Vision 2050: Nigeria as a Developed Country

Adeyinka Meduoye

Nigeria, a pluralistic and multicultural diverse country, is on a downward spiral on the economic front. The nation is presently on a cliffhanger, and it seems we cannot defend and justify her continued existence, even if our lives depended on it. Decades after it had secured independence, it goes without saying that the nation is still battling with the infamous lack of good governance and infrastructural deficits after the much-celebrated independence. For years, this unseen development was due to two factors. The first is the absence of good servant-leadership discharge by those at the helm of affairs, and the second is the lack of strong institutions and implementation of the right policy choices.

With a clear focus on Economic Recovery and Growth Plan (ERGP), the administration of President Muhammadu Buhari inaugurated a National Steering Committee a few months ago. The committee is to oversee and actualize Nigeria Agenda 2050, years after realizing our inability to meet Vision 2020 that the country embarked on with an ambitious goal to be among the top 20 economies in terms of Gross Domestic Product (GDP) size.

To actualize Vision 2050, below are the strategies I think would enable Nigeria to become a developed country by 2050.

Policy Choices: The identification and analysis of the problem/challenge via trusted data sources is a path to developing a long-lasting solution to it. For this, knowledge brokers and policy-makers must have a sufficient understanding of the context to present evidence and recommendations that are socially and culturally appropriate, which will, in turn, increase the acceptance of evidence used in the decision-making processes. Making evidence-informed policy will ensure that decision-making is well-informed by the best available evidence. And this is categorized by transparent and methodical access to, and approval of, data and evidence as an input into policymaking. Doing this will provide an effective mechanism to establish in a scientifically valid way, what works or does not work, and for whom it works or does not work. Making the right policy choices can promote the efficient and effective use of resources and minimize wastage. Small but significant changes can make a big difference if we reflect and learn from experience.

Strong Institutions: Systemically, 80 percent of the successes and or failures are rooted in the system. Strong and accountable institutions and good governance are crucial for poverty reduction and development effectiveness, which will, in turn, supports governments to become more transparent, more accountable to citizens, less prone to corruption, and better in delivering services. Having strong institutions built by leaders with the necessary character, competence, and capacity is key to achieving a leap into development. The government must work with ministries, agencies, and departments (MDAs) of the executive branch on managing public institutions and finances better and on broader governance issues, including the legislative and judicial branches and other institutions that promote and encourage public transparency, accountability and better engagement with society. For the records, an effective public sector means better services for the population and greater citizen participation.

Human Capital: Development is beyond income, therefore it is multi-dimensional in the process according to the Human Development Index (HDI). Investing in Human Capital (Education and Health) is crucial to economic growth, leading to the country's economic development. For instance. Investing in education will give the governments positive public returns at every level of education. Why? Educated citizens earn more, pay higher taxes, and cost less for the government, especially in terms of social entitlements and welfare. In the long run, it raises citizens’ productivity and creativity and promotes entrepreneurship and technological advances beyond borders. Investing in human wellbeing (security inclusive) is another. Why? The ability to recognize opportunity and to take advantage of it resides in the domain of access to good health. If health is compromised, opportunity cannot be recognized. 

Entrepreneurship: According to the Unemployment/Under-employment Watch publication of the National Bureau of Statistics (NBS), in the long-term, the Nigeria Unemployment Rate is projected to trend around 32.00 percent in 2022 and 30.00 percent in 2023. To address this, the government should create a stronger social safety net by improving financial assistance for the unemployed having small and medium enterprise business ideas. Here, they will be trained, mentored, and given small business funding, thus reducing the unemployment rate within the country. Entrepreneurs are essential to improving the economic growth of any nation. So, ensuring that they are well-trained results in developing the labor market and creating well-skilled labor that can adapt to technological innovations. In turn, this will bring about economic productivity and growth in the country.

Culture: A crucial element in understanding societies, somewhat determines the success of the society. Culture in this context means values that shape human progress. A society with a higher concentration of values experiences more rapid economic growth. Some character traits will be favorable to future economic growth because they enhance productivity. Furthermore, we need a mindset reorientation awareness at every nook and cranny of Nigeria’s state. Emphasizing independence in the upbringing of younger Nigerians (children) and educating citizens on financial literacy and inclusion are part and parcel of cultural values that will grow the economy faster.

Leadership: A nation's performance and economic development depend on its leadership. At the heart of this is effective leadership discharge where knowledge and a sense of service are the two most important values. Nigeria needs leaders who will establish a vision and map out the necessary strategies required to achieve the said vision. Leaders who will crave political stability and security and open the economy to international trade, amongst others. 

The path to our economic rebirth does not lie in foreign direct investment (those will come if we have others mentioned above in place). Neither will we find a long-lasting solution by racking up more debts. The path lies in increasing productivity (using technology) – especially among our growing youths and Tunde Eso already coined Youthocracy defined as government of the people, by youth and for the people" for our generation and posterity – and how quickly we achieve economic involvement.

Adeyinka Meduoye

Lagos State PRO, 

Fix Nigeria Group

yinkopet@gmail.com