Nigeria's mineral and human resources are enormous, but the nation's development is like the speed of a snail.

From the black gold (crude oil) that is yielding the huge amounts of money and practically keeping the nation afloat to its over 190 million people who are young and unemployed. 

Many Nigerians will look at these resources and say there is money in Nigeria, but an Associate Professor of Economic History with Kaduna State University (KASU), Terhemba Wuam, does not feel the same way.

The university's Department of History had organised a National Conference with the theme “The Central Bank of Nigeria and the Nigerian Economy Since 1958”, and Dr. Wuam addressed the gathering. 

He highlighted two major reasons Nigeria has not been able to meet its yearly targets in terms of development.

1. Nigeria Is Poor

You will not believe it, but Dr. Wuam says Nigeria is too poor to meet its developmental challenges.

He has a reason for his opinion and you should read on.


Giving an insight into why Nigeria is a poor nation, he said the country’s earnings are too low to meet people’s expectations.

“For example the GDP of the whole of Africa with 1.3 billion population is $2.2 trillion, out of which Nigeria’s GDP with 191 population is $380 billion, the largest economy in the continent.

“This is far below Brazil’s $2.14 trillion and India’s $2.85 trillion GDP.

“But because many Nigerians are ignorant of this, they think that Nigeria is very rich and that is why people steal.

“The reality is, we don’t really have the money, which is the more reason we should not embezzle the the little we have," he explained. 

2. Stealing From Public Treasury

Every year, budgets are passed (in trillions of naira) but when you look around to see what these monies were used for, it becomes difficult to quantify government's spending.

Dr. Wuam linked this situation with the embezzlement of public funds and wondered why those entrusted with leadership still steal from public treasury in spite of the nation’s poverty.

It is like dipping your hands into the plate of a beggar to take money.

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“When public officials divert resources, schools barely run, hospitals become empty shells and our roads and other public infrastructure degrade and become dilapidated,” he said, highlighting situations that are common in Nigeria. 

Dr. Wuam, who is the head of history department at the university, explained that the conference was an opportunity to brainstorm on the fundamental role of CBN to the Nigerian economy.

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