In this article, my focus will be on discussing the reasons why Nigeria is underdeveloped despite abundant human and natural resources. What are the causes of underdevelopment in Nigeria? What are the major factors responsible for underdevelopment in Nigeria? Here we discuss indices of underdevelopment in Nigeria.
10 Reasons Why Nigeria is Underdeveloped despite abundant human and natural resources
1. Lack Of Raw Materials To Fuel Their Economy
One of the reasons why Nigeria is underdeveloped despite the availability of rich natural resources in the country is that Nigeria lacks a strong desire of making sure that they secure a solid base raw materials in order to enable them to fuel their stagnated economy.
The one important thing Nigeria needs is the desire to increase its political influence and socioeconomic growth opportunity, and once this was done, it will help in presenting the country as an emerging markets for others countries.
2. Attention On Oil, No Economy Diversification
Another reason why Nigeria is underdeveloped is that Nigeria is focusing all its energy on oil ad the sustenance of its economy, and as a result, had failed to diversify its economy.
Imagine, 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. Lack Of Investment Across Every Sector
Still on why Nigeria is underdeveloped. Nigeria has failed to see the need why it should invest in every sector of the economy, especially in the most marketable sector.
Virtually, almost all the market sectors in Nigeria lack corresponding investments that can help grow Nigeria economy. For example, in the area of infrastructure to that of food processing. Investments in the country has failed to cut across key areas, including utilities, and telecommunications, and port construction, as well as transportation.
4. Lack Of Substantial Subsidies Companies
Another reason why Nigeria is underdeveloped is that, unlike what is obtaining in other nations of the world, even in African countries, companies operating in Nigeria are not viable economically, because they do not get substantial subsidies from the Nigerian government.
And this has negatively affected the economic development of the country, since it is these business organisations are those organizations that suppose to contribute to the economic growth of Nigeria. Hence Nigeria has failed to profit from such development. This is where Nigeria is lacking behind in terms of development.
5. lgnorance Of The Resources That Grow Economy
Reason why Nigeria is underdeveloped is that the country has failed to work towards the well-being of its economy, instead of working to boost its economy, and drive significant impacts in the continent markets, Nigeria is selling for nothing.
Even as the country’s economy is collapsing, its leaders are yet to recognize the increasing need for resources, necessary for economic growth. Perhaps, this explained why Nigeria is ranked one of the most corrupt and poorest economy, even within the African continent.
6. Lack Of Business Sense
One of the reasons why Nigeria is underdeveloped is that, Nigeria, as a country lacks business discipline, and has failed to understand the principle of being pragmatic.
They have fail in identifying where their primary emerging market opportunities could be, that is why, as the giant of Africa, Nigeria supposed to represent a key emerging market opportunity for other countries in the countinent.
But the reverse has been the case, they lacked business sense, and failed to provide sensible choices that could help them take advantage of excellent growth opportunities available to the country, it unfortunate!
7. Lack Of Investment In Science And Technology
Another reason why Nigeria is underdeveloped is that, although there is some sort of investment in the area science and technology, but such investments do not correspond with the dare need of technology advancement Nigeria is needing to drive its growth and development.
Unlike most of the countries around Nigeria, they have invested heavily in science and technology because of the need of the time. It is a kind of investment that would have helped in creating wealth, and how l wish Nigeria will understood that, what they must do in order to achieve the all-round developments 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 other nations.
8. Problem Of Security
This is true! One of the reasons why Nigeria is underdeveloped is that, there is security problem in the country. Nigeria is doing nothing in its pursuit to securing lives and properties of its citizens. This is but unfortunate.
It is one of the problems that has helped hampered the grow of Nigeria’s wealth. The constant pursuit of security, which development hinged upon is one essential thing Nigeria is needed to at least match other countries of the world in terms of development.
9. Poor Power Supply (electricity)
Another reason why Nigeria is underdeveloped is that, Nigeria’s electricity supply is poor, unsteady, sometimes the electricity providers will go with the light for months, imagine.
At this age Nigeria suppose to supply constant electricity. You cannot imagine life without power generation – electricity. Therefore, Nigeria ought to generate constant power supply, so as to make the people to become more economically productive.
10. Job Creation
Another reason why Nigeria is underdeveloped is that, Nigeria has failed to create employment for both its citizens and the residents hence, the rate of unemployment in the country is alarms.
Had it been that was able to create jobs for its citizens, everyone will working towards contributing to the development of Nigeria.
The above submission has explained exclusively the reasons why Nigeria is underdeveloped despite availability of rich natural resources in the country.
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