Part 8/11:
Nigeria’s vast natural resources, particularly oil and gas reserves, contrast sharply with its internal struggles with poverty and underdevelopment. The country’s economic potential remains underexploited due to systemic corruption, political instability, and reliance on resource exports. The World Bank emphasizes that Nigeria needs profound reforms—fiscal, structural, and social—to truly transform its economy and improve living standards.
The push for digital currency is arguably part of a broader effort towards these reforms, but the aggressive timeline and poor implementation have raised questions about long-term viability. The World Bank’s 2022 report calls for deep, sustainable reforms, noting that superficial measures may only exacerbate existing inequalities and discontent.