Nigeria’s economy as hope or disappointment for Africa

To most Africans and nationalities from other continents, Nigeria is not just the most populous black nation on the surface of the earth but also a country that is well known for her strengths in biodiversity. Nigeria’s economic potential has for long been known to be substantially tied to this natural endowment. However, it has been observed, from a critical point of view, that the privileges of such endowment are yet to be reasonably exploited, substantially harnessed and efficiently deployed for effective utilisation or appropriately channelled for economic growth. 

The big question that leaps out of the mouth is how and to what extent is the economy benefiting the citizenry by such provisions in terms of food for nourishment, housing, clothing, energy supply; and many other resources? The answer cannot be expected to be a positive one. It is also an established fact (from studies conducted through professional research works) that the country has diverse languages from numerous ethnic nationalities with very rich cultural heritage. On the aspect of human resources, it is characterised demographically as a nation whose strength counts in human diversity. In the face of all these indices, it is annoyingly and painfully established that it has been declared (economically) as the poverty capital of the world. Such unfortunate inference made by globally recognised financial bodies, is a misnomer.

All over the globe, it has been observed from collected data that Nigerian citizens in the Diaspora happen to have a good spread in most of the countries of the world, with some of them occupying top notch job positions. Nigerians are known for their resourcefulness and diligence, which aid them to be the most educated alien group and successful foreigners in some of those foreign countries. Coming from the school of thought that education is the key to success, most Nigerians acknowledge the hard facts, and understanding quite well that without professional qualifications and/or higher degrees up to PhD, that unemployed graduates with just the first degree are too many on the job market in the country, they competitively pursue higher degrees that could assist them lessen the competitive pressure in seeking for job openings back home in Nigeria. It is an economic issue and a national burden on the federal government who practically cannot provide jobs for these young graduates within the economy. This challenge is among the numerous reasons why a multitude of young Nigerians are desperately emigrating, simply to seek for greener pastures. In that desperate bid some end up drowning in the sea, dying terrible deaths either as a result of hunger, dehydration in the desert or being dehumanised in strange foreign lands in the coastal countries of North Africa (like Libya and Algeria). This is among the major ills of the current “jakpa” syndrome facing the nation.         

The Federal Republic of Nigeria needs to quickly change the narrative within the economy, whereby a well detailed and properly designed economic management template to reposition the economy is put in place. This requires a management plan where all the natural resources are prudently allocated to local investors who are willing and technically equipped to transform such local raw materials into finished goods that have appreciable value as a result of value addition. By putting such an arrangement in place, the productivity profile of the nation’s economy would shift from one of near redundancy to one with actively run economic and commercial activities; where a lot of openings for jobs unavoidably surface in the labour market. All unemployed youths (both unskilled and professionals who are university graduates would then be gainfully engaged).

The Nigerian market, which is targeted with jealousy by almost all the nations in the world, shall begin to be patronised for her export goods and services, from established trading partners to their respective local partners. One spectacular thing that gives hope for the revival and the eventual survival of the nation’s economy is the available large market in Nigeria.

It is therefore very necessary that those in authority should work tirelessly towards rescuing and recovering the economy. Nigeria’s large market is enviably monitored by the outside world because its attractiveness lies in its huge size in international/transnational trade operations (import and export). If the economic drivers or those who are enlisted by the ruling government get it right, no doubt, the entire economic situation and landscape in the country will automatically change. The negative impact of the unutilised capital stock, on its own, will automatically disappear from the economic monitoring radar for full and total engagement, with a view towards salvaging the Nigerian economy from being tagged an underperforming economy. 

Being a leading economy within Africa that other African economies look up to; the undeserving poor performances due to non existence of local manufacturing would cease and encourage the other African nations to be hopeful of economic survival of the entire continent, which might be powered by the intra-African trade platform, African Continental Free Trade Area (AfCFTA). Nigeria, with her large market within the continent, may not after all, disappoint the other 53 economies if her own economic strategy is improved, through extensive local manufacturing operations, to significantly attract export earnings and turn the tide as the poverty capital of the world.

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