People often ask the question of why Nigeria is still poor with the oil and other resources? It is a pertinent question that needs a serious answer. It’s a bugging issue. This is because Nigeria is failing as a state, and a direct opposite of state’s of the same age like India, China, Singapore, and so on.
Nigeria is even more blessed with its enormous human, mineral, and land resources. However, the country has failed to grow at the same pace or faster pace with the other countries of the same age. This is challenging for the Nigerian government and people.
Now, we’ll go into details why Nigeria is still poor notwithstanding the oil and other resources.
Why Nigeria is still Poor with the Oil and other Resources
1. Lack of Proper Management and Saving Culture
Nigerian government and people have poor human and resources management. They have poor saving culture. This is the chief reason why a Nigeria is still poor. Right from the time of Nigeria’s independence in 1960, Nigeria hasn’t really managed itself well or saved enough its way to prosperity.
With the country’s large human, mineral, and land resources, they could do better in a lot of way.
2. The Mentality of Nigerians
The mentality of Nigerians of taking advantage of any loophole to do some negative actions and get richer is another reason why the country is where it is. An average Nigerian will not go through the normal process to make money, or be accountable to the system and the people. This is one of the main reasons why the country is where it is, and corruption thrives.
The mentality of religious fanatism, tribal bigotry, and short-sighted level of reasoning is also another reason why the country is not moving forward. A typical Nigeria consider his religion, tribe, and self more important than the Nigerians project. This very mentality affects the country in terms of electing the wrong leaders, lack of cohesion, and it breeds violence.
3. Lack of Strict Accountable System
There is also the issue of lack of strict accountable system. Corruption is allowed to strive in government, and there is no accountability. If the Nigerian system created a strict accountable system, there would be no corruption.
Overpopulation is one of Nigeria’s major problem that people tend to ignore. There are too many people battling for the few resources in the country. Thus, the budget in Nigeria is not even enough to make each Nigerian get up to $4000 of Nigerian Government worth it infrastructure and dividends.
Overpopulation leads to overbloated civil service, overbloated educational system, high unemployment rate, shortage of arable land, and difficulty in administration. In juxtaposition, controlling the population of Nigeria is not even in the agenda of the Nigerians Government as such project will be greatly resisted.
5. Ineffectual Leaders and Followers
Since 1960, Nigeria has mostly had poor performing set of leaders and it tells on the state of Nigeria. Nigeria has only had a handful of good leaders. The followers and citizens do not help matters, too, as they elect the worst of leaders due to religious, tribal, and selfish affiliations. In addition, a majority of Nigerians find it hard to hold their leaders accountable.
Nigerians largely elect and support people who have no business running an administration or an economy.
The reasons mentioned above are why Nigeria is still poor with the oil and other resources. If this question has been bugging your mind, these are the answers to it. There are also other reasons but these are the major ones.
Nigeria can do better if it looks at tackling these issues.