Against the background of pervasive poverty, corruption and widespread unemployment, nearly three decades of military rule in Nigeria saw a massive deterioration of Nigerian economy and weakened development capacity at all levels.
Rights wing democracy was presented as the only framework within which economic and social development expectations could be facilitated because it is based on consent of popular participation and capitalism.
The transition to civil rule in 1999 was therefore accompanied by high expectation of economic development, job creation, and sustainable income for citizens, food security and re-industrialization for self-sufficiency. But the anticipated opportunity seems to have given way to disillusion, disenchantment and unprecedented wealth and resources distribution inequalities. This has been attributed to crude economic policies, skewed political relations; unearned wealth in the form of corrupts accumulation of state funds and resources by a fraction of politically exposed individual at the corridor of power.
The foregoing is to help us appreciate where we are coming from, has it stand a reasons to point out the fallacies of the present economic woes today came with full expectation ,but highly a disappoint to Nigerians.
On the 1st of January, 2021 President Muhammadu Buhari in his New Year message broadcast re-emphasize his administration determination to revamp the ailing and recess Nigerian economy”.
Our concerned in this piece is the “Revamping of the Economy”, that formed a strong part of the President message of hope to Nigerians in freshly New Year 2021. This aspect is the greatest a takeaway of for any concerned Nigerian at any level. All others issues are very cogent and equally important on there on own, but the foundation of all is the economy distortion and disarticulation necessitating others.
For instance, the EndSars issues, youth’s employment and empowerment, national cohesion and unity, human rights, good governance, insecurity, respect for human rights and justice. Without, the economy standing sure and better for all Nigerians, we may find ourselves in the square one and continue in the circle of crisis. The greatest cry of all Nigerian is about high cost of living, inflation on all sides, inquality and limited economic opportunity as well as dead industrial sectors.
As a concerned of this piece read, revamping the Nigeria’s Economy is a clarion call and indicting challenge President Muhammadu Buhari, the 36 state governors and not excluding the Local Government Council Chairs, not minding whether they elected or appointed.
Equally important in this task are members of the National Assembly Senate and Federal House of Representative as well as the States Assembly Members. Sincerely, revamping the economy does not stop at the Presidency desk alone, the entire federation governance structure must involve Federal, State and Local government inclusively.
The established introductory part of this essay pin point the much expectations at the coming of democratic government in 1999 and the failure of disappointment that followed it up till dates.
So, the President has a chance to revamp the economy far from the abysmal and poor performance it is today. This is the redemption time for the Buhari administration and PDP member’s presently occupying official position to turn things around for good economically.
The decades of de-industrialization of the nation are a must that, for in true sense “revamping the economy” is industrialization and linking our primary, secondary and tertiary sectors products for value chain impacts. Electricity power supply to it height is the bedrock to this revamping of the economy, and this cannot be overemphasized.
While it is important to state here that, many should not be carried away with the recent IMF ranking of Nigeria as the 26th largest economy and biggest GDP of $442,976 billion. Even as poverty, unemployment and high inflation bring about increasing in food prices, transportation and service charges. One critical reading through the report and ranking portray a mirage of the true reality on ground.
What should be done? I trust the Presidency understand so well that revamping the economy is not a tea party affairs neither is a talk shop experiment.
Revamping Nigeria economy is a fight between light and darkness to save the Nigerian nation soul, it a fight between sabotages and patriotic Nigerians.
It going to be the war of policies action and implementation. Moreso, it going to be a task of clearing the stable of unfriendly friends and enemies of Nigeria economy development.
Having said this, in my humble submission, these following could help. First, The Nigeria state need to go back to the basis of governance, that government involvement in enterprises and businesses.
These sectors must not be left in the hands of private individual and groups alone. In this regards, government must see it action and policies as business of the state for the overall benefits of her citizenry.
Secondly, revitalizing many of government moribund industries is very apt for critical reactivation that would bring about jobs and stability of the employment challenges.
Lastly, the much talk about diversification of the economy must be dynamic and impacts lubricants, especially as the focus has been on agricultural sector. A much dynamic diversification of the economy must be multi-linkages of agriculture, research, education, manufacturing, transportation, services and export.
And I admonished the Presidency to note this, the Economy has no Courtesy, revamping it need no gentleman approach.
By Adefolarin A. Olamilekan
Political Economist & Development Researcher. He can be reached on:Adefolarin77@Gmail.Com or 08073814436, 08107407870