By Charles Ogugbuaja, Ph.D.
No doubt, Nigeria is going through numerous economic, political and social challenges as a result of poor planning, large scale corruption - looting, misplacement of priorities, misappropriation / mismanagement of financial, natural and material resources.
In addition, the rate of consumption above production, is obviously and extremely high, and demeaning Nigeria's existence; while living above Nigeria's means by the elected and appointed class, is very disturbing with attendant negative effect of widening poverty in the land.
The above assertions have severally been resounded at various platforms by legion of economists and economic experts, both in the past years and present.
Few days ago, Nigerians were told that savings recorded since the petrol subsidy was withdrawn by President Bola Ahmed Tinubu, in May 29, 2023, is in excess of $84billion or 500 per cent. The question is, why are we recording over 75 per cent multi-dimensionally poor Nigerians resident in this clime despite the humongous revenue disclosed above and palliatives distributed? There are reported cases of avalanche of people dying in droves as a result of their inability to eat food at least once a day.
At some point, our president informed Nigerians that the allocations reaching the 36 governors and the minister of the Federal Capital Territory (FCT), since the subsidy was withdrawn, has tripled. Now, the question is, are we seeing corresponding developments at the grassroots in the 774 local councils of the federation? The answer is certainly, No. The Supreme Court's order on the autonomy of the local government councils is yet to be obeyed almost one year after. The 36 governors are still collecting the federal allocations on behalf of the councils and disbursing them at their will. In fact, most councils workers' salaries and allowances are delayed by some "super governors." Grasses are still overgrown at some councils' headquarters because of lack of funds to cut them. This is not what the federal government told Nigerians as reasons for pursuing and achieving local government autonomy.
It is also factual that the actual situation of Nigeria is best described as pitiable as many homes resort to begging just to eat food. Many Ph .D graduates are jobless, even driving commercial buses. Why should such situation arise whereas politicians (elected and appointed) earn so much money? The N70,000 national minimum wage cannot go anywhere. Some states are yet to start paying their workers, despite that they are receiving that from the federal allocations. Come to think of it, is N70,000 what can take anyone home now, monthly? It is not possible. The rate of sufferings, especially in the last two years, is unimaginable that questions are asked, what did voiceless Nigerians do to deserve such seemingly inflicted hardship?
Insecurity recorded in the country is largely as a result of unemployment and general disgust in the ostentatious living style our political leaders govern Nigeria at the peril of the governed.
It is touchy to disclose that Nigeria's human population, according to both Worldometer and Trading Economics websites, was approximately, about 235.07million in December 2024, but projected to hit about 237.6million by December this year. This is a clear signal that planning and execution for equal distribution of resources should occupy the minds of our president, Bola Tinubu, and others helping him to drive this nation.
From the above statistics, Nigeria is said to parade a population outlay that outweighs about 40 European countries. starting from Vatican City with the least population strength (but mighty among the European countries), with over 800 persons, to the highest, The Netherlands, with about 17. 5million persons. Others are San Marino, 34,000; Liechtenstein, 38,749; Monaco - 39,000; Faroe Islands - 52,110; Andorra -77,281; Malta - 502,653; Luxembourg - 634,730; Iceland - 356,991; Montenegro - 620,079; and Cyprus - 1.3 million.
Others are Estonia - 1.4 million; Kosovo - 19 million; Latvia - 1.10 million; North Macedonia - 2.1 million; Slovenia - 2.2 million; Lithuania - 2.8 million; Albania - 2.9 million; Armenia - 2.10 million; Bosnia and Herzegovina - 3.4 million; Georgia - 3.10; Moldova - 4.1 million; Croatia - 4.2 million; Ireland - 4.10 million; Finland - 5.6 million; Norway - 5.5 million; Slovakia - 5.5 million; Denmark - 5.9 million; Bulgaria - 6.10 million; and Serbia - 6.10 million.
