By Onipede Paul Oyekunle
Since the return of democracy in 1999, Nigeria has been on the center stage both for the positives and the negatives like other nations of the world. The nation’s readiness for change has been debated by scholars and opinions makers amidst its odds which appears not to be leaving the nation to move to the next level any time soon. Though regarded as the “giant of Africa”, but it appears that the giant is still “crippled” as Professor Eghosa Osaghae titled one of his famous books. “The Crippled Giant: Nigeria since Independence.”
A nation with untapped resources from its fertile lands to cultural diversity with more than 250 ethnic groups and over 500 languages spoken within its borders is not devoid of its unique challenges. However, the path to prosperity is not easy. Poverty rates are high: in 2023, the national average was around 40%. Moreover, insecurity remains a problem in some areas while social disharmony occasionally threatens to overshadow unity. Overall, a rationale vision for Nigeria would be a clarion call for unity that will usher this country on a part full of promise. With regards to this journey, has therefore called for multiple approaches where economic empowerment, national security, effective educational workforce, youngster entrepreneurial spirit and social cohesion are interlinked as one strong unit against Nigeria’s stumbling blocks as a nation.
Economic empowerment to begin with is at the heart of this vision. There can only be prosperity if it spreads out and uplifts all sections of society. This necessitates massive investment in infrastructure such as modern roads, bridges, and communication systems that connect all parts of Nigeria thus providing livelihoods in remote areas. By 2022, Nigeria’s economy had achieved a nominal GDP of $478 billion that could be instrumental in the African continent. However, growth is restricted by a massive infrastructure gap that disproportionately affects rural areas. The Infrastructure Corporation of Nigeria (InfraCo) is one step in the right direction where it aims to raise $36.7bn but this remains a drop in the ocean.
The current infrastructure deficit in Nigeria has been estimated at around $3 trillion. This lack of investment limits economic activity by raising transportation costs for goods and services. A World Bank report of 2023 shows that agriculture production decreases by 30% through poor infrastructure directly affecting millions of people who depend on agriculture for their livelihoods.
However, the fact that Ethiopia is next to them makes it a good case study. Over the last two decades, Ethiopian leadership has prioritized infrastructure development and has invested heavily in roads, railways, and power generation. This has led to an economic boom with an average growth of 10% annually for ten years. Dr. Ngozi Okonjo-Iweala, Economist says “Nigeria’s potential is undoubted however realizing it requires a comprehensive approach that puts infrastructural development together with investment on the human capital front.”
Public-private partnerships (PPPs) can also be crucial in bridging the gap in infrastructure as a way of addressing this challenge. The other thing that will be needed is to streamline regulations and attract foreign investments. This will also require concentration on renewable energy projects for sustainability. Infrastructure development itself fosters social cohesion. There are new roads that link previously isolated communities allowing trade and cultural interactions. A well-established transport network is equally greatly fundamental in ensuring national security through easy troop movements and enhanced boundary control systems.
However, Infrastructure alone does not suffice; I think there is a need to focus more on education. Our educational system must become an incubator of innovation where critical thinking, problem-solving skills, and entrepreneurial spirit can flourish. The 2024 Unified Tertiary Matriculation Examination (UTME) result released by the Joint Admission and Matriculation Board (JAMB) is a pointer to what lies ahead of us as a nation if the right steps are not taken to fix our near dead education industry.
According to a World Economic Forum 2023 report, there is a substantial skills gap in Nigeria between graduate skill sets and business demands. The startlingly high rate of young unemployment that exists today is partly caused by this skills gap. For instance, Rwanda’s emphasis on STEM (Science, Technology, Engineering, and Mathematics) education provides an insightful case study. Rwanda is training its kids for the occupations of the future by including these courses in the curriculum and providing technology in the classroom. A renowned education expert Professor Anya O. Anya contends that “a paradigm change is needed in Nigeria’s education system. We need to abandon memorization and adopt a more all-encompassing strategy that encourages creativity and critical thinking.”
Similarly, reforming the curriculum is crucial. Digital literacy, career training, and STEM disciplines must all be integrated. Other top concerns include expanding access to technology in classrooms and funding teacher preparation programs. An educated and empowered population is less prone to radicalization and extremism, hence boosting national security. An inclusive and fair education system fosters social cohesion by offering opportunities for all Nigerians, regardless of background.
Furthermore, small and medium-sized businesses (SMBs) are the backbone of a functioning economy, and we can strengthen them by reducing bureaucratic red tape and improving finance access. Securing loans and negotiating a complicated regulatory landscape, however, continue to be formidable obstacles. According to the Nigerian Small and Medium Enterprises Development Agency (SMEDAN), more than 80% of newly established enterprises fail during the first five years of operation. One reason for this high failure rate is that finance is not easily accessible, because traditional banks sometimes see SMEs as high-risk customers. A business startup can also be a laborious process due to the several licenses and permissions needed.
Nigeria for instance can emulate Kenya’s government’s efforts, which have made it simpler for SMEs to obtain financing through the implementation of programs like credit guarantee programs and mobile money platforms. The National Association of Small and Medium Enterprises (NASME) President, Wale Adeola, stated that “we need to create an environment that empowers entrepreneurs for Nigeria’s economy to truly flourish.” This entails simplifying rules and facilitating easier credit availability.”
In contrast, bureaucratic obstacles may be greatly decreased by creating a one-stop shop for permissions and expediting the business registration procedure. For SMEs, partnering with financial institutions to provide loan guarantees and microfinancing programs might help them access desperately needed funding. By giving all Nigerians chances, a flourishing SME sector promotes economic inclusion and jobs, strengthening social cohesion. Stronger national security results from a stable economy that is less vulnerable to violent extremism and social unrest, which is facilitated by a healthy SME sector.
Beyond the obstacles that appear to be inexhaustible but not insurmountable, it takes a team effort to steer Nigeria toward a better future; every Nigerian has an important part to play in this wayfarer. We can usher in a new age for Nigeria, one marked by wealth, security, and the unyielding unity of a people bonded by a common destiny, with openness and accountability serving as our guiding principles, innovation serving as our fuel, and steadfast collaboration serving as our compass.
Onipede Paul Oyekunle is an Independent Researcher and Writer. He can be reached via onipedepaulekiti@yahoo.com
