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    Obstacles To Economic Development

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    Jerlyn Mae Quiliope-Lumamba
    The document outlines several key obstacles to economic development in Nigeria, including governance challenges in ensuring equality and justice, rampant corruption where leaders enrich themselves through stolen public funds, inadequate infrastructure like poor roads and electricity, lack of genuine free market competition, cultural issues that discourage risk-taking and entrepreneurship, the burden of foreign debt, insufficient human capital and education, difficulty competing with foreign companies, weak leadership that fails to implement reforms, and insincere public officials who sabotage beneficial policies. These numerous challenges have collectively held back Nigeria's economic growth and prosperity.

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    Obstacles To Economic Development

    Uploaded by

    Jerlyn Mae Quiliope-Lumamba
    25 views14 pages
    The document outlines several key obstacles to economic development in Nigeria, including governance challenges in ensuring equality and justice, rampant corruption where leaders enrich themselves through stolen public funds, inadequate infrastructure like poor roads and electricity, lack of genuine free market competition, cultural issues that discourage risk-taking and entrepreneurship, the burden of foreign debt, insufficient human capital and education, difficulty competing with foreign companies, weak leadership that fails to implement reforms, and insincere public officials who sabotage beneficial policies. These numerous challenges have collectively held back Nigeria's economic growth and prosperity.

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    Obstacles to Economic Development

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    The document outlines several key obstacles to economic development in Nigeria, including governance challenges in ensuring equality and justice, rampant corruption where leaders enrich themselves through stolen public funds, inadequate infrastructure like poor roads and electricity, lack of genuine free market competition, cultural issues that discourage risk-taking and entrepreneurship, the burden of foreign debt, insufficient human capital and education, difficulty competing with foreign companies, weak leadership that fails to implement reforms, and insincere public officials who sabotage beneficial policies. These numerous challenges have collectively held back Nigeria's economic growth and prosperity.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    25 views14 pages

    Obstacles To Economic Development

    Uploaded by

    Jerlyn Mae Quiliope-Lumamba
    The document outlines several key obstacles to economic development in Nigeria, including governance challenges in ensuring equality and justice, rampant corruption where leaders enrich themselves through stolen public funds, inadequate infrastructure like poor roads and electricity, lack of genuine free market competition, cultural issues that discourage risk-taking and entrepreneurship, the burden of foreign debt, insufficient human capital and education, difficulty competing with foreign companies, weak leadership that fails to implement reforms, and insincere public officials who sabotage beneficial policies. These numerous challenges have collectively held back Nigeria's economic growth and prosperity.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 14

    Obstacles to Economic

    Development
    1. Governance challenges
    ● Governance among others is defined as a system of
    values, policies, and institutions by which a society
    manages its economic, social, and political affairs through
    interactions within the state, civil society and private
    sector. Thus governance comprises the mechanisms and
    processes for citizens and groups to articulate their
    interests, to work together and mediate their differences,
    and exercise their legal rights and obligations with rules,
    institutions, and practices that set limits and provide
    incentives for individuals, organizations and firms.
    1. Governance challenges
    ● Good governance refers to the
    question of how a society can
    organize itself to ensure equality of
    opportunity and equity (social and
    economic justice) for all citizens. It also
    promotes people –centered
    development.
    2. Corruption Challenges
    ● Although corruption is a global scourge, Nigeria
    appears to suffer the most from it because the
    leaders are pathologically corrupt. Everyone
    appears to believe that the nation has a ― culture
    of corruption‖. Over the years, Nigeria has earned
    huge sum of money from crude oil, which has
    gone down the sinkhole created by corruption.
    2. Corruption Challenges
    ● In an article, ‗oil giant that runs on grease of politics‘,
    Nigeria was described as a rich nation floating on oil
    wealth ‗but almost none of it flows to the people. Top
    public servants are very rich because they harbour the
    mentality that public money belongs to no one.
    ● National dailies are awash with news of how public
    officials are acquiring million dollar homes (within and
    outside Nigeria) and stock piling stolen public money in
    financial institutions abroad.
    3. Infrastructural and Institutional Challenges
    ● The main challenges facing the
    economy are poor social infrastructure
    and institutions; bad roads, erratic
    power supply, limited access to
    potable water and basic healthcare,
    ineffective regulatory agencies, and
    much more.
    4. Market Challenges
    ● Lack of genuine competition in the system is among the
    challenges facing the economy. Real capitalistic economies
    are controlled by market forces or what Adam Smith
    brands the ‗invisible hand‘ of the market. The self-
    regulating nature of the market determines where one
    lives and works, how much one earns, and what one can
    buy.
    ● Although every economy (developed, developing or
    underdeveloped) needs some form of government
    intervention
    5. Cultural issues
    ● Some scholars argue that some countries lack the
    right culture for economic development. Their
    people might not want to take risks in order to
    start new businesses. Their people might feel that
    traditional cultural duties are more important than
    showing up to work every day. These sorts of
    cultural issues can slow down a country‘s growth
    6. Foreign debt
    ● Sometimes, countries have to take
    actions that they do not want to take
    because they need to pay off their
    creditors. They might have to do things
    that bring money in the short term
    even if that hurts their ability to invest
    for the long term.
    7. Lack of adequate human resources
    ● This may be a type of governmental
    problem. Many developing countries
    lack the educational infrastructure
    needed to develop a workforce that
    could support a more modern
    economy.
    8. Foreign competition
    ● Developing countries have to compete
    against companies from the developed
    world. This can be very difficult.
    ● It can force developing countries to stay
    with making low value-added products
    using cheap labor instead of becoming
    more modernized
    9. Leadership challenges
    ● The leadership problem that has confronted Nigeria since
    independence appears to be worsening because the state
    of the polity is rapidly deteriorating. Very few of the
    leaders, if any, work for, ―common good‘.
    ● Over the years a wave of reform programmes have been
    undertaken but the society lacks committed political
    leadership to implement them to address the problems
    facing the economy. Thus leadership is a responsibility.
    10. Public officer‘s insincerity
    ● This greatly hampers development in the
    sense that certain policies which are
    supposed to be executed by public officer‘s,
    if not sincerely oversee will lead to
    backwardness and jeopardy on the part of
    the country‘s economic development
    THANK
    YOU!

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