These past few months have generated a lot of reactions from Nigerians in different parts of the country concerning the nation's economic locus standi. The bevy of expressions of digust and vituperations rained on the Buhari-led government daily, most especially on social media, due to her perceived inability to salvage Nigeria's economic quandary has become trendy. Even those with a shallow understanding of the existing state of affairs undeservedly lambast the government, while some by virtue of their political affiliations capitalize on the unforeseen downturn of economic activities to flaunt their disappointment and seemingly irremediable pain sustained in the last presidential elections. A good number of persons have been left perplexed by my silence on these burning national issues. Silence is golden. Undoubtedly, this piece will satisfy their curiosity and suggest pragmatic ways of remedying the economic doldrums rampant in our national space.


Basically, what makes a robust economy lies in grasping the essence of Economics, which is the deployment of scarce resources to meet defined needs. The Nigerian state, like most countries, has a plethora of needs in the education, socio-political, science and technology, agricultural, aviation, and economic sectors. It is public knowledge that her mono-economic disposition augurs badly in recent times due to the unexpected and gross fall in the price of her age-old benefactor--crude oil. And inevitably, this has rubbed off unfavourably on the nation at large, causing economic recession and hardship in the citizenry. There is reduced trade activity for her in the global market place, because of little or nothing to sell for generation of income to enable the country subsist. This explains the financial challenges the Federal Government grapples with. Most Nigerians (probably you, too) hurriedly point the finger of blame at the present administration for this misfortune, forgetting that past administrations are also significantly culpable for not diversifying the nation's economy. For a moment, politics should be side-stepped.


The earlier we consider the way forward instead of incessantly casting aspersions on the president's person and his government, the closer we will be to freedom from our economic woes. Present realities say that Nigeria needs multiple reliable sources of income. The hit song of economy diversification needs a metamorphosis to efficient implementation. This is where the Federal Government needs to proactively come in. Many economic analysts harp on agriculture as the way out, this could work but focusing on it mainly or only would highlight that Nigeria has not learnt from her mistake.


Agriculture used to be the pivot of the country's economy hitherto the discovery of crude oil, which now begs for reinstatement. There are a good number of agricultural produce that can be exported in exchange for the billions of dollars that our economy craves for. Groundnut, cocoa, onions, palm oil, and garri can be considered for a start. Erecting industries for the production and processing of each of these in various parts of the country where they are richly deposited would provide the nation with more commodities to display at the international market.


Furthermore, potentials in the Aba trade arena, where most foreign goods are reproduced sometimes with a lesser quality, should be maximized. If they can carry that out with such precision and expertise, the manufacturers can be re-orientated to be more original--for it is better to fail at originality than to succeed in imitation--and better equipped to employ their ingenuity in producing goods like caps, clothes, shoes, etcetera, of better quality for use by Nigerians and non-Nigerians.


More so, the Innoson Vehicle Manufacturing Company should be promoted and supported, even with government policies and finances if need be. It can be transformed into one of the leading automobile companies in the globe, thus boosting the economy. Partnering with its pioneer to take it to the next level is a step in the right direction. Strategically advertising it on global broadcasting platforms like CNN, BBC, Sky News, Supersports, Aljazera, etcetera, on a frequent basis will increase patronage. Dangote Group is a proof of what pertinent governmental aid can do. This will encourage many to start up businesses that can be beneficial to the nation. The discovery of nickel, a steel-making component, in reasonable quantities in the country should be optimized. Researching on its intricacies and judiciously planning its optimization would be crucial.


However, taking the above stated measures and concentrating on them for the meantime would herald an economic revolution that will positively impact Nigeria, and position it better to accomodate more strategic economic plans. Many jobs will be created, thus reducing unemployment to the barest minimum and the value of naira will surge. Endlessly blaming, complaining about, and broadcasting a problem has never brought about its solution. Nigeria's economic problem is not really the problem; the problem is the way Nigerians see this problem. It is not insolvable, and believing this as well as doing the needful would validate the notion that our present economic disposition is not beyond resuscitation.


Kaycee Naze
(Rational Pen)

Farms fault lines and factories
Simple

If you can't find opportunities as a result of this situation we are in you will never be successful no be lie. However, Buhari has always come out victorious with all the challenges. Look at the petrol situation, tomatoes light etc.

We have suffered before and we got no tangible result. We don't have patients for people or leaders who have us in mind. The people who deceived us get more time to cause more damages.

Slimfit, since discerning and seizing opportunities is mostly required now more than ever, the onus is on Nigeria and Nigerians to redirect their focus from the obvious challenge to workable ways of addressing it squarely.

slimfit1:
If you can't find opportunities as a result of this situation we are in you will never be successful no be lie. However, Buhari has always come out victorious with all the challenges. Look at the petrol situation, tomatoes light etc.

We have suffered before and we got no tangible result. We don't have patients for people or leaders who have us in mind. The people who deceived us get more time to cause more damages.

what are you saying sef? People like you are dang*rous.. Are u a yoloba Muslim? Pls prove me wrong

However, taking the above stated measures and concentrating on them for the meantime would herald an economic revolution that will positively impact Nigeria, and position it better to accomodate more strategic economic plans. Many jobs will be created, thus reducing unemployment to the barest minimum and the value of naira will surge. Endlessly blaming, complaining about, and broadcasting a problem has never brought about its solution. Nigeria's economic problem is not really the problem; the problem is the way Nigerians see this problem. It is not insolvable, and believing this as well as doing the needful would validate the notion that our present economic disposition is not beyond resuscitation.

