Opinion
Driving Economic Growth Through SMEs
The economy is one of the factors of human development index of a nation. A productive and functional economy is a product of collaborative efforts by stakeholders. The developed and developing economies of the world are private sector, driven. This singular feat makes the private sector of countries like China, the highest employer of labour.
Even with a population of about 1.4 billion people, China, a nation without mineral resources, is a leader in the global market of electronics gadgets, handsets and several other technological devices. This most populous nation, closely followed by India, provides succour to financially distressed nations like Nigeria, the giant of Africa. How many times has Nigeria with a population eight times smaller than China obtained loan facility from China? Nigeria, with abundant human and natural resources are still under the economic tutelage of a nation that is natural resources-barren.
Nigeria is a major consumer of Made-in-China products even as Nigeria remains a commercial rendezvous of China products. While China is a leading giant in construction industry, fabrication, sea bridge and overhead and flyover construction, Nigeria has slipped into a state of comatose, technologically. What could be responsible? The answer is not far-fetched: Bad leadership. It is pertinent to state that every nation or human organisation rises or falls on leadership. Like the leader, like the nation. No nation rises above her leadership. Thus, leadership constitutes either a springboard or a cog to national development.
To say the present leadership of the country under President Muhammadu Buhari and past civilian and military administrations from 1966 have not done their best to advance the economic fortunes of this country, is uncontestable truism. Since Nigeria’s independence in 1960, there have been five military interventions in democratic governance. Between 1966 and 1999, Nigeria was ruled by