LIST OF REASONS

Deregulation , defined as the reduction or elimination of government oversight within specific industries, has emerged as a critical policy direction for fostering market competition and stimulating economic growth in Nigeria . The government has increasingly argued that deregulation allows businesses to operate with fewer bureaucratic constraints, thereby freeing up capital and resources that can be reinvested into further innovation and expansion. In Nigeria’s context, proponents of deregulation contend that by transferring the role of supplier from the government to the private sector, particularly in strategic areas like the petroleum industry, market forces can determine prices more efficiently, leading to a more dynamic and responsive economic environment (Stiglitz, 1989). Deregulation stimulates competition, ensures efficiency, and promotes transparency in the economy of Nigeria. Extensively, the issues are hereunder discussed.  One of the core arguments for deregulation, as...

The National Broadcasting Commission (NBC), established in 1992 by Decree 38,  serves as Nigeria’s apex regulatory authority for the broadcast industry. It derives its powers from the NBC Act Cap N11, Laws of the Federation of Nigeria, 2004. The Act mandates the Commission to license, monitor, and regulate the industry while also addressing public complaints. However, the NBC faces significant challenges in fulfilling its responsibilities , particularly in regulating certain content—especially political broadcasts—which have become increasingly pervasive. Additionally, the Commission is frequently accused of inaction or bias in favor of certain interests, despite its statutory duty to address public complaints and enforce broadcasting regulations. NBC regulates broadcast stations, accredits educational programs, enforces ethical standards, and mediates industry conflicts. Pundits explain that the National Broadcasting Commission was established to create a regulatory framework that...

Industrialization is the process of transforming an economy from one based primarily on agriculture and raw material extraction into one centered on manufacturing and production. It involves the adoption of modern technologies, increased mechanization, and structural shifts that boost productivity, foster innovation, and drive economic growth. Poor industrialization in Nigeria results from inadequate access to credit, emanates from insufficient skilled labour, and among other things, suffers insecurity in the country. Authors explain that Nigeria’s failure to transition from an extraction-based economy to a manufacturing powerhouse largely stems from its chronic inability to secure sufficient credit. They argue that industrialists often refuse to share ownership of their enterprises with potential investors, a decision that limits the infusion of necessary capital. Banks and financial institutions impose onerous loan requirements and steep interest rates, while government policies exh...

Legitimate trade refers to the exchange of goods and commodities conducted under accepted legal and ethical practices. In African history, it specifically denotes the commerce that emerged after the abolition of the slave trade, in which African producers sold raw materials and cash crops such as palm oil, rubber, cotton, and cocoa to European merchants in exchange for manufactured goods. Legitimate trade resulted from slave trade abolition, emanated from the imperatives of industrial revolution, and thrived on a reconfigured African economic bases. Historians assert that legitimate trade emerged in Africa as a direct consequence of the need to replace the abhorrent system of the transatlantic slave trade with a more “acceptable” alternative that would supply the raw materials demanded by a rapidly industrializing Europe. They explain that after the abolition of the slave trade , European industrialists urgently required a steady supply of natural resources—commodities such as palm oil...

A census is an official, systematic process that counts and collects detailed information about every member of a given population at a specific point in time. Governments and designated agencies conduct censuses to obtain a comprehensive snapshot of the population’s demographic, economic, social, and housing characteristics. Governments use the resulting data to inform policy decisions, allocate public funds, plan for infrastructural development, and shape socio-economic programs that aim to improve citizens’ quality of life. Researchers, businesses, and community planners rely on this extensive data to analyze trends, forecast needs, and develop strategies for growth and public service delivery. Historically, censuses originated in ancient civilizations. For instance, the Romans used censuses to assess taxable property and to register citizens for military conscription, establishing a system that provided essential administrative information to the state. Over time, th...

Corruption and bribery have long been identified as two of the most detrimental social vices affecting not only the moral fabric of societies but also the very foundation upon which nations build progress and prosperity. In Nigeria , these vices have become endemic, eroding trust in public institutions and undermining the potential for sustainable development. Over the years, various factors have contributed to the persistence of these challenges , and the narrative that emerges is complex and multifaceted, intertwining human nature, institutional weaknesses, cultural practices, and economic pressures. Corruption in Nigeria feeds on greed, thrives on weak institutions, and emanates from poverty and unemployment, therefore the reasons for its endemic nature.  At its core, bribery involves the exchange of money or favors to influence the actions of individuals in positions of power. This act is typically employed as a means to circumvent legal consequences or to secure preferential ...

Over the past few years, Nigeria’s agricultural sector has been grappling with severe challenges that have led to a marked decline in crop production. Agricultural productivity in Nigeria  faces harsh climatic conditions, suffers crude farm tools, and among other things bears poor access to credit. Between the first quarter of 2020 and the first quarter of 2022, crop production in Nigeria fell by an astonishing 47.2%, a decline that has significant repercussions for the national economy and the everyday lives of its people. Crop production, which is the largest sub-sector within agriculture, currently contributes a remarkable 92.05% to the nominal growth of Nigeria’s GDP for the first quarter of 2022. This startling statistic underscores the critical role that agriculture plays in the nation’s economic framework, as well as the urgent need to address the myriad factors that have undermined agricultural productivity across the country. One of the primary reasons for the ...