Nigeria and Its Dwindling Economy: What is the Way Forward?

Dwindling Economy is otherwise known as depression economy or economy depression interchangeably and/or recess economy. It is an occurrence wherein an economy is in a state of financial turmoil, often the result of a period of negative activity based on the country’s Gross Domestic Product (GDP) rate. However, this has become a global phenomenon; a good example of a necessitating factor is the global oil crash market and pandemics virus (Covid-19) ravaging the human race. That has conjointly led to the decline in the GDP growth per capital of a country; which forces degradation in the performances of economic sectors, retrenchment of staff and wrapping-up of industries. It is a lot worse than a recession, with GDP falling significantly, and lasts for periods of time. Pen ultimately, Nigeria has been in deteriorating financial state for years; her economy in the last few years has been going through some turbulence. A country that had recorded an average GDP growth of 6.5 per cent, one of the highest in the world less than a decade ago, is now projected to grow at about 2.3 per cent in 2016. It is no longer news that Nigeria's economy is experiencing total collapse and if nothing is done to put the peg in the right spot something worse than what we are witnessing may soon be on sight. Based on some of all these issues and other, Nigeria was said to be technically recess. In this paper, efforts were made to explore the state of the Nigeria economy in the last 36 years (19812017) and correlate it with the recent phenomena that conjointly constitute to its dwindling economy. Our comprehensive and elusive literary survey and extemporariness suggested way forwards to rescue the raveling situation of Nigeria dwindling economics, if not providing lasting solution but temporarys’ one that could stand test of time. KEYWORD: Dwindling Economy, Nigeria Economic Sector, Fraud, Insecurity, Policy Implementation

formulated in Nigeria does not in any way address the needs and aspirations of the masses. In the words of (Samson and Stanley, 2014) "policies need to be properly formulated and must as well be properly monitored so as to avoid failures". This is because the failure of public policies, to a large extent, is a failure of government and governance; which suggestively prank the wallowing in economy and necessitate its degradation. It is therefore pertinent to advise that until public policies are implemented to achieve the desired goals for which it was formulated, the general aspiration for Nigeria to join the league of developed nations in years to become will be unattainable. This calls for a change of attitude on the part of government, stakeholders, policy makers, implementers and the general public.
Some of the objectives of this paper are concentrated on the analysis of state of the Nigeria economy sector within the last 36 years . To establish the revenue generated during the period across the industrialized sector; and describe losses incurred as a result of nefarious activities, pandemic diseases (Ebola, Covid 19, Lasser fever etc) and insecurities that have plunk the nation into incessant dwindling economy. It is firmly established and possible that the challenges faced by the Nigeria economy can be address by good policy makers with implementation acumen of deliverable measure that can be executed by likeable, charismatic, diplomatic and intellectual public personnel. This will tend to be a bait for progressive nation and economic viability that would eradicate the bane of underdevelopment, suffering and impoverish of the citizenship that has already become a subject of bigotry political mesmerism leader whom cherish undeserved self appraisal and accolade from impoverish masses. This paper seeks to exploits dwindling economic situation of Nigeria with elusive literature survey of ramify course. The rest section of the paper is arranged as follows Section 2: discusses the Nigeria retrospections: where light was shed on the nation and situation of its economic sectors in entirety. Section 3 explains dwindling economies and the causes of it in the country. Section 4: Suggested the way forwards; Section: Related work was delves as well as methodology adopted. Section 6: Conclusion and Section 7: Recommendation

Nigeria Retrospections
In 2009 a paper published by Shokpeka and Nwaokocha discuss historical overview of the negativity impact of British colonial economic policy in Africa (Benin province, Nigeria) when Agriculture sector was the economy sustainability. With a scheme on how the colonial economy abruptly benefited the colonizer as mignon was relinquished to the colonized indigenous national. Emmanuel (2005) traces the history of colonial social control and policing in Nigeria. As the colonialism demonized, discredited, and supplanted the traditional system of policing. Colonialism imposed a new (but alien) militarized policing geared toward the colonial needs of political oppression and economic exploitation without regard to the needs of the colonized. The postcolonial state was thus bequeathed a corrupt police system that fails to cater for the needs of the masses. This unfortunate development explains the emergence of "ethnic armies" in the face of corrupt and insensitive national police. Edo and Ikelegbe (2014) elucidate on the state of Nigerian economy seeking reforms on the emerging trends and prospect it beholds while Dialoke et al, (2017) in their work suggested ways forward for enhancing policy implementation in Nigeria in order to revive or redeemed her loss pedigree during the colonial era; in which they experience devastating oppression, slavery, looting of treasury and hard labor.

