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Why Nigeria Will End Up Like Sri Lanka - Business - Nairaland

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Why Nigeria Will End Up Like Sri Lanka by ncheochiagha: 5:33pm On Oct 15, 2022
If you think about it, most of the things you consume are foreign-made. To the point that it is even embedded in our culture to value anything "foreign-made". Goods made in industrial towns like Aba and Nnewi are seen as lesser. You drive Japanese (Honda, Toyota) car. You'll use Korean air conditioner and washing machine (Samsung). You make call using American phone (Apple). You write with French pen (Bic). You watch films on Korean TV (Samsung) with a South African cable network (DSTV). And, of course, you're reading this on a Chinese laptop.
You see that we rely on these countries for everyday things, so we have to keep importing, The major thing we export, oil and natural gas, is not that valuable when you compare them to more refined goods like phones, computers, so we have to keep borrowing money from IMF in order to import to maintain our standard of living.
To make matters worse, since the countries we're importing from are getting richer, the prices of these imports will keep increasing. We won't be able to clear our debts and will even need to borrow more. Everyone saw what happened to Sri Lanka recently that's where we may end up in the coming decades.

I'm going to offer a possible solution to this problem. Of course, few people can not get it right completely, so I invite people interested in this to join our discussion on discord https://discord.com/invite/gUzgRbQC

The only way, we can [size=16pt]improve our current living standard[/size] is by producing what we use. We have to build up from agriculture. We need to import fertiliser and farming equipment, then organise and coordinate the rural areas to increase agricultural output. When we stop importing most of our foodstuff, we'll have surplus capital to invest in water supply and power supply. Before we can mass produce even a small stool, we need stable electricity so factories can function. We have a lot of oil, and we have coal in Enugu. I don't see why we can't take advantage of those energy sources to supply the gigawatts we need.
For large-scale manufacturing, we need to mine raw materials. Again, the only way to do this is by importing those machinery from abroad, so that we can mine our own resources and produce those machines in the factory. Let's import to produce rather than import to consume. That's the key to development.
A lot of our universities are not functional because there are no real job opportunities outside of civil service and oil. If we get these industries, then the universities that are meant to be training workers for industrial jobs will develop as well. And people will not have to be running abroad for education, and in the process funneling so much Nigerian money to countries that are already rich.

Re: Why Nigeria Will End Up Like Sri Lanka by Brian47(m): 6:07pm On Oct 15, 2022
You wrote well.
Re: Why Nigeria Will End Up Like Sri Lanka by ncheochiagha: 9:51pm On Oct 15, 2022
Brian47:
You wrote well.
thank you

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