THE SORRY STATE OF NIGERIAN ECONOMY
WHICH WAY NIGERIA????
It was said that an economy is the backbone of every nation and a nation without a sustainable economy is nothing but a dependent nation. Therefore having observed the situation of our new economy in the past few weeks, I write on this note to address some possible causes of the economic meltdown in our beloved country and also suggest some possible steps/actions which can be taken to address these ungodly situation.
To start with, Nigeria as a nation is so blessed by God with numerous mineral resources which was the main reason which drew the attention of our colonial masters (Great Briton) to our country after the German Berlin Conference in the late 18th century. We were being exploited by this people until we finally gained our "independence" in 1960.
After the independence, we were still being marginalized by exporting our resources outside the Shores of the country only to bring them back refined, repackaged and rebranded; no need stressing that because we were just starting and we lacked some machines and well equipped factories to produce standard and competitive goods, products or commodities. Then we survived without the liquid black gold but with agriculture, this was the reason why the then premier of the south-eastern region (Late Micheal Okpara) decided to embark on a massive agricultural program in the region of high brought about rubber, cocoa and palm fruit plantations in Cross River, Rivers and some parts of Abia State. These plantations are still untapped, the agricultural activities in the Northern part of the country are still untapped, the rice farms in Ebonyi state, the limestone and granites in Cross River and the coal in Enugu state just to mention but a few are being looked down upon just because of the presence of petroleum in the country. This has made some analysts to see us as a country with "mono-economy" (which we really are).
Over dependency on a particular sector of the economy spells doom for a nation. I therefore urge/charge those concerned to diversify our economy for the betterment of our country and for the sake of the generations to come.
After the independence, we were still being marginalized by exporting our resources outside the Shores of the country only to bring them back refined, repackaged and rebranded; no need stressing that because we were just starting and we lacked some machines and well equipped factories to produce standard and competitive goods, products or commodities. Then we survived without the liquid black gold but with agriculture, this was the reason why the then premier of the south-eastern region (Late Micheal Okpara) decided to embark on a massive agricultural program in the region of high brought about rubber, cocoa and palm fruit plantations in Cross River, Rivers and some parts of Abia State. These plantations are still untapped, the agricultural activities in the Northern part of the country are still untapped, the rice farms in Ebonyi state, the limestone and granites in Cross River and the coal in Enugu state just to mention but a few are being looked down upon just because of the presence of petroleum in the country. This has made some analysts to see us as a country with "mono-economy" (which we really are).
Over dependency on a particular sector of the economy spells doom for a nation. I therefore urge/charge those concerned to diversify our economy for the betterment of our country and for the sake of the generations to come.
Secondly, every nation has its own currency as stated in the nation's Constitution and Nigeria's legal tender is NAIRA not DOLLAR. In Nigeria today, most transactions being carried out by the nation's "financial heavyweights" (especially the politicians) are done using the dollar thereby giving value to dollar outside its domain and devaluing our local currency (naira). Currently, school fees and rents are paid using dollar, our governments no longer award contracts or pay contractors with our naira. History has it that the last administration in Nigeria that paid all his contractors using the naira was the Abacha's administration. The question remains this, why can't we pay these people with our local currency owing to the fact that they are working in our country?.... The golden truth is that we don't have value for our own currency, in which the case of our economy will worsen in the nearest future if we continue this way.
Currently, a little amount of dollar will fetch you a briefcase of naira. The price of household items are also affected, I was provoked when a woman who sold pineapple to me some days back told me that pineapple is now costly because our exchange rate for dollar is on the increase, I began to wonder what dollar has got to do with the price of pineapple in Nigeria.
Currently, a little amount of dollar will fetch you a briefcase of naira. The price of household items are also affected, I was provoked when a woman who sold pineapple to me some days back told me that pineapple is now costly because our exchange rate for dollar is on the increase, I began to wonder what dollar has got to do with the price of pineapple in Nigeria.
Furthermore, the exit of coins has done more harm than good to this country's economy. America, France and other great countries of the world with better economy have coins and they still use them for transactions. Going on a memory lane, I can remember in this country far back in the early 90s when we use to buy 2 akara for #1, i.e 50k each. Things were better then. Back then if you give #5 to a child, he/she might even bow while thanking/appreciating you. Try giving #20 to a child today.....................#smiles#....... All you will hear is this "this can not get me a tin of bobo juice".