2.1
Nigeria State and situations Constitutionally, Nigeria is composed of 36 states and federal capital territory with sub-nested 774 Local Government Areas (L.G.A). The Bi-camera legislative arm of government is unruffled of 109 Upper/ Red Chamber legislators (Senate), and 360 Lower/Blue Chamber legislators (House of Representative) that are saddled with policy formulation and enactment of law among many others. The judicial system and its setting as well as security architectures were also visible at all levels of the federation for upholding law as pronounced by the constituted authorities for check and balancing and to restores peace and order respectively in the democratized nation. While the executives arms is saddled with the responsibilities of running the affairs of the country through the nation established Ministries, Agencies and diplomatic constellate for effective management bonded with verifiability measures and credibility of manifesto delivered during electioneering proceeding of candidature into the office of presidency.
However, the Structure of Nigeria economy is not farfetched from that of underdeveloped countries (Chete, Adeoti, Adeyinka & Ogundele, 2014). Due to it's partitioning into five segmented parts of Agriculture, Industry, Trade, Construction, and Services (NBS, 2017). The digital inclusion in her socio-economic sphere is disgustingly porous as the security architecture in shamble state, due to dormant intelligent gathering and IT infrastructure hurdles that lacked a well structured and effective approach to cyber crime control (Nwanga, Onwuka, Albinu & Ubadike, 2014;Umoru, 2017;Vanguard, 2017) and socio-economic vices.
This has also exposes individuals (i.e. citizens and alien) and industrialized sectors (Telecommunication Industry, Banking, Insurance, Health, Manufacturing and so on) both in the country and at diasporas to all sorts of fraudulent and mischievous activities such as telecom fraud, credit card theft, money laundering, computer intrusion, civil unrest, economic and ecological violence vulnerabilities that threatens the national security architecture (Ayoob, 1991;Ali et al., 2019, Nwanga et al., 2014. These in-turns have lead to an uproar that hampered sociological peaceful co-existence and interrelationships amongst various ethnic tribes, religious sects, as well as member of the public. In lea of these, nation and economic suffered mercilessly as it experiences damp infrastructural development that breeds lack of confidence and mutual trust on the side of Government at the all tiers (Federal, State and Local Government) respectively by their citizens and existing organizations that is offering network serviced which are delve for fraudulent services to defraud subscriber ignorance of the act. In nutshell, this forms basis for the nation's emaciation into dwindling economy plunk into underdevelopment. Dialoke et al, (2017) describes lack of policy formulation and implementation promulgated by weak and bad leaderships (Politician, stakeholders, captain of industries, and DGs of agencies, NCC and so on) as a result of their ineptitudes in checkmating the cyber crime irregularities, and anguish caused yielded to economic and revenue losses acclimatization. To make the situation nastiest, the laid-back legislation and attitudinal towards services displayed by the erstwhile and recently concluded eighth (8 th ) Bi-camera legislative arm of government personnel in the fight against cyber fraud (Krishi, 2018) is unethical. Coupled with weak judicial system, ill strategies of security agencies for policing and approaches deploy by ruling institutions in the country raises alarm and discontentment by citizen. Akinmidu (2018) gave an analogy of fraudulent activities in banking sector and approaches a lopsided judicial system adopted during prosecution of nipped offenders. Nwosu (2018) discussed the impact of corruption on the administration of justice within Nigeria judicial system and the extent to which it has affected the entire judicial process, the economy and nation at large. While (Sylvanus & Ifeadi, 2012) discuss how security operatives manages problems of public disorder and internal security.
As there is no substantial and cognizance law enacted/verdict passed to checkmate the atrocious act of cybercrime or fraudulent activities ravaging the country. Beside the cyber crime act was formulated in 2015 that lack implementation monitoring, nothing else has been done. It has now became a norm in the country that when a culprits that fraudulent act is caught/apprehended and handed over to relevant security agencies in the country such as Nigerian Police Force (NPF), Nigerian Security and Civil Defense Corp (NSCDC), Economic and Financial Crime Commission (EFCC) to mention but few and charged suspects to court for prosecution. The probabilistic scenario will be if he/she/they, (i.e. the culprits) did not bribe nor failed to negotiate with security personnel on transit for release before arraigning to court. The court may cohort and abetting. Thereby only subject such a person to payment of little fine from the looted funds when arraigned to evade further prosecution and maybe topple the case judgments for soft trial.
Otherwise will be the case, when the culprits lack appropriate connections to evade arraignment or the case draws special attention from member of the public including the government at all tiers. That is only when truth verdict will be delivered. A case study is the one described by both (Nwosu, 2018;Enofe et al., 2015). These measures of bias, bribery, nepotism, and cronyism and favor jurisprudence have put the country at penury of revenue acclimatization, anguish and degradations. Jatau (2017) work emphasized that the mechanism of Nigerian's national security policy, existing laws and extant policies were weak compare to what is obtained in the developed or advance country in addressing the fraudulent irregularity, economic saboteur and other grievous criminal offences such as kidnapping for ransom, terrorism and insurgencies, Rape and Assault e.t.c.
This (Wall, 2001) in his work legally sub-divided into four groups of cybercrime or e-fraud: i) E-trespass fraud: Illegitimate crossing boundaries into other people's property, websites, system and/or causing damage, e.g. hacking, defacement, viruses, cyber-cramming, Burglary, flown object (e.g The author categorized e-fraud based on the object or target of the offence. The first two categories comprise "crimes against property", the third covers "crimes against morality", and the fourth relates to "crimes against the person". Adeshina (2017)

c)
Corruptions/ illegal Malpractices: This is the most prevalent type of fraud that is widespread in all the socio-economic sector and government sphere of the nation. Corruption is termed a parasitological cankerworm that has eaten deeply into the country (e.g. Nigeria) economical system thus degrades its infrastructural development and breed poverty in the societies and country at large.
In subject to these, Nigeria economy suffers from retrograded infrastructural development, liquidation of organization, mass retrenchment of staffs and unemployment rate increases as well as revenue loss due to ecrime activities, which the works of (Adeshina, 2017) elucidated on and pointed out to excavates poverty, breeds unemployment, constitute economic lost and brings disrepute to the country across the globe. The author clarified that indigenous cyber fraudster mostly perpetrates the ill-gotten act at the detriments of others because it is a quick way money syndrome that makes them to escape from the country's poverty chain. Therefore, Odunsi (2019)  includes all sorts of things that a human can think and do to take benefits or advantage from others in the wrong way, hide the truth, full of shrewdness plans and every unnatural way that deceive others or cause the victims to suffer from loss. The intention of this paper is not to dwell much on fraud and its consequences but rather establishes it also as factor that constituted to dwindling economy of Nigeria. In the subsequent section; analysis of the Nigeria economic sector performances of 1981-2017 was carried out based on NBS (Nigeria Bureaus of Statistics) datasets availed.

