10 Reasons why Other African Countries are Developing Faster than Nigeria Despite Availability ff Rich Natural Resources

In this article, my focus will be on discussing the reasons why other African countries are fast developing than Nigeria despite available of rich natural resources in the country, and without much ado, below are some of the reasons.

1. Desire To Secure Solid Base Raw Materials To Fuel Their Economy:

One of the reasons why other African countries are fast developing than Nigeria despite available of rich natural resources in the country is that other African countries do have a strong desire of making sure that they secure a solid base of raw materials all for the purpose of making sure that they fuel their growing economy.

It is the desire to ensuring that, they increase their political influence and socioeconomic growth opportunity. This has presented them as the emerging markets for others.

2. Diversification Of Economy:

Another reason why other African countries are fast developing than Nigeria despite available of rich natural resources in the country is that other African countries diversified their economies. We earlier wrote an article on 10 Ways to Diversify Nigeria Economy.

Unlike other African countries, Nigeria’s main and primary focus is on oil.

This country believed that without oil, the Nigerian economy could not be sustained, so the country is stuck in terms of development, as it relied only on oil for the sustenance of its economy.

3. Investment Across All Sectors:

Still on reasons why other African countries are fast developing than Nigeria despite available of rich natural resources in the country.

Other African countries invest in almost all sectors of the economy, and throughout virtually every market sector, there are investments.

These ranges from infrastructure to that of food processing. Their investment also encompassed key areas, which cut across utilities, and telecommunications, and port construction, including transportation.

4. Substantial Subsidies From Government:

Another reason why other African countries are fast developing than Nigeria despite available of rich natural resources in the country is that companies in other African countries obtained substantial subsidies from their government.

And this development has helped these countries to profit from their continuing economic development. That is where they got a notable competitive edge over Nigeria in terms of development.

5. Fuel For Growing Economy:

The reason why other African countries are fast developing than Nigeria despite available of rich natural resources in the country is that other African countries are working towards the well-being of their economies, and this drive has significantly impacted the continent markets.

As these countries worked to fast develop their economies, their leaders have recognized their increasing need for natural resources, necessary for economic growth.

Perhaps, this explained their effort to secure a solid base of raw materials to strengthen their economies.

6. Good Business Sense:

One of the reasons why other African countries are fast developing than Nigeria despite available of rich natural resources in the country is that other African countries understand the principle of being pragmatic and otherwise.

They had considered where their primary emerging market opportunities normally are hence, represent key emerging market opportunities for other countries.

These countries have provided sensible choices with a view to taking advantage of excellent growth opportunities available.

7. Investment In Science And Technology:

Another reason why other African countries are fast developing than Nigeria despite available of rich natural resources in the country is that most of these countries have invested heavily in science and technology.

This investment is what that had helped creates wealth, and they have understood that what the continent must do in order to achieve the all-round development is by using their natural wealth that is yet to be tapped, including human resources, as well as, effective policy execution, so as to create  wealth that will by-pass those created by western world.

8. Constant Pursuit Of Security Of Lives And Properties:

Very profoundly, one of the reasons why other African countries are fast developing than Nigeria despite available of rich natural resources in the country is that these countries are constantly in the pursuit of securing lives and properties in their individual country.

This is simple but profound. It is the secret by which, they have to grow their wealth. The constant pursuit of security, which development hinged upon is one essential effort they have doubled to grow beyond Nigeria.

9. Constant Power Availability (electricity):

Another reason why other African countries are fast developing than Nigeria despite available of rich natural resources in the country is that they do have constant power availability.

You cannot imagine life without power generation – electricity. Therefore, these countries have generated a constant power supply, which had in-turn make the people become more economically productive.

10. Job Creation:

Another reason why other African countries are fast developing than Nigeria despite available of rich natural resources in the country is that these countries have created employment for both their citizens and the residents hence, everyone is working towards contributing to the development of these countries.

Conclusion:

The above submission has explained exclusively the reasons why other African countries are fast developing than Nigeria despite available of rich natural resources in the country.

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