While Nigeria Sleeps and the Economy Slumps!! By Akindele AbdulQayyum Olalekan

While Nigeria Sleeps and the Economy Slumps!! By Akindele AbdulQayyum Olalekan.

It is no news that Nigeria is in recession for the second time in five years. Recession is a difficult time for the economy of a country, when there are fewer trade and industrial activities than usual and more people are unemployed. Obviously, the global pandemic (COVID-19) contributed immensely to the economic woes of the nation. Nevertheless, Nigeria is stereotyped to be a consumption nation rather than a production nation. It is a mystery that a nation of over two hundred million people hardly produces 10% of her needs. The man power of the nation could be charged towards manufacturing. If done, Nigeria would compete with other developed nations of the world.
Like many nations, Nigeria announced a federal lockdown on some vital economic states owing to COVID-19 pandemic on March 30th, 2020 which brought both the private and public sectors into a close. The country’s economy which was projected to grow by 2.1% in early 2020 began to contract. Worthy of saying, President Muhammadu Buhari announced the closure of borders to put a stop to importation of certain goods with the aim of improving local production. The prolonged lockdown and ban on importation of certain goods contributed to a large extent the worst recession ever.
Before the pandemic, our system was full of bottlenecks, standstill policies and nothing seemed to be working. Successive Governments have relied solely on oil revenue which covers about 90% of our treasury; No diversification plans. Nearly 95% of our consumption is foreign. Who does that and grow?
Oil discovery ought to be blessings to Nigeria and Nigerians, but it is the other way round. Of all the oil producing countries, NIGERIA is the only one where citizens live in poverty. We are the only country of OPEC, whose refineries are not functioning. We have to export our crude oil for refining and selling, then we buy it back from non-oil producing countries! Imagine! One fact about the export of the crude oil is that those in charge of the export will not want our local refineries work, why? If they export 10 barrels, they would steal 5 barrels on the road. Just like PHCN, those who are licensed to import power generating sets would never want our light stable.
Similarly, corruption is the bane of development in Africa. It has eaten deep into the fabric of our system. I have never seen any anti-corruption campaign that works in Nigeria. Governments only use anti-graft agencies to settle political scores. The only situation you see the anti-graft trying a member of the ruling party is when the person stands against the bigwigs of the party. Example of such is the issue of Sen. Urji Uzo Kalu; when the issue got settled within the party, the case was thrashed claiming that the presiding judge had been promoted prior to the time he presided the case.
Need I remind you that insecurity in the country remains an anti-development agent. Farmers expected to farm cannot cultivate their lands. They are attacked and led to the gallows. Farms are destroyed. Many aspiring farmers decided to keep their capital since their expected farms are not safe from herdsmen’s attacks. Still in memory is the Zabamari’s attack on farmers by Boko Haram. Kidnappers have graduated from road attacks into breaking into houses and kidnapping people. Universities are not safe from kidnappers. Ahmadu Bello University, Zaria has been frequently attacked by these men to kidnap.
By some estimates, Nigeria produces about five hundred thousand graduates from various higher institutions yearly. Nigeria’s youth gulps up about 40% of the population and the county will never develop until the youths are gainfully employed. Everyone knows that it is not possible for the government to employ all the employable but it can provide avenues for investors to come with investments that will create employment opportunities.
In the past few months, private sectors’ workers of roughly 40% have been laid off. Already, there was about 35% unemployment rate. Now, it will rise to about 50% with the projection of about five million people to enter the poverty line.
For Nigeria to bounce to a developed nation, she needs to eschew corruption totally. This, I doubt if any civilian government can achieve. The judiciary remains the window of escape for corrupt politicians. Politicians know well that they can always buy their ways out of court via the judges and the lawyers.
Nigeria needs to find a way to increase revenues. Let there be toll gates across all the states of the federation. Citizens owing more than two private cars should be taxed. Abroad, cars are always taxed. Mansions are not left out. The country needs to review her taxation policy.
Interest-free and refundable loans should be given to Small and Medium Enterprises (SME) and the farmers. Why must we be importing chicken when we have poultry farmers who can produce more than what we can consume?

Nigeria needs a good political culture. Developed countries have functioning systems. The citizens have sound political culture. They are ready to contribute their quotas fully, and their governments know it should not disappoint. Unlike in Nigeria, our political culture is corrupted; a sizeable large number of us are not ready to cooperate with government policies no matter how viable and vibrant they look like, and the government officials are also devils; they are not trustworthy. The revenue they generate from us is embezzled and they expect the citizens to abide by any new tax regime? Never! So, we all need to resolve to work together to create a better Nigeria.

Akindele AbdulQayyum Olalekan

akinscoat@gmail.com