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The infrastructure gaps in Nigeria manifest in lack of good roads and railway network; poor power generation, transmission and distribution systems; poor water, health, housing, and education facilities, among others. Their poor supply or non-availability has limited the country’s development.
Though the ports in Nigeria cannot be compared to those mentioned, the volume capacity, which ranges from 22,000 TEU in Apapa Port to 3 million TEU in Tincan Port, matches the ports mentioned. Thus, they have the capacity to employ a good number of workers.
Debt servicing has been a major problem at both state and federal levels.
Despite the government’s efforts to create and enhance the legal framework for the energy sector, the laws need further revisions. Contradictions within the legal framework do not create an attractive environment for investors, and the laws do not entail production and innovation capability development by focusing on green transformation to attract direct investments in local firms and organisations.
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In 2022, MSMEs contributed 48 percent to Nigeria’s gross domestic product (GDP), accounted for 96 percent of businesses and 84 percent of employment.
While the prices of goods and services continue to increase, fixed income earners feel the pinch. Workers’ salaries have stayed the same since 2019 when the minimum wage was increased from N19,000 to N30,000 monthly.
The importation of refined petroleum has significantly contributed to the country’s import bill, which requires foreign exchange. A review of the OEC data shows that refined petroleum took 18.3 percent of the country’s import bill in 2021.
But the brain drain is not limited to doctors alone; nurses and midwives are also leaving. A previous report by Dataphyte highlighted this.
Medical doctors in Nigeria have embarked on industrial actions (strikes) several times to ventilate their demands in the last two decades. They carried out this action for 265 days between 2000 and 2021. The last was an indefinite strike in 2021, which was called off on October 6, 2021.
Nigeria’s FDI figure rose to its highest level of $414.8 million in Q3 of 2020, comprising 28.3 percent of the total capital importation for the quarter.
“We can’t be spending those amounts on petrol subsidies when education, infrastructure and security are suffering. It is simply a waste of money,” he noted.
A typical example of the monetary and the fiscal policies misalignment is the recent Central Bank of Nigeria (CBN) cashless policy which was planned without consultations with the Ministry of Finance.
Many importers are worried that more attention is focused on Lagos ports and less on other ports across the country. However, the Nigerian Port Authority’s Managing Director, Mr. Mohammed Bello-Koko, said in 2022 that it was not deliberate.
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The report further estimated the losses of nano and micro businesses between the time the sit-at-home order started on August 9, 2021 and when the investigation ended on December 17, 2022, totalling 71 Mondays.
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She said most of the 180 reforms were targeted at boosting the life cycles of micro, small and medium enterprises (MSMEs) to ensure they created jobs and contributed meaningfully to the economy.
