Friday, 18 December 2015

ECONOMIC INCLUSION: Panacea for Progressive Growth and Development in Nigeria


In the recent time, there has been what some analyst called persistent drop, or free fall of crude price at the international market.

The implication of falling crude price for a Country like Nigeria, where crude oil, is the only activity, successive governments, since the discovery of crude oil, in the country, have generously assigned the role of determining the quantum of revenue that accrues to the economy; is dire and alarming. Any child of junior secondary school can unravel this.

All an examiner, needs do for a student in the junior class category to earn his/her full mark in any examination, dealing with the consequence of the fall of crude oil price at the international market, to a country like Nigeria is very simple. Relate the revenue accruing to the economy from crude oil to the role of blood in the human system, and inquire from the child, the likely consequence if there be a shortage of blood in the system. I can assure you the child will earn the mark allotted to the question, unless you are very stingy with your marks.

If the above is anything to go by, we can conclude that the drop in crude prices, for whatever reason and by every means has a debilitating and strangulating effect, on Nigeria, economically.

On the hues and cries by Nigerian leaders, concerning the drop in oil price; my subtle response is: good riddance to bad nonsense.

From the discordant tunes, played by the leadership, two things have emerged. The first is the one that portrays the leadership in the light of “the greater the lie, the greater the chance of it being believed”. The other is an attitude that says “by trying to persuade others, we convince ourselves”. After all, “truth often depends on custom”. Ponder...

Pranks and Politics aside, Nigeria needs massive re-evaluation and restructuring of the economy at the national, state and local government levels. All efforts should be on migrating the economy from a mono-dependent or single commodity economy, to a diversified, private sector driven economy.

Imbibing, echoing and reproducing the success principles of developed countries, without taking into cognizance our unique cultural heritage and environmental dynamics, will never help us. Developmental concepts that are directly imported from other countries will not deliver the desirable results.

I have not said that global principles of development cannot be domesticated and applied in Nigeria. Far from that. For Nigeria to properly evolve from one level of developmental timeline to another, she must rise up and face boldly the challenges of designing and implementing a home grown developmental strategy, consistent with her history, custom, resources, and ethos.

The experiences and success stories of the BRICS blogs bear great testimonies. They are proven indicators, if any is needed, that conceptualizing and owning a unique development pattern is one very important step, at hitting the real targets of development by nations.

Nigeria’s economic development efforts demands accurate stock taken, on the skills deposit of her youths, their heart beat, displeasure, idiosyncrasies, worries, and the likes, and on the strength of these facts, draw up a master plan, broad in scope and content. This should be supported with a strategic, very effective and vibrant communication tools. The focus should be to galvanize, reinforce and re-channel efforts, massively towards value orientation and reorientation, morality, ethics, productivity, service delivery, law/order, justice and respect for one another.

In addition, to the above is a well thought out strategic and innovative approaches that will make real the absorption of the youths into the process of change and development. This strategic agenda, must underscore, the fundamental truth, that the youths are the key stakeholder, indeed, the driver of the process. The attention should be to look forward, by concentrating on what can be achieved with what is left, rather than dissipating so much energy, on the past. This is one sure way of securing the buy-in of the older generation and ensuring less distraction from them. People that run and look back hardly win the race.

Without a deliberate effort to ensure quick adaptation, of the youth and also to meaningfully arrive at the point that we can convincingly say there has been devolution of power, the dream of change and economic development of the country will end on paper and on the lips of the very few who walk the corridors of governance.

To achieve desirable impact, the body language: physical, emotional, spiritual and otherwise, of political office holders must reassuringly demonstrate that major indices of under development, such as unemployment, poverty, poor education, inadequate infrastructure, poor medical/health care facilities are being addressed.

The greatest mistake, will be to live the articulation of national agenda of economic recovery on the lips of the few individuals, who parade the corridors of power as the leaders and representatives of the people. All Professional bodies, Researchers, Consultants, Civil Societies and Non-governmental Organisations, Churches and Mosques, Business Membership Organisations, Nigerians in diaspora, National and multi-national Corporations, all have major roles to play. Opportunities abound through Public Private Dialogues and Private Private Dialogues.

Nigerians must rise to embrace the obvious, that the calls, hopes and expectations by them for a diversified and self-reliant economy, is a matter of right. This is one huge approach towards escaping from a blurred future that has enveloped the nation due to long neglect of what is evidently a constitutional provision.

A quick reference to the constitution will throw up portions that succinctly empower the people to demand for a diversified and self-reliant economy, with the force of law. In Chapter 2 of Nigerian Constitution - “Fundamental objectives and directive principles of state policy” under the Fundamental obligations of the Government, section 16 states:
16-(1) (a) harness the resources of the nation and promote national prosperity and an efficient, a dynamic and self-reliant economy;
2 (c) that the economic system is not operated in such a manner as to permit the concentration of wealth, of the means of production and exchange in the hands of few individuals or of a group;
4(b) “economic activities includes activities directly concerned with the production, distribution and exchange of wealth or of food and services;

The only viable option and escape route for Nigeria to come out of her woes is to diversify the economy and make it self-reliant.  Massive entrepreneurship support will ensure huge manufacturing base and expanded avenues of foreign exchange Earnings. Nigeria is rich in human capital and natural resources. The third tier of government, the local government areas, must play active role in driving the economy. The army of Nigerian youths, and the women are in the rural areas. Economic inclusiveness, enabling environment platforms, generation of regular feedback, are sustainable approaches for economic diversification and self-reliant economy. Rural empowerment, will guarantee progressive development in Nigeria.

No comments: