Corruption: Nigeria is plagued by corruption, which has been identified as one of the most significant factors contributing to its underdevelopment. Corruption has been blamed for embezzlement of public funds, bribery, and embezzlement of funds meant for infrastructure development, resulting in a lack of basic amenities, including electricity and clean water.
Poor Governance: Nigeria has been plagued by poor governance, which has resulted in weak institutions, ineffective policies, and a lack of accountability. The government has failed to create an enabling environment for business and economic growth, resulting in low investment and low productivity.
Lack of Infrastructure: Nigeria has a significant infrastructure deficit, including inadequate road networks, lack of electricity, inadequate water supply, and poor healthcare facilities. The lack of infrastructure has been identified as a significant barrier to economic growth and development.
Insurgency: Nigeria has been grappling with the Boko Haram insurgency for over a decade, which has resulted in significant loss of lives and property. The conflict has also affected economic activities, resulting in a decline in investment and economic growth.
Population growth: Nigeria has one of the highest population growth rates globally, which has put significant pressure on the country's limited resources. The high population growth rate has made it challenging to provide basic amenities such as education, healthcare, and housing.
Ethnic and religious conflicts: Nigeria is a multi-ethnic and multi-religious country, and conflicts among various groups have hampered economic growth and development. The conflicts have resulted in loss of lives and property and have made it challenging to create a stable environment for economic growth.
Dependency on Oil: Nigeria is heavily dependent on oil revenue, which accounts for over 90% of its foreign exchange earnings. The country's over-reliance on oil has made it vulnerable to fluctuations in oil prices and has resulted in a lack of economic diversification.
These are some of the possible reasons that Nigeria is still underdeveloped.
