Some might consider Nigeria a giant based on its population, its ‘fatherly’ role in African politics, providing economic support and peacemaking assistance when and where necessary. They might also consider its abundant human and natural resources, among others.
The country has been facing economic challenges since independence, with little or no success in finding a lasting solution to them. However, the major challenge facing Nigeria right from the independence is corruption.
Though, corruption is a global menace, Nigeria presents a serious case. In fact, the best and the quickest way to acquire wealth in Nigeria is through politics, especially by holding political offices.
Positions in Nigeria’s National Assembly are highly lucrative, and even low-ranking members earn substantial sums in salaries and benefits, and billions of naira in oil revenues routinely go missing.
Actually, being an oil giant, Nigeria could be characterised as a wealthy nation staying afloat on oil. However, the problem is that the money from oil does not circulate among the citizenry.
Top public officials are very rich because they hide behind the falsehood that public money belongs to no one. The dailies are full of information on how public officials are buying million-dollar mansions and accumulating stolen public funds in financial establishments abroad.
Corruption trickles down from corrupt politicians in Abuja to the lowest policeman taking bribes from motorists at the country’s many checkpoints.The giant has lost over N400 billion to corruption since gaining independence from Britain in 1960. Still, there is hardly any account of how the money got missing.
This shows that the rules and regulations guiding this country are meant for the masses only.
Apart from corruption, there is crime and terrorism. These also negatively influence the economic situation of the country.
Actually, the crime issue in the country gives many people sleepless nights. In some places, people feel that they cannot walk around their own neighbourhoods freely anymore, yet we have a country whose military troop is seen as the fourth strongest in Africa. Public security is an important aspect of every state, and the giant has failed in this respect.
As of terrorist attacks, they are now on the rise in Nigeria, and different sects have come out.
Adekunle Ajasin University, Ondo State
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