Nigerian Economy Sector
The Nigerian economy grows sneeringly in the first decade of her political independence in 1960 (Chete et al., 2014); when agriculture is the main sustainer of her economy. With cash crops and cereals product production in large scales and harvest in metric tons that meet the demands of both local and foreign consumer's, despite several internal challenges. The exports rate returns of these products sells then were at substantial amount in billions of dollars that contributed to the GDP growth of the country as well improves value exchange rate. In 1960, Nigeria real GDP was $4,196,092,000billion (indexmudi.com), and her political province divided into three regions for example; South-west parts produces (cocoa, cotton, cereals, fruits, solid minerals etc), Northern parts (groundnut, cereals, animal skin, and gold) and East/ Southern parts (palm oil seeds, rubber, timber etc) of Nigeria merge those products to sustain the nation economy.
In that period, Nigeria was the world's largest exporter of groundnut, the second largest exporter of cocoa and palm oil produces and a significant exporter of rubber, cotton (Sekumade, 2009 The significance are tapped from Nigeria economic prowess mostly by the elites, mover-and-shakers in the country typically "the cabals", government emissary that projects her affairs to able to compete among its peers globally. But the atrocities of corruption, poor policy formulation, insecurity, fraud, epidemics, unemployment and bad leadership and stewardship and many others factors harbored since the first military coup; and several transition period (First-to-Fourth) to come back to democratic republic that lack direction of competence, accountability and result oriented leadership had negative dwindling effect on its economical prospects and constitute to the declining economy state. In this paper, we seek to explore the amount each segment of the

Agriculture Segment
Nigerian agricultural segment is the foremost segment in Nigeria economic history. In (CIA, 2013) the segment was in record to have contributed 40% GDP to the Nigeria economy and employed about 70% of the working population. In rural area, 50% of the inhabitant population participated in agriculture (farming) that was seen as ancient economic activities practices (Odetola & Etumnu, 2013). The segment has several untapped potentials for growth and development in the availability of land, water, labor and its large internal markets (odetola and Ekumnu, 2013). It is estimated that about 84million hectares of Nigeria's total land area has potential for farming; however, only 40% of this is under cultivation (FMARD, 2012). Productivity in the cultivated lands is also low due to small farm holdings and primitive farming methods. Nigeria has therefore become heavily dependent on food imports. Until recently; when closures of boarders were pronounced and national charged by the government of President Muhammadu Buhari to imbibe in the cultivation and consumption of locally harvested grains (e.g. Rice) and patronage of indigenous products (Cars, Attires etc). To rejuvenates the economy by supporting local farmers, synthetic fabricators with financial aids (soft loans). Subsidies agricultural incentives and machineries were also jointly provided by three tier level government.
The agricultural segment is composed of (crop production, Livestock's, Forestry and Fisheries) that act as a subsectors. The Table 1.1 and Figure 1.2 gave an overview of this segment economic prospect. The segment contributes a total real GDP of N309,513,670,000b (approx. $1,129,724,489,600.00 trillion) at an exchange rate of N365 to $1 to the Nigeria economy in the last 36 years . In which fisheries sector generates N18,997,930,000b (8%), forestry sector N25,425,060,000b (23%), Livestock's sector N24,220,430,000b (10%) and crop production sector N240,870,250,000b (59%). From the estimation within the contravene periods, it is deduced that crop production sector is the dominant and most vibrant sector in Nigeria agriculture segment. production role of the agriculture segment depends largely on this subsector as all the staples consumed in the country comes from crop production, 90% of which accounted for by small scale, subsistent farmers (Odetola and Ekumnu, 2012). The major crops cultivated includes yam, cassava, beans, sorghum, millets, rice, maize, dried cowpea, groundnut, cocoyam and sweet potatoes, cotton, guinea corn, melon, oil palm fruits. The Table   1.2 below, Shows what crop production sector provided to the economic Nigeria economy within 2010-2016.
However, this unit of the agriculture sector is marred with less human power for its cultivation and harvests' production. In most states (e.g. Kebbi, Maiduguri etc) of the country crude tools were used by the local farmers in the rural areas for cultivation; with government supported (agricultural incentives) siphoned and diverted sold to the big gun in state plying same farming method for commercial purpose and relied on the effort of the poor farmer. However, the local farmer suffers in their ordeal activities as task becomes strenuous, time consuming and recorded less productivity as they do not practice mechanized farming methods. However, most of the mechanized tools (tractors and others) suppose to be deployed for the farming job across the rural areas; were obvious visible at the agricultural ministries parked for mere show and rotten away without being put to used for the cause it was said to be earlier purchased for. More so, no proper irrigation system during dry season, some farm holders are subjugates to drilling of bore in their farmland before watering of plants which is usually costly and exorbitant in maintenance of engines and as well in fuelling of generator set. With these, farm outputs are expensive and those among the farmers that could affords the cost of artificial irrigation system will not partake in all year farming rather wait till raining season that is usually come late in the northern region. .

