Actions Nigerians Need To Take To End The Economic Recession

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nigeria end economic recession

September 21, 2016 – Actions Nigerians Need To Take To End The Economic Recession

The economy of any nation revolves around her citizens, and Nigeria is no exception. Economic ventures such as trade, agriculture, transportation, commercial services, and manufacturing, are owned and operated by the citizens. The strength of the economy of a nation is largely affected by the roles the citizens play.

At the heart of Nigeria’s current economic recession is decline in government revenues and scarcity of foreign exchange. Is the government solely to be blamed for the economic recession? A nation does not make men, men make a nation, Nigeria eventually becomes what we the citizens make it to be.

Nigerians are reported to spend billions of dollars yearly for the importation of food items, pharmaceutical items, refined petroleum products, clothing and textiles, vehicles, machines and equipments. Billions of dollars is also spent on medical treatments, educational services, luxury goods, weddings, celebrations, and vacations abroad.

Today the Indian economy has achieved an impressive level of self-sufficiency in food production, refining of petroleum products, manufacturing of goods, production of pharmaceutical items, standard hospitals and educational facilities, and a wide range of goods for exports. The success story of India was brought about by the active involvement of her citizens through massive investments and patriotism.

To overcome the current Nigerian economic recession, collective and concerted actions must be carried out by the citizens.

ACTIONS NIGERIANS NEED TO TAKE TO END THE ECONOMIC RECESSION

1. We need to be patriotic ; unpatriotic activities such as hoarding of goods, over pricing of goods and services, production and sales of substandard goods, hoarding and laundering of foreign currencies, contributes to our economic problems.

2. Patronising made in Nigeria goods and services ; business owners in Nigeria can only expand their operations when they make more revenues from the sales of goods and services, this will lead to creation of more jobs.

3. Increased investment in commercial agriculture ; Nigerian business men and women need to invest more in large scale farming, this will help in lowering the prices of food items, creating more jobs, and reduction of food importation. A well planned and managed farming business will yield a good return on investment.

4. Investment in standard health care facilities ; Nigerians spend large amounts of foreign exchange annually travelling abroad to access health care services, private investors in the health care sector, should upgrade the standard of their facilities to attract more patronage.

5. Investment in standard educational services ; large amounts of foreign exchange is spent by Nigerian parents to send their children to school abroad. The provision of standard and world class educational facilities would go a long way in conserving the nation’s foreign exchange.

6. Increased investment in small and medium scale manufacturing ; to grow the Nigerian economy, and move away from import dependence, the citizens have to invest in manufacturing of goods.

7. Investment in export businesses ; the devalued exchange rate of the Naira makes Nigerian goods cheap for foreign buyers, investors experienced in export business need to key into this available opportunity.

The citizens of Nigeria have a part to play to end the nation’s economic crisis, we need to get to work and help put the economy on the path of recovery.

[ Written by JOHN UZIE ]

6 thoughts on “Actions Nigerians Need To Take To End The Economic Recession

  1. Also, they must stop Owanbes, practice monogamy, have two or three children, stop being financial superstar in an extended family or among friends at eateries. Stay away from aso ebi, invest your money wisely, know how much you need daily and if you multiply your daily expenses by thirty days of the month and is more than your monthly salary, meen! You’re a moron!

  2. Very very good points listed here but government needs to lead the way in this to make it easy for us to do this. People are put off agriculture when after putting in all the efforts all your farm produce is spewed all over Lagos Ibadan express way due to bad roads or bad vehicles littered all over our roads. To import any vehicle at our ports there are so many unreceipted payments which importers of vehicles have to pay which is passed on to commuters. In this country to get a driving license that officially cost 6000 Naira will cost you 16000 to 20000 Naira. How do our government allow fake parts for vehicle get into the country thereby making it extremely difficult to make ends meet for road transporters and the cost is passed to customers. The list is endless. Look at monies collected by AGBEROS at motor parks, what is the money used for? These are the reasons transportation is so high.In market places it is the same, Why? It is the duty of government to sort out these problems so that it is easy to do business and make profit. To export and make foreign exchange for the country is one of the most difficult business to do in Nigeria. It is easier to bring rubbish into the country than to sell our own stuff to make money for our self in this country. To export all we need is to meet the country we are exporting to’s standard but that is not the case here, the number of agencies you have to get approval from is unbelievable it is only government that can do these and unless we do this we will remain where we are. Please don’t look at this write up as against the above write up it is to corroborate it so that Nigeria can be better.

  3. Our problem and challenges in nigeria is deeply entrenched in that we lack determination,seriousness,sincerity and accountability in addressing the formidable scale of unemployment resulting from lack of attention and focus on agricultural projects in Nigeria.

    The lack of ability from our leaders to project sustainable growth in agricultural sector with the help of both small and large scale farmers as well as putting the necessary structure in place to encourage our local farmers in the country is what is still rendering our beloved nation useless without a way out of the backwardness,hindrance and undevelopment that is currently battling the nation.

    Corruption and tribalism is another impediment to the life-saving project of the agricultural development in the country.

    In the past administration perhaps in the year 2013 if am not mistaking,plan was put forward by the nigerian government in collaboration with the “UNITED STATE AGANCY FOR INTERNATIONAL DEVELOPMENT” [USAID] which saw a highly valued meeting with top nigerian government officials like Lamido Sanusi,minister of agriculture honorable akinwumi and the rest sitting round the table to discuss ways to boost our economy by bringing in agriculture. During this occasion about $100 million was leveraged or raised for the purpose of commercial lending for the country’s agricultural sector.

    I bet you that if that huge funds was properly expended and made available to our local farmers in the country without the introduction of tribalism and corruption,then nigeria by now would have had more surplus food not just to feed the nation but be made ready for exportation to the international markets. And no doubt,this is ultimately where our devalued currency would have become instrumental,useful and have a positive impart on our economy. Because it will assist us in generating more revenue highly needed to diversify other sector of our economy and get many of our unemployed youths back to work.

    Agriculture that will see a full nation having surplus in farm produce and ready for exportation has completely gone beyond the use of hoes and cutlass.

    And in order to reap and achieve maximum benefit of agriculture in nigeria today,government need to invest more in acquiring more modern farming instruments and equipments that will help to stimulate and expedite growth and farm produce to meet up with both local and international demands.

    It is time for our Nigerian Government to wake up from their macro policy vision toward our local entrepreneurs. If they really mean business,they should make sure money lending from the banks is made easier and available for our local farmers in each states in the country without hindrance and unnecessary complex requirements . If our Government have genuine mind toward farm projects and put in more resources,then we will all live to witness our country feeding the world!

  4. Good points @ Danti. Whats more? Cut down frequent abroad trips, give to the poor and needy around you to checkmate certain crimes, invest in the things of God to promote the Gospel, cos if your monthly data subscriptions eg handset, star times, Strong, or what have you is higher than your monthly offering… Check yourself! You might just be serving another God without knowing.

    D Hunter.

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