How To Revitalize The Nigerian Economy

You may come in here expecting a 5 page essay or something of that nature but  that is not what I'm here for. The solution to Nigeria's problem is quite simple. We need better institutions in order to enforce property rights and improve code of business conduct in the country. We have abundant resources that are in high demand, we have educated Nigerians both at home and abroad and we have good menial labour. Why is the country still poor?, Very bad institutions. Correct that and in a short while, we will be the next 'big thing' just like China and India.

Institutions ranging from financial, Government, Education and etcetera needs to be efficient before we can truly maximize our potential as a nation. There is no greater need in Nigeria than improving our insitutions because demand and benefit from our resources are at an all-time high at the moment. In order to take advantage of this, institutions need to be improved and elements of bribery and corruption need to go.

Think about this, Nigeria has received $400 billion since independence s but we still remain poor. This means that if we leave everything we have been doing for the last 50 years and focused on oil, that amount will be enough to make every Nigerian a billionaire with  extra to invest for the future and pay off any debts incurred over the years. Most of this money has been lost to inefficiencies in Governance and other institutions alike and the rest used to pay off debts which have risen to become a burden due to (yes you guessed right) poor institutions. This is something simple but ofcourse those on top of the social heirarchy will prefer to get richer than they'll be otherwise even though the rest of the nation is getting poorer living on about $2/day on average.

I won't be able to vote during the upcoming elections but for those of you who will be able to, cast your vote for the most qualified candidate in your honest opinion. Due not buy into partisan politics and do not receive handouts from any individual at the polls because when you do, you are contributing to the deteriorating economy and you are also as much a part of the problem as the Government. There is no reason why Nigeria should be poor, no reasons whatsoever except ofcourse, due to bad institutions.