Restarting economy, building for recovery (1)

By Sunny Chuba Nwachukwu

THE COVID-19 PANDEMIC OPENED up a new global dimension of living for mankind. Its post era is the next stage the global village is about to face. No doubt, planning is on, in all nations, strategising on the best way suitable andacceptable options, with their respective and peculiar models for reopening their economies.

It will definitely not be “business as usual” any more, in all spheres and sectors of the economy, considering the impact thathas turned almost everything away from the known normal.

The “new normal”, to which various economies are expected to adapt, for future socioeconomic mingling,portends a completely fresh business climate for all economic and commercial activities. It is going to be different, going by the W.H.O. protocols and various states/government rules. It calls for a quick readjustment of all modes and styles of living, for the observance of new health standards, guiding rules and social protocols, just for survival.

The trending mode of corporate interactions and communications now is the electronic virtual meeting; with the use of social media Apps (Twitter, Facebook, WhatsApp, Instagram and also the Zoom technology); among others. The Info Tech innovations for Human Resource management by the application and use of Robots/Artificial Intelligence (AI) concepts would now thrive and be fully engaged in many sectors of human endeavours.

All these and many more, are the shifts from the former norms that shall obviously trend in this post Pandemic era but, it actully opens fresh opportunities to be leveraged on by non performing economies that are determined to unlock the proven potentials available to them, for their economic growth and development.

Although the impact has dealt devastating blows on most economies, a season like this for rebuilding the Nigerian economy (specifically), calls for a fresh reflection into the past. In other words, an assessment and stock-taking of the past activities and performances, to identify areas that need to be improved upon from past mistakes, is needed.

Focus would have to be more on export markets for locally made goods and services, employment creation, crude oil pricing and local refining; taxation, among others.The economic recovery roadmap necessitates that improved performances must be achieved, with sound fiscal and monetary policies, with redesigned strategies (freshly packaged) that shall drive rapid growth; once economies reopen with full distribution chains globally.

It involves evaluation on growth plan, with mapped out National strategy that must first focus fully on private
sector participation and contributions, as the key economic drivers to self sufficiency and food security (through backward integration); for a robust GDP growth-plan and improved productivity.

Certain economic sectors, like solid mineral mining, creative industries with the right Intellectual property services and the entertainment industry must be considered for an attraction of economic stimulus package, from the government (FG) to them that shall further boost growth through exports; for more foreign exchange earnings in the
economy.

The massive sociopolitical spending and the costs of governance (the financial overload of our present Presidential
system of government), decline of oil prices that affected the annual budget, economic mismanagement and corruption at the top, contributed directly to the dwindling economic profile (based on current assessment).

With the current realities, we need to thinker a realistic mindset for the nation’s economic recovery and emancipation. On this note, Paul Kagame, the Rwandan President is the man to watch in the African continent!

Paraphrasing from his speech, “we mobilise the right mindsets and not a failed one. Rather than remain mentally
married to the idea that nothing works, without external finance (borrowing,
borrowing, borrowing); while in the actual sense, we even beg for things we already have”. Like him, an entrepreneurial spirit ought to firmly believe in unlocking the intrinsic potentials one is already endowed with; to build for recovery as we plan to restart the economy.

Optimal exploitation of our available natural resources in all sectors of the economy, ought to be maximally
utilised along their respective value chains; for a full transformation and processing of their end products as finished goods or services, for exports to the various international markets, where ever they might be located
within the globe. This strategic mindset as we set out to freshly build the economy in a post-Pandemic era, shall usher in tremendous growth for the nation’s economy; where self sufficiency and a net multiple exporter status is freshly profiled for our economy.

Nwachukwu, a graduate of pure and applied chemistry with an MBA in management, is an Onitsha based industrialist, a fellow of ICCON, and vice president, finance, Onitsha Chamber of Commerce.
Sunny Chuba Nwachukwu (FICCON, LS) Onitsha, +2348033182105