Charting a path for sustainable economic growth in Nigeria 

The 1999 constitution of the Federal Republic of Nigeria (as amended) states that “there shall be promotion of good government and welfare of all persons in Nigeria on the principles of Freedom, Equality and Justice, and for the purpose of consolidating the Unity of our people”. This can only be achieved if everybody is ready to be ethical, say and act the truth and do away with corruption. Corruption is dishonest or fraudulent conduct by those in power or position of authority. This is now becoming the ‘new normal’ in Nigeria and dangerous for our future! Everybody is practising corruption; they call it a way of life in the country and think it is sustainable. But it is not sustainable as it is a ‘leakage’ in the economy and has no limit to which it can be practised. We all felt the military government before the 1979 civilian rule was financially reckless until we saw financial recklessness under Shehu Shagari administration between 1979 and 1983 at the federal level.

For sustainable economic growth in Nigeria, the government must recognise why “we the people of the Federal Republic of Nigeria” have formed a government, why everybody decided to surrender their sovereignty to a group of people in government; and that there are different groups that must be taken care of in the country. As there are rich people in the country, so are there poor people that must be taken care of according to the constitution. Demographically, we have children (between ages 0 and 12), teenagers (between 13 and 19), early adults (between 20 and 29), adults (between 30 and 45), late adults (between 46 and 60) and elders (from 61 and above). In a democratic set-up, the government must be responsible for all these groups without leaving any. Anything short of this provision of welfare will lead to regrets. While those Nigerians between ages zero and twelve need social investments in the form of free foods, free education and adequate care, those between ages twenty and sixty need employment.

The best way to ensure that there is welfare and security of lives and properties in the nation is to ensure that as many citizens as possible, especially the youths who are between 18 and 40, can get a job. These are independent populations that other citizens rely on for their welfare. It is through the efficiency of the economy, that is, the youths contributing to the development of the nation as early as possible and knowing that there is dignity in labour, that we can have sustainable economic growth in Nigeria. Chapter II, Section 15, subsection 3 of the 1999 constitution of Nigeria states that “For the purpose of promoting national integration, it shall be the duty of the State to: (a) provide adequate facilities for and encourage free mobility of people, goods and services throughout the federation.” Most state governments pursue this provision with vigour because it is a good head for making money and neglect other sections, especially Section 16 of the same constitution.

Section 16, Economic objectives, states that: (1) The State shall, within the context of the ideals and objectives for which provisions are made in this Constitution – (a) harness the resources of the nation and promote national prosperity and an efficient, a dynamic and self-reliant economy; (b) control the national economy in such manner as to secure the maximum welfare, freedom and happiness of every citizen on the basis of social justice and equality of status and opportunity; (c) without prejudice to its right to operate or participate in areas of the economy, other than the major sectors of the economy, manage and operate the major sectors of the economy; (d) without prejudice to the right of any person to participate in areas of the economy within the major sectors of the economy, protect the right of every citizen to engage in any economic activities outside the major sectors of the economy.

It goes further in sub-section (2) that: The State shall direct its policy towards ensuring – (a) the promotion of a planned and balanced economic development; (b) that the material resources of the nation are harnessed and distributed as best as possible to serve the common good; (c) that the economic system is not operated in such a manner as to permit the concentration of wealth or the means of production and exchange in the hands of few individuals or of a group; and (d) that suitable and adequate shelter, right to food and food security, reasonable national minimum living wage, old age care and pensions, and unemployment, sick benefits and welfare of the disabled are provided for all citizens. Inter alia, the constitution provides that no one shall have work fully while others do not have work. This informed the decisions of developed countries like the United Kingdom in rationing work for all workers who are interested in working and giving stipends to those out of job.

Apart from the provision of living wage and salary, the constitution in Section 16, subsection 2 (d), also provides for stipends to be paid to those who are unemployed, sick, disabled and old. It is along this line that the government must not only concentrate on revenue generation through increasing the tax burden and widening the tax net alone, but through employment generation for the masses. It will be best to consider the areas where we have comparative advantage for employment generation, wealth creation and economic growth. It is a known fact that Nigeria, being a tropical nation, has comparative advantage in agriculture. It is also a fact that there is general apathy among youths to engage in agriculture because of the poor returns. It will be beneficial to the government to create “Farm Estates” across the nation with landholding of minimum of four acres and a residential estate in a cluster close by with two bedroom flats each, water provision, tarred roads to the farms and to towns for off-takers accessibility, recreation areas like football pitch and internet facilities.

These modern farm estates should be allocated to youths who are interested in farming on lease basis. The construction of these buildings will generate jobs for thousands of people in Nigeria and the supplies of building materials will create wealth for our people. Eventually, the exercise will ensure food security and our high dependence on imported foods and high food inflation rates will cease.

• business a.m. commits to publishing a diversity of views, opinions and comments. It, therefore, welcomes your reaction to this and any of our articles via email: comment@businessamlive.com