NIGERIA SOCIO-ECONOMIC SITUATION AND CHALLENGES OF GOVERNANCE: THE WAY FORWARD

Abstract

This study examined Nigeria socio-economic situation and challenges of governance:  the way forward. It investigated the factors responsible for Nigeria’s current status as an underdeveloped country. The factors range from historical colonial experience, political instability, the monoculture nature of the national economy, and the persistent lack of commitment to focused development strategies on the part of the political elites. The paper adopted literature review approach as only secondary data were sourced and used. Ineffective leadership and corruption, over reliance on oil, inflation, unemployment, Government policy, Monetary policies, Inadequate infrastructures, and power supply, inadequate health facilities, insecurity were identified as the major causes of the challenges of Nigeria’s economy and some way forward were identified from the study which are the study noted that strong law against corrupt practices should be put in place, Development of both private sector and small businesses, Unity, implementation of the right monetary policy, provision of employment opportunities for the youth, provision of adequate security, improvement on housing and home ownership for Nigerians and Diversification of the economy. To ensure future economic stability in Nigeria, government should engage the services of the proper economic team that can rescue the nation out of the present economic situation and put the national interest first before political interest. These solutions have not been able to adequately address Nigeria’s development challenges. However, the crucial role of the regulatory institutions, especially their oversight functions, has arguably been the missing link in establishing the complimentary relationship between governance and development in Nigeria. This paper discusses the importance of governance institutions as a fundamental determinant of robust and sustainable social and economic development in Nigeria.