Forestry
This is the second highest revenue generating sector of agriculture segment contributed N25,425,060,000b (23%) to Nigeria economy in the last 36years . forestry subsector plays a major role in providing industrial raw materials (timber) providing income as well as preserving biodiversity (Odetola and Etumnu, 2013). Here, lack of proper monitoring of bushes and cutting down of trees without authorization from concern bodies is a ravaging circumstance. Despites gruesome amount of coal (charcoals) entering the market and other product from the forestry unit. Its glaring that this unit lack manpower security personnel and bush burning controls that constitutes a lots of economic hazards' and deforestation. Although, lots of revenue is generated from this economic units but much needs to still be done. A bill needs to be enacted pass to checkmates the activities in the forestry unit. The re-planting of trees after cutting down for utilization either for domesticated, industrialized and commercialized purposes to avoid total deforestation. Properties worth billions of naira as been lost under this unit as results of uncontrolled bush burning extensively raze nearly situated building in the forestry

Livestock's
During 1960 and 1980, livestock's was second largest subsector of agriculture segment contributing an average of 9.2% to the nation economy. However, in our recent estimation, the livestock's subsector generates a real GDP of N24,220,430,000b (10%) to the nation economy that only grew by 0.8% in the last 36years  to decline to third place in present calculation. These place the subsector in the third position of the agriculture segment. Livestock sector is the largest source of animal protein including dairy and poultry product (Odetola and Etumnu, 2013). The economy impact of the livestock sector is evidence through food supply, job and income creation as well as provision of hide and skin as raw materials. Based on our analysis of NBS datasets, the subsector suffer a little decline in 1986 and 1991 with the generated GDP of 421.63b and 454.82 respectively the share of livestock's in agriculture GDP has therefore been growing sparingly since 2005 with over 19% increase recorded spontaneously till date. This unit's needs electro-mechanical equipments (Hatchers, Incubators) and empowerment of youth to partake in the breading and rearing of livestock's. To improve production, meet target for daily consumption rate and utilizations. However, sensitizations about flu and animation diseases controls, nest or cage building, feed mill production and reproductive's measures are cognizance to circumstance in which veterinary doctor and other ago-product practitioners cannot only handle but needs more arms. Nigerian youths are shying away from this agro units due to the stress involves and offensive odors' from the poultry. Livestock rearing is mostly peculiar in the rural areas and fewer efforts were carried out by the sanitation or environmental officer's to check on animal breeders and sensitize them to avert and ensure animal pandemic outbreaks did not ravage the community were the poultry farm land is situated due to the offensive odors emanating from the poultry.

Fisheries
Between 1961

Industry Segment
The industry segment is second largest segment of the Nigeria economy that is embodied with three main

Crude Petroleum and Natural Gas:
Crude oil and Natural gas revenue generation sector is one of the integral parts in industrial segment of Nigeria economy upon which the nation exclusively relied. In 1960, petroleum contributed 0.6% to Nigeria GDP while agriculture's contribution stood at 67%. However, by 1974, shares of petroleum had increased to 45.5% almost doubling that of agriculture, which had decreased to 23.4% (Yakub, 2008). The sector solely contributed real GDP of N249,042,400,000b (1981-2017)

Construction Segment:
This is the least economic segment with lowest real GDP contribution of N33,112,890,000b (2%) and lowest revenue generation to Nigeria economy in the last 36years . This is part of the reason Nigeria has less durable road nationally; as government pay less cognizance to the development of this segment due to low revenue gotten from it since the demolition of the federal toll gates that serves as a source of revenue during erstwhile President Olusegun Obasanjo democratic administration in 2003. These require highest funding to put infrastructure in place and resuscitate the country but less was done. Misappropriation, theft and squander of resource are the major phenomena trending in this economy segment.

Transport sector:
Transportation is a means of movement adopted by people to convey themselves, their product and services from one geographical location to another. Transport is one of the key sectors under service segment that generates N73,542,762,390b to the Nigeria economy in the last 36 years. It constituted of six (6)   sector is affirmed to have lesser contribution to the Nigeria economy. Most Nigerian youth read dailies (magazine) as a free reader at a paper stands instead of purchase to contribute their quarter to this economy unit.
It mostly believed that magazine purchased and reading is meant for the retirees in the civil services, and job seekers that want to know what is happening in the country. As it a fact that most people that has a livelihood job and elite buy dailies for consumption and leisure.

FIGURE 1.3 Bar Chart Real GDP Growth Rate of ICT Sector Revenue in Last Thirty Six (36) Years
The transfiguration records in economic growth and outburst in ICT sector (Telecommunication industry) is what fraudster or cyber criminal observe secretly over the years, to devolve dubious techniques in defrauding their spry or target via the use of advent of incessant technologies (e.g. Internet, Smartphone, SIM boxes) to disrupt mobility networks. Therefore makes network service consumers and third party suffers the brunt of dissatisfaction of services, network intrusion and loses of valuable because of the nefarious act of telecom fraud that trending remains untamed. Despite, statistical, Artificial intelligence, rule based and other fraud detection and prevention techniques setup by professional fraud experts.

Utilities
This is another crucial unit under the Service Segments of the Nigeria economy that is constituted of the water supply, sewage and waste management, electricity, gas streams and Air conditional and other electronics appliances. This unit was only able to generate a real GDP of N82, 981, 230, 000billion to the Nigeria economy in the last 36 years. The Table 1.9a below gave the statistical break down of the amount generated. See Table 4.9b below for the breakdown of the analysis.