@ Kayceenaz

Analyst. Tried but not too impressed.

Hiploko:
what are you saying sef? People like you are dang*rous.. Are u a yoloba Muslim? Pls prove me wrong

I am yoruba and a christian

Hiploko:
what are you saying sef? People like you are dang*rous.. Are u a yoloba Muslim? Pls prove me wrong

I am yoruba and a christian. Ngozi did warn you all to prepare last year so what is new again.

slimfit1:
If you can't find opportunities as a result of this situation we are in you will never be successful no be lie. However, Buhari has always come out victorious with all the challenges. Look at the petrol situation, tomatoes light etc.

We have suffered before and we got no tangible result. We don't have patients for people or leaders who have us in mind. The people who deceived us get more time to cause more damages.

LMFAO, Buhari's strategy is to make thing extremely bad so that when it improves slightly it will look like he has triumphed. this will be his strategy for the next election, thing will improve slightly though worse than he met them, due to long period of suffering people will start showering praises and demanding for more tenure.

Meanwhile, OP read this:
I still find it funny that most people don't know why Nigeria economy went into recession, they love the incompetent lies of Lai Mohammed about the past government ruining everything. It's also myopic to think that if Jonathan were to still be in power, we would be worse off.

The truth about Nigeria's recession is this; it was caused by the president's unguided rhetoric and uncultured body language.

Firstly, there is nothing we are buying today that we weren't buying 5 years ago, therefore it's not our purchase that put pressure on Naira but withdrawal of funds by foreign investors.

After the election, the president created instability with his unguided statements about how everyone is corrupt and how everyone is going to jail. The instability made foreign investors to liquidate their investment and change their money to dollars. In the process of trying to flee, they were willing to buy dollars at any price, which lead to high exchange dollar rate.

Even though some of them were not ready to run away, but want their money in dollars to save their investments from devaluation, the president gave a bad signal by banning deposit of foreign currency into dormiciliary accounts. That was enough for free market believers to see the draconian handwriting on the wall, that was the beginning of dollar rush.

To make matters worse, the president came up with another outrageous policy of rationing dollar to certain sectors and blocking many sectors out. That was the nail in the coffin which facilitated the emergence of free FALL.

In the end, foreign investors took over $80B out of the economy within a short period and everything went down to free fall.

To those who believe it will be worse if Jonathan is still there, you are all wrong. Policy continuity and political stability will not let billions of dollars leave our shores within such tiny time frame. Even though the government might have income shortage, the private sector will weather the storm by their confidence in the market.

The fear of the unknown created by PMB is responsible for the economic downturn not low oil price. Interest rate in America is currently at 0.5% while it is 12% in Nigeria. JP Morgan Chase will not mind borrowing $50 billion from Feds at 0.5 and put in Nigeria for return of %2000 profit. Citi bank will do the same, likewise US Bank Corp. Chase gave Buhari warning about the repercussions of his fixing policy before they pulled out, but his illiterate cyber warriors and misseducated e-soldiers said JPMORGAN can go to hell, they no longer believe in economic metrics since their messiah is in charge. Funny enough they are all suffering today because of the stupid policy, but they find relief by blaming it on past administration and Gucci appetite of average Nigerians.

For your information, if your president "kontunu" with his unguided rhetoric, Naira will go down to N1000/1 $. But we thank God, he is no longer talking.


Source: Facebook post

hello guys I need movie roles.I can't beg or steal.any role even madman own

Just #BringbackGEJ and it will be fixed.

Pavarottii:
Just #BringbackGEJ and it will be fixed.

Wake up.

Not until the right thing is done. Everybody knows what Nigeria needs at the moment yet we are shying away from it

basilo101:

LMFAO, Buhari's strategy is to make thing extremely bad so that when it improves slightly it will look like he has triumphed. this will be his strategy for the next election, thing will improve slightly though worse than he met them, due to long period of suffering people will start showering praises and demanding for more tenure.

Recession is a good thing it teaches people a lesson in a

slimfit1:
If you can't find opportunities as a result of this situation we are in you will never be successful no be lie. However, Buhari has always come out victorious with all the challenges. Look at the petrol situation, tomatoes light etc.

We have suffered before and we got no tangible result. We don't have patients for people or leaders who have us in mind. The people who deceived us get more time to cause more damages.

What kind of opportunities are u talking abt?when everything is going down the drain. Even if there are opportunities, where is the money to venture into one? U are here ranting abt the performance of Buhari,is there anything different from what his doing from the previous administrators? Moreover he is more useless than them. His only economic policy is that of corruption, whereas there are a lot of corrupt individuals working with him. Now they have push us into recession n they even have the effrontery to tell us,is just a word......what a bunch of useless n rotten fools

Standing5:
@ Kayceenaz

Analyst. Tried but not too impressed.

Dear Standing5, "not too impressed?" What are your reservations about the aforesaid?

cc: lalasticlala

cc: seun, lalasticlala