Changing bad governance tides to lift Nigeria’s economy

Collective action demands that Nigerians join forces in participatory contribution, from all fronts in civil society, to counter the acknowledged very poor performance of the political class in government in managing the economy; which is steep in systemic corrupt practices across the leadership strata of the country. The economy must not remain or continue in this light given that bountiful opportunities exist, with great potential in the human and natural resources of the country. If at the end (with a future target laced with positive expectation), favourable results are achieved for the economy, everyone will take the credit as it would not be only for those in government. So the ruling class alone, surely, cannot covet or monopolise the corporate glory meant to be taken by every Nigerian who partakes in the suffering for nation building. Nigerians, the majority, are currently having a “raw deal” as the economic downturn continues to bite harder; and attacking the wellbeing of the people.

Situations normally shift along any possible economic trajectory (either for better or for worse). In considering the nation’s economic situation, administrative tasks, which consist of organising and directing in this peculiar situation, need to be bestowed on individuals, on an incumbent and voluntary basis; for positive results to be actualised at the end of every activity cycle. By this it is meant that without exception, at all levels in the society, (where all hands are on deck); and in all strata of the leadership, there shall be a conscientious and sacrificial lending of hands of fellowship and expertise, for the much needed economic improvement and emancipation. The strategy and approach to be applied simulate the ideological “small fish fetch small firewood, big fish fetch big firewood”. This strategic model for economic improvement is simple in the sense that contributions are expected in the mode of corporate patriotism, where a woman or petty trader that sells fruits and vegetables shall exhibit expertise in handling her sales with passion. The same shall apply to those in public service (no matter how lowly the level) in their various offices discharging their respective duties efficiently and selflessly, to the satisfaction of their clients. For the ruling class/political officers, who are rightly or wrongly acclaimed as given to the lion-share in illegitimate amassing of wealth at the expense of poor Nigerians, should be a compulsion to judiciously appropriate funds and manage the commonwealth prudently. This should be devoid of the notorious heartless looting of the treasury, and focus on addressing insecurity, high inflation and energy poverty in the economy. Both the executive and the legislative arms of government, to a reasonable extent, should determine the tempo of the economic growth through favourable and friendly fiscal and monetary policies and legislations in favour of private sector operators. These are the main economic drivers who dictate the tone of economic productivity through their output capacities and performances.

The manufacturing sector should seriously remain a steady focus for all stakeholders in the economy to boost local production of goods leading to realising the economic milestone of ‘self sufficiency’. Incentives are therefore vital for the operators of industries to efficiently boost productivity in the economy (which can be by improving the cost of production), for enhanced export activities that aid local currency appreciation. Changing the tide of economic poverty can realistically not be expected only of our bad leaders, but should extend to all holding one leadership position or the other. In this scenario it should not always be the hard and fast rule that the government in power alone shall turn around unfavourable, harsh economic challenges. Every economic pressure group or sector needs to equally apply advocacy (on behalf of millions that are vulnerable) and regular engagement with the government challenging it to be sensitive to the cries of the people, and respond positively each time any challenge rears its ugly head.

Business growth can positively impact the nation’s economy only when those in power sincerely address issues of bad governance, which includes lack of competence, corruption, nepotism, religious and ethnic discrimination, among others. Equity and fair play would create an atmosphere where a level playing ground is provided for all and sundry, in terms of access to finance for growth, and favourable taxation for small businesses to competitively operate from all locations within the economy, while contributing their respective quota towards national growth and development. Both the government and civil society should be able at this critical point of the nation, to sincerely make this economy work, through the efforts of serious minded business operators in the private sector who are willing and ready to invest in growing both economic and commercial activities; and improve the already battered economy.

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