Nigeria Rising: Transforming Hurdles Into Horizons

• By Abidemi Adebamiwa

Nigeria’s economic journey doesn’t end with despair. Despite the hurdles, there are real ways to turn things around. Nigeria’s story can shift toward hope and progress with clear strategies and lessons from other countries. The instability of the naira is a major concern. When the currency keeps losing value, investors hesitate, and uncertainty grows. But there are solutions. Nigeria could create funds that step in to stabilize the naira during volatile times, helping both businesses and citizens feel more secure.

Inflation makes life harder for everyone by driving up prices of food, fuel, and essentials. But this can be managed. The Central Bank of Nigeria could use smarter tools to control inflation and keep prices stable. When prices don’t swing wildly, families can budget better, and businesses can plan for the future.

Low borrowing rates might sound like a good thing, but they can make it hard for small businesses to get loans. Big government or corporate borrowers can crowd out others. To fix this, Nigeria should make the financial sector more competitive by encouraging fintech companies to grow. These companies can provide affordable loans and services, empowering small businesses and boosting innovation.

Borrowing to fund projects is necessary, but it’s important not to pile on too much debt. Nigeria can track its debt carefully to avoid future problems. Showing lenders and the public a clear plan for managing debt builds trust and ensures future generations won’t be overwhelmed by today’s choices.

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Frequent changes in economic policies make investors nervous. To bring them back, Nigeria needs consistent and reliable policies. Building strong institutions that guide the economy with clarity and fairness will restore trust and attract investments to finance development projects.

Rural areas are often left behind while cities benefit more from borrowing policies. Nigeria can address this by investing in roads, schools, and agriculture in rural areas. Spreading development more evenly across the country means a stronger, fairer economy for everyone.

Nigeria isn’t alone in facing these kinds of problems. South Africa has shown that keeping inflation steady can rebuild investor confidence. India’s mix of monetary policies and fiscal reforms has helped it manage currency issues while growing its economy. These countries prove that with the right policies, challenges can become opportunities.

There is plenty of reason for hope. Nigeria has a young, energetic population, vast natural resources, and a knack for entrepreneurship. By learning from others and committing to clear, fair practices, the country can unlock its potential and move forward.

Technology can also play a crucial role. By embracing digital solutions and innovative tools, Nigeria can modernize its financial systems and ensure better accountability in public spending. From tracking funds to improving service delivery, technology can bridge gaps and restore trust in governance.

At the heart of progress lies education and healthcare. Investing in teachers and doctors isn’t just a moral responsibility; it’s a smart economic strategy. Well-paid and motivated professionals build the foundation of a thriving society. Equipping schools and hospitals with the resources they need ensures every Nigerian can contribute to and benefit from growth.

Nigeria’s challenges today are a chance to build a better tomorrow. The road ahead isn’t easy, but it’s possible. With thoughtful planning and bold action, Nigeria can create a future where everyone—teachers, doctors, farmers, and entrepreneurs—has a fair chance to succeed. By fixing these problems step by step, the country can ensure stability and prosperity for all its people.

• Adebamiwa, a Policy and Political Analyst, writes from Pleasanton, California.

The opinions expressed in this publication are solely those of the author. It does not represent the editorial position or opinion of OSUN DEFENDER.