₦airaland Forum

The past few years has been described by various economic experts including former CBN governor, Charles soludo, as a boom in the oil sector that we did not take advantage of. This period could have meant development for us as a nation. However, it seems another opportunity will come knocking in the next few years, not just on the country's development but on the financial and econonmic welfare of Nigerians and hence the growth of this country. I do not have quotes but i know some of you would have read articles talking about the now-becoming-expensive labour in china and some other asian countries. When labour becomes expensive for producers, they look for cheaper labour, hence the former source for labour from Europe and the U.S.A, to countries like China and india. If these countries can no longer provide cheap labour, that leaves African countries as the next source of cheap labour. Nigeria comes to mind. This shifting investment, if made use of will help effortlessly diversify our economy. I think the president elect, when he gets to power, can help us by: 1) Revamping the educational system: it has not been uncommon for foreign companies to cite the 'unemployability' of Nigerian graduates and lack of experts, to bring in their own labour from their country, hence, denying us jobs, a better HDI and higher revenues. This can be handled by revamping the educational system and positioning educated youths to be a major part of the growing middle class that will result from increased capital investments. 2) proper orientation and aids in the form of loans and technological assistance to local producers. This will have the effect of providing quality materials or resources either for export or for sale to incoming and already present companies. 3) There should be at least a little shift from producing primary products to secondary or even tertiary products. This will enlarge our market structure and create more jobs for both literate and illiterate. 4) Government should also lower taxes on incoming companies and also not neglect the domestic side of the economy. 5) Also, other states and towns have to be properly urbanized and ready for the growth, so we do not have brazil's situation where the rich and middle class are majorly in some states while residents of other states remain poor. (Better even dispersal of the wealth). This would also help reduce the overpopulation of Lagos and kano state and reduce the crime rate of the country. 6) A strong financial institution should also be set in place. We can help ourselves and our government by focusing on studies and not criminal activities(for students), listening for capital investments and then going about ways to make ourselves relevant to these companies, making sure we vote the right candidates and demanding for good governance. Please add your suggestions. Good morning, Nairalanders! Seun Thomas.

nice wright up wish this will b utilise for the benefit of all

bewla:
nice wright up wish this will b utilise for the benefit of all

tnks bro