Economically, Nigeria had consistently had hard times in recent years. There are different reasons for Nigeria's Economic crisis and solutions that are yet to be profered.
Nigeria is a Country blessed with Natural resources necessary for the smooth running of the affairs of the Nation. Nigeria has a Rich soil for agricultural operations, and the Country is Africa's Largest Producer of Crude oil and the Sixth largest producer in the World.
Despite all the Resources, the Economy of the Nation is in a mess. When we think about the reasons for Nigeria's Economic Crisis the first thing that Comes to mind is Corruption but there is a host of other problems to be addressed.
Corruption is the major reason for Nigeria's Economic Crisis, it is the Cankerworm, that has eaten deep into the Morality and Sanity of the Society.
When we talk about Corruption, it stems from all aspects of the society; be it Political, Social, Psychological and even Religious aspects of the Society. The Country has been Caught in the quagmire of corruption.
The Politicians who are in Power divert Government properties and funds for their selfish interest, some go to the extent of taking their Loots to foreign Banks and using it to develop foreign countries.
The Police force collects bribe from citizens, the Religious Leaders deceive their members in the name of projects and use the money for their own interests. These are justs grains from the barn of corription that many Nigerians invest in.
Political Instability
The political atmosphere is tense at the end of every four years, new Parties and Individuals come into power, with different agenda from that of the previous government. Therefore the Changes in policies affect the economy as an unstable Political climate impairs the growth of the economy of the Nation.
Unavailability of Employment opprtunities and loans.
This is another problem affecting the Nigerian Economy; more Industries would mean more jobs which leads to more Taxes and more revenue for the government.
But these are not pit in place as young minds roam the streets with their skills and qualifications.
Lack of a Working Tax Collection System
The tax Collection schemes put in place by the government is nothing to write home about and taxes are an important part of government revenue. If this is worked upon, the Nigerian economy can get better from the head, and it hopefully should affect the tales of the society possitively. But one is scared if curruption would let this ever be.
Lackadaisical Attitude of Citizens.
Most Citizens disregard government policies, rules and regulations. Many do not pay their tax, While some evade tax or bribe government officials to avoid paying tax. If the Country is going to be better, Citizens must fulfill their Civic responsibilities.
Also, the Whole Nation must Unite to Combat Corruption, the government should create Working Tax Collection Systems and also profer Solutions to Unemployment and other problems Ravaging the Economy.
We should Work together towards our goals, Vision and desire for the Nigerian Economy.
By Olusegun Kehinde
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