Table 1.9b Analysis of the other Sectors under Services Segment (1981-2017)
Our analytical studies have revealed that Construction segment is the least affected by fraudster or scammer due to the lower revenue generated in the sector. While the most affected are the Service segments that housed the ICT sectors, Banking, Insurance and other sub-sector, followed by industrial segment that consists of crude oil & Natural gas sector, manufacturing and solid minerals. In agriculture segment, farm input supply (seeding, fertilizer, pesticides and so on) and output generated were channel elsewhere by fraudsters (insider threat) with dubious approach. Lastly, the trades segment that generates more revenue than the construction segment it suffers least nefarious attacks of intrusion from fraudsters. In the later course of this research work, we hope to torchlight other Nigeria economic segment, sectors, sub-sectors and units to excavate more on the impact of e-crime on economy. In order to carve futurist line of research that could foster more economy benefits and address the irregularity of e-fraud ravaging Nigeria economy sectors.

What is Dwindling Economy or Economy Dwindle?
A dwindling economy can be ascribing series of names such as Depression Economy, Declining Economy,

OTHER SECTORS OF SERVICES SEGMENT a) Accommodation and food services
Economy, Failing Economy; whichever choice name chooses by researcher. For this paper, we are will be using dwindling or depression economy. Depression Economy or Economy depression interchangeably; is an occurrence wherein an economy is in a state of financial turmoil, often the result of a period of negative activity based on the country's Gross Domestic Product (GDP) rate. We refer to it as decline in the GDP growth per capital of a country; which necessitate degradation in the performances of economic sectors and wrapping-up of manufacturing industries. It is a lot worse than a recession, with GDP falling significantly, and usually lasts for many years (CFI Education Inc, 2015). In (Adam, 2019;Wike 2016) It is affirmed that Nigeria is in a deteriorating financial condition . The Nigerian economy in the last few years has been going through some turbulence. A country that recorded an average GDP growth of 6.5 per cent, one of the highest in the world less than a decade ago, is now projected to grow at about 2.3 per cent in 2016. It is no longer news that Nigeria's economy is experiencing total collapse and if nothing is done to put the peg in the right spot something worse than what we are witnessing may soon be on sight. Based on some of all these issues, Nigeria was said to be technically recess (Adeosun 2016). Recession is a situation where the country's state of the economy declines, there is widespread decline in GDP and per capital income, decline in employment and trade lasting from 6 months to a year. If Nigeria must maintain its recent status as the largest economy in Africa, then radical measures must be put in place to address this extreme state of affairs.

Causes of Nigeria dwindling economy
An economic depression is principally caused by political and economic stakeholder's negligence. That fails in turning the prospect of economic sectors viability into goldmine infrastructural development and human development. While in industries; lack of consumer confidence and patronage of a products probably leads to a decrease in demand and supply; thus resulting in companies going out of business. When consumers stop buying products and paying for services weather genuinely of fraudulently, companies need to make budget cuts, as well retrench some of the working employees. CFI Education Inc (2015)  ii. Decrease in manufacturing orders: A business flourishes on the demand for its products and services.
When manufacturing orders reflect a decline, especially for an extended period of time, it can lead to a recession and worse, to an economic depression.
iii. Control of prices and wages: Price controls happened once during the term of former U.S. President Richard Nixonu; and in Nigeria during the military regime of Gen. Muhammadu Buhari and Tunde Idiagbon in 1986 when prices kept going higher. In that period, wages and price of market commodities are controlled by the government and companies are not allowed to lower them, businesses may be forced to lay off employees to survive.

iv.
Deflation: Deflation is basically the lowering of consumer prices over time. It may seem like a good thing because people can now afford to buy more commodities but underneath it is the fact that prices are lowered because of a decline in demand, too.
v. Oil price hikes: oil price hikes are phenomenon in Nigeria that causes undulation effect on almost everything in the market and in transport system. The citizens are well acquaintance. When it happens, consumers lose their purchasing power, which thus lead to a decline in demand as a result of inflation in products price. Patronage of goods and services have dwindled as a result of the ever increasing prices occasioned by fuel scarcity and hike, and this has greatly affected the growth of Small and Medium Enterprises (SMEs) in Nigeria (Nnabuife et al., 2016).

vi.
Loss of consumer confidence: When consumers are no longer confident in the economy, they will alter their spending habits and eventually reduce the demand for goods and services.
For the general perspectives of factor that mitigates the Nigeria depression economy we surmise:

vii.
Insecurity: Security is the act of keeping peace within the governing territories; which is usually done by upholding the national law and defending the internal security threats in different areas of the country (Adejumo, 2011). Nwagboso, (2012 also refers to it as an act of being safe from harm or danger, the defense, protection and preservation of values, and the absence of threats to acquired values. Security is about survival and the condition of human existence. Security also exists when people live together in a certain environment without disturbance or violent. Adebakin,(2012) also viewed security as freedom from danger or threats, and the ability of a nation to protect and develop itself, promote and cherish values and legitimate interests and enhance the well being of its people. This can be maintained through internal security system (Usman & Mathew, 2014). Usually, internal security system in any society is very important because it is use to prevent violence and criminal activities in different societies. Internal security also ensures freedom of people from any criminal disturbances and ensures the absence of criminal tendencies which can undermine internal cohesion and co-operate existence of the nation and its ability to maintain its core values and meet the legitimate aspiration of the people. Therefore, anything that goes in contrary to definition of the quoted authors is termed insecurity. Insecurity is a global phenomenon and one of the most ravaging circumstances in Nigeria. Nigeria is presently marred with a lot of security challenges such as the kidnappers, Farmers/herdsmen clashes, Boko-haram insurgency, conflict, robbery cases, epidemics' and even road accident as a result of bad road. All theses discourage investors coming into the country to invest (Aregbesola, 2015).
In the paper of (Okereke, 2012;Usman & Mathew, 2014) (3)To chart a future course for economic stability and prosperity. The first test of buharinomic was implemented to revive the economy and arrest local currency hoarding. In April 1984, the government ordered a change in the colour of the naria (except 50k note).This currency change forced the stolen money out from where they were hidden into exchanging them for the new naira notes at commercial banks. That policy then saw quantum of money being injected into the economy. It eliminated counterfeited currencies which had inflicted inflationary and other nefarious effects on the economy and saw stolen money getting back to the economy.
As he (Buhari) mount the stage again, many people who have stolen our tax payers money, and those who got money illegitimately were afraid of such policy, and instead of the similar 1984 experience to repeat itself, decided to convert the stolen and illegitimate money into hard currencies mostly in the form of U.S Dollars and U.K Pounds). By such action, hard currencies were mopped up, thereby creating unhealthy pressure on dollars and pounds. In elementary economics, high demand of any particular commodities(in this case dollars or pounds) would automatically push down the quantum of the hard currencies that would be in circulation. This will create artificial scarcity thereby increasing the exchange rate. It may not be out of place to say that as I speak most of our big men hoard their local money in foreign currency. Today dollar sold for N423 as against N150 official price of dollars in 2015 (Ikpor, N.d).

