Nigeria is besieged with huge debt burden/unequal foreign exchanged and is in a state of near-collapsed economy, posted Dr. Monday Igbafen. According to him, “The performance or state of a nation’s economy also attests as to whether such a nation falls under the rubrics of developed world or not. A perpetual feature of the economy of a typical underdeveloped or developing nation is that of unequal foreign exchange, inflation and an economy realign under a heavy debt burden. Having borrowed so much from the western nations, the economics of underdeveloped or developing countries have become appendages of western capitalist order or system such that underdeveloped nations are continuously expropriated and exploited.” This is that true picture of the Nigerian economy. Despite the debt cancellation by some world bodies, Nigeria is still owing huge debts.
Inflation is on the increase day in and day out. This is an indicator of under development.
Nigerian economy presently is characterized by inflation, unequal foreign exchange exasperated by devalued currency and persistent dependence on importation.
Low Technological Growth: This is their indicator of underdevelopment given by the philosopher of Development- Dr. Monday Igbafen. Although Nigerian has made some efforts, interms of ensuring technological growth, she is still lacking behind many developed or near developed countries. And in the words of Dr. Igbafen, “the development of today’s society is accessed according to the technological where available to hence the common place dictum. “no technological growth no development.” Nigeria as a country has a low record of technological growth and so is regarded as under developed. No development can take place in this min of low technological growth.
Other indices of underdevelopment and which are very obvious in the Nigerian situation include the following. Injustice, materialism, the cult of mediocrity, official corruption, economical slavery, political immaturity, lust for power and intolerance.
Injustice is still very much prevalent in the Nigerian economy. Personals awaiting trial are detained for months before they are taken to court for trials. “The thing” in Nigeria today is police killing innocent citizens after which he (the police) is allowed to go scot-free. For this year alone, we’ve experienced up to about four or five of those incidences in Benin City. That is injustice at the higher level because the loss of human life is involved. There are many instances where an elite will commit a crime and be allowed to go Scot free, but if it was to be a common man, he will be placed in police custody.
Materialism has become the order of the day in Nigeria. This has escalated the level of crimes in Nigeria. The rich man uses his affluence to oppress the poor and average man in the society, is trying to be like the rich man, the poor man may resort to crimes. A man will be having up to five jeeps in his compound without being interrogated on how he got the money. The rich man goes out on the street, used his money to influenced beautiful girls who are after latest fashion and hair-do, this of which the rich man promises to give to them. May be these girls had boyfriends that are still struggling to make a mark, and because of the affluence shown to them by the rich man they may start disrespecting their boy friends. The sole reason for this is that materialism has eaten deep into the lifestyle of most Nigerians.
The cult of mediocrity. This is mostly seen in form of nepotism, tribalism and favourtism. Mediocrity is a situation whereby a persons is given something or a position not because he merited it but because of family or friendship ties. By the time this happens in the different key sectors of an economy, the economy will be seen parading a work force full of mediocrity. This is the true situation Nigeria at 48.
“Official corruption” as coined by B.O. Eboh, is seen reflecting from the Nigerian economy. To get a government teaching job in some parts of Nigeria, you will have to pay the sum of 150 thousand naira (150,000) to an higher official in the ministry. The issue of 10% kick-back has made our contractors to give us half –back projects. They do this because they cannot be asked since they’ve paid their dues. Embezzlement of public funds have characterized the government of Nigeria. State government embezzles money from the state treasury and take it to overseas country to deposit, this he does while his state is crying for development.
Economic slavery. The poor are continually being oppressed on the rich. Most companies pay workers peanut, this is a form of economic slavery. Karl Marx calls, it the theory of surplus value. Most workers expended their energy for a particular company and the company is making huge profit, yet , these workers are paid very little amount.
Nigerian electoral system is now going through reformation. That is to say the system was dysfunctional before now and this affects the political maturity of the country. A political office holder that won election through rigging will tend to live with an “I don’t care attitude”. This is what is being seen to Nigeria today. Rigging of election is promoted by lust for power while political and business assassination are as a result of intolerance.
Nigeria at 48, reflects all these indices or indicators of under development and so, at 48 Nigeria is still underdeveloped.
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