An Exploratory Discourse of Investment Opportunities and the Effect of Internal Economic Dysfunctions in Nigeria

Subject Areas : Iranian Sociological Review

Lucky Osaretin Odia ¹ (Associate Professor, Ph.D. Department of Sociology and Anthropology, Faculty of Social Sciences, University of Benin, Benin City, Edo State, Nigeria)
Juliet Ohenokobosare Esieboma ² (Associate Professor, Department of Political Science and Sociology, Western Delta University, Oghara, Delta State.)

Received: 2023-01-23 Accepted : 2023-02-24 Published : 2023-03-01

Keywords: investment, Potentials, leadership, Capacity, Entrepreneurship,

Abstract :

Nigeria remains one of the most endowed nations in the world, human and material resources. Nigeria is noted to possess large quantity of oil and gas, numerous solid minerals and vast arable land for all season agricultural purposes. Each of these resources has the potentials of transforming the nation’s economy into greatness having the right and enabling system in place. This desired greatness has eluded us due to the bizarre nature of investments in the oil and gas sector and poor investment in the other sectors coupled with the incidence of lending interest rate ranging between 25-35 percent, naira currency devaluation, consumption and wastefulness, policy inconsistence as well as the activities of local and foreign business people who violate/manipulate the situation to suit their interest importations of substandard goods and indiscriminate importation of produce that the nation has comparative/competitive advantage- which has served as a bane to local production. This paper is of the view that Nigeria can actually become one of the twenty leading economy in the world by the year 2030 when the leadership deficit/abuse of office by holders are curtailed at all levels, onus which is on the central authority. What appears to be the order of the day is that majority of the nation’s political leaders; policy makers/implementers do not have sufficient entrepreneurial initiatives/experience needed to galvanize the amount of investment prospects that can turnaround the economy.