In our last post, we took a look at how national development is dependent on the level of advancement of the educational sector. We also took a review at the trail of Nigerian educational system from the pre-amalgamation/pre-independence era to the post-independence era. Here, we will look at the economy of Nigeria before and after independence.
Nigerian Economy - An Overview
Prior to the independence of Nigeria (even though policies were run by non-indigenes) Nigeria had powerful economic status. Here are the reasons for this: Nigeria had an estimated arable and agricultural land of over 74 million hectares which made nigeria among the top agricultural nations of Africa. Talk about population; Nigeria is also the most populous Africa nation with a population of about 180 million people (according to the 2006 National population census).
Asides these, the deposits of mineral resources also gave boost to the economy because of the attraction of foreign investors. As a matter of fact, on the average, almost every state in Nigeria has a recognized mineral resource. For example; Enugu state has an abundance of coal. Plateau state is known for tin ore. The South-western region has abundance of alluvial gold. South-south and Niger Delta regions have huge crude oil deposit which has place Nigeria among the top oil producing nations in the world. Also, copper, iron ore, limestone, diatomite, kaolin and a host of other resources are found in abundance in various parts of Nigeria.
However, prior to the independence of Nigeria, the major GDP (Gross Domestic Product) came from agricultural products and an estimated 75% of the indigene were directly or indirectly into agricultural engagement. Nigeria also had an abundance of forest and plantations that produced cash crops. Agricultural production in the pre-independence era was grouped into two broad categories: crop productions and live stock production. The major crops produced in large quantity include: cotton, rice, cashew, cocoa, groundnut etc.
After independence, other sectors experienced more development. Sectors like mining, transportation, quarrying, manufacturing, trade/commerce etc had a major boost. Shortly after independence, Nigeria experienced the civil war which hampered the economy for a few years but later picked up after the civil war. However, the rate at which the economy is growing has dwindled over the last few decades.
From the year 1980 till this present time, there has been a massive drop in the GDP per capita, which is complemented by a high inflation rate and loss of jobs (because productivity has declined massively). Okay Nigeria may blame that on the political leaders, administrators, and on corruption. How humorous, the giant of Africa, the top producers of crude oil, the country with the richest man in Africa (Aliko Dangote) and the richest black woman in the world (Folorunsho Alakija), but with a very dwindling economy. Now let's look at a very crucial question.
Is Nigeria Self-reliant?
This is the very bane that has hampered the economy of Nigeria. As a nation, Nigeria is largely dependent on goods and services sourced from other countries but they have the available resource and manpower to have their own indigenous production. Okay how will you explain the irony of producing and exporting crude oil but importing refined fuel? For a nation to be considered as self-reliant, it must meet these criteria:
- Reduction in reliance on goods sourced from other countries
- Leveraging on in-sourced materials and indigenous production companies for the supply of their goods.
- Usage of trade policies to check importation.
Even though the above criteria may be difficult to fully attain but, to an extent, it should point a nation towards the right direction in the quest to become self-reliant. At this stage, the first and second criteria listed above is grossly lacking in Nigeria and this has affected the economy negatively. Among the problems facing Nigeria economy include: very slow industrial growth which has led to high unemployment rate, high debt rate, etc.
In view of this, many solutions were proposed as panacea to solve the economic problems in Nigeria. In agricultural sector, for example, some policies were established, like the OFN (Operation Feed the Nation) - this policy was established by the then head of state, General Olusegun Obasanjo in 1976 with the aim of raising funds to achieve sufficiency of food supply in Nigeria. Another related policy was the one launched by Shehu Shagari, called Green Revolution. All these were attempts to boost the economy through agriculture.
Asides the agricultural sector, many other sectors were revamped to facilitate and increase the GDP, reduce national dept, and improve the overall standard of living. In this era, even though I can say that Nigeria is not yet self-reliant, but there is an abundance of resources to make them self-reliant.
Authored by @samminator
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Reading through this article, I feel blessed being a Nigerian. All nation has their one or two struggling part. We have gone afar as a country, our main issues is the issue of corruption. It has eaten into the heart of every Nigeria to the extent if we are been given an office, our aim will be to exploit the country. Surely, we have gone far as a Nation, we need put individual differences asise to get the one Nigeria goal agenda together @samminator
I also feel blessed to be a Nigerian. However, we all should combine forces to see the revamping of the economy of the nation.
Thanks bro Tfame
I wish Nigeria success with becoming self-reliant - I wish that for all countries to be honest. It certainly seems that Nigeria, unlike many of the others, has everything it could need. You are right - it does not make sense that they produce the crude, ship it out of the country, and then pay to get it back in usable form.
Our economy policy has drastically placed this country far behind other nations of the world. Our lack of local content creation has made our economy to go moribund. I hope that we will move forward and stop relaying on other nations product. Thanks for this piece @samminator and @Adsactly
I hope the same thing bro. I hope for a better nation.
