* Oil dependency: Nigeria's economy is heavily dependent on oil, which makes it vulnerable to fluctuations in the global oil price. When oil prices are high, Nigeria benefits, but when they are low, the country's economy suffers.
* Corruption: Corruption is a major problem in Nigeria, and it has a negative impact on the country's development. Corruption diverts resources away from essential public services, such as education and healthcare, and it also creates an environment of uncertainty for businesses.
* Insecurity: Nigeria is facing a number of security challenges, including Boko Haram insurgency in the northeast, banditry in the northwest, and kidnapping for ransom in the south. These challenges have made it difficult for the country to attract investment and develop its economy.
* Poverty: Poverty is a widespread problem in Nigeria, with over half of the population living below the poverty line. Poverty has a negative impact on people's health, education, and opportunities for economic advancement.
* Unemployment: Unemployment is another major problem in Nigeria, with over 30% of the population unemployed. Unemployment contributes to poverty and crime, and it also makes it difficult for people to improve their lives.
Positive effects of Nigeria's policies
* Economic growth: Nigeria is one of the fastest growing economies in Africa, and its economy is expected to continue to grow in the coming years. This growth is being driven by a number of factors, including increased investment in infrastructure, a growing consumer class, and a favourable business environment.
* Improved infrastructure: The Nigerian government has made significant investments in infrastructure in recent years, including roads, bridges, airports, and power plants. These investments have helped to improve the country's transportation and energy networks, and they have also made it easier for businesses to operate.
* Increased investment: Nigeria has attracted a significant amount of foreign investment in recent years, and this investment is helping to drive economic growth. Foreign investors are attracted by Nigeria's large population, its growing economy, and its favourable business environment.
* Growing consumer class: Nigeria has a growing consumer class, which is helping to drive economic growth. The consumer class is growing as a result of rising incomes and increased access to credit.
* Favourable business environment: The Nigerian government has made a number of reforms in recent years to improve the business environment, including reducing bureaucratic red tape, improving security, and strengthening the rule of law. These reforms have made it easier for businesses to operate in Nigeria.