ix.
Unemployment Unemployment have becomes a worrisome state of affairs in Nigeria. Okorie, (2011) explains how tertiary institutions in the country are turning out thousands of graduates every year but there are no institutional arrangements for their employment. However, in a bid to survive, many of them are agitates and that results into violent and criminal activities against the society. Such criminal activities include militancy, kidnapping, Cultism, bombing, armed robbery, destruction of government and frauds. Adejumo (2011) extenuate that these have attributed to the crises situation in country that brings about loss of human lives and material capital. For decades, Nigeria have been experiencing the breach of peace in some geopolitical zones of North-Eastern States of Adamawa, Bauchi, Borno, Gombe, Taraba and Yobe and Some parts of North-West States of Kaduna, Kano, Jigawa and Zamfara to mention but a few (Suleiman 2012). All these violent and conflicts have contributed to the state of insecurity in the country. There have been unending losses of lives, livelihoods, destruction of infrastructure and natural resources as a result of violence in so many communities. Employment opportunities which are out of place has weakened social safety and caused a decline in the capacity of the state to provide services to sectors like health, education and indeed security for the people (Onouha , 2011). The peace and security and indeed wellbeing of the people have been seriously tampered with. From this scenario therefore, the cost and effect of insecurity in the country can never be underestimated.

x.
Poor technologies (ICT) and road infrastructural development: Since time memorial Nigeria communities have been experiencing poor state of infrastructural development in varying economy sectors. A good example is the depleting state of roads infrastructure across the country which constitutes to its economy meltdown, and failure in meeting up with schedule appointment for job seekers.
Porous Technologies Infrastructure is also another phenomenon that constitutes a bane to national development as it s breeds insecurity by exposing individuals and organization to vulnerabilities as well threatens national security architecture.

xi.
Bribery and Corruption: The word corruption is derived from the latin words "corruptus" or "corruptere" in past tense meaning "intensive", and "pere" meaning "destruction". The term corruption loosely meant "intensive destruction" originally. However, the word "corrupt" when used as an adjective literally means "utterly broken".
The word was first used by Aristotle and later by Cicero who added the term bribe and abandonment of good habits. According to the United Nations, corruption is a social ill, an abuse of power for private gains which occurs both in the private and public sector (Osakede, et al., 2015). Former Nigerian President, Dr.
Olusegun Obasanjo had presented a Bill to the National Assembly tagged "the prohibition and punishment of bribery, corruption, and other related offences Bill of 1999" during his term in office. While it is believed that Obasanjo's regime actually fired the first and most critical shot at corruption in Nigeria, the fight against corruption appears to be the major focus of the Muhammadu Buhari regime since May, 2015 having featured as one of his major campaign promises.
Corruption is generally defined as the abuse of public office for private gain. In Nigeria, the practice of corruption is prevalent at the federal, state, and local government levels as well as some other decentralized centres of power and authority in addition to the private sector. As the scope of corruption has widened, its definition and meaning has equally been enlarged to cover the abuse of all offices of trust for private gain. It is basically the illegitimate use of public power or position to benefit a private interest (Morris, 1991;Uzochukwu, 2018).
The work of (Wilson, 2018) examined the impact of corruption on the administration of justice within the Nigerian Judicial system and the extent to which it has affected the entire judicial process and the country. (Wilson, 2018) in the paper that corruption is endemic within the Nigerian Judicial system. It is prevalent not only among judicial officers, but is equally common among court registrars who will seize any opportunity to extort money from both lawyers and litigants to perform their normal duties. In most instances, they even engage in illegal activities in exchange for financial considerations to pervert the course of justice either at their own instance, or upon the inducement of lawyers and litigants who now know that such practices are both prevalent and routine. Corruption within the Nigerian judicial system therefore compromises as well as jeopardizes not just the administration of justice, but by extension national development. The activities of corrupt judicial officers equally not only erodes the existing moral values of society but destroys the very foundation of the rule of law and justice therebydistorting the positive trend of national planning while obliterating integrity and discipline which are basic foundations of the judicial arm of government.

xii.
Nepotism and political witticisms Nigerian present governmental administration is a government of God-fatherism, Man-Known-Man popularly termed Paddy-paddy government. The saccadic behaviors' of the Political leadership controlling the state of affair in the country is revolting. As it is centered on intimidation and oppression, biasness and favorism of fellowship political ally at the detriment of populous that gave them the mandates during the electioneering proceedings.