Included on the list are Switzerland - 8.7 million;
Hungary - 9.8 million; Austria - 8.8 million;
Belarus - 9.4 million; Greece - 10.5 million; Czech Republic -10.8 million; Portugal - 10.9 million; Sweden -10.4 million; and Azerbaijan - 10.3 million.
With the above comparison, there is the urgent need for Nigeria's political leaders to patriotically plan like the giant of Africa, even more than the emerging four African countries (Burkina Faso with population of 24.45 million, Niger Republic, 29.23 million; Mali - 25.1million and Botswana - 2.5 million). If you put together, the populations of the four progressive African countries, you will have 80.8 million, out of the total over 8billion world's population.
Singling these four countries out of the 54 African countries, is symbolic. This will be unearthed as we progress. It is also important to note that the military power is an aberration. Democracy remains the best form of government because it allows the people to choose their leaders, with the governed being allowed the leeway of contributing to the growth of the nation unharmed.
The first three countries, Burkina Faso, governed by the 37-year-old Capt Ibrahim Traore; Mali, ruled by Assimi Goita; and Niger Republic, being led by Abdourahamane Tchiani, have strong relationship and determined to work in consonance to take their nations to greater heights.
While Traore, then 34, took over power in September 30, 2022, and became the interim president; Tchiani, assumed power on July 26, 2023 after he overthrew the then President Mohamed Bazoum; and Goita, seized power in May 24, 2021, but has now been empowered to stay till 2030.
A few days ago, precisely June 5, 2025, the trio held a meeting where they resolved to have a joint national anthem. May be it is cascading in having a strong coalition nation.
Traore, world's second youngest president of a country, had floated what he called Resource Nationalism / Nationalization soon after he became the military president of Burkina Faso. This entails being treated as equals by the West, including the colonial masters; resisting exploitation and unnecessary subjection to begging via needless foreign loans that enslave. The policy automatically stopped France from mining raw gold and taking it to that country for processing. Rather mining and processing of the resource are carried out by the Burkinabae themselves, and sold to any country that cares to buy as a finished product. A gigantic processing plant was constructed for the purpose. It was the imaginative, creative fecundity and actualization of Taore. This has far reaching financial gain to that country. Sources confirmed that it has repaid the international financial institutions what it was owing, and has not borrowed a dime from any of them since 2022.
Not long ago, a home built aircraft was unveiled in that country. Still, no foreign loan was obtained to achieve that feat. Citizens and residents who were dying of hunger prior 2022, are now feeding fat. Things are bought within there reach and means There are lots of economic, political and social exploits in nation. Who says that cannot be replicated in Nigeria?
The President of Botswana, Duma Boko, who was elected by the National Assembly of that country in November 1, 2024, following the 2024 general election, has borrowed Resource the Nationalism / Nationalization model. Henceforth, that nation's gold reserve is being mined and processed at the local plant and sold as a finished product internally and externally. The gains are also manifesting.
Togo, also has raw gold deposits in large quantities. It suddenly realized that the United States that patronizes her made well over $2.5billion last year, while she was paid only $882million.
So from all indications, that nation is having a second thought on direct sale of raw gold in preference to Burkina Faso and Botswana's model of Resource Nationalism / Nationalisation.
Some African nations are revolting what they called economic slavery, which has seemingly and ceaselessly cascaded in begging for loans and grants which results to kneeling and playing servant - master relation, whereas God has blessed them with what can give them financial independence and freedom.
These brave African countries are after supremacy of power, saying no to the type of master - servant existence with the advanced democracies. The major reason is that what actually are making the "master nations" giant are allegedly the natural resources exploited from Africa, that is endowed with huge natural resources.
A few days ago, Chad decided to take a bold step, launching a "diplomatic revenge" against the United States. After the U.S. placed ban on travellers from Chad entering that country, but in retaliation, Chad stopped issuance of visas, and even cancelled the visas already issued to travellers travelling to America.
