim if political and economic reform is not done quickly. Bad leadership and widespread Corruption are two of the main contributors to Nigeria’s issues. Nigeria is placed 150th out of 180 nations in the Corruption Perception Index (CPI) by Transparency International for 2022, a sign that corruption still impedes advances. Nigeria needs to provide anti-corruption organisations like the Economic and Financial Crimes Commission (EFCC) greater autonomy and funding in order to combat corruption.
Better monetary policies, such lowering interest rates to promote borrowing and Investment in important industries, might also be implemented by the Central Bank of Nigeria (CBN). With one of the highest Unemployment rates in the world—33.3%—according to the National Bureau of Statistics (NBS) for 2021, unemployment is still a major problem in Nigeria. Another widespread issue is poverty, with nearly 133 million Nigerians (63% of the population) identified in a 2022 NBS study as multi-dimensionally poor.
President Tinubu has pledged to carry out the “Renewed Hope Agenda.”
More so, the primary goal of government policy ought to be job creation. In addition to creating jobs, public works initiatives that improve infrastructure—such as roads and electricity—may also solve infrastructural deficiencies. In Nigeria, Insecurity is still a major problem, especially in the north where Boko Haram and other rebel groups have wreaked havoc. The government must upgrade military hardware, spend money on intelligence collection, and enhance the Welfare of Security personnel in order to raise morale and increase security. In addition to speeding up response times, bolstering municipal security and community policing frameworks can increase public confidence in law enforcement.
Economic growth is still significantly hampered by infrastructure, especially power. With a population of over 200 million, Nigeria’s power sector produces an average of just 4,000 MW, significantly less than what the country’s companies and residents require. Nigeria’s Electricity shortage and susceptibility to Climate Change might be resolved with immediate investment in Renewable Energy sources like solar and wind. The administration of President Tinubu has pledged to carry out its “Renewed Hope Agenda,” which intends to restructure important industries like healthcare, education, and the economy.
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In an effort to stabilise the Economy over time, the government has pledged to de-regulate the oil industry, allow the Naira to appreciate, and eliminate fuel subsidies. Government representatives contend that future Infrastructure investments will create the foundation for sustainable growth and that these difficult measures are required to reset the economy. In order to mitigate the impact of the elimination of subsidies, the Nigerian government has obtained $800 million from the World Bank, concentrating on palliative measures such as cash transfers for low-income households. The administration is also still pushing for budgetary changes, such as reorganising the Tax code to increase Revenue collection and lower the national debt, which was estimated to be $103.1 billion in 2023.