Thanks buddy @steepup
I hope the same thing
Bro. I hope for a better
Nation. Thanks buddy
- samminator
I'm a bot. I detect haiku.
Like article discussed, agriculture is one of the viable solution we can use to solve the economic problems in Nigeria because we have the soil and the man power but what we lack are qualified and professionals agriculturalist and not just unqualified politicians who don't know anything. Take for example the current minister of agriculture, there was no point in his career achievement that agriculture was mentioned. Lol
I always look forward to your posts. Good one once again.
Exactly buddy. Many people occupy positions that they know very little about. This is why I said that mismanagement is the very bane of Nigeria economy
Absolutely you are on point here. Nigeria economy has been the highest peak sometimes ago but now even the agricultural sector has been down. Say the farming activities has been set back by so many factors. Thanks for sharing with us. Knowledge found ♨️
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Thanks bro @mattsanthonyit. I just wish more efforts will be focused on the agricultural sector. Cos that's one of the nation's live wire
Smile. I have been wanting to say that Agricultural sector has a lot to offer the individual, state, economy of the nation but I will discuss this on @dtube soon. I observed somethings here as well only few people support Agricultural practices which is very wrong. When you see someone in Agricultural line It is never easy the task is huge but many of us do not even support,curate or even resteem Agricultural post which is very bad. Hence we talk more and focus on steem talk , steem episode , Crypto and co. I wish more can be done as well into bringing more young people into Agricultural line. Thanks bro @samminator
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Nice piece. I believe Nigeria has every available resource to be among the leading economies in the world, but mismanagement has really been an issue. I hope our leaders can put things right and revamp our economy.
Great job @samminator
Exactly bro @dhavey. Looks like there are many inexperienced hands that are piloting the affairs and the economy of the nation
I read about Nigeria and I think I'm reading about Venezuela. Apparently the African country is very rich and noble, and its only problem has been its rulers, the bad politicians who have put their personal cravings before the needs of an entire people. Here in Venezuela we are very dependent on oil, so much so that already in the last century, a renowned intellectual already made reference to the fact that we had to sow oil in order to refer precisely to the fact that we had to sow the land again, to cultivate our food. According to the criteria you give to know how solvent and self-sufficient countries are, I realize that Venezuela is very dependent on other countries. It is ironic to talk about independence, when many countries have become more and more dependent on other countries, other powers. As always, excellent work, @samminator
With the available resources in Nigeria, if well managed, it will be sufficient to make Nigeria to be self-dependent. However, corruption and mismanagement should be contended with first.
Thanks a lot Nancy
I read the continuation of your work on Nigeria, now more interesting as you deal with the present of its economy, and that allows us to establish partnerships with our particular realities.
I think that the approach of the return to agriculture is the most accurate, because this is the most sustainable source. An economy based exclusively or predominantly on hydrocarbons and mining may be an easy but falsely rich economy, as has happened in Venezuela.
As you know, the key is sustainable production, especially of food and other basic products, which can reduce dependence on imports.
Thank you for your post, @samminator.
Exactly buddy. This is the reason I've always advocated for diversification of economy. National income should not be solely based on one sector, otherwise self-reliance will just be a mirage.
Thanks a lot Jose buddy
Honestly I most appropriate this piece of Artistic article with awesome upvote!
You really did justice to the subject matter! Thanks alot @adsactly
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Informative piece. I agree with you that Nigeria is so reliant on externally sourced goods and services. How humorous! Nigeria is meant to be independent, but still dependent on foreign goods. It is time we concentrated on building our economy.
Nice one @samminator
In my own opinion, I think that even though the leaders should take a lead in revamping the economy, the populace should also seek for ways to put in their contribution. You don't need much government support to start a small agricultural enterprise. A better nation begins with the populace.
Excellent job @samminator
Hi, @adsactly!
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Nice piece again @samminator. It is sad to know that Nigerian economy used to be among the top in Africa but it looks like many things have hampered the growth. I hope a lasting solution will be proposed to improve Nigeria's economy
@samminator, If particular country have effective amount of Mineral Resources and most of the people do Agriculture there are high chances of all round fulfillment for sure. But in my opinion growing Technological aspects affecting environment and inturn can damage natural ways. Politics is one aspect on which we cannot depend.
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Great post. This is getting very interesting. We know now so much about Nigeria and the very dinamic of postcolonial culture in Africa.
Welome to upside down world. The same happens in Venezuela. Worse yet, no matter how hard the government's rhetoric is agains the empires (USA UK, France, etc), we got to the extreme of even importing gasoline, and even crude oil. Yes, Venezuela, one of the richest countries in the world, as far as mineral resources is concerned.
I think that corruption, influence peddling, mediocracy, and impunity have been the ruin of our countries. No matter how much potential we have, unless our leaders, both political and economic, have a decent and just vision of a developed Africa/South America, we'll continue depending on foreign investment, goods and technology