Helping Nigeria achieve its potentials

In any society one cannot underestimate the importance of banks to the economy especially in the process of wealth creation. The recapitalization has helped rebuild confidence of foreign investors in the country, facilitated foreign trade and exchange and has helped boost local investment by giving out loans to local businessmen. The introduction of internet to […]

In any society one cannot underestimate the importance of banks to the economy especially in the process of wealth creation. The recapitalization has helped rebuild confidence of foreign investors in the country, facilitated foreign trade and exchange and has helped boost local investment by giving out loans to local businessmen. The introduction of internet to the banking sector has made banking in Nigeria easy, convenient and very effective. The introduction of Automated Teller Machine (ATM) made access to cash easy and comfortable even at non-banking hours. Also, you can view your statement of account, transfer funds to other accounts, pay your bills, and recharge your GSM phones via your computer or mobile phones through internet banking.
Another aspect is the telecommunication industry comprising of broadcasting, mobile telecommunication and internet services. The launching of Nigerian Telecommunication Satellite (NIGCOMSAT) has brought with it a new class of services in Nigeria, improved revenue generation and has helped reduce unemployment. State-of-the-art services like enhanced internet services, video conferencing,  video calls, VSAT networks, Virtual Private Networks (VPN), e-government, e-commerce, tele-presence, distance learning (teleeducation) & telemedicine, HDTV, Direct To Home (DTH) services etc  are now enjoyed in Nigeria.
Also important is the effort of the government towards achieving the Millennium Development Goals and placing Nigeria amongst the world leading economies by the year 2020. The privatization of government-owned properties, the deregulation processes going on and the introduction of economic and investment agencies like the National Economic Empowerment and Development Strategy (NEEDS), Nigerian Investment Promotion Commission (NIPC), Small-Medium Enterprise Development Agency of Nigeria (SMEDAN) etc have improved local investment in the country. The government has also embarked on diversification of the economy which has helped raise the Gross Domestic Product (GDP) of the country.
But like all other developed nations, Nigeria hasn’t been without its challenges, the first of which is the lack of unity and mindset for nationalism which has been there since after independence. Ethnicity and regionalism has marred the development of this great nation. Most of our past leaders when sworn into office concentrate on developing their state of region at the detriment of the nation. This has led to the feeling of contempt of one region towards the other and severed the ties of unity amongst Nigerians.
Second is the predominance of corruption in every aspect of the economy. The early failure to tackle corruption has undermined the effort of a great many.  Its corrosive effect has now affected the minds of the younger generation. Nigeria is ranked 43rd most corrupt country in the world by Transparency International. Corruption is found in all levels of government and all manner of businesses in the country. It has evolved into various forms and is being given a variety of attractive names.  Corruption has even found its way into some of Nigeria’s noble cultures and traditions.
The negligence of the government towards the non-oil sector has led to the depreciation of those sectors. Agriculture alone contributed to more than 75% of Nigeria’s GDP in the 1960s but now contributes less than 3% of the GDP. Agriculture is the occupation of many Nigerians and its negligence has raised the level of unemployment and increased crime rate in the country. The government neglect towards the standard of living of its citizen has led to the deterioration of the education sector, health sector and other social infrastructures in the country.
Lack of unity and patriotism has been a major drawback to Nigeria’s development. To progress, we have to be united and think towards a greater Nigeria.The introduction of the National Youth Service Corps (NYSC) has helped to foster unity amongst Nigerian youths. More of such programmes should be introduced and encouraged. The history of Nigeria and its past leaders should be inculcated in all levels of education. History shows how they worked together regardless of their differences for the betterment of the country; this will help unite the younger generation.
To revitalise the economy and reduce unemployment to the minimum, there is a need to diversify to other aspects of the economy like agriculture and solid minerals. Agriculture is a very vital sector of every economy, with the country’s large arable land which if utilized fully can help curb unemployment in the society, reduce the country’s overdependence on imported farm products and increase the country’s export earnings. The government should educate local farmers on modern techniques of farming to increase their farm production, subsidize prices of fertilizer and other farm implements, encourage the youth to practise more agriculture and provide ready market for farm products.
As we celebrate the golden jubilee of this great nation, let us bear in mind the enormous opportunities and advantages this country has in both human and natural resources.  Let us set aside cynicism and strive for the good society that we know is within our reach. Let us discard the habit of low expectations of ourselves as well as our leaders. Let us stop justifying every shortcoming with that unacceptable phrase “the Nigerian factor” as if to be a Nigerian is to settle for less.
Abdullahi wrote from University of Maiduguri, Borno State