7 WAYS TO GET NIGERIA OUT OF ECONOMIC RECESSION
By Augustine Kanu and Hart
Ekeledo
In less
than ten years now, Nigeria's economy has twice embarked on recession. The
first being in the year 2010; shortly after the change in
government of United States of America, which saw the now outgoing president
Barack Obama of the Democrats party taking over leadership from president
George Bush of the Republicans. Obama's new government brought a lot of
unpleasant change that negatively affected almost every sector in US
(leading to loss of jobs, hardships, etc). Nigeria and other countries that
were dependent on US as well got their share of America's travail. The
situation was referred to as a global meltdown.
Soon
enough, US got onto her feet again, and so did Nigeria and her like minds but
much more later. However, the lessons of that economic recession were hitherto,
forgotten by Nigerian government.
You May
Also Like: WEST AFRICA’S YOUNGEST FEMALE WRITER-PHILANTHROPIST EXPOSED!
The second and current recession in Nigeria, started gradually and intentionally last year until it substantially overtook the new government in power under President Muhammadu Buhari of All Progressive Congress (APC), which took over from President Goodluck Jonathan's Peoples Democratic Party (PDP), in a fiercely contested election, to the detriment of Nigerians.
There is
a little gain saying the fact that the suffering orchestrated by the latter
recession was and is still far more grievous that the former. For instance,
according to BLOOMBERG RANKINGS released last year July, when examining the 30
largest Sub-Saharan African economies in terms of external debt as a percentage
of GDP, Mauritius, Mauritania and Zimbabwe stand out at the high end, with
readings of 91.5 percent, 70.6 percent and 60.7 percent, respectively. Lowest
for the entire region is the Nigeria at 2.7 percent, the only single-digit result
for all of Sub-Saharan Africa. Internally, the inflation rate is soaring
higher, the state of infrastructures are in very deplorable shape and our dear Naira
currency on onward depreciation. As if those were not enough, the prices of
commodities are skyrocketing in hundreds of percents; millions of people have
lost and are losing their jobs, while many others are being owed arrears in
months. Even the once booming small scale industries are suffocating with many
already out of life.
It could
be recalled that prior to the 2015 General Elections cum subsequent change of
government, Nigeria and Nigerians only woes seemed to be Boko Haram and
unemployment. Here we are today worrying over nothing but how to survive from
severe hunger.
Both the
former and the latter recessions were largely man-made, and hence avoidable.
But as it
is said, he that failed to plan planned to fail. As big as we claim to be, we
still revolve our existence on United States of America and on our oil. Any
shaking from either or both of them is a spelling of doom for millions of
Nigerians.
The
government of former president Jonathan blatantly refused to save for the rainy
day despite the influx of money during his administrations. All the monies
gotten from the excess crude oil which ran into trillions of Naira were
misappropriated and squandered by a handful of politicians. The only investment
most of the then governors (Peter Obi of Anambra State exempted) could think of
was dashing of cars to their loyalists (to score cheap political points), the
rest of the money they saved for themselves, at the expense of Nigeria's
economy.
Apart
from not saving, that government was equally heavily corrupt. Money that should
have been used for capital projects and revitalization of ailing industries
were spent on jamborees. That was why those in entertainment and religious
circle were busy counting in billions and buying private jets.
More so,
in their quest for taste of power, the bigwits of the then opposition party APC
(now ruling) did all they could to frustrate all the good efforts of the
previous government through propaganda, and other antics they employed.
For them, everything initiated by Jonathan was bad, hence they fought against
it. Now karma is dealing with them.
Can
Nigeria climb onto her feet again? Maybe yes, but the hope of doing so sooner
is dashing away. The price of oil- "our pride", is still far below.
Niger Delta militants are yet to let go of their anger. And worse still,
America is having another change of Government soon.
If only
Nigerians can forget about politics for once and come together as one to
fight this recession the way Ebola was fought, darkness still looms at the end
of the tunnel.
But no,
Nigeria and Nigerians won't. They only and simply derive pleasure from paying
lip service to issue, solutions and of course actions. The President is well
obsessed with chasing and catching and to give comeuppance to corrupt
individuals who in the past got their hands stained with the nation's financial
blood. This in no time or way is bad, but the haphazard and lopsided manner in
which the hunt and shoot have taken so far is in all its sense very bad and is
not telling good on the nation Nigeria.