xiii. Cybernetic frauds:
This is popularly known as Yahoo-Yahoo or Yahoo-Plus among Nigerian. It is a technological techniques savor by cybercriminals or fraudsters to defraud people of billions of dollars or naira momentarily.

xiv. Epidemic or Pandemic Virus/Diseases (Ebola, Laser Fever and Covid 19)
The rate at with pandemic diseases and virus is wrecking havoc to the humanity create a thought for concern and seek drastic action for its containment before its sniffed lives off the entire global populous. A good example is the recent COVID-19 that brings unprecedented levels of economic stress; in which cyber criminals/ fraudster are quickly modifying their schemes to capitalize on the shift to digital. Leading financial firms are identifying opportunities to reimaging their operating models to combat financial crime more effectively. Due to the abrupt and illegal cost implication inquisitive, these have consistently constitutes to economic meltdown globally not only in Nigeria. Has business and other daily dealing are lockdown and changes with preventive measure against the spread of the pandemic in talking toll of the human race.

What's the way forward?
This section will provides solution based on the suggestive recommendation by some previous authors and our efforts i.

BRIBERY and CORRUPTION
Wilson, (2018)  c) The National Judicial Council should be more proactive by adhering to the requirement of in-depth scrutiny of proposed candidates for nomination and appointment as judicial officers in addition to the need to be firm if and when there is a need to investigate and / or discipline sitting judicial officers.
d) It is also necessary to review the composition and security of tenure of the members of the National Judicial Council with a view to further guaranteeing firmness in the performance of their duties.
e) The Code of Conduct Bureau should ensure compliance by judicial officers with the requirement of compulsory declaration of assets to enable the security agencies take a bearing and be properly guided if and when there is need to investigate these judicial officers.
f) The Executive and Legislative arms of government should adhere strictly to the requirement of checks and balances in the polity as an integral requirement of a democratic government that is practicing true federalism to reduce the prevalence of corruption within the Nigerian judicial system.
g) The Nigerian government should ensure that all judicial officers including their administrative staff are adequately remunerated via an enhanced pay structure to reduce the crave for money and other forms of gratification which have become the bane of the judiciary.
h) Judicial officers should as a matter of policy be posted outside their locality of origin to reduce the likelihood of judgments being rendered based on family, ethnic, as well as social sentiments and pressures.
i) The independence of the judiciary should be guaranteed in practical terms to avoid unnecessary influence from the executive especially. A situation like what is obtainable in Nigeria where the appointment of a Judge has to be approved by the Governor or President exposes these judicial officers to some form of indirect executive control and covert pressure.
j) The judiciary itself needs to find the courage to purge itself of bad eggs within the system by objectively prosecuting errant judicial officers who are indicted or otherwise found to have engaged in one form of indiscretion or the other, particularly corrupt acts.

ii. Insecurity
Recently, Nigeria societies have been bedeviling with ravaging insecurity challenges of magnitude degree (Food poisoning, Insurgences and terrorism, Kidnapping for ransom and rape etc) claiming lives of multitudes of people and exposes them to economic vulnerabilities across the federation. To curtail the insecurity manners the following approaches are suggested: a) Nigeria government should re-strategies is security outfits dealing of issues (By

iii. Unity:
If Nigeria is to reclaimed its lost glory, Nigerian need to harmonies and shun ethnicity segregation to forge a weapon with which we can dislodge this present crop of selfish leaders. Our ethnic and religious difference is what our elites have used in manipulating us over the years, but if we can put aside our differences irrespective of the tribe and religion we represent, we will destroy that weapon they have always used against us. If those in the ruling class can unite to steal our wealth, why won't we unite also to change policies and programmes of selfish government, and vote in worthy, qualitative and efficient people into positions of leadership? The bond that ties us together as a nation runs very deep, deeper than any individual cause or interest. Therefore, we must prove to the world that we are standard bearers of an independent country which we must stand to safeguard and secure for the generations yet unborn. Development of both Private Sector and Small Businesses: These initiatives create the condition for economic growth. The government need not be deceived on the right solutions to Nigeria's economic recession. These solutions would be valuable in shaping his economic direction and also tackle the problems of unemployment in Nigeria,

iv. Diversification of Nigeria economy:
We can recover from the current economic crisis if government diversifies the economy and repairs the refineries so that the impact of the drop in crude oil prices which is having a toll on the economy will be cushioned. It is up to the government to act and respond appropriately.
Improvement on housing and home ownership for Nigerians: This is quite important because many poor Nigerians have to go for many years without a mortgage plan and this is hurting the economy.
Provision of adequate security: Security will put more confidence in the mind of investors and even tourist that want to invest in the country so therefore the government should increase security in the country and hire youth as security agents which will in turn reduce unemployment too.
Provision of employment opportunities for the youth: The issue of absence of profitable job for our young people should likewise be tended to. An unmoving personality they say is the fallen angel's workshop. Unemployed young people are perilous species as they can be controlled by deceitful components and used to do accursed acts. On the off chance that the approaching government can give profitable work to our childhood, it will thusly help our economy to develop. On the economy, we should start to move far from our over-reliance on oil as our fundamental wellspring of income. We should start the procedure of encouraging so as expanding our income drive states and nearby governments to add to the assets inside of their space to create elective wellsprings of income.
They should be given a time span inside of which to accomplish this and have appropriate checking component set up to guarantee consistence with the strategy on the way forward on Nigeria economy development. Joecity 2016 Implementation of the right monetary policy: For the Nigeria budget to stimulate economic growth, it must be backed up with the right monetary policy and it is pertinent to point out that so long as Nigeria continues to depend on oil exports for the bulk of its revenue, the value of the naira will continue to affect the price of oil, so there is the obvious need to diversify the economy. One of the ways out is to create the enabling environment for the productive sector to thrive. The agricultural sector must be developed for u s to be able to produce goods and have agro-based industry as well as have enough to feed and to export. There is also the need to harmonise the fiscal policy and the monetary policy before the value of the naira can be determined. It is crystal clear that Nigeria is in a deteriorating financial condition, so it needs fiscal and monetary policies to actually stabilize the situation for us to have a recovery.

