Nigeria is a country with vast potentials and opportunities, but it is bedevilled with numerous problems that have continued to hinder its growth and development. These problems range from poor infrastructure, inadequate healthcare system, high rate of unemployment, insecurity, corruption, and poor governance. Unfortunately, these problems have persisted for several decades, and previous administrations have failed to address them adequately.
The recently concluded Presidential Election in Nigeria has ushered in a new administration under the leadership of Bola Ahmed Tinubu of the All Progressives Congress (APC). As Nigerians look forward to a new era of leadership, it is important to identify the key issues that have held Nigeria back for so long and offer policy directions to address them.
This article identifies ten key issues that have held Nigeria back and suggests policy directions that the new regime can take to address them. Three of these issues are the removal of subsidy on petrol, investments in the power sector, and poverty and inequality.
Removal Of Subsidy On Petrol
One of the key issues that have held Nigeria back is the subsidy on petrol. Nigeria is one of the largest oil producers in the world, and yet, the country imports most of its refined petroleum products due to the inefficiency of its refineries. The subsidy on petrol has resulted in significant fiscal burdens on the government, with resources that could have been used for development projects being diverted to the subsidy. Moreover, the subsidy has become a source of corruption, with unscrupulous individuals using it to enrich themselves at the expense of the Nigerian people.
Policy Direction
The new regime should consider phasing out the subsidy on petrol gradually while implementing measures to cushion the impact on the poor. The savings from the subsidy removal should be redirected towards investments in critical infrastructure such as healthcare, education, and transportation.
Investments In Power Sector
Another key issue that has held Nigeria back is the inadequate power supply. Nigeria has one of the lowest rates of electricity consumption per capita in the world, with most Nigerians relying on generators for their energy needs. The inadequate power supply has constrained economic growth, hindered industrialisation, and limited job creation.
Policy Direction: The new regime should prioritise investments in the power sector to increase generation capacity, improve distribution networks, and encourage private sector participation. This should involve the rehabilitation of existing power plants, the construction of new ones, and the implementation of policies to encourage renewable energy sources.
Poverty And Inequality
Poverty and inequality are significant issues that have held Nigeria back. Despite being a middle-income country, Nigeria has one of the highest poverty rates in the world, with over 40 per cent of the population living below the poverty line. In addition, there is significant income inequality, with the top 10 per cent of the population controlling over 40 per cent of the country’s wealth.
The new regime should prioritise poverty reduction by implementing policies that promote inclusive economic growth, job creation, and social protection programs. This should involve investments in education and skills development, infrastructure development, and the implementation of a progressive tax system to address income inequality.
Corruption
Corruption is a significant issue that has held Nigeria back. Nigeria has consistently ranked among the most corrupt countries in the world, with corruption permeating all levels of society. Corruption has undermined the rule of law, hindered economic growth, and undermined public trust in government.
The new regime should prioritise the fight against corruption by implementing measures to improve transparency, accountability, and the rule of law. This should involve the strengthening of anti-corruption agencies, the implementation of measures to protect whistle-blowers, and the use of technology to increase transparency in government transactions.
Insecurity
Insecurity is a significant issue that has held Nigeria back. Nigeria is facing a range of security challenges, including terrorism, kidnapping, armed robbery, and ethnic conflicts. The insecurity has undermined economic growth, led to the displacement of people, and hindered social cohesion.
The new regime should prioritise the fight against insecurity by implementing measures to improve intelligence gathering, law enforcement, and community policing. This should involve investments in security infrastructure, the development of a national security strategy.
Weak Institutions
Weak institutions are a significant issue that has held Nigeria back. Nigeria’s institutions, including the judiciary, civil service, and law enforcement agencies, have been weakened by corruption, politicisation, and lack of capacity. This has undermined the rule of law, hindered economic growth, and undermined public trust in government.
The new regime should prioritise institution-building by implementing measures to improve the capacity and integrity of institutions. This should involve investments in training and development of civil servants, the strengthening of the independence of the judiciary, and the implementation of measures to depoliticise institutions.
Poor Infrastructure
Poor infrastructure is a significant issue that has held Nigeria back. Nigeria’s infrastructure, including roads, bridges, and airports, is inadequate and in poor condition. This has constrained economic growth, hindered industrialization, and limited job creation.
The new regime should prioritise investments in critical infrastructure by implementing measures to improve the condition and capacity of infrastructure. This should involve the construction of new infrastructure, the rehabilitation of existing infrastructure, and the implementation of policies to encourage private sector participation in infrastructure development.
Weak Health System
A weak health system is a significant issue that has held Nigeria back. Nigeria’s health system is inadequate and in poor condition, with inadequate funding, insufficient healthcare facilities, and a shortage of healthcare workers. This has led to poor health outcomes, hindered economic growth, and undermined public trust in government.
The new regime should prioritise investments in the health sector by implementing measures to improve the quality and accessibility of healthcare. This should involve increasing funding for the health sector, the construction of new healthcare facilities, and the training and recruitment of healthcare workers.
Poor Education System
A poor education system is a significant issue that has held Nigeria back. Nigeria’s education system is inadequate and in poor condition, with inadequate funding, insufficient facilities, and a shortage of qualified teachers. This has led to poor educational outcomes, hindered economic growth, and limited social mobility.
The new regime should prioritise investments in the education sector by implementing measures to improve the quality and accessibility of education. This should involve increasing funding for education, the construction of new educational facilities, and the training and recruitment of qualified teachers.
Weak Agricultural Sector
A weak agriculture sector is a significant issue that has held Nigeria back. Nigeria’s agricultural sector is inadequate and in poor condition, with low productivity, inadequate infrastructure, and limited access to finance. This has led to food insecurity, hindered economic growth, and limited job creation.
Policy Direction: The new regime should prioritize investments in the agricultural sector by implementing measures to improve the productivity and profitability of agriculture. This should involve increasing funding for agriculture, the construction of new agricultural facilities, and the implementation of policies to encourage private sector participation in agriculture.
Conclusion
The ten key issues highlighted above have held Nigeria back for so long. Addressing them requires a bold and decisive policy direction by the new regime. The new regime should prioritize investments in critical infrastructure, education, health, agriculture, and security. It should also prioritize institution-building, fight against corruption, and implement policies that promote inclusive economic growth, job creation, and poverty reduction. By doing so, Nigeria can unlock its vast potential and become a prosperous, peaceful, and respected nation in the comity of nations.
