NIGERIA has been known to have the largest economy in Africa
(based on figures announced in April 2014) and the country is still
striving to become one of the 20 largest economies in the world by
2020.
In past decades, there have been mismanagement, corruption,
failed attempts at economic reforms among various impediments
to Nigeria's growth, stifling its march towards attaining its full
economic potentials.
Economic growth is the most important means of raising people's
income and reducing poverty in the developing world. It creates
jobs and opportunities for poor people to support their families and
build more stable future. Nigeria has been faced with weak
institutions, poor infrastructure, and lack of financial propriety and
oftentimes legislation that had resulted to poor growth and reduced
foreign direct investment in the economy.
Past governments had, however, attempted to build a diversified
economy, provide jobs and improve welfare for Nigerians but the
nation appears stagnant and still associated with declining welfare
and socialinstability.What with nearly non-existent public electricity
which has crippled the Real Sector, causing exit or fold up of many
industrial and manufacturing concerns. From National Electric
Power Authority (NEPA), through Power Holding Company of
Nigeria (PHCN) to splinter independent power stations and power
generating companies, the situation of public electricity remains an
albatross for various past administrations and a daunting
challenge for the incoming "Change" administration of President-
elect, Muhammadu Buhari.
The Nigeria economy is expected to undergo radical change as the
country looks up to Buhari's mounting of the saddle at the centre
of governance. Gen. Buhari, a former Head of State, and an
avowed disciplinarian, is expected to have a better administrative
focus and leadership prowess thereby raising public optimism for
restoring confidence, discipline, sanity, peace and tranquility,
security, etc. to the business sector and the country as a whole.
A more focused leadership will make the economy more active and
ensure political stability. It will also encourage offshore investors
and they can be rest assured that they can repatriate their honest
profits to their home countries without fear of policy reversals. It is
expected that there should also be a change in the procedure of
managing importation and exportation of goods and services,
improvement in electricity, revitalisation and improvement of
infrastructure, turn around maintenance of refineries, payment of
sustainable salaries for public and private sector employees which
will gear them to pay their tax always, enhancement of youth
entrepreneurshipand stabilization of the exchange rate of the
national currency(the Naira).
Gen. Buhari will do Nigerians including himself and Africa as a
whole good if he can reshape and find possible solutions to the
issues in Nigeria economy especially as he works assiduously with
his team to reposition the business and economy sector and
normalise political situation throughout the country thereby
creating more opportunity for foreign and local investments to
thrive.It may be meaningful to explore and exploit local technology
and expertise in putting our refineries and allied industries on a
better footing, instead of spending whoppingsums of money
importing experts to come andmaintain our gigantic foreign
refineries that appear to defy our collective hopes and wellbeing.
As the nation awaits the change of baton on 29th may, the
business and industrial sector with baited breath for monumental
pronouncements and marching action for a better deal.