Democracy And National Development

It is almost 27 years since the reinstatement of democracy in Nigeria after many years of military rule. But not many Nigerians can attest, with conviction, that democracy is thriving in the country. Without a doubt, the country has been operating under a civilian government that has abandoned its democratic principles and tenets.

Another election cycle is looming in the horizon. Under normal democratic circumstances, the electorate ought to have been inundated with manifestos of political parties and aspirants/candidates. That is not happening yet as parties and the political class indulge in forum shopping not based on any discernible ideological classifications. As many as the political parties are, there is very little to choose from, one over the other, in terms of what to expect should they succeed in hoodwinking the electorate ,again,to misplace their confidence.

What has resulted is that development challenges strut the stage, notwithstanding the vast human and natural resources the country is endowed with.

As critical and desirable as development is, it is never a free gift. Rather, it is a product of deliberate planning, tenacious execution and effective resource allocation and utilisation, which are obviously lacking in the ongoing democratic dispensation, 27 years after and counting.

Indeed, Nigeria is a paradox, as abundant human and natural resources at its disposal have not been effectively harnessed to launch the country on the path of development.

The situation is worrisome, as most socioeconomic indices, which serve as hallmarks of development, are declining. For Social indicators, poverty rates, health factors such as nutrition and life expectancy, child and maternal welfare, and qualitative education, where available, are not what they should be.

The democratic enterprise is characterised by endemic corruption due to poor accountability in public office, gross misapplication of resources, high poverty rates, extreme inequality, and high unemployment, particularly among a large, youthful population.

The economy is monocultured and heavily dependent on oil, making it vulnerable to global shocks.

The country also grapples with a low Human Development Index (HDI) due to a malfunctioning educational system, bedevilled by mismanaged labour-related issues that often result in industrial disputes, inadequate healthcare systems, and low literacy rates.

The huge potential of human and natural resources, especially unmotivated skilled professionals and a large youthful population, is left untapped for development, often resulting in “brain drain”, just as the natural resources are either lying fallow or are being exploited in an uncoordinated manner for the benefit of a few individuals.

The big elephant in the room presently is insecurity in the form of sectional agitation and violent crimes like banditry, kidnapping, and insurgency which impede development activities, especially in rural areas.

The country is saddled with low per capita income, officially ranked around 146th out of 191 countries, representing roughly 19 per cent of the world’s average, amidst a high poverty rate.

According to a 2025 World Bank report, the poverty rate in Nigeria has risen to approximately 61 per cent, meaning that about 139 million people live below the poverty threshold. This represents a significant increase from 40 per cent, which is about 81 million people, as of 2019.

This is compounded by a high rural -urban migration amidst rapid population growth, estimated to be approximately 237.5 million to 242.6 million people in 2026.  Nigeria has a young, rapidly growing population with a median age of 18.1 years, but with a low-skilled rate, which restricts economic growth and keeps the majority of the population in subsistence conditions.

Instructively, Nigeria has never lacked a development strategy, right from the first national development plan spanning colonial times (1946) to the present, which has shifted from colonial infrastructure projects to medium-term economic plans and modern perspective plans.

Key ones include the 1946-1956 Colony Plan, post-independence National Development Plans (1962–1985), rolling plans (1990-2007), and current long-term strategies, such as the National Development Plan (NDP) 2021-2025, which aims to diversify the economy and alleviate poverty.

The most recent is the National Development Plan (NDP) 2021-2025, which serves as the medium-term blueprint designed to unlock national potential across all economic sectors, aiming for sustainable, inclusive growth. It aims to create 21 million full-time jobs and lift 35 million people out of poverty by 2025. The plan succeeds the Economic Recovery and Growth Plan (ERGP) 2017-2020, the National Development Plan (NDP). In the saddle right now is the Nigeria Agenda 2050, aiming to unlock economic potential through infrastructure investment, industrialisation, and private-sector-led growth. The Plan was formulated through a collaborative process involving the private sector, sub-national governments, and civil society, ensuring a broad-based, participatory approach to economic transformation.

Expectations include lifting 35 million people out of poverty, creating 21 million full-time jobs by 2025, and transitioning to a $1 trillion economy by 2035 through value-addition, as highlighted in the 10-year Industrial Policy Roadmap (2025-2035).

Nigeria’s development landscape is currently characterised by a shift towards energy, security, regional connectivity, and a massive expansion of the digital economy.

The government has prioritised “megaprojects” ostensibly designed to link the country’s industrial hubs and improve trade logistics. Such projects include the 700-kilometre Lagos-Calabar Coastal Highway, which will strategically connect nine coastal states.

Also, the Ajaokuta-Kaduna-Kano (AKK) gas pipeline, the $2.8 billion project, is expected to unlock industrial potential by powering northern industrial hubs and fertiliser plants. In the area of digital transformation, the country, through “Project BRIDGE,” has initiated a massive push to move Nigeria from a service-based economy to a digital-first economy.

Still, it is becoming obvious that the political ruling class lacks the discipline and drive to give Nigeria’s underdevelopment the push in the right direction. A lot is sacrificed on the altar of political expediency.

And that, in our view, is where the Central Bank of Nigeria (CBN) comes in. The apex bank should not restrict itself to a monetary policy role alone in the face of the confusion so prevalent in the political space. The bank already has well-defined blueprints for various segments of the economy, from agriculture to industrialisation, as well as an incentivised export drive. All it needs to do now is to collaborate with relevant organs of government to redirect the economy on a developmental path.

In our opinion, power is almost everything when it comes to socioeconomic development. The near absence or epileptic nature of the power supply has caused enormous setbacks to the country in no small measure. The time for lasting solution to this problem is now. In the meantime, let’s start with what the politicians are bringing to the table.