The Nigerian Economy in the Face of Socio-Political Challenges
A Retrospective View and Ways Forward
Keywords:Socio-Political Challenges, Corruption, Unemployment, Poverty, Insurgency, Nigeria
This paper examines the Nigerian economy and the tendency for its growth in the face of several socio-political challenges facing the country, which have hampered the rate of economic development in spite of the tremendous human and material resources inherent. The paper identifies the socio-political challenges to include corruption, poverty, unemployment, insecurity, politics and governance, among others. The central argument of the paper is that steady economic growth can be achieved and financial crisis mitigated in Nigeria, if the effects of socio-political challenges, which are the key factors that have contributed to the high poverty, unemployment and economic instability in the country, are minimised. To ensure economic growth and move the country forward politically and economically, government must be more accountable in managing the nation’s resources in order to avoid wastage, poverty and unemployment. Close attention should be given to those socio-political challenges in the formulation of policies that aimed at maintaining economic growth at a level commensurate with the country’s growth rate. This study put forward that government must be proactive in all issues relating to the socio-political challenges to prevent resource mismanagement, poverty, unemployment, insecurity and slow economic growth in future.
Adeyemi, K. S., & Abiodun, A. J. (2014). Development of the Non-Oil Sector in Nigeria: Challenges and Lessons for Less Developed Countries. Covenant Journal of Business and Social Research, 5(1), 23 - 44.
Adeyemi, L. O & Obamuyi, T. M. (2010). Public Accountability: Implications of the Conspiratorial Relationship between Political Appointees and Civil Servants in Nigeria. iBusiness 2, 123-127.
Ali, A. D. (2013). Leadership and Socio-Economic Challenges in Nigeria. Singaporean Journal of Business Economics, and Management Studies, 1(9), 1-8.
All Africa (2008, February, 7). FEC Approves Final framework for the Implementation of Vision 2020. Available at http://www.allafrica.com/stories/200802070613.html. Accessed on 5th April, 2015.
Asamoah, G. N. (2008), The Impact of the Financial Sector Reforms on Savings, Investments and Growth of Gross Domestic Product(GDP) in Ghana. International Business & Economic Research Journal, 7(10), 73 – 84.
Bris, A. (2014). 8 Reasons Why a New Global Financial Crisis could be on the Way. Available at: http://www.nasdaq.com/article/8-reasons-why-a-new-global-financial-crisis-could-be-on-the-way-cm383267. Accessed on 5th April, 2015.
Daily Independent (2nd May, 2014). World Bank Report on Poverty in Nigeria. Available at: http://dailyindependentnig.com/2014/05/world-bank-report-poverty-nigeria. Accessed on 5th April, 2015.
Dike, V. E. (2010). Review of the challenges facing the Nigerian economy: Is National Development Possible Without Technological Capability? Journal of Sustainable Development in Africa, 12(5), 95-112.
Ewetan, O. O. & Urhie, E. (2014). Insecurity and Socio-Economic Development in Nigeria. Journal of Sustainable Development Studies, 5(1), 40-63.
Guseh, J. S. & Oritsejafor, E. (2007). Government Size, Political Freedom and Economic Growth in Nigeria, 1960- 2000. Journal of Third World Studies, 24 (1).
Gyimah – Brempong, K. & Kimenyi, M. S. (2013). Youth Policy and the Future of African Development (Africa Growth Initiative Working Paper 9). Available at http://www.vanguardngr.com/2014/03/nigeria-without-north. Accessed on April, 5, 2015.
Kamesam, V. (2015). Another Global Financial Crisis after April. Available at: http://www.thehindu.com/news/national/telangana/another-global-financial-crisis-after-april/article6957481.ece. Accessed on 6th April, 2015.
Leadership (2014, July 22). Nigeria’s Poverty Level Drops by 2.1 Per Cent In Two Years – World Bank. http://leadership.ng/business/378645/nigerias-poverty-level-drops-2-1-per-cent-two-years-world-bank. Accessed on 6th April, 2015.
Leftwich, A. (1993). Governance, Democracy and Development in the Third World. Third World Quarterly, 14(3), 605-624.
Lipset, M. S. & Lenz, G. (2000). Corruption, Culture and Markets. In L. E. Harrisson and S. P Huntington, Eds., Culture Matters, New York.
Obamuyi, T. M. (2002). The Nigerian Economic Crisis: A Review. Confluence Journal of Management, 2(1), 20-33.
Obamuyi, T. M., Edun, A. T. & Kayide, O. F. (2012). Bank Lending, Economic Growth and the Performance of the Manufacturing Sector in Nigeria. European Scientific Journal, 8(3), 19-36.
Saheed, Z .S. & Ehwaikhide, C. I. (2012). Impact of Social Crisis on Economic Development: Theoretical Evidence from Nigeria. America International Journal of Contemporary Research, 2(6), 176 -184.
Sharma, R. (2015). Nigeria is a Case Study in the Curse of Oil: In a Country that saved nothing during the Oil-Price Boom, the new president faces daunting challenges. Available at: http://www.wsj.com/articles/ruchir-sharma-nigeria-is-a-case-study-in-the-curse-of-oil-1428016779?tesla=y. Accessed on 6th April, 2015.
Solanke, O. (2007). ―Vision 2020: Need for a Purposive Approach. Available at: http://www.bsjournal.com/.opinioncomment-vision2020.html. Accessed on March 4, 2008.
Uzochukwu, M. (2014). Challenges in Nigeria and Solutions on How to Resolve them. Available at: http://www.uzochukwumike.hubpages.com/hub/challenges-in-nigeria-and-solutions. Accessed on January 16, 2015.
Vanguard Newspaper (2014, March, 11). Nigeria cannot do without the North.
World Bank (1992 ). Governance and Development. Washington D.C.: World Bank.
World Development Report (1990). Poverty. Washington D.C. : World Bank.
World Development Report, (2003). Making Service Work for Poor People. Washington D.C.: The World Bank and Oxford University Press.
World Bank (2013). Health Expenditure, Total (Percentage of GDP). Available at: http://data.worldbank.org/indicator/SH.XPD.TOTL.ZS. Accessed on 15th April, 2015.
How to Cite
Copyright (c) 2016 International Journal of Finance & Banking Studies (2147-4486)
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Authors contributing to IJFBS agree to publish their articles under the Creative Commons Attribution- 4.0 license, allowing third parties to share their work (copy, distribute, transmit) and to adapt it, under the condition that the authors are given credit, that the work is not used for commercial purposes, and that in the event of reuse or distribution, the terms of this license are made clear. Authors retain copyright of their work, with first publication rights granted to IJFBS. However, authors are required to transfer copyrights associated with commercial use to the Publisher. The authors agree to the terms of this Copyright Notice, which will apply to this submission if and when it is published by this journal
Submission of an article implies that the work described has not been published previously( except in the form of an abstract or as part of a published lecture or academic thesis), that it is not under consideration for publication elsewhere, that its publication is approved by all authors and tacitly or explicitly by the responsible authorities where the work was carried out, and that, if accepted, it will not be published elsewhere in the same form, in English or in any other languages, without the written consent of the Publisher. The Editors reserve the right to edit or otherwise alter all contributions, but authors will receive proofs for approval before publication.