Opinion
Wasting The Wealth Of Nigeria
In Wealth of Nations, the 18th century economic classic,
Adam Smith (1723-1790) postulated that, “by selling product[s] that people want to buy, [entrepreneurs] make money. While they are engaging in their enterprises…they are also providing [services]. Such a system creates wealth not just for the [entrepreneurs], but for the nation as [a] whole when that nation is populated with citizens working productively.”
A scan through the Nigerian socio-economic landscape impresses one that the wealthy and a worrisome percentage of the middle class are competing with the residents of the cliffhanger chateaus of the French Riviera and the magnificent mansions on the sprawling landscapes of Bel Air, Hollywood. The sad and rather instructive contrast is that whereas at the French Riviera and in Bel Air the residents of the mansions share the same socio-economic status with their neighbors, the Nigerian noveau riche live in neighborhoods that snugly fit into the globally accepted classification of a ghetto where their homes stick out like a sore thumb.
That a worrisome percentage of the wealth of Nigeria is tied to unproductive and grandiose display of opulence and wasteful consumption is visible in every Nigerian community and social gathering: the “Taj Mahals” exist side by side mud-and-thatch huts therefore rudely proclaiming the socio-economic disparities of the Nigerian society; this has been captured in poetry and canvass as Distant Neighbors. Debo Adesina, offers that “a lot of [Nigeria’s] capital is tied down in waste through building [homes] that are not needed [and] acquiring cars that are unnecessary. The answer to development lies…[in] job creation and poverty alleviation.” If government pays heed to the essence and import of this statement and works towards correcting this misplaced priority in the society, the unemployment line will shorten and poverty will be reduced; consequently, social insecurity and resultant volatility of our nation will, naturally, abate in the long run.
In a paper I presented at the 2008 Isaac Boro Memorial Lecture at the International Conference Center, Abuja, I drew the attention of the nation to the fact that the then volatility of the Niger Delta must not be seen as a Niger Delta phenomenon; rather, that it should be seen as a national crisis, which the Niger Delta youths have reacted to through a window of expression that was convenient for them. I furthered by warning that if the social malaise of unemployment, poverty, illiteracy etc in Nigeria were not addressed urgently, that the youths of other parts of the country would, sooner than later, also find convenient windows for expressing their frustration. Radio France interviewed me after the presentation and aired it; incidentally, that event predated the advent of Boko Haram.
Stories abound of people who borrowed to lobby for public office or buy forms to contest elective positions; it is generally known that within their first term of four years a lot of them acquired such wealth that cannot be explained within the context of their legitimate income. Meanwhile, in their communities where they erect humongous structures, there is no pipe-borne water, no electricity, and the streets are not macadamized except that which leads to their home.
During a previous administration, a political office holder erected a N100m marble house at a time the Naira was two to the dollar; he put two lions in it and, legend has it that, each ate two goats per day in a society where and time when the average family could not, and still cannot, afford the cumulative equivalent of one goat in six months; in 2007, the house was up for sale at the asking price of N95m; today, the house is still up for sale and the asking price has dropped drastically in real terms now that the value of the Naira vis-à-vis the dollar at its lowest ever. In a more recent episode, another public officer allegedly built a N3bn home within four years of being in office while his community lacked in social infrastructure. Cases such as these abound across the nation.
Now, if a greater percentage of the resources plowed into building these wasteful structures were invested in the productive sector, employment would have been generated and the general state of national wellbeing would have been enhanced thereby reducing socio-economic disparities, engendering a more peaceful and socially secure society. The world agrees with Adam Smith especially nations that stand their priorities on their feet; and so do I. The wealth of a nation does not consist of unproductive and wasteful consumption; rather, it derives from people producing and selling goods and services that others want and are able and willing to purchase. Chinua Achebe had offered that Nigerians are “enormously talented [and the nation is] prodigiously endowed;” I couldn’t agree more. Nigeria has enormous natural resources that I had once said that “Nigerians, especially the leadership, are stupefied by the resources.” Again, Nigeria has an estimated population of more than 160 million citizens who are globally acclaimed to be brilliant, enterprising, resourceful and hardworking; given the advantage of access to the marketplace of the ECOWAS sub-region, all that is required is to put this workforce to productive service towards economic prosperity and the greater good of the nation.
The essence of Adam Smith’s postulate of our introduction is hinged on the phrase: “[a] nation…populated with citizens working productively.” Are the leaders of Nigeria listening to this two hundred and thirty-nine years old admonition? What about the electorate and the citizens? Is anyone listening? Anyone at all? Amon avis, Nigeria is where it is today as a result of a catastrophic combination of unpatriotic leadership and a gullible and, therefore, docile citizenry, a citizenry that does not realize that the dividing lines in human society are, absolutely, economic, not religion or ethnic.
Osai writes from the Institute of Foundation Studies (IFS), Rivers State University of Science and Technology, Port Harcourt
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Empowering Youth Through Agriculture
Quote:”While job seeking youths should continuously acquire skills and explore opportunities within their immediate environment as well as in the global space through the use of digital platforms, government, corporate/ multinational organizations or the organised private sector should generate skills and provide the enabling environment for skills acquisition, through adequate funding and resettlement packages that will provide sustainable economic life for beneficiaries”.
