more that can be done. Load shedding or intermittent power outages is still a prominent problem that hinders many businesses in rural areas from operating efficiently and effectively. The limited number of innovation hubs hinder further processing of creative innovations. Other infrastructures such as roads slow down transportation of goods across the country which in turn slows down economic growth within Nigeria. In short, distribution channels for products to the customers is generally affected when the road networks are not well maintained. Distribution of supplies to remote schools and health facilities become a challenge.

High Government Maintenance Cost

High ranking government officials in Nigeria allocate themselves more money per ministry than the government budget allocated. This in turn leaves the government bank balance in huge deficits. Under the the administration of former President Goodluck Jonathan, the Nigerian military was allocated funds of roughly 2 billion USD to purchase weapons, however it was later discovered that high ranking army officials split the funds amongst themselves. Some of the army officials were arrested for these actions however this is only one of the many cases of over supply of budget in government ministries. Such acts of exploitation put the citizens of Nigeria at the risk of exposure to poverty.

Figure 4: Graph showing the increase in government spending

Source: http://www.imf.org/external/country/

Despite the increase in the Nigerian government’s revenue, as seen above it is evident that the Nigerian government is spending more than it is making therefore leaving the government’s account balance in a deficit.
Internal Conflicts

At the moment, Nigeria is facing many internal issues such as terrorist organisations and tribalism. Nigeria consists of many ethnic groups with the two biggest ethnic groups in terms of population size and political power being, Hausas and Yorubas. Currently there are many economic conflicts between the two ethnic groups with regards to land ownership and political power. As a result of this many startups from each ethnic groups are often vandalised due to the intolerance the two ethnic groups have.

Terrorist organisations such as Boko Haram slow down economic development as funds that should have been used to develop the country are being injected into fighting the terrorist organisation. Towns and villages attacked are often seized by these terrorist organisations and are run in accordance to the terrorist organisations demands, which hits business operations in seized places such as the Northern town of Chibok. Not only does it affect businesses but it also leads to a brain drain as many potential workers are fearful for their wellbeing. This creates a large diaspora of well educated Nigerians seeking jobs in other parts of the world as they are fearful of returning home. Having a large diaspora can be beneficial too as remittances are obtained as is the case with Nigeria. According to the World Bank 20.829 billion USD were sent back to Nigeria from nationals living abroad in 2014.