Global financial institutions, the World Bank and the International Monetary Fund (IMF), in particular, have started definitive forecasts on an imminent global economic recession by 2023. The prediction is linked to the ongoing Russian-Ukrainian war, which by observation, has altered the global patterns of trade, production, and consumption of commodities that are currently at high prices. The impact of the war has already sparked off global challenges on staple food shortage (the likes of wheat and other grains), and the present energy crisis in Europe. Such development essentially needs an urgent remedy that must be decisively tackled by the affected nations, to sustainably counter the consequences resulting from the Russian invasion of Ukraine. Both the imported food and energy high inflation or the predicted price hike, is already dragging millions of people into extreme poverty; which, of course, magnifies hunger and malnutrition.
Taking a cue from Sigmund Freud’s theory of tripartite mind, where “ego”, “id” and “superego” in this context stand for Industry, Academia and the Government respectively, the interpretation, in other words, means a synergized action of the trio towards actualizing a mutually beneficial purpose. For industry, her specific and immediate responsibilities involve economic initiative, financing and promotion of businesses that will contribute towards achieving the needed global food security and inflation control. This entails that such business initiative needs spontaneous attention to assess the economic situation and this has to be conducted through a research study by personalities from the academia; and proffer solutions that would mitigate or counter any perceived adverse impact, based on their findings. At the same time, the actions to be taken might not be that easy or even feasible if the government on ground does not create a conducive, level playing ground (enabling business environment) offering business enterprises and the entrepreneurs the suitable atmosphere that would engender operation of economic activities with ease. This is where the mindset of applying Sigmund Freud’s tripartite theory effectively comes into play.
Many economies are already experiencing slowed economic growth, a signal for future hard times awaiting a lot of businesses and national economies. This will definitely spiral across the globe if utmost caution is not applied to avert such foreseen precarious situations. In the United Kingdom, for instance, what was observed last time in April 1980, is the fastest jump in the UK food prices to 14.6% in September 2022; along with rising energy prices that has already been known to be fueled by the ongoing war, as well as the climate shock that triggers a global crisis. These challenges, put together, demand a comprehensive response approach that would need to be collectively tackled headlong, in order to stem any eventual global consequences. Food security essentially involves governmental full attention on agriculture. Alternative options need to be speedily considered around the nations that have close comparative advantages, economically, to augment shortfalls of global grains and commodities.
Nigeria’s economic challenges appear to have their own peculiar nature that seems much more serious than what might have been thought or expected. The challenges, when viewed very critically, portray multifaceted national tasks that demand urgency in fixing, all right. The fallouts from some perspectives indicate that a simultaneous correctional action is the multidimensional approach that would be deployed in addressing these identified challenges, otherwise the failing economy would experience an even worse impact. The government is therefore urged to quickly move in to assure the farmers in the agricultural sector that their lives, while making vocational contributions to boost farm produce yields, shall be adequately secured by the efforts of state security. The reason being that in the recent past, so many lives and even property of the professional farmers in many parts of the country had been gruesomely murdered and wasted. Such fear needs to be erased from the minds of those who are alive, to be able to restart by moving them back to their respective farm lands for food production.
Food business and energy business are two of a kind, in terms of their very strategic importance to sustainably maintain man’s life on earth. Security experts are therefore required to deeply embark on developing strategies that would be suitable and unique to our territorial environment, and seriously put in more efforts in crime bursting research studies that shall steady the future economic growth keel in the current dispensation. This tripartite approach, being proffered here, appears to be the feasible action that would assist in improving the economy through food production and resolved energy matters in the land.
Once successfully actualized, Nigeria would have been seen and recognized as making her own contributions towards improving the sustainable global economic needs and climate change mitigation action (noteworthy, the recent flooding that destroyed farmlands in many parts of Nigeria). May this counsel be looked into as a feasible option by those in authority.
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