1. Government challenges:
Related to leadership problem is bad governance has among others, been defined
as a system of values polices and institution
by which a society manages its
economics social and political affairs
through interaction within the state civil
society and private sector
(Shabbir Cheema, April, 2004, UNDP, 1997, UNDP,
2000). Thus governance comprises the mechanisms and
processes for citizens and group to articulate their interest, to work
together and mediate their deference and exercise the legal right and obligation
with rules institutions and practice
that set limits and provide incentives for individuals organization and firms
good governance refer
to the question
of low a society can organize itself to ensure
quality of opportunity and equities (social
and economic justice ) for all
citizens (Shabbir Cheema, April. 2004)
it also promotes people centered
development
2. Corruption Challenges: Although
corruption is a global scourge, Nigeria
appears to suffer the most form
it because the leaders are pathologically corruption every one appears
to believe that the nation has a culture of corruption (smith
2008). Over the years, Nigeria
has earned huge sum of money from crude oil, which has gone down the
sinkhole created by corruption in an articles, oil giant that runs
on grease of politics, Nigeria
was described a rich nation floating on oil wealth but
almost none of it flows to the people (san Francesco chronicle, march
1 2007)
top public servants are very
rich because they harbor the mendacity that public money belong to no one. National dailies area wash with news of how public officials are acquiring million dollar
homes (within and outside Nigerian ) and stock piling stolen public money in financial
institution abroad.
3. Macro economic challenges: policy in consistency and greed
are among the causes of the hemorrhage
in the economy(Eichenggen, 2004). Every administration that comes on board take
on a new policy initiative instead building on the previous ones. As a result,
Nigeria has toyed with a series of ineffective and poorly implemented polices.
For instance, as
chief economic adviser to Obasanjo, Charles Soludo instituted the national economics employment, reducing poverty and guide
values reorientation. But the needs failed to
achieve its objective because of the reason already elaborated in the
preceding sections. The late Umaru Musa Yarardua administration (inherited by
Jonathan) dumped the NEEDS and
adopted the vision of the administration to transform Nigeria into one
of the first 20 largest global
economics by the years 2020 .
These program that now appear dead gulped huge sum of money, which could have been sued to resolve some of the social
economic and political challenges facing the nation.
4. Human development challenges: Human
resources play an immense role in the
success of failure of any organization
or nation in terms of capability and strength of character of the workers or leaders in Nigeria , most of the problems facing
the economy are reflection of the poor quality of human development and the economic health, of the
nation has been neglected for decades
(Kruege March, 2002 ) one has to
understand the problems facing the educational institution
to really appreciate the magnitude
of problem facing the Nigerian
economy.
5. Market challenge
: lack of genuine competition in the system is among the challenges facing the
economy. Real capitalistic economics are controlled by market forces or what
Adam Smith brands the invisible hand of the market (see the theory of moral
sentiment 1759). The self-regulating nature of the market determines where one
live and work, how much one earns, and what one can buy. Although every economy (developed, developing
or undeveloped) needs some form of government
intervention, Nigeria leaders are yet to need the advice of Adam Smith
in 1776 that the state should not
unnecessarily interferer in the
economy. In Nigerian, the federal government has virtual monopoly of setting the price
of petroleum products and other
goods and services. Recently the federal government arbitrarily, the raised the price of gas by HOD percent (daily trust, may 28, 2010)
without considering the distributive
negative consequences on the economy