All hope
is however not lost as Nigeria can still get herself out of the hulking suck of
recession if She:
GOES BACK TO THE PAST
Years
back a lot of practices did put Nigeria at the front row seat of economic
upsurge and development. One of such is the existence of farms and gardens in
Primary and Secondary Schools. Those who schooled in the eighties and nineties
will best come to terms with this. Kids basically learn how to farm in the
school hence the topic of farming was not only treated on paper. Today the story
is enormously different from the negative flank. Schools are built and approved
by the government with barely enough space to accommodate classrooms talk more
of gardens. Some schools does not even have a playground which is very vital
for the mental and physical development of Children. Nigerian government should
therefore make it compulsory for every School to have at least two plots of
land for practical agricultural activities, animal rearing inclusive. In this
way, kids will grow up loving farming and can easily take to mechanized
farming which was once Nigeria's source of wealth.
EMBRACES THE RIGHT MONO ECONOMY
Diversification
of economy is the language every average Nigerian speaks with regards to ways
to chase recession out of their town. They however fail to realize that none of
them (for reasons of greed and laziness) will be willing to leave out the
"Oil" as they popularly refer to the dealing in crude oil and other
petroleum products. With this in view, Nigeria must make less lucrative, the
involvement of individuals in Oil and Get and invest heavily in making
agriculture more lucrative than the Oil sector. Resuscitation, modernization,
mechanization and commercialization of the Northern groundnut pyramids, Palm/Cassava
products from the East, Cocoa from the West and Aquacultural South to mention a
few, must be the new action line of Nigeria's government. The full
implementation of this will not only blossom the economy, but will also make
the nation food sufficient.
SINCERELY FIGHT AGAINST
CORRUPTION AND CORRUPT INDIVIDUALS
Nigeria's
escape from the clutches of recession is largely dependent on this. The Federal
government should sincerely get it's corridors and secret chambers all mopped
up. Let Nigeria's President first fight and conquer the enemy within before
getting those outside. Almost all members of All Progressive Congress(APC) and it's stalwarts today who cross-carpeted from the previous government yesterday is in
all ramifications guilty of corruption charges hence will do all things to
stall the fight against corruption in order not to be implicated and
incriminated. Therefore, corruption investigations, trials and convictions
should start at the fore of APC's head.
DEEMPHASIZE RELIANCE ON PAPER
QUALIFICATIONS
Every Nigerian
youth today can seed their blood to gain admission and go through institution
of higher learning not that they are willing to acquire knowledge, but
because they want to obtain a certificate which the society will use in
adjudging them eligible for vital and lucrative opportunities. This however has
done more harm than good to the nation as the number of uneducated and
ill-educated Nigerian graduates is alarmingly innumerable. The National Office
for Technology Acquisition and Promotion, NOTAP, had in 2014 stated that of the
estimated yearly 1.8 million Nigerian graduates, over 1.5 million are
unemployable due to ill-education. It's unfortunate to state that some Nigerian
graduates cannot spell their names; a good number of others can barely make a correct
sentence while a greater more know nothing about their chosen field of study.
You May Also Like: Nigeria’s Youngest Beautiful Female Lawyer and SAN to Be
Certificate
qualifications therefore should be given less attention as graduates should be graded
and employed only when they exhibit a high level of Practical proficiency.
TRAIN AND EMPOWER SKILLED
YOUTHS
The rate
of unemployment in Nigeria is a thing known to even the unborn. This is as a
result of unavailability of jobs. Nigerian government should encourage and
train her youths on skill acquisition. Upon certification, such youths should
be empowered to employ and train others. The one year National Youth Service
Corp (NYSC) should be used to actualize this for young graduates.
You May Also Like: 7 REASONS WHY FG WILL SCRAP OR CAP NYSC
FIGHT THE MENTALITY OF GET RICH
QUICK SYNDROME
You May Also Like: HIS PARENTS COULDN’T PAY HIS FEES, HE DROPPED OUT OF SCHOOL, TODAY HE HOLDS FOUR DEGREES AND FINANCES SEVERAL SCHOLARSHIPS…
Needless to say, almost every Nigerian youth is desirous of making money and becoming super rich without working for it. To actualize this, they take to all kinds of illegal life style including internet fraud, ritual killing, stealing, jumping into Politics, establishment of churches etc. A regulatory body that takes record of means of livelihood and sources of income of individuals when put in place, will compel Nigerian to labour with dignity and by so doing add value to the economy.
INDIVIDUAL RESPONSIBILITY AND
COMMITMENT TO THE WELFARE OF NIGERIA
You May Also Like: CALL FOR INCREASE IN DATA PRICES, A SHAME THAT NIGERIANS MUST RESIST!
The
biggest problem of Nigeria is that her citizens have never been truly and
sincerely committed to doing all it takes action wise to ensure that the system
works. Most Nigerians simply want the nation to farewell only by words of their
mouth, but in action, they are consistently doing everything inimical to the
growth and development of the nation.
We can go
on and on but we must allow Nigeria's Nigerians to start with putting the above
to action.
Comments