Trends That Could Damage Nigeria’s Economic Future


Without mincing words, the state of our economy is debilitating! You think of the exchange rates and you ask yourself a silent question, “How did we get to this point?” Every day that passes, it seems our country is waltzing down the road to economic doom.

What are we doing to avert this doom? It seems all we do is sit down in a corner with an internet connection and complain about our economic woes. Sometimes, we talk with our friends about this or even with strangers on a bus. We never act.

The mistake we as Nigerians have made is leaving the solution all up to the government. There are certain trends in our country, “national behaviours” that we exhibit. If we don’t get rid of them, Nigeria would pay the ultimate price:

Warped Value System

Indeed, we have a messy value system. Hence, nefarious activities can thrive! It would be unjust if we don’t talk about how corruption is damaging our country. A politician with a pot belly, running amidst smiles with a Ghana-Must-Go bag full of cash on his head. This is the most common association Nigerians have of the word, corruption.

Corruption is not just in politics. Many Nigerians are corrupt! If you have given a bribe in the past or “worked” something, you have dropped a coin into the well of corruption. If a corps member can work his posting in 2017, it means that he will engage in corrupt practices in 2047.  Sadly, corruption has become a norm, a way of life- our culture. Until we fix our value system, the future would keep looking bleak.

Failed Social Institutions

Social institutions are usually created to preserve order in the society. As it turns out, the aim for the creation of these institutions has been defeated in Nigeria. Nowadays, going to school does not assure one got an honest education. The legal system does not guarantee that justice will prevail.

We see the failure of these institutions in providing a better society for us daily.  Nigeria is on its way to becoming a failed state if we don’t effect a change in our social institutions.

Get rich quick syndrome

Few Nigerians realize there is nothing like overnight wealth?  Many are busy scheming on how to make money at once! In a bid to “hammer” on time, people do the unthinkable. The rate of financial crimes in the country is quite high. Nigerians have earned the reputation of dishonesty on the global stage.

Non-Diversification of the Economy

Since the discovery of crude oil in 1956, Nigeria has relied on it for the sustenance of the economy. The wealth of crude oil made us blind to other sectors of the economy.

How many Nigerians are thinking in the direction of agriculture? An average Nigerian abhors farming even though he needs a source of income. Every year, the universities churn out thousands of graduates. These graduates compete for the few jobs available. If we had developed other sectors of the economy, unemployment wouldn’t be this high.

A person that has one source of income is a step away from being broke as the popular saying goes. Nigeria has only one viable source of income. Avoidable economic problems are not unexpected.

Our government cannot solve all the issues plaguing this country. The future looks dire if we as individuals do not act to eradicate these trends. Doomsday would approach sooner than we envisioned if we sit on our hands.

© 2020 Herbert O. Wigwe