The country’s economy seems to be sliding down swiftly with different handovers of power.
The men at the top are gradually looting the country to penury, and lawlessness at the peak is turning them to become above the law. Prior to the discovery of crude oil in the country, the major source of foreign exchange were agricultural products.
They exported cocoas, palm products, groundnuts, soybeans, yams, animal skin and so many other products, encouraging farming among the masses that were also making their own money from exportation.
Things however fell apart when we switched our major exports to crude oil, and it strongly reflected on our economy. Take for instance, the exchange rate between dollar and Naira in the year 1972 was $1 = ₦0.658. It was circling around that until 1985, and the Naira fell to ₦2 per dollar in 1986.
People probably expected it to return to normal, as it has been rising and falling for close to two decades prior to that, but no it didn’t, and as at 2000, $1 was equal to ₦85.98 (₦105.00 at the Black Market Rate).
Could there have been a possible solution to the falling economy?
A stitch in time they say saves nine. The government was watching the economy gradually slide down, while a former exporter of agricultural products began importing to save the citizens from starving.11 years later, a dollar was exchanged for anything from ₦151.05-₦165.1 in the local market. Things were helplessly out of control, and the government seemed to be doing very less about it.
We are priding as one of the strongest economies in Africa, yet the poverty rate significantly remains at 33.1% according to WikiPedia. There could have been things the government would have done at the early stage, but they chose to be feigning ignorant, while things went the wrong way round.
According to recent researches by worldpoverty.io, the poverty rate in Nigeria might be deep into extreme by 2013. This isn’t far from now, it simply means that with every passing day, we are gradually moving into hardships while the other countries are getting better.
What could be done to save the country?
Saving the country isn’t a one-man job, neither is it for the government along. All hands must be on deck if something good should come our way in the next few years.However, the government should have an upper hand in the development.
We cannot do much if they aren’t by our side, and something should be done concerning the fat salaries and allowances the senators, governors and other politicians are jacking home which are taxes that could have been used to develop the country.
Some other things that would in a big way improve the economy include but now limited to:
• Education: How about we stop thinking so much about degrees and start talking about self-development? You could go to school, graduate and come out with a Masters and yet starve due to lack of jobs. Why not get a degree that could possible feed you without having to be an employee? This is something we do for ourselves, not having to blame the government who almost don’t care for every flies that perch on our necks.• Stimulation of the economy: The government needs to stimulate the economy by provision of things such as good roads and electricity which work together to encourage entrepreneurship and skill development. Take for instance; if internet access were to be very affordable, then the citizens would patronize online services more thereby boosting the whole economy.
• Development of the rural areas: The rural areas need to be developed if something good will come out of them. It isn’t nice that some intellects are still living in what we can call Dark Age, thereby stopping their personal and our country’s developments.
• Skill development: You can develop personal skills that would help you live an independent life, while helping to generate revenue for the country. We need people who’d be self-reliant, talking more about creating jobs rather than looking for non-existence already created ones.
• Promotion of entrepreneurship: Entrepreneurs help to solve so many problems in the society, but they almost cannot do that alone. The government needs to create opportunities to help boost their dreams, grant them access to loans and grants and it will be a good return to the economy.
• Diversification of the economy: How about the country stop the heavy dependence on crude oil and move to other things like agricultural products, it would mean multiple streams of income as well as better jobs for the citizens.
• Mentoring of the younger generation: If you start telling the younger generations about self-development from their early days, then they would not meet the outer world in a shock. It is always better to start early.
• Fight corruption: There are no excuses to corruption! Whether the top corrupt politicians, or the twenty-year old scammers out there, they are doing more harm than good to the economy.
If things must get better, it must be tacked from the taproots. We are hoping and praying for a better Nigeria, but yet still let all hands be on deck.
For if wishes were to be horses, even the beggars would ride!
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