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 nose-dived and the oil price crashed, the country has been witnessing the worst economic situation in recent 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 neighbour for assistance. The neighbour 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 quite 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 in the country has turned many girls to prostitutes 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. Most of these victims have resorted to crimes such as armed robbery, prostitution, pick-pocketing, etc.
A story was also told of a civil servant in Osun State, who stole prepared garri (eba) from her neighbour. The angry neighbour later discovered that the woman and her children were eating the garri with palm oil. It was quite sympathetic, as her neighbour went and brought soup for them to eat.
The truth is that Nigeria needs to go back to agriculture. Our over-dependence 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, 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 price.
Presently, the state of Nigeria’s economy is already creating panic and fears in many people. While the good 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 the woods, I suggest that the Federal Government, in addition to tackling corruption in the country and setting up an economic team, independent of the cabinet, should find solution to the current economic crisis 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 resolved, is for Nigerians to patronise locally made products. There is no gain saying the fact 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 produced in Nigeria.
Meanwhile, 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. The Federal Government should continue to dialogue with the militants who have in recent times, sheathed their swords.
Obusele is a student of Abia State University, Uturu.
Mirian Obusele
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