NIGERIA AT 62: DEPENDENCE OR INDEPENDENCE

NAME: UTIBE GODWIN GEORGE DEPARTMENT: INSTITUTE OF ENTREPRENEURSHIP AND DEVELOPMENT STUDIES LEVEL: 100L. NIGERIAAT 62: DEPENDENCE. On the 1st of October, 2022, Nigeria marked her 62nd Independence Anniversary. The Country gained her Independence from the British Colony on the 1st of October, 1960. Under normal circumstances, Sixty-two years in the life of a Nation, ought to be a milestone. It is however, disheartening, that the country is struggling with its current state of the economy. The Nigeria's population is estimated at over Two Hundred Million which means that, the country has both skilled and unskilled labour in abundance. Nigeria is rich in mineral resources and its population, also makes it a fertile ground for global trade. Sadly, even in her sexagenarian, Nigeria, like a vehicle struggling to climb a hilly road, is yet to achieve its potentials. Its large population, has to a large extent, become its weakness rather than its strength. The underdevelopment in the country, has visibly manifested in so many ways and posed numerous challenges to its citizens. The country has not been able to successfully wean itself from overdependence on oil. Due to the discovery of Oil, Agriculture and other sectors of the economy with great potential for foreign exchange earnings and domestic sustainability were abandoned. Despite being the top three largest oil producers in Africa, the Country is unable to convert its wealth into favourable standards for its growing population. Poverty still paradoxically ravages the Nation, amid plenty. Nigerians are living in extreme poverty. More than Seventy Percent of the population is facing a high level of poverty while about Twenty Million Children are out of school, roaming the streets. Nigeria has consistently remained the poverty Capital of the World, despite its humongous resources. It is scandalous when you hear how much Nigeria spends to import foods that they can grow, depending on Britain, The United States of America and other developed Nations. At independence, all eyes were on the most populous black country for good reasons. Nigeria's influence in the Organisation of Petroleum Exporting Countries, was so monumental that it rose to the leadership for decades. The Country's economic muscles, made it more politically relevant in Africa and by the mid-1980s, its voice was always sought on the resolution of intra-state conflicts. Till 1986, there was no period when Dollar was equivalent to the Naira but presently, we are witnessing an absolute devaluation of the Nigerian currency because, Nigeria that was once an export driven economy, is presently an import dependent Nation. This has in turn, deteriorated the living standards of its people. Nigeria is regressing. Its infrastructure has wobbled and collapsed, with the so-called new ones, which are substandard and feeble. Its economy is in shambles. Nigeria in her sexagenarian, should not be groping in the dark. There have been numerous wasted opportunities, no doubts, but it takes just a right turn at any second, for a vehicle in the middle of nowhere to find its bearing.