By: Abubakar Jimoh
How unfortunate that Nigeria’s dream toward the achievement of the best economy in the long run is like building a mansion without foundation.
It takes not just a merely dream or discussion for a nation to conquer such a challenging honorary position but, a strong determination alongside fundamental logical and strategic planning blessed with key leaderships who shall dedicate their efforts and strengths towards the effective and efficient utilization of limited available resources to satisfy the numerous wants of the people.
Let Nigeria learn from the economic giants like Japan, Australia, America etc that from their initial stages blessed with key leaders who dedicated their efforts and everything they could to serve their respective fathers’ lands of which the same subjects are always be the major struggle of their successors update. Unlike mostly Nigerian erroneous political style, that almost everyone struggles by all means to occupy political seats without a definite objective backing their ambitions other than selfish motives.
From the initial stage, Nigeria also was blessed with key legends like: late Sir Mohammed Bello, late Sir Abubakar Tafawa Balewa, late Chief Obafemi Awolowo, late Dr Nnamdi Azikwe among others who tried all they could in laying the foundation that could fetch Nigeria’s future such honourary title called “economic giant” but unfortunately their successors tarnish such favourably ambition by switching from the right to the wrong directions and view the political seats as where to ripe their unsowed economic fortunes for their selfish motives. We need selfless leaders who are ready to dedicate their strengths, efforts, wisdoms, knowledge to move this nation forward.
Apart from the key leadership, government should realize that it would be very difficult for Nigeria to achieve its dream as an economic giant while still relies heavily on mono-economic practice. This involves over-reliance on crude oil production as our major source of income to fulfill the general needs and neglecting other sectors like agriculture, tourism, industries, among others where abundant surplus could be equally derived. Government should stop mono-economic practice and dedicate its attention in the other sectors where surplus could be equally and additionally derived to fund the developmental needs of the country.
It should be clearly understood that neither local nor foreign industrialists would be motivated to invest in Nigeria with our current situation of irregular power supply. The presence of regular power supply would magnet both local and foreign investors to site industries; industrialization would inturn generate employment opportunity; employment opportunity would give rise to the peoples’ welfare as well as reduction in social deviant activities; altogether would bring about economic vibrant to the nation. To magnet investors to site their wealth in this country, the problems in power sector need to be immediately addressed
Corruption is a global menace that could hinder a nation from being developed has summoned almost all Nigerians’ affairs. It is found in every sector of the economy such as in political sector, where the major struggle of most of today political administrators is to satisfy their pockets; in educational sector, where students bribe their ways to obtain the marks they might desired; in industrial sectors, where the wholesalers bribe the producers to produce them the quantities with lesser bills; in power sectors, where people bribe their ways to be supplied regular power; in security sector, where security personnel now serve mainly their pocket and not their fathers’ land; even in religion sector; where nothing goes for free; and among others. A strategic effort should be made to combat corruption so that it would not crumb down our economy.
Let us realize that no nation in the globe becomes an economic giant in present of internal crisis such as religion and tribalism eruptions almost everyday. Nigeria losses about billions of Naira annually to internal crisis arise either from religion or tribalism. These bring about disruptions of both public and private property. The local investors and foreign investors always look upon the internal harmony before they could invest in the country so that they would not at the end lost their wealth to crisis. All efforts should be made to eradicate religion or tribal discrimination among the people.
The ongoing problems in Niger/Delta region without concrete solution all these while is often worrisome. We loss about billions of Naira annually to the pipeline vandalism carry out by the regional militants leading to total reduction in barrels of crude oil production. This may later cause Nigeria a great lost since we solely rely on crude oil production as our major source of income. Government is therefore advised to consider the report of Niger/Delta technical committee submitted to it recently after several weeks of brainstorming by its 45 members.
Also, the best economy cannot be achieved while we rely heavily on foreign made goods to satisfy about 70% of our various needs. The issue now is not for the government to stop foreign made goods from coming into the country but, to properly address the industrial sector of the economy so that our basic needs can be adequately satisfied at home. Because it would be very difficult to bind importation goods from entering the country while we are unable to supplement the imported goods with our local made ones.
It has often been argued that one of problems undermining this nation development so far has been borrowing habit of our government from the international communities with fat interest rates. The government should abolish this habit and adopt the internal means of borrowing like raising treasure bill, treasure certificate among others to the interested individuals in the country.
The central bank monetary policies and the federal government fiscal policies should be wisely embarked upon so as to avoid inflation that could crash down our economic activities as it did in Germany 1920s.
From the foregoing, for Nigeria to achieve the best economic by 2020, it would consume not merely round-table discussions but, a critical practical effort with fundamental accurate planning and proper address of the problems humiliating the various sectors of the economy.