Nigeria Economy and the way Forward

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Our Economy and the way Forward

I've seen and heard so many young men, erudite scholars and even noble men criticize the present or the past administration for the countries economic woes. This is touching and we all need to trace our steps as a nation and navigate a pathway out of our present predicament.

 I will be straight here that the oil boom of the 1970s led Nigeria to neglect its strong agricultural and light manufacturing bases in favor of an unhealthy dependence on crude oil. In 2002 oil and gas exports accounted for more than 98% of export earnings and about 83% of federal government revenue. New oil wealth, the concurrent neglect of other economic sectors, and a lurch toward a static economic model fueled massive migration to the cities has led to increased widespread poverty, especially in rural areas. A collapse of basic infrastructure and social services since the early 1980's accompanied this trend. By 2002 Nigeria's per capital income had plunged to about one-quarter of its mid-1970's high, below the level at independence. Along with the endemic malaise of Nigeria's non-oil sectors, the economy continues to witness massive growth of "informal sector" economic activities, estimated by some to be as high as 75% of the total economy.
Nigeria's proven oil reserves are estimated to be 25 billion barrels; natural gas reserves are well over 100 trillion cubic feet. Nigeria is a member of the Organization of Petroleum Exporting Countries (OPEC), and in 2003 its crude oil production was averaging around 2.2 million barrels per day but what is it today and whats the population?
There's today, Poor corporate relations with indigenous communities, vandalism of oil infrastructure, severe ecological damage, and personal security problems throughout the Niger Delta oil-producing region continue to plague Nigeria's oil sector. Just imagine the damage caused by the Niger Delta Avengers (NDA)
The United states remain Nigeria's highest consumer of her crude oil but the US are fast becoming independent and hence more problem awaits in the future if nothing is done

 Agriculture has suffered from years of mismanagement, inconsistent and poorly conceived government policies, and the lack of basic infrastructure. Still, the sector accounts for over 28% of GDP and two-thirds of employment. Nigeria is no longer a major exporter of cocoa, groundnuts (peanuts), rubber, and palm oil. Cocoa production, mostly from obsolete varieties and overage trees, is stagnant at around 120, 150,000 tons annually; 27 years ago it was 300,000 tons. An even more dramatic decline in groundnut and palm oil production also has taken place. Once the biggest poultry producer in Africa, corporate poultry output has been slashed from 40 million birds annually to about 10, 12 million. Import constraints limit the availability of many agricultural and food processing inputs for poultry and other sectors. Fisheries are poorly managed. Most critical for the country's future, Nigeria's land tenure system does not encourage long-term investment in technology or modern production methods and does not inspire the availability of rural credit.

 Oil dependency, and the allure it generated of great wealth through government contracts, spawned other economic distortions and this must be curbed

 As a nation, we are blessed with 
Main Crops: cocoa, peanuts, palm oil, corn, rice, sorghum, millet, cassava (tapioca), yams, rubber; cattle, sheep, goats, pigs; timber; fish 
Natural Resources: petroleum, tin, columbite, iron ore, coal, limestone, lead, zinc, natural gas 
and until we start to harness other resources and diversify our economy, we will continue in this mess

 We are Nigeria, a great people and a great Nation.

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