In recent times, the national conversation in Nigeria has largely revolved around discussions about the increasing level of the nation’s debt. Both commentators, policy makers, and ordinary citizens have focused intently on this issue of how much Nigeria owes—a valid worry considering that the country's total public debt was more than N87 trillion as of 2024.
At the same time, conversations about what Nigeria possesses—such as abundant natural resources, skilled manpower, and significant economic prospects—are frequently portrayed as solutions ready at hand if only they were managed more effectively. However, concentrating solely on these dichotomies overlooks a larger reality: Nigeria’s genuine riches do not merely hinge upon ownership or debts. Instead, this wealth stems from the nation’s ability to transform latent potential into concrete outcomes via astute management and forward-thinking guidance.
The preoccupation with debt as a liability masks its usefulness as an instrument. Debt alone does not pose a challenge; rather, it is about how it is employed that truly counts. Both Singapore and Rwanda, countries frequently lauded for their impressive turnarounds, used debt judiciously to construct infrastructure, foster human capital development, and establish settings ripe for commerce and ingenuity.
Therefore, Nigeria’s debt problem does not stem from the magnitude of its debts alone but rather from its inadequate productive investments in sectors that generate returns. Taking on more borrowing for routine spending or to cover previous loan payments is similar to sowing seeds and then eating them before they have a chance to mature into crops.
On the contrary, concentrating solely on Nigeria’s possessions presents similar challenges. Indeed, our country boasts abundant oil and gas fields, fertile soil, and a young workforce. However, these potential assets remain idle unless they are utilized properly. True ownership lies in the ability to convert resources into enduring prosperity for all citizens.
For example, even though Nigeria is Africa’s leading crude oil producer, it still imports more than 80 percent of its refined petroleum products. This discrepancy underscores how ineffective resource management can undermine the full utilization of these resources' potential.
To truly gauge Nigeria’s riches, one should focus not just on tangible resources but also on intangibles such as human capital, institutional resilience, and strategic clout. These elements set prosperous countries apart from those facing difficulties. A key asset for Nigeria lies in its dynamic youth; more than sixty percent of Nigerian citizens are below the age of twenty-five.
This population benefit could potentially boost innovation, entrepreneurial activities, and economic development. Nevertheless, youth unemployment stays dangerously elevated, and the departure of skilled individuals persists in depriving the nation of some of its most gifted minds.
In 2023, Nigerian expatriates sent back more than $21 billion, underscoring their substantial support yet also revealing how many of our most talented individuals seek greater prospects overseas. For us to genuinely harness our human resources, it is crucial that we prioritize investments in education, skill enhancement, and fostering conditions conducive to creativity and innovation.
The prosperity of a country isn’t determined just by its natural riches or physical structures; rather, it’s defined by how strong its governing bodies are. In Nigeria, corruption, poor leadership, and fluctuating policies have diminished the nation’s ability to fully utilize what it has. Nations such as South Korea and Singapore, despite having less in terms of raw materials, have established solid governmental systems ensuring transparency, effectiveness, and creativity.
Nigeria needs to focus on strengthening institutions to guarantee openness and efficient handling of public funds.
As Africa’s leading economic powerhouse and most densely populated country, Nigeria holds considerable geostrategic sway. However, we frequently do not capitalize on this clout to boost local trade, draw international investments, or assume a leadership role in worldwide politics. To make use of this influence effectively necessitates astute planning along with an emphasis on strategies that present Nigeria as a central node for business, arts, and innovation across the continent.
Politicians and policy makers need to reconsider how they talk about debt. When directed towards productive areas, debt has the potential to drive significant growth. Examples include using borrowed funds to construct oil refineries, fund investments in green energy sources, or upgrade agricultural practices—efforts which promise substantial returns over time exceeding their original expenses. In the case of Nigeria, the focus should evolve from taking loans merely for everyday spending toward utilizing them as means for profound change.
In essence, what matters more for Nigeria is not merely what it possesses, but how it manages its assets. Owning something suggests control, whereas being a steward indicates accountability and foresight. Being a good steward involves making sure that resources are transformed and used efficiently to achieve their highest potential worth. This approach focuses on preparing for coming decades rather than catering solely to upcoming electoral cycles.
For progress to be made, Nigeria requires leaders who aren’t merely administrators but visionary thinkers—individuals capable of looking past current difficulties to grasp future possibilities. It’s essential to allocate resources towards educating our young people so as to tap into their inherent capabilities. Additionally, restructuring governmental bodies is crucial for fostering reliability and effectiveness. Lastly, rather than relying on debt as an ongoing support, it should be utilized strategically as a means to achieve lasting growth and advancement.
Nigeria’s richest asset doesn’t lie beneath the earth or get recorded in financial records—it resides in the unexplored capabilities of its citizens, the steadfastness of its organizations, and the bravery of its leadership in reshaping ownership. As we plot our path ahead, let us keep in mind that genuine prosperity isn’t solely what we receive from past generations but rather what we construct together.
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