The situation in which Nigeria’s economy finds itself in recent times can be described in many disagreeable words. This is because it is facing recession, or a decline in economic activitiy which causes immense hardship among its citizens.
There is an appreciable downturn, rapid decline and obvious stagnation of the economy which contrast sharply with the oil boom years when Nigerian leaders wallowed in opulence, not knowing what to do with immense riches that came their way. There is no doubt about this state of affairs which sounded like a fairy tale.
But it is an incontrovertible truth, confirmed by the Honorable Minister of Finance, Kemi Adeosun when she appeared before the Senate recently to appraise the state of the nation’s economy. So, it is now official, coming from the horse’s mouth that Nigeria is indeed in economic doldrums, frantically attempting to overcome the forces responsible for that.
No matter what situation the economy is facing presently, the government and its leaders are pretty optimistic that Nigeria will soon survive and will come out stronger and unyielding in its determined effort to grow a stronger economy.
These are encouraging words from an optimistic minister, capable of uplifting the spirits of the already dejected citizens who had been expecting the dividends of change, promised them over a year ago. The citizens , though dejected, are not despondent, believing that very soon there would appear a silver lining on the troubled cloud that hang ominously on the country’s economic horizon. Current Nigerian leaders are determined to succeed where their predecessors failed by trying to avoid the same mistakes that facilitated harsh economic conditions bogging down the country.
To be able to do that successfully, the mentality of Nigerians must be totally transformed so as to fully enable mobilised them towards rectifying the faltered economy by rallying round the government, upholding and promoting its policies and ideals. They must be taught how to imbibe the spirit of economic patriotism. Accordingly, Nigerians must be cured of their insatiable appetite for imported goods which have abound everywhere due to uninspiring government economic policy direction. The resultant effect of this has always been the closure of local industries whose finished products cannot compete favourably with imported ones, thus magnifying the unemployment problems in the country.
Besides, there is also the dreaded inflationary trend occasioned by uncertainty in the exchange rate of Naira which has now been allowed to float freely on the international market so as to determine its intrinsic value.
There are also many other factors that have been responsible for the country’s economic predicament. Primarily, its citizens are not only poor in many respects, they are also lazy, failing to contribute in the effort for wealth creation that will sufficiently support the economy and promote its healing processes. Nigeria is immensely rich in various resources but lacked the means to adequately exploit them to the advantage of its teeming citizens.
It can be argued that the incumbent administration of Muhammadu Buhari inherited a dysfunctional country with a comatose economy, but that may not be an excuse for not taking urgent and appropriate steps to turn the economy round, halt the rot and then chart a path for moving the country to greatness and increased propsperity. Both the governing and the governed must realise that change, which has been the rallying call of the government is like a journey to expected destination which must be swift, fulfilling and gratifying.
What Nigerians need at this material time to drive its economy to greater heights are men and women of proven integrity, willing to make adequate, selfless sacrifice that will help in delivering dividends of the expected change.
It is indisputable that the country’s economy is currently bleeding propusely and things are tough, with people in extreme hardship but still struggling to smile even as they have been running out of patience, having vainly expected palliatives mesasures from a government they had persevered in facilitating.
Nigerians are now tightening their belts, having come to terms with the prevailing recessionary trend, seeking solace in the fact that isuch situation doesn’t last foever.
Finally, what the Minister of Finance, Kemi Adeosun said about the unhealthy economy is nothing new, but it will suffice to serve as a wake-up call to the country’s economic managers to try and appreciate the enormity of the problem on their laps and to plot a concrete pathway for getting out of that predicament. The sooner that is done, the better for the country, even if it is to pacify its already discontented citizenry.