Though coins were heavy and sometimes pull down our knickers when we have much of them in our pockets, we were happy having them and we also had value for them as children.
I think the time had come for us to revalue our currency and revisit the denomination of our currency. This is now a message to Godwin Ifeanyi Emefiele (the CBN Governor). Sir bring back our coins and make our highest denominations (#1000 & #500) scarce, the highest denomination of a country's currency shouldn't be rampant, it leads to high rate of inflation if not properly managed.
The above suggested measure will not just help us regain our economy, it will also help us curb inflation in the country.
Though coins were heavy and sometimes pull down our knickers when we have much of them in our pockets, we were happy having them and we also had value for them as children.
I think the time had come for us to revalue our currency and revisit the denomination of our currency. This is now a message to Godwin Ifeanyi Emefiele (the CBN Governor). Sir bring back our coins and make our highest denominations (#1000 & #500) scarce, the highest denomination of a country's currency shouldn't be rampant, it leads to high rate of inflation if not properly managed.
The above suggested measure will not just help us regain our economy, it will also help us curb inflation in the country.
Lasty, our balance of payment is unfavorable, we are importing more than we export. There should be a ban on the importation of some goods which we can produce locally. Some contraband goods are being smuggled into the country on daily basis, there should adequate/proper checks on our borders so as to eliminate this.
In conclusion, the task of making Nigerian economy an enviable one is left on the shoulder of we the citizens to carry out. Let's join hands together and make our land green.
God bless Nigeria
God bless Nigeria
By
UCHENDU SAMUEL MARK
UCHENDU SAMUEL MARK
I literally relate with the issue of importing more than we export. How can our balance of trade favour us when we virtually import everything even toothpick?????? You I have wondered myself what's so hard in producing those tiny sticks. If we can produce and package brooms the way they are.......... And utilize it in our various houses, then what's really hard in producing toothpicks???
Another thing i'v always pondered on is the reason why our so called importers won't keep an eye and learn how these commodities they are importing are been produced then come back to Nigeria and start up a SME to embark on such production. Nigerians are known in diaspora as cunning and smart people but I doubt they gear this attributes towards something that will impact positively on our economy. The only place you'd hear their utilization of their smartness is where it boils down to issue of drug trafficking or other social vices........
Should I mention how our government should work tirelessly to encourage the efforts of those youths producing stuffs in ABA??? You and I know deep in our hearts that talents do exist down that Eastern part of Nigeria, what they need is counter support upon support. They lack the ability of providing quality goods.......... But if government will look deep into their matter, pick out those that have such potentials to create something out of nothing and provide them with the necessary materials needed to bring something to table, then am gonna assure you, Nigeria will move from consumers to the rank of producers.
People have made the issue of Nigerians not patronising their producers but if we should tell ourselves the truth, we'd know that what all and sundry seeks for in a particular product is quality. Who would want to be frugal in spending????? If you want to get something, go for the original because if you don't, you will keep spending on that particular thing, so to avoid such stories, some wealthy Nigerians resorted to getting the originals rather spending unnecessarily on a product.
People have made the issue of Nigerians not patronising their producers but if we should tell ourselves the truth, we'd know that what all and sundry seeks for in a particular product is quality. Who would want to be frugal in spending????? If you want to get something, go for the original because if you don't, you will keep spending on that particular thing, so to avoid such stories, some wealthy Nigerians resorted to getting the originals rather spending unnecessarily on a product.
This whole issue boils down to what's the incumbent administration is doing to remedy the situation and bring us out from this messed up Economy and condition???? Are they making any move at all towards improved and sustainable economy???? When will we stop the pursuance of dollar and embrace our currency as the only legal tender in our country?????? When will we start boasting of using a thousand naira to acquire so many things.........??????? So funny and at same time that you'd enter market with 10,000 naira but you will come out with nothing as the hike in prices of everything is appalling and nothing to write home about......
So many people have written on this and nothing changed...... And unless our leaders wakes from their slumber and put their hands on the desk, nothing good will ever happen...... The trend will keep rotating, the rich will keep surviving , while the poor citizens will keep dying in their abject state of life.........
#IrestMYcase
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