Why does Nigeria have trouble developing their economy?
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Why does Nigeria have trouble developing their economy?
Due to bureaucratic inefficiency, a weak judiciary system, and red tape, Nigeria is consistently ranked among the most corrupt countries in the world. Government corruption reduces the quality of social infrastructure, diverts public expenditure from social spending, and decreases investments in other sectors.
What causes inequality in Nigeria?
Poverty and inequality in Nigeria are not due to lack of resources, but to the ill-use, misallocation and misappropriation of such resources. At the root there is a culture of corruption and rent-seeking combined with a political elite out of touch with the daily struggles of average Nigerians.
What are the challenges facing Nigerian youths?
The study revealed that a lot of challenges are being faced by the Nigerian youths which subsequently have led them to being indulged in various criminal activities, drug abuse, prostitution and violence of one kind or the other.
How does Lagos growth create more inequality?
As the result of urbanisation the gap between rich and poor in Lagos has widened. Yet, over 60\% of the population of Lagos live in squatter settlements (slums), such as Makoko. Many of the houses of Makoko are built on stilts above Lagos Lagoon.
Some causes of social problems in Nigeria are:
- Poverty in the midst of plenty in the society or community.
- Corruption among leaders.
- Negative Peer Group Influence.
- Influence of the Mass Media.
- Unchecked access to the internet.
- Divorce and broken homes.
- Cheating within the group.
- Sexual immorality in the society.
Is Nigeria a developed country or developing country?
Economy of Nigeria
| Country group | Developing/Emerging Lower-middle income economy |
| Statistics | |
|---|---|
| Population | 200,963,599 (2019) |
| GDP | $514.076 billion (nominal, 2021 est.) $1.116 trillion (PPP, 2021 est.) |
| GDP rank | 26th (nominal, 2021) 24th (PPP, 2021) |