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NIGERIA/NORWAY QUARTERLY REPORTS SHOW NIGERIA’S PROBLEMS EXCEED CORRUPTION; IT’S A LACK OF VISION

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The question now is why has the same system that encouraged a lack of vision, a saving culture, continued even after the military regime? The answer to that question will most likely be corruption. True. But corruption is not the only answer; the dearth of good leaders is another answer. This is quite obvious when attention is paid to Nigeria’s saving culture, or rather, the lack of it. At times of record oil price when past governments should have saved for a rainy day, they didn’t. This indicates that the system which encourages reckless spending has long been in place.

Since its discovery, Nigeria has been drunk on the ‘black gold.’ The present leadership promised diversification, but it actually seem to be waiting for oil prices to rise again. It’s a strange addiction, one that should be the subject of independent research studies. If, and when Nigeria eventually achieves diversification, would there be a better saving culture? Will our foreign reserves undergo any significant change when they are funded by other export goods and services? Probably not. Nigeria’s problem is not just a corrupt system; a visionless leadership has also always been a problem. And unfortunately, like others before it, this administration’s lack of vision is becoming evident daily.

– Ventures Africa

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