Why Is Nigeria Poor Despite Its Huge Human and Natural Resources?



Before we talk about our present financial crisis in Nigeria let us first of all ask ourselves how did we get to this mess?

To me Nigeria is poor because of the following reasons:

1. LACK OF VISION: I believe this is the number one reason why we are where we are today. Nigeria is not supposed to be poor at all only if we had good leaders with vision. With all the hundreds of billions we made from crude oil & gas export over the years our leaders refused to diversify the economy, we still relied heavily on crude oil as our major Forex earner. Since I was a kid our leaders have all been talking about diversifying the economy but till date nothing has happened, everything in Nigeria is imported, including toothpick and handkerchief. If we had vision we were supposed to diversify, we were supposed to be making billions of dollars yearly from tourism, agriculture and finished goods. But sadly we claim to be the giant of Africa and yet we cant feed our selves. Its shameful we import almost everything from countries we were supposed to be feeding in the first place. Can someone tell me why we import rice from Vietnam and Thailand?……. . What happened to the Nigeria that had groundnut pyramids and made millions from palm oil export? Today we import pail oil from same countries we thought how to plant palm trees??? Sometimes it feels like the black race is cursed or destined to fail by default?

2. LACK OF PLANNING: Let me use my friends that work in oil companies as an example. Oil companies were paying well, some people used their fat salaries to intimidate people and live flamboyant lifestyles, they never believed things will be bad in the oil industry. The wise ones invested their money wisely in real estate, supermarket, restaurants, shopping plazas etc coz they knew nothing lasts forever. Today oil price is very low, many of these guys has been sacked, those who divested as still living well but those that didn’t plan well are all crying and begging for money to pay their children school fees. I have many of them as friends/customers so I know. And the sad part is, most Nigerians believe in juju so much that when they fail they blame witchcraft or enemies in the village.

We were supposed to plan and save enough for tough times like this. I have heard people use Venezuela as an excuse that most oil exporting countries are either in recession or facing financial crisis. But what about Canada, Norway, UK and the rest that are not facing any financial crisis.

Let us use Dubai and Malaysia as an example. Malaysia does not have natural resources like us, but their leaders managed to develop their country with agriculture and tourism. Today they have added technology as one of their top forex earner. Almost every major technology company has a plant or factory in Malaysia. United Arab Emirates is another fantastic example. Their leaders knew that oil and gas won’t last forever so they decided to make Dubai the worlds number one tourist destination and they are not even stopping at that, presently Dubai is planning to break several of the world records they already have. The worlds tallest buildings are in Dubai but they are currently building new sky scrapers that will break world records. Why can’t we have leaders with brains???

3. CORRUPTION: Yes Nigeria is a poor country, we all know that. But the little money we make from oil & gas export is enough to turn things around for good. The sad reality is that the small money we make from oil end up in private pockets of the same people we elected to rule us. Its very shameful and painful. For example I came to Nigeria to vote for my present state governor during his first tenure, but after touring my state since the last two months I wont say I am happy to have voted him in the first place. The sad part is that I wasted my time and energy convincing so many of my friends and families to vote for him, thinking he will be different. But right now I have learnt never to trust any politician again. I don’t want this to sound personal or political, I just wish our leaders will promise few things they can deliver instead of deceiving us with fake promises.

4. TRIBALISM: This is a serious issue we need to get rid of otherwise we cannot develop as a nation. I would like to see a Nigeria where people will get appointments and positions based on merit and qualification and not based on their tribe and connections. This is what killed Nigeria Airways, NNPC etc. Once you are made a director or manager of these institutions you automatically bring your people, friends, cousins, tribes men without minding whether they qualify for the job or not. Take a look at our beloved NNPC that is supposed to be a major money spinner for us, the establishment has refused to live up to its potentials because of the people managing it. If you go to Malaysia and see what they have been able to achieve with their PETRONAS you will cry for Nigeria. I have not even mentioned PETROBRAS of Brazil. These are their own versions of NNPC, Petronass towers in Malaysia used to be the worlds tallest building for many years. Do some research and see how much money Petrobas and Petronas makes for Brazil and Malaysia respectively. But in Nigeria instead of NNPC making profits, every year Nigeria continues to give money to that visionless entity, to me its like putting money in a bottomless pit or black hole.

