Effect of Economy Mismanagement on the Socio-Economic Development of Nigeria

Abstract

The paper examines “effects of economy mismanagement
on the socio-economic development of Nigeria”.
Qualitative approach was adopted and secondary sources
of data were the major sources of data adopted. The
generated data were analyzed and thematically presented
using content analysis. As a guide to the study, the paper
adopted modernization theory as her theoretical
framework The study revealed that Nigeria is blessed with
the abundance of human and material resources and that
after 63 years of independence, the productive base of the
Nigerian economy still remains weak due to intense
concentration on primary production activities which
includes agriculture, mining and quarrying etc. Even the
crude oil which is deposited in Nigeria is extracted and
sold as a primary product; our stones are mined and sold
as a primary product. On the contrary, secondary
activities which include manufacturing, building and
construction, which primarily have greater potential for
broadening the productive base of the economy and
generating sustainable foreign exchange earnings and
revenues are neglected. Also, it was discovered that some
of the effects of economy mismanagement include: high
rate of unemployment and poor human capital
development. This situation was occasioned by the
mismanagement of the resources by public office holders
in order to make a personal gain of the common resources
of the people. Owing to this, the paper recommended that
the institutions of government must be strengthened in
order to permit them carry out their responsibilities
without the undue influence of the chief executive. Above
all, the electoral process must be transparent enough to
produce credible and widely accepted leaders.