In February 2026, Nigeria is 66 years and 5 months previous as an unbiased nation, free from colonialism, and 113 years previous as a nation known as Nigeria. The 1914 amalgamation of the British colonies and the northern and southern protectorates right into a single nation, Nigeria, was carried out by fiat, with out session with the individuals. Throughout colonisation, the land, its assets, and the individuals have been thought-about the spoils of the colonial masters. Some individuals felt, and nonetheless really feel, that the amalgamation was an “accident of historical past” that shouldn’t have occurred; they argue, “how can over 200 nations be fiercely jam-packed as one nation”? However, the nation has survived a long time of political, spiritual, and tribal turmoil, plundering, and kleptomania, and nonetheless wears the toga of a doubtlessly “nice nation of the twenty first century”. Can Nigeria obtain greatness on this century?
Nigeria is stupendously blessed with each human and pure assets, making different nations grin with envy. The nation is richly endowed with pure assets, together with valuable metals and numerous industrial stones. Every of the 36 states and the FCT has a number of untapped mineral assets. Kaduna state alone has over 10 mineral assets, together with amethyst, aqua marine, asbestos, clay, felspar, gemstone, gold, graphite, kaolin, hyalite, mica, rock crystal, ruby, sapphire, sillimanite, superantinite, tantalite, topaz & tourmaline. Different states, resembling Nasarawa, Ondo, Plateau, Sokoto, Edo, Imo, Zamfara, and Katsina, have quite a lot of mineral assets much like these in Kaduna state. Most of those mineral assets are in considerable portions however unexploited, save for unlawful mining. As an example, there are about 3 billion tonnes of iron ore deposits in Kogi, Niger state, and the FCT, and 10 million tonnes of zinc/lead in Abuja, Kano, and Cross River. There are over 2 million tonnes of rock salt and over 3 billion tonnes of coal deposits in Plateau, Enugu, and Anambra states. Giant portions of gold are present in Zamfara, Sokoto, Oyo, Niger, Kwara, and Kebbi states, amongst others. These mineral assets present great funding alternatives for {economic} progress and nation-building. If tapped, the nation might be an Eldorado.
Presently, Nigeria relies on two main mineral assets: petroleum oil and fuel. They account for 90 per cent of international change earnings, with the remaining 10 per cent contributed by all different {economic} sectors. Oil additionally accounts for about 70 per cent of annual revenue for the three tiers of presidency: Federal, state, and LGAs.
Nigeria is the most important oil-producing nation in Africa. Consultants have estimated that Nigeria’s oil and fuel reserves are 23 billion barrels of crude oil and 160 trillion cubic meters of fuel (www.nigeria.gov.ng). Nigerian oil is of top quality, with low sulfur and excessive paraffin content material, making it engaging within the worldwide market. Regardless of oil’s huge contribution to international change earnings, it accounts for less than 9% of the Gross Home Product (GDP).
Water and land assets are considerable. Nigeria is split into seven local weather zones based mostly on water assets, with common annual rainfall starting from 700 mm within the Sahel savannah of the north to 4,000 mm in riverine areas of the south. Rainfall gives trillions of liters of water yearly, along with the trillions of liters from the River Niger. The river passes by means of the nation and drains a median of 5,589 cubic meters of water each second into the Atlantic Ocean. The River Niger, with a size of 4,180 km and a drainage basin space of two.1 million km2, is the third-largest river in Africa. There are considerable water assets obtainable for growth in Nigeria.
Concerning land assets, Nigeria has 91 million hectares of arable land, with solely 50% utilization, regardless of the supply of water assets, soil fertility, favorable topography, and local weather.
Regardless of these huge pure assets, some Nigerians reside in multidimensional poverty. Why? Except oil, different pure assets stay potential and haven’t but been realized to the extent that they’ll propel the nation’s {economic} growth. Potential is like fertile land with enough water for each crop and livestock production, left unattended and susceptible to infestation by harmful reptiles. In any group or society, human assets are the drivers that rework potential into tangible actuality. How succesful are human assets in Nigeria of remodeling these potentials?
In 1960, the Nigerian inhabitants was estimated at 45 million. At present (16/9/2021), the inhabitants is estimated at 212,945,643, making the nation the seventh most populous on the earth. From 1960 to 2019, the Nigerian inhabitants elevated by 471%. The speed of inhabitants progress in Nigeria is “one start in each 4 seconds and one dying in each fourteen seconds”. Within the subsequent 30 years, Nigeria can have an estimated inhabitants of 450 million individuals and can rank third among the many world’s most populous nations, behind India and China. Curiously, greater than 80% of the Nigerian inhabitants is underneath 55 years previous. This demographic evaluation clearly exhibits that Nigeria is tremendously endowed with human assets. How qualitative are the human assets?
The key qualitative indicator of human assets in any society is the extent of its human capital. Human capital refers back to the inventory of competencies, abilities, information, and character attributes that people embody. These attributes are answerable for making a high-quality labor drive with considerable {economic}, social, and private values. Labor is a very powerful issue of production. Human capital is subsequently a major issue that converts all assets for the use and advantages of mankind and nationwide growth. How is Human capital developed? To be concluded subsequent week