Nigeria Urges to Invest in Sustainable Resources
By Agatha Alohan
As Nigeria marks her 60 years old as a Nation, there has been remarkable milestone which is worthy to be celebrated.
Our dear country Nigeria has been faced with many challenges starting with leadership and insecurity which Nigeria is plagued with even as we advance in age has worsened and people live in fear of the unknown from herdsmen attack to terrorists and kidnappers scare etc. According to statistics recently by the Nigeria security tracker, 25,794 were killed between 2015 and 2019 and more than 100,000 persons have been killed by Boko Haram while 1.9 million people have been displaced because of conflict and violence ; more than half of these people are children. Three quarter of those internally displaced found shelter with host communities who are among the World’s poorest people.
Furthermore, our indices of growth and development are on the decline, population growth is 3% while economic growth is at 2%, life expectancy rate is 55 year.
Electricity consumption is at a meager 3,500 to 4,000 MW. Currently Nigeria uses four different types of energy: natural gas, oil, hydro and coal. The energy sector is heavily dependent on petroleum as a method for electricity production which has slowed down the development of alternative forms of energy. Three out of the four above resources used for energy production in Nigeria are linked with increasing greenhouse gas emissions: coal, oil and natural gas, with coal emitting the worst of the three. Nigeria needs to invest in sustainable resources because of the obvious signs that it will be strongly impacted by environmental change such as: desertification, droughts, flooding, and water shortages. The biggest blow to Nigeria would be the low-lying areas that contain many of their natural resources being flooded if ocean levels rise as predicted
Unemployment is rising with an all time high of 23.10% in 3rd quarter 2018. One in every two Nigerians in the country’s labor force is either unemployed or underemployed. With a labor force of 80.2 million, that means about 21.7 million Nigerians are unemployed, a figure that exceeds the population of 35 of Africa’s 54 countries. Among young Nigerians aged between 25 and 34, the largest bloc of the labor force, the unemployment rate currently stands even higher, at 30.7%.
The lack of entrepreneurship has led to lack of jobs in Africa’s largest economy and most populous country which has increased crime rate and this is unlikely to get better soon. The World Bank predicts Nigeria’s flailing economy is set for its worst recession in four decades as the effects of the coronavirus pandemic continue to manifest. Nigeria has been badly hit by the near total shutdown of the global oil economy, given its dependence on the commodity as its biggest revenue source.