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 ]