Nigeria is indeed giant by name but not giant by structure. The recent ranking of poverty which ranked Nigeria the third poorest country in the world is a pointer to the fact that Nigerian economy is in shamble. No wonder that the level of corruption and insecurity are at astrological rate in Nigeria. The questions that should be lingering in the mind of average Nigerians and economic policy makers are what responsibles for the ugly economic condition and what should be the way out to arrest the situation.
Empirical findings reveal that one major cause of poverty in Nigeria is low level of investment as a result of bad business environment. A country like Nigeria with low level of in bound to face with high level of unemployment as being presently encountered which consequently bring about low inhycome, low saving, low capital and low productivity.
Another crystal factor is poor or inability to sufficiently make use of the available natural resources. Nigeria is blessed with abundant natural resources but without commensurate exploration for the betterment of the country. If countries with less natural resources are better of, what then is the problem of Nigeria?
The most hidden cause of poverty is bad attitude of individual. The individual attitude in the country is appalling. The youths do not think on what they would contribute to economy but rather what the economy would do for them. This implicitly affect the productivity of the country which thereby increase the level of poverty.
How do we then get out of this poverty stage? Nigeria government must improve her business environment to attract more investments and investors. The improvement in the business environment must include stable macroeconomic policies, provision of adequate security of life and properties and political stability.
The government should also intensify efforts in exploring all available natural resources that are within the reach for the benefit of the country and people.
The most obscure solution the problem is that the deprived ones in society should be provided with enabling environment to build their own capabilities by making available the elements of functionings and opportunity freedom, which are socio-economic and political freedoms needed for survival.
What is your own opinion?