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Friday, November 15, 2019

ARTICLE: Augmenting Confidence In Nigeria For Fostering Developments Ahead Of Economic Buoyancy And Skyrocket Quality Of Life By Bada Olaitan || Empire Media NG


A well concretised with a ground breaking economy overwhelmed with monopoly aim to engineer the smooth running of the well-being of humanity is the basis on which the social growth of citizens is built. In every human gathering, enhancing confidence in nation building towards economic success and improved quality of life is the prospect and the aim to foster a sustainable development that can inform maintainable innovations and proficiency.

In lieu of this, understanding the major and sources of thess social problems that has retarded the motivation to nurturing the potential and to wrestle the subject matter calls for a serious concern which can never be overemphasized and gainsaid.

Nigeria as a country since the exit of the 80s has been experiencing wane in her economy growth which in turn has bounced back to brutalize the individual well-being of her inhabitants, slows down the development of the nation and thereby caused a big set-back on the path of the nation’s reputation internationally. Thus, all these call for the consciousness of many patriots that make them more curious about the infirmity this nation is suffering from. This has created heart bothering questions seeking for answers, but at the same time, such questions tends to be rhetorical.

This has propelled so many Nigerians to embark in diverse analysis in trying to create a porous in whatever buffer or dyke holding back the prosperity of this great nation. Without mincing words, it is a thing of ignominy as big as Nigeria is with such a low GDP ever since the exit of 70s that fetch Nigeria the big appellation (Giant of Africa).

In order to revive this dead outlook, there is a need for thorough examination of the nooks and crannies of this nation to sample the ideas of both able men/women and youths which I believed would go a long way in identifying the problems and also trigger possible solutions. However, figuring out possible means of enhancing confidence in Nigeria for a nation building as an eye opener cannot be overemphasized in tackling and preventing this barbaric plague and omen.

The economy of any nation cannot be underestimated in sustaining the population growth of a nation, Nigeria had once experienced this in early .70s while being called the Giant of Africa but some decades from now,  Nigeria is lagging behind on the list of world economy record as the population increases and the economy deteriorates.

Taking for instance what had happened in the past to justify what we are seeing now, the reverse is indeed the case as some countries that Nigeria was leading before are now the one leading Nigeria with a wide gap which.

This can be explained further by the lecture given by Sanusi Lamido Sanusi at the Eight convocation lecture of Igbinedion University, Okada, Benin City, which explains thus:

"In general, economic growth and population growth rates are very close that the margin cannot induce the required structural transformation and economic diversification.  The Nigerian economy has grossly underperformed relative to her enormous resource endowment and her peer nations. It has the 6 largest gas reserves and the 8 largest crude oil reserves in the world. It is endowed in commercial quantities with about 37 solid mineral types and has a population of over 150 million persons.  Yet economic performance has been rather weak and does not reflect these endowments.  Compared with the emerging Asian countries, notably, Thailand, Malaysia  , China, India and Indonesia that were far behind Nigeria in terms of GDP per capita in 1970,  these countries have transformed their economies and are not only miles ahead of Nigeria, but are also major players on the global economic arena. Indeed, Nigeria’s poor economic performance, particularly in the last forty years, is better illustrated when compared with China which now occupies an enviable position as the second largest economy in the world. In 1970, while Nigeria had a GDP per capita of US$233.35 and was ranked 88th in the world, China was ranked 114with a GDP per capita of US$111.82."

Hence, the need to enhance confidence in Nigeria for nation building, towards economic success and improved quality of life for Nigerians arises as the best thresholds not only to awake the consciousness of Nigerians but also to proffer solutions to the aforementioned problems.

In this vein, there is a need to identify why people are not being motivated to be audacious about what can turn things around for them and the nation and how they can be motivated to indulge in some activities that requires the fostering of the economy richness on the nations path.

To lead an untrained to war is like throwing them away, this reminds me of quote that goes thus: “The future promise of any nation can be determined by the present prospects of its youth”.

In building a competitive nation for economy and an improved quality of life for Nigerian, there is a need to tutor and open the eyes of Nigerian youths to the benefits of a good economy and its consequences by organizing series of open seminars and symposium that would be accessible for youths.

Not only that, government on its own path should embark on a wide campaign and awareness on self-employment and be ready to empower youths, change their orientation about white choler jobs which does not put food on the table like before.

Youths have a big role to play in setting the economy of this nation on a locomotion, hence, youths cannot be left out without being equipped to wrestle economy deterioration.

In order to have an improved quality of life for Nigerians through an economic success is to put forward the necessary instruments in recruiting potential leaders, youths, and the Nigerians at large in adding their quota to the betterment of Nigeria.

In addition, many Nigerians have the potentials and dreams of becoming something big or creating something big that could improve the economy of this nation but later dies in them because there is no environment to nurture their dreams and potentials to maturity. This can be described by the two sides of a coin, individually and collectively as a Nigeria.

Firstly, I would like to speak on the government’s path which I believed to possess the monopoly of power to turn the tides for this nation without any iota of hesitation. The onus is on the government to go extra mile in ensuring a serenity environment for the citizens by creating an avenue for mental growth through a sound academics programme for the citizens thereby orientating them and opening their eyes to the pace.

Abraham Lincoln once said that “education kills the disease of ignorance, superstition, fear and poverty” which implies that education is the best tool to liberate the minds and souls of human beings from ignorance and obscurity. Education is very essential and must be made accessible for average Nigerians to make them free from the shackles of economy slavery.

On the other hand, individuals must be willing to add their quota to the betterment of this nation having be exposed to the benefits and the consequences.

Nevertheless, government should as well create a marketable products, invest much on agriculture and also encourage farmers by giving out loans to them to boost their farm products, preserve their products from being spoilt and also help in distributing fertilizers and insecticides to prevent their crops from pest and cankerworms.

Government possess the major responsibility in creating a good and an improved quality of life for Nigerians, hence, demands for a diversity in the source of Internal Generated Revenue (IGR) for this nation by shifting its major focus from crude oil that has been suffering rejection in world market of recent and revive the palm oil, groundnuts, cashew, yams, cocoa, coffee and many more that made Nigeria one of the best economy state in the early 60s.

In conclusion, the prospects for growth in Nigeria are very bright going by the achievements recorded during the last ten years and the current reforms in the various sectors.

For Nigeria to consolidate these economic gains and move higher in the frontlines of growth and development, it must deepen reforms that improve human capital, promote high-quality public infrastructure, and encourage   competition. The pillars to sustain this consolidation must include a firm fiscal policy, transparent fiscal operations, development-oriented monetary and exchange rate policies, strengthening of the financial sector and strict adherence to the rule-of-law and respect for the sanctity of contract as well as commitment to fighting corruption and corrupt practices.

Nigeria has opportunity for progress. We must break away from the past to deliver a new Nigeria that the future generations of Nigerians would be proud of.

Our electoral process must not only be credible, but must be seen to be credible, since robust economic performance necessarily requires a robust political environment to happen.

Thank you all for your patience to read through.

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