WE CAN DO IT AGAIN,EVEN BETTER!!!
It is no longer news,the intense frustration experienced by Nigerians presently. While it is obvious that the government through the media shows that all hands are on deck to ensure the alleviation of the present economic condition. Concerned citizens, both the lettered and the unlettered have expressed their grivances,from those in the industrial or secondary quarters to the non-industrial or primary quarters of the economy, ranging from Bankers,stockbrockers,insurers, business men and women to farmers, market women,artisans and even students. Many have purged their emotions through various thought provoking articles and have proposed feasible solution to our common problems.
This article was provoked by an article written by one Mr Eze Onyekpere titled MR PRESIDENT ECONOMY RECESSION which was published today (25TH July,2016) in punch newspaper (http://punchng.com/mr-president-economy-recession/)Mr Eze was able to express his dissatisfaction over the present convoluted economic quagmire in Nigeria and highlighted possible solutions to the menace.Though exhaustive,his article was.I would like to add an antidote to the poison injected into the Nigeria’s economy.
First and foremost,for comprehensive sake,our
four major economic problems go thus,
i. The plummeting global oil price from about $116 to around $32 per barrel.
ii. The depletion of Nigeria’s foreign reserve from about $40b to about $26b.
iii. The ever highest level of inflation in the history of nigeria’s economy,which is presently 16.5% high.
iv. The Niger delta avenger crisis, which has led to the vandalism of pipelines & threats to the lives and properties of oil workers and associations (PENGASSAN & NUPENG).
The implication of these four cardinal economic problems have relegated Nigeria’s economic outlook into recession. With this, Nigeria’s economy has been held hostage and economic experts now seem incompetent to pay the necessary ransom to salvage our economy.
To a logical and positive individual, who is aware of the realities of today’s economy will applaud the government about her action to diversify the revenue base of the economy. To the naive, let me enlighten you on why it is the only alternative to salvage the wrecking ship of our economy.
The Nigeria’s population, being the highest in Africa ,increased from about 179m in the 4th quarter of 2015 to about 184m in the 1st quarter of 2016 and a projection of about 189m was made for 1st quarter of 2017.Apparently, an arithmetic projection of about 5m people annually.Consequently,the working population(number of people of working age,willing and able to work) which increased from about 76m to 78m at the same time frame, this sends signal of about 2m increase of unemployment level.Now,from the aforementioned cardinal economic problems, I found it inconceivable that the current low production in the oil sector couple with the ridiculous price it is being sold,could b used to drive the economy of our dear nation to the promise land.
Although, president Buhari promised to use only about 800m from the oil sector to finance 2016 budget,but the truth is, the meagre 800m out of 6.07trillion budget is unrealistic. The government proposed executing the budget with revenue from non-oil sector.The question; what substantive measure has government put in place or proposed to put in place to yield huge revenue from agricultural sector? really begs for an answer. To make government’s plans a dream come through, it is important that the population which the government intends to use as means to achieve agricultural revitalization are well informed about the rudiments of agricultural activities. With this,I propose that the government launch a massive orientation about agriculture, ranging from fish farming, crop production,live stock farming, forestry and lots more. This could only be done through higher institution of learning, which is bedrock for acquisition of practical knowledge. Funds should be released for research about viable seedlings and products.Fishery,forestry,livestock and new areas of agriculture are to be entensively explored.The spirit of farm cultivation even at asmall scale for subsistence agriculture should be imbued in the minds of Nigerians through government incentives. Moreover, commercial agriculture should be encouraged through incentive to farmers and direct involvement of government in agriculture.
At the birth of our independence, agriculture was the oxygen we breathed, though I wasn’t born then but thanks to history. Then, agricultural product was major source of export and recorded over 60% of Nigeria’s GDP. Food products were in abundant at affordable prices, and about 90% of Nigeria population were fed with our home grown products(ECONOMIC SURVEY OF NIGERIA by S.O OLAYIDE{1960-1975}).At that period, the sector employed about 80% of the county’s working population, and with our present population, we stand a better chance to do better than we did in the first republic.
Having emphasised on agricultural orientation, The government is required to possess the eagle eyes,to serve as as watch over her expenditure into the agricultural sector.This will ensure accountability,efficiency and a productive result.The present anti-corruption tussle is laudable, and I hope if the government could engage the agricultural sector in the like manner,our economy will be back on track,hale and healthy.
Article written by SAKA TEMITOPE ABDULMALIK,
Part 3 student of ECONOMICS,
OBAFEMI AWOLOWO UNIVERSITY.
OSUN STATE,NIGERIA.