Nigeria, a nation teeming with potential, is grappling with a stark reality: inefficient government spending is stifling its socio-economic progress. A chorus of experts recently gathered at a revealing webinar hosted by Analysts Data Services and Resources, where they unveiled a compelling report titled ‘Socio-economic Scorecard of Nigerian States (2023 Baseline Edition).’
This comprehensive study delivered a sobering message – despite substantial funds allocated, the 36 states and the Federal Capital Territory are languishing below the nation’s socio-economic growth average.
The report’s meticulous analysis examined a tapestry of 57 critical indicators spanning 12 pivotal socio-economic sectors, including Economic Output, Government Finance, Financial Sector, Capital Importation, Land, Housing, Sanitation, Transportation, ICT Infrastructure, Energy, Environment, Industrialization, Business Competitiveness, Education, Health, and Citizens’ Livelihood and Welfare.
Dr. Afolabi Olowookere, the Managing Director and Chief Economist of ADSR, presented the findings. The overall national average, across these diverse indices, painted a dismal picture at just 45.65 per cent.
Surprisingly, Information and Communication Technology (ICT) and Finance emerged as the brightest stars, scoring 58.31 per cent and 51.96 per cent, respectively.
Leading the pack in the socio-economic scorecard were Lagos, Oyo, and the Federal Capital Territory setting a shining example for the nation.
Following closely behind were states such as Rivers, Kano, Ogun, Kaduna, Akwa Ibom, Anambra, Edo, Osun, Ondo, Imo, Enugu, Kwara, and Cross River. In contrast, states like Yobe, Taraba, Zamfara, Ebonyi, Jigawa, and Bayelsa found themselves languishing at the bottom.
Dr. Olowookere emphasized that while the national average fell below par, the best-performing states, namely Lagos, FCT, and Oyo, scored impressively at 62.5 per cent, 58.9 per cent, and 58 per cent, respectively. He underscored the critical importance of industrialization for Nigeria’s growth, revealing that Lagos shone brightest in infrastructure but lagged in healthcare.
Professor Bright Eregha of Pan-Atlantic University observed, “The leading segments are driven by the private sector, while the struggling sectors are government-led. This underscores the need for government efficiency. In Nigeria, the private sector is taking the lead, whereas globally, governments provide leadership in efficiency.”
Dr Seyi Vincent of the Nigerian Economic Summit Group drew attention to the underperforming health sector, emphasizing that it’s not merely about the amount of money spent but also the effectiveness of that spending.
Dotun Seyingbo, an economic development and governance reform specialist, highlighted that Nigeria’s states are yet to harness deliberate policies to spur growth, often depending on their heritage rather than pursuing strategic, growth-oriented approaches.
In a nation brimming with potential, this report serves as a stark reminder that Nigeria’s future prosperity hinges on efficient government spending and a concerted effort to translate inherent advantages into tangible growth. The message is clear: it’s time for Nigeria to embark on a journey towards a brighter, more prosperous future.
