Nigeria's debt situation is a matter of concern that has drawn the attention of various international financial institutions.
…Nigeria’s debt situation is a matter of concern that has drawn the attention of various international financial institutions. As reported in 2021 by the World Bank, the country’s total external debt stands at around $33 billion, which is a significant increase from previous years. This rise in the country’s debt can be attributed to the government’s mounting budget deficits and the need to secure funds for infrastructure projects nationwide.
I believe that the country’s food security situation requires his prompt attention. According to the 2020 Global Hunger Index, Nigeria ranks 98th out of 107 countries, indicating serious hunger and malnutrition in the land. The report states that about one in three Nigerians is undernourished, and one in five children are stunted in growth due to chronic malnutrition.
The debt situation is further worsened by the uncompetitiveness of Nigerian states, which has impeded the progress of non-oil revenue. States face challenges such as poverty, underdevelopment and insecurity that restrict their competitiveness. This has resulted in Nigeria ranking 116th out of 141 countries, according to the World Economic Forum’s 2019 Global Competitiveness Index. The issues outlined above have slowed Nigeria’s economic growth and made it difficult to attract foreign investment.
The new president must also tackle Nigeria’s infrastructure shortage and highlight the importance of enhancing non-oil exports from the mining and agricultural sectors. The railway infrastructure must attain sufficient coverage for both industries to foster the creation of sustainable towns and cities and ultimately decrease migration rates to primary states and their capitals.
Despite the significance of state economies and empowerment, Nigeria’s new president must acknowledge that the violence, terrorism and unrest posing a threat to the country’s peace stems from the Sahelian region. A potential solution will be using irrigation to reclaim land lost to desertification. Noteworthily, the country’s challenges would also require international support and collaboration, but the international community appears to be preoccupied with the Ukrainian conflict, which has had significant direct impacts on global food and oil market prices. As a major exporter of crude oil, Nigeria’s economy has been affected by the fluctuations in the global oil market caused by the disruption of Russian gas exports to Europe through Ukraine.
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