I know there are many other reasons but these are the main reasons why we are poor. Feel free to add yours.



  1. You’re have said it all, hopefully Nigeria will be luck one day to have a leader with vision, a seeker who seeks for his nation benefits. Much 😍.

  2. Nigeria, officially the federal republic of Nigeria is a federal constitutional republic comprised of 36 state and its federal capital territory,Abuja.The country is located in west Africa and shares land borders with the republic of Benin in the West, Chad and Cameroon in the east and Niger in the north. Its cost in South lies on the gulf of Guinea and the Atlantic ocean
    There are over 250 ethnic groups in Nigeria of which the three largest are Igbo, Hausa,and Yoruba.
    Nigeria as a nation is blessed with many natural resources which include coal,limestone,crude oil,tin ore, timber, rubber,Cotton, and palm fruits,but despite all these is said to be poor because of some factors 1which are
    2 Bad leadership
    3 Lack of investment
    4 Illiteracy and ignorance
    5 Use of crude tools and embezzlement of public fund .
    Bad leadership is one of the reasons why Nigeria is poor despite its natural resources. Most leaders in Nigeria are very selfish ,they do not care for the people they rule,to know the needs and also to make a good name for themselves.
    Lack of investment is another reason why Nigeria is poor despite its natural resources. Nigeria as a country lacks factories where these resources can be processed to produce useful materials.
    Illiteracy and ignorance is also a major cause of the reason why Nigeria is poor. Must of its citizens are illiterate and ignorant. They do not know they importance of these resources and must times cannot identity it.
    Also the use of crude tools contribute to the reason why Nigeria is poor. The developed countries of the world uses advanced equipment and tools for farming and production of certain goods but here in Nigeria it is not so.They people still use the tools used by our forefathers like hoes,cutlass,spade and cultivating and harvesting which makes the crops to yield small quantity.
    Furthermore, embezzlement of public fund by the leaders is also a major cause of the reason why Nigeria is poor despite its natural resources. Nigeria has people who are insincere, dishonest, greedy corrupt and selfish as leaders. They leaders mismanage the revenue acquired by the nation and most times saves it in their personal account for their unborn generation. They forget that factories should be build,the lives of the populace should be improved, importation of advance technological equipment which will help to enhance the utilization of these makes the citizens to be unemployed even if eventually employ it will be underemployment. These makes the natural resources not fully tapped with or utilized and these makes it per real capita income to be very low when compared with the developed countries of the world.
    Another problem faced by Nigeria is her vast and diverse ethnic groups. Nigeria is a country with multiple ethnic groups ,each with peculiar interest which they seek to protest and cultural diversity of Nigeria should be an advantage,it has been a source of discord and misunderstanding amongst the different ethnic groups and tribes in the country. More so, government economic policies in Nigeria are deficient seeing as there is no job opportunities of the thousands of able bodied youths our large human resources are meant to be utilized by the government to ensure a rapid development of the economy. But due to the inability of government to provide employment business conducive environment, it a state has a necessarily confronted by rebelling youth that have taken to vices like kidnapping, terrorism and so on which have dealt a big blow to the development of the country.
    Conclusion: The government has to buckle up and put more effort into writing the wrongs. The first should be studying the past and realising the mistakes that were made and using it as a foundation of framework formulating policies the will elevate out country from corruption, the government should strive to be accountable to the citizens of their account. Efforts should be also be made to encourage indulgence in agriculture as it us well of wealth rather than exploiting oil at the expense of environment. Nigeria will likely gain more from developing renewable emerge and also renew their industrial sectors. If all these measures are taken their will definite improvement and Nigeria will match forward to be among the major world economics.

    Thanks yours faithfully
    Ikenna Igbo
    Umuri amaimo

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