Opinion
Getting Out Of Economic Woods

The current economic situation in Nigeria today
is taking its toll on the citizens of the nation. Since the naira nosedived and the oil price crashed, the country has been witnessing the worst economic situation in history.
Today, many businesses are closing down, including airline operators, while companies such as banks are downsizing. The multinationals are not spared either. Also, couples can no longer stay happily in their homes, due to lack of provision of basic needs. The hardship in the country has become unbearable in many homes with many people, especially retirees dying on daily basis.
A story was recently told of a woman who, due to hardship and difficulty in providing food for the children, went to beg a next door neigbour for assistance. The neigbour agreed to assist her with N30,000 if only she would go to bed with him. She couldn’t watch her children starve, and decided to go in for it. While in the act, she was caught by her husband. Her husband forgave her quiet alright, but by the next morning, he had hanged himself and died.
To add salt to injury, the lady did not get the expected assistance, meaning she lost in both sides.
The present situation of life has turned many girls into prostitution in order to earn a living and move on with life. More perturbing is the increasing rate of child labour as children hawk along major streets in order to assist their parents in putting food on the table.
It is sad that many states are owing workers’ salaries for four to seven months. Companies are not left out as staff are being sacked, pushing many individuals back into the labour market. Some of these victims have resorted to crimes such as armed robbery, prostitution, picking pocket etc.
A story was also told of a civil servant in Osun State, who stole prepared garri (eba) from her neigbour. The angry neighbour later discovered that the woman and her children resorted to searching because they had not eaten anything for three days. It was quite more pathetic seeing them eating the stolen eba with palm oil.
The truth is that Nigeria needs to go back to agriculture. Our overdependence on oil as the mainstay of the nation’s economy has proved disastrous. Today, the price of oil has crashed, hence the economic recession Nigeria is currently experiencing. With the dwindling fortunes of oil, vandalisation of oil pipeline in the Niger Delta and the low investment in agriculture, it is expected that there will be scarcity of both money and food.
More so, importers find it difficult to import goods due to scarcity of forex. The few that manage to import sell at unaffordable prices.
Presently, Nigeria is in economic mess. This is already creating panic and fears in many people. While the soft ones are looking for God’s intervention, the hard-hearted ones have resorted to self-help, such as kidnapping, armed robbery and militancy to survive.
In order to get out of this woods, I suggest that the Federal Government, in addition to tackling corruption in the country, should set up economic team independent of the cabinet, to find solutions to the current economic crises in the country.
In the same vein, the government should drastically cut the cost of governance, starting with the reduction of salaries and allowances of political appointees and members of the National Assembly.
Another way the economic situation in Nigeria can be, is for Nigerians to patronize locally made products. There is no gainsaying that our .high taste for foreign products is killing our economy. The government should come up with strict measures against importation of items and products that can be made in Nigeria. Meanwhile, the government should encourage the establishment of more industries in the country.
Finally, and very important is the need for the Federal Government to check the activities of militants in the Niger Delta region. It will be difficult for Nigeria to survive economically if it continues to lose billions of Naira on daily basis to oil theft, pipeline vandalism etc. If need be, let the Federal Government dialogue with the militants who have in recent time, constituted themselves into both security and economic saboteurs.
Obusele is a student of Abia State University, Uturu.
Mirian Obusele
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