3 Major Nigeria Economic Paradox: A systematic success in failure.

As a Nigerian residing in the UK over 10 years, born, grew up and had my university education in Nigeria plus have economic and working experience and knowledge in both Nigeria and the UK believe strongly that the economic situation in Nigeria is a paradox created by a systematic success in the act of supporting or benefiting from  a failed system directly or indirectly. I will try and use this short article to highlight 3 major Nigeria Economic Paradox that is of common and general knowledge which must be address to achieve sustainable economic development in Nigeria.

  1. Self allocation, review and audit of salary, allowance and pension

It is beyond comprehension why the Nigeria system of government in every level allows or gives those in leadership position the power to self allocate, review and audit their salary, allowance and pension with no independent accountability procedures or measures. This has resulted in local, state and federal  politicians, legislators and executives to systematically in every opportunity self allocate, review and audit their salary, allowance and pension upwardly, falsely and unjustifiably. The result is a paradox of government where the civil service which is the functional aspect of government that suppose to manage and account for public service and public funds has been deliberately made dysfunctional by elected government leaders for selfish interest. The economy as a result is greatly affected negatively.

occupy-nigeria-prostests.jpg

2. Conflict of interest in contract allocation, project funding, job recruitment

It has become common and acceptable for both appointed and elected government leaders to give contract, fund projects or give jobs to themselves, their family members, friends and business partners with little or no concern for competency and accountability. The result is inefficiency,  looting and embezzlement of public funds which impacts on the economy negatively.

subsidy-incorporated

3. Lack of supply in the midst of abundance

With the abundance of oil and gas, river, land and people in Nigeria; the lack of petroleum products, electricity, cooking gas, drinking water, food products and employment is one of the most unexplainable paradox in Nigeria. There is abundance raw material, resources and people for Nigeria to be one of the most successful, self sufficient and sustainable economy in the world but yet is among the poorest nations in the world.

list-of-top-10-poorest-countries-in-the-world

The solution of the 3 major paradox highlighted above is a collective responsibility of the leaders and citizens of Nigeria to use all legitimate resources and powers to promote, support and establish a system that works for all not the elite few that has successfully made a once great economy giant of African and a world potential great nation to its worst economic state ever.

Written By Dennis Bebo; Environmental and Energy consultant – DenEco Services TA www.DenEco.co.uk

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Published by

denecoblog

I am a Property/Energy Consultant TA DenEco Consultancy - www.deneco.co.uk: A friendly, energetic and adaptable individual with keen interest and aptitude for learning and motivating others, with great academic skills and work experience in both Life science and Environmental Management, seeking an opportunity to use his proven flair for teamwork and creativity in Property Purchase, Energy Efficiency, Environmental management for sustainable development and growth in any related sector or industry. I help individuals, businesses, SMEs and corporate clients save or make money in regards to Property investment, energy efficiency, environmental management solutions. The foundation of my experience is environmental protection. I have a passion for helping people, businesses and corporate organization achieve their dream through Property Investment and become more efficient and effective in their energy, and environmental management. I get satisfaction from knowing that the work am doing is helping make/save money and the environment.  Contact us @ www.deneco.co.uk Outside of work you can find me spending time with family, studying and researching for new opportunities and continuous development. Specialties: Property Investment, EPC provider, Energy Efficiency, Environmental  management.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.