The Governor of Rivers State, Sir Siminalayi Fubara, recently urged youths in the Rivers State to take advantage of the vast opportunities available to become employers of labour and contribute meaningfully to the growth and development of the State. Governor Fubara noted that global trends increasingly favour entrepreneurship and innovation, and said that youths in Rivers State must not be left behind in harnessing these opportunities. The Governor, represented by the Secretary to the State Government, Dr Benibo Anabraba, made this known while declaring open the 2026 Job Fair organised by the Rivers State Government in partnership with the Nigeria Employers’ Consultative Association (NECA) in Port Harcourt. The Governor acknowledged the responsibility of government to create jobs for its teeming youth population but noted that it is unrealistic to absorb all job seekers into the civil service.
“As a government, we recognise our duty to provide employment opportunities for our teeming youths. However, we also understand that not all youths can be accommodated within the civil service. This underscores the need to encourage entrepreneurship across diverse sectors and to partner with other stakeholders, including the youths themselves, so they can transition from being job seekers to employers of labour,” he said. It is necessary to State that Governor Fubara has not only stated the obvious but was committed to drive youth entrepreneurship towards their self-reliance and the economic development of the State It is not news that developed economies of the world are skilled driven economies. The private sector also remains the highest employer of labour in private sector driven or capitalist economy though it is also the responsibility of government to create job opportunities for the teeming unemployed youth population in Nigeria which has the highest youth unemployed population in the subSahara Africa.
The lack of job opportunities, caused partly by the Federal Government’s apathy to job creation, the lack of adequate supervision of job opportunities economic programmes, lack of employable skills by many youths in the country have conspired to heighten the attendant challenges of unemployment. The challenges which include, “Japa” syndrome (travelling abroad for greener pastures), that characterises the labour market and poses threat to the nation’s critical sector, especially the health and medical sector; astronomical increase in the crime rate and a loss of interest in education. While job seeking youths should continuously acquire skills and explore opportunities within their immediate environment as well as in the global space through the use of digital platforms, government, corporate/ multinational organizations or the organised private sector should generate skills and provide the enabling environment for skills acquisition, through adequate funding and resettlement packages that will provide sustainable economic life for beneficiaries.
While commending the Rivers State Government led by the People First Governor, Sir Siminilayi Fubara for initiating “various training and capacity-building programmes in areas such as ICT and artificial intelligence, oil and gas, maritime, and the blue economy, among others”, it is note-worthy that the labour market is dynamic and shaped by industry-specific demands, technological advancements, management practices and other emerging factors. So another sector the Federal, State and Local Governments should encourage youths to explore and harness the abounding potentials, in my considered view, is Agriculture. Agriculture remains a veritable solution to hunger, inflation, and food Insecurity that ravages the country. No doubt, the Nigeria’s arable landmass is grossly under-utilised and under-exploited.
In recent times, Nigerians have voiced their concerns about the persistent challenges of hunger, inflation, and the general increase in prices of goods and commodities. These issues not only affect the livelihoods of individuals and families but also pose significant threats to food security and economic stability in the country. The United Nations estimated that more than 25 million people in Nigeria could face food insecurity this year—a 47% increase from the 17 million people already at risk of going hungry, mainly due to ongoing insecurity, protracted conflicts, and rising food prices. An estimated two million children under five are likely to be pushed into acute malnutrition. (Reliefweb ,2023). In response, Nigeria declared a state of emergency on food insecurity, recognizing the urgent need to tackle food shortages, stabilize rising prices, and protect farmers facing violence from armed groups. However, without addressing the insecurity challenges, farmers will continue to struggle to feed their families and boost food production.
In addition, parts of northwest and northeast Nigeria have experienced changes in rainfall patterns making less water available for crop production. These climate change events have resulted in droughts and land degradations; presenting challenges for local communities and leading to significant impact on food security. In light of these daunting challenges, it is imperative to address the intricate interplay between insecurity and agricultural productivity. Nigeria can work toward ensuring food security, reducing poverty, and fostering sustainable economic growth in its vital agricultural sector. In this article, I suggest solutions that could enhance agricultural production and ensure that every state scales its agricultural production to a level where it can cater to 60% of the population.
This is feasible and achievable if government at all levels are intentional driving the development of the agricultural sector which was the major economic mainstay of the Country before the crude oil was struck in commercial quantity and consequently became the nation’s monolithic revenue source. Government should revive the moribund Graduate Farmers Scheme and the Rivers State School-to-Land agricultural programmes to operate concurrently with other skills acquisition and development programmes. There should be a consideration for investment in mechanized farming and arable land allocation. State and local governments should play a pivotal role in promoting mechanized farming and providing arable land for farming in communities. Additionally, allocating arable land enables small holder farmers to expand their operations and contribute to food security at the grassroots level.
Nigeria can unlock the potential of its agricultural sector to address the pressing needs of its population and achieve sustainable development. Policymakers and stakeholders must heed Akande’s recommendations and take decisive action to ensure a food-secure future for all Nigerians.
By: Igbiki Benibo
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