There is need for Nigeria to play a role as the self acclaimed "giant of Africa." Thinking before acting is the answer. Our leaders should rise to the occasion and stop begging for loans and grants from the foreign donors who always determine how our economy is snowballed periodically. The need to put on thinking caps and thinking out of the box is now that God has endowed political and administrative knowledge and acumen to the three African leaders (Traore, Goita and Tchiani), who are conscientiously, piloting the affairs of about 80 million people, not up to Nigeria's total population.
The place of education in the growth of any nation cannot be overemphasized. The Academic Staff Union of Universities (ASUU), has been appealing to the successive governments to implement what they entered into agreement within 2009, to no avail. Why? What professors, lecturers and university workers are earning today, evening learning environment, cannot drive them better to uphold scholarship in the students.
It is also important to tell that minister who said some weeks ago that Nigerian universities should stop producing social science graduates, rather skilled persons, that he was wrong. It was an irresponsible comment. Every profession is important it depends on how it is taken serious and the enabling environment. We have enough money to build industries, manufacturing factories and institutions to absorb lots of willing Nigerians, but these commonwealth and patrimony are in the hands of our political class who are unpatriotic, stashing them to foreign lands. Capital flight is an evil wind that blows no one good.
If Resource Nationalism/ Nationalization policy is adopted today, and massive looting stopped, legion of Nigeria's problems would be solved.
It is informative to note that Nigeria that has no fewer than 44 natural resources located at various locations in the country would launch this country to financial greatness if we adopt sweeping resource nationalization policy, to enable us obtain and process these raw materials realized locally.
Under listed are some classified natural resources that both national, sub -national (state and local government councils) can explore to grow our economy.
They are Solid, Natural Gas and oil; Energy, Metallic Ore; Copper / Construction minerals.
Some of the topmost resources in the country, include Water (Geothermal energy -Sunlight and wind) air, timber, coal, oil, soil, iron, forests, fossil fuels, biodiversity.
Natural Gas mineral resources are gotten from fertile soil and wildlife.
Copper, Construction mineral
Granite, gravel, laterite, and sand are in abundance.
Solid mineral
There are precious stones, sapplire, tourmaline, emerald, topaz, zinc, amethyst, garnet among others.
Metallic Ore minerals
Gold, cassit erite, columbite, iron ore, tin and lead -zinc
Energy minerals
Nigeria has in abundance bitumen, lignite and uranium.
Industrial minerals
There are barite, kaoilin, gypsm, feldspar, bentonite and baryte used in oil drilling, clay salt, gemstones limestone, and precious stones.
Arable land
Expanse of land stretches throughout the 36 states and the Federal Capital Territory (FCT), for agriculture, food production and other agribusinesses.
Fossil fuels, crude oil and gas are also, available. Other minerals are are Wolfram, fluoride, bismuthbauxite among others.
Aside the natural and other classified minerals, there are tourism potentials, tapped and untapped.
These tourism sites are located at various states in Nigeria. There are Abadaba, and Oguta Lakes in Imo State; various rocks and Rivers. The Obudu Ranch in Cross River State, some thrilling hotels and resorts that have relaxation areas in abundance in the country. These are capable of yielding huge resources if taken a good look and harnessing them. Nigeria, certainly, will not have any need either to borrow from any international financial institution such as World Bank or any financial advice from the International Monetary Fund (IMF) on how to run our economy.
In conclusion, I want to posit clearly that I will not espouse any special recommendation away from what I have unearthed. My reason is that the issues raised above speak for themselves. It is expected that our political leaders, led by our president should examine my points and solve the myriad of our problems. But importantly, the immediate answer to our problems is legislating a law on Resource Nationalism/ Nationalization to enable us not to sale our natural raw materials outside our clime, rather, process our about 44 natural resources from the raw stage to finished products, then export them, where necessary, to make money.
Now and then borrowings from the international financial institutions can only plunge Nigeria and Nigerians into future catastrophe and cataclysmic situations.
A word is enough for the wise.
*Ogugbuaja writes from Owerri
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