As Nigeria celebrates its 64th years of independence, some financial experts have said the country’s economy has struggled to progress despite its vast natural resources, facing challenges such as insecurity, corruption, and economic volatility.
The experts in an exclusive chat with NewsNGR pointed out that political and socio-economic instability, coupled with policy inconsistencies and insecurity, have hindered Nigeria’s development, calling for improved governance and private sector support to unlock the country’s potential.
They highlighted record-high inflation, interest rates, and unemployment as key issues, attributing the economic downturn to the government’s neoliberal policies.
While expressing optimism for medium-term recovery they stressed the need for reforms and youth empowerment for future growth.
Group Managing Director of Crane Securities Limited, Mr. Mike Eze, highlighted the paradox of Nigeria’s vast potential and its slow pace of development.
Speaking on the nation’s state at 64, Eze noted that despite being richly endowed with natural resources, demographic advantages, and cultural diversity, Nigeria has struggled to translate these assets into sustained national progress.
“Nigeria is a country blessed by God, but the reality is that we have not achieved the level of development expected after 64 years,” Eze added.
He pointed to ongoing issues such as insecurity, corruption, and economic volatility, which continue to undermine efforts to improve living conditions and foster national growth.
While acknowledging advancements in certain sectors, Eze stressed that the quality of life for the average Nigerian remains far from ideal.
He praised the resilience and ingenuity of the Nigerian people, emphasizing that these qualities are invaluable assets in the country’s quest for progress. However, he underscored the need for significant reforms in governance and the economy.
“To unlock Nigeria’s full potential, we must promote unity, ensure accountable governance, create equitable opportunities, and instill moral values across society,” Eze said, adding that fostering a sense of responsibility and fear of God among citizens would be key to achieving lasting development.
Eze’s comments come as Nigeria, often referred to as the ‘Giant of Africa,’ faces criticism for falling short of its potential, particularly in effectively utilizing its human capital.
With a population of over 200 million people, 60 per cent of whom are under 40, Nigeria’s young workforce is seen as a critical asset for future growth.
However, issues such as an outdated education system, high unemployment, and a mismatch between skills and job market needs continue to hamper progress.
Eze urged that for Nigeria to restructure and thrive, the nation must prioritize digital literacy, entrepreneurship, vocational training, and mentorship programs. “The youth must be empowered through education and skills development that align with the demands of the modern economy,” he said.
He also called for greater youth participation in governance and policy-making, noting that the involvement of younger generations in leadership roles is essential for long-term development.
“Creating innovation hubs, fostering entrepreneurship, and encouraging political participation are critical steps toward tapping into the immense potential of Nigeria’s youth,” Eze explained.
As Nigeria looks to the future, Eze’s vision centers on fostering unity, addressing governance issues, and leveraging the energy and talent of its young population to build a sustainable path for growth and development
The Managing Director of Arthur Steven Asset Management Limited and former President of the Chartered Institute of Stockbrokers (CIS), Mr. Olatunde Amolegbe described the Nigerian economy as undergoing one of its most difficult periods in recent times.
Speaking on the country’s economic situation at 64, Amolegbe pointed to key macroeconomic indicators that underscore the challenges currently facing the nation.
According to Amolegbe, Nigeria is grappling with historically high interest rates, inflation, and unemployment.
“Interest rates and inflation have reached all-time highs, and unemployment rates are at unprecedented levels,” he noted.
Amolegbe attributed these economic woes to the perceived neoliberal policies being implemented by the government.
These policies, focused on market liberalization, deregulation, and reducing government intervention in the economy, have sparked debate among economists and policy experts regarding their short-term impact on the country’s economic stability.
Despite these pressing issues, Amolegbe expressed hope that the government’s policies could lead to a more positive economic recovery in the medium term.
“There is optimism that these policies, though painful in the short term, will eventually steer the economy toward sustainable recovery,” he said.
President of the New Dimension Shareholders Association (NDSA), Mr. Patrick Ajudua expressed concern on the state of Nigeria’s economy, noting that it has not performed as well as expected compared to other nations.
“To be honest, the economy has not fared well compared to its peers,” Ajudua said, pointing out that countries like Madagascar, which once sourced palm oil seeds from Nigeria, have now become major exporters of the product.
He also highlighted the remarkable economic progress of former conflict-ridden countries such as Rwanda and Angola.
These nations, once associated with instability, have now emerged as economic success stories, with booming industries that are improving the lives of their citizens.
“Rwanda and Angola have become the beautiful brides of the global economy due to their thriving economic activities,” Ajudua remarked.
The transformation in Rwanda has even attracted the attention of Nigerian lawmakers, who have traveled to the country to study the factors behind its economic and social emancipation.
Ajudua emphasized that one of the key factors contributing to economic transformation is political and socio-economic stability.
“You cannot separate economic transformation from the political leadership of any nation,” he noted, adding that Nigeria is richly blessed with human and natural resources that, if properly managed, could propel the country forward.
However, Ajudua cited insecurity as a major factor hindering Nigeria’s progress. The country’s high level of insecurity has led to significant budget allocations to defense, diverting funds away from more productive sectors that could drive national growth.
“Farmers are unable to go to their farms, and crops are being destroyed by herdsmen and bandits. No nation can survive or feed its people under such conditions,” he warned.
In addition to security challenges, Ajudua pointed to policy instability and inconsistencies in economic management as significant obstacles to growth.
He criticized the government for poor economic diagnosis and a lack of effective economic teams, which he said has resulted in setbacks such as multiple exchange rates, rising inflation, soaring prices of goods, and losses due to the devaluation of the naira.
“These issues have pushed many companies in the manufacturing sector to the brink, with some exiting the Nigerian market entirely,” he added.
When asked what steps the government should take to harness the country’s economic potential, Ajudua emphasized the need for improved security to attract investors and allow farmers to return to their fields. He also underscored the importance of political and social stability as prerequisites for economic development.
Ajudua called on the government to implement policies that will improve the living conditions of the populace, foster sincerity in governance, and strengthen the private sector, which he described as the engine of growth, employment, and revenue generation through taxation.
He concluded by urging the government to tackle corruption and reduce the rapid enrichment of the political class and government bureaucrats, as this has contributed to the country’s economic struggles.
ENDS