Related work
Some of the reviewed literary paper focuses on addressing single economic problems while highlighting others and established recommendations for their discussion.
However, The paper of (Ikpor, n.d) is more comprehensive as it directly discusses the Nigeria's economic problems, causes and suggest the way forward. The paper elucidated to tackle five of the Nigerian economic challenges. As it sued for economic diversification; by reviving the agriculture sectors that was once economic sustainer in before the colonial era. The author called on the Nigerian government to lift the ban on the importation of some essential commodities. Promulgate executable economy policies, fight corruption to the barest minimum level, and shun ethnicity bigotry. As regards crude oil reliance, the concern authority should adjust macroeconomic variables to ensure stability. This is can be achieved by stabilizing inflation rate and exchange rate. It suggested for the repair of the country refineries to enable local production of our crude oils.

Method of Data Collection
The method of data collection for the work is descriptive based secondary source data on review of related journals, textbooks, surfing of internet

Conclusion
This research delves the dwindling economic situation of Nigeria and sued for the way forward. List of causes o phenomenon that militates the economic depression in the country were identified. Solutions to push the economy forward were proffered. As Assistance of all Nigerian are needed to overcome the problem confronting the country. Improvement on the nation economy have to be a collective responsibility, All hands therefore should be on desk to move the economy forward. We should also know how to protect ourselves against infectious diseases, manage our consumption and daily activities at this critical period.

Recommendation
i.
To diversify the economy and make agricultural practice the main stay of the economy as it use to be in the past. We should go back to the old day's system and invest our energy in the production of agricultural products such as rice, palm oil, groundnut, cocoa etc. I commend the Federal government for their initiative in this direction and for launching agriculture road map -" The Green Alternative". This time around, mechanical agriculture would attract youth to the system instead of the manual method we were used to. The funding of Bank of Agriculture is also commendable, the medium through which money reach the farmers. To sustain the programme, supervision of the farm land and progress report is necessary from those that got assistance from the government, otherwise it will fall back like the old saying that government money is no persons money. We were the biggest exporter of palm oil produce before now, Malasia, for instance came to us for it, but today, they are the world largest exporter of the product. Nigeria frankly speaking is endowed with abundant natural resources, but non-commitment to harnessing and utilizing these natural resources is one major problem. We are not suppose in any way to be a poor country in terms of per capita income and so on. We have to change the status quo and embrace progressive agriculture that is income generating.
ii. Nigeria should also lift the ban on the importation of some essential commodities. There is nothing too bad in importing what we don't have. In international trade context for instance, countries depend on each other. Using Adam Smith theory of absolute advantage and Ricardo's theory of comparative advantage, Nigeria has to concentrate in the production of goods for which she has absolute advantage.
Take for instance, if Nigeria and Ghana produces groundnut and rice using the same unit of labour, while having different output of the quantity of groundnut and rice, say Nigeria has 300 tons of groundnut and 150 ton of rice while Ghana has 200 tons of groundnut and 400 tons of rice. From this analysis, Nigeria has absolute advantage in the production of groundnut and comparative disadvantage in the production of rice. Similarly, Ghana on the other hand has absolute advantage in the production of rice and comparative disadvantage in the production of groundnut.
Nigeria normally should concentrate in the production of groundnut for which they have absolute advantage and sell the excess to Ghana in order to import rice. The excess would be used to finance the importation of the rice. This encourages productivity and standard of living. As a developing country, my view is that we should not out-rightly ban the importation of some essential commodities until we are self sufficient on what we produce. Rome for instance, was not build in a day. So achieving economic stability should follow a gradual process and not a one day affair.
iii. On corrupt practices and greed among some stakeholders, we should note that corruption and violence go hand in hand. In order to fight corruption, nations must build up a zero tolerance for corruption, strengthen rule of law and offer no impunity to corruption, no matter is involved.
There v. Nigerians should look beyond ethnicity to move the economy forward. Unity and peace should be our watchword at all time. This is because economic prosperity triumph more in peaceful environment. Militant groups should lay down their arms and embrace peace for the interest of the nation. The task of economic building should be our collective responsibility. We should always have a team spirit because together each achieve more. Other advises that have been given over years should also be looked into. Some of them are outlined below. vi.
In the issue of the crude oil price problems in Nigeria, Federal government should adjust macroeconomic variables to ensure stability. This can be achieved by stabilizing inflation rate and exchange rate. vii.
For oil prices to go up, OPEC members should agree for a production shut-in in the world market or reduce or harmonize supply so as to create artificial scarcity. This will cause the demand to jump up.
Currently what we have now is what I may refer to as price war and a fight for market share and supremacy. viii.
To try and solve the problem locally, the Federal government should also look towards refining locally and becoming the central supplier of refined products to west African countries.
ix. Nigeria should also use this opportunity to look at opportunities in other sectors of the economy and give them equal attentions as done to the oil and gas and develop them. To diversify the economy means seeing more opportunities and generate more revenue which would invariably shoot the Gross National Product and per capita income.