Current Challenges Facing Nigeria's Economy

Current Challenges Facing Nigeria’s Economy By Dr Kenny Odugbemi

1, Dollar value keeps rising against Naira
Nigeria’s productive capacity is 10% of net total import leaders in power, preferring imported goods over locally produced goods eg Forex spent on purchase N160m Jeep for over 365 legislatures,whilst most transaction are dollarised at the expense of Naira hence Naira devaluated up 50% continue to decrease
Policies only control your currency, not the value of other countries’ currencies against yours.

2. A country where over 500 Industries died over 30 years with continuous depreciation of currency. ,Lack of stable power constituting further high cost of production
   Nigeria loss $4.5bn due to disinvestment of multinational P&G, GSK SmithKline and others
3. Nigeria is a country where looters get minimal consequence action, and foreinsic of NDDC-$20b, and recent N33trn from CBN report are in KIV, which includes ways and means N23trn
4. Nigeria favours importation, hence there is no job for 43% of vibrant youths, whose energy is now diverted to terrorism,yahoo++, kidnappers
5. A country that exports all raw materials is exported without adding value to them, whilst we re-import finished products of those materials,
6. Nigerian banking system that gives loans to importers at the expense of local industries,
   Most of the loans in Dollars are given to influential citizens, among whom are Senators and Representatives not industrialists for round tripping
7. loans in billions to the Agric sector without monitoring & evaluation of such loan never gets to the real farmers but free against, with their official bags as office without verifiable address because of their influence
8. Nigeria spends more on a few privileged politicians at the cost of populace financial wrecklessness cuts across all government institutions, especially NNPC Staff N10 billion as salaries every month, when a single drop of petroleum products is not processed,
9. In Nigeria foreign investors are frustrated by the demand for bribes by government officials.
   Commissioner for Lands to demand 30% of the investment! Seeing the Governor of the State will cost you N2 million as bribe before it can be scheduled.
10. In Nigeria, medical tourism abroad by government officials spending dollars is very rampant instead of building World Class Hospitals, Same as forex spent on pilgrimages.
11. Nigeria, where a few people have access to Federal Reserves and those few can get loans,
12. Nigeria, where we import what we produce because it’s “cheaper” to do so, is doomed.
13. Nigeria’s arable land of 32m acres teeming idle youths as farmers are killed by herders fulani
14. Nigeria where there is no control inflow or outflow of Forex.
    Forex dealer, buy Dollars worth $50 million just to hide it in the basement of his house.
15. Nigeria where a strong bank owners can influence shares from within the Stock Exchange floor to inflate their shares’ worth in selfish manner
16. Nigeria where Banks are involved in round-tripping and inflated costs to siphon money,
17. Nigeria, where key government officials confirmed the bandits kidnap to collect fortunes as ransoms unhindered,

Conclusion
With the aforementioned, how can Nigeria make developmental strides across corrupt government officials, complacent executive, deteriorating antigraft agencies that are partisan, only witch-hunting opposition, where party members remain so corrupt and yet appointed to various high offices as political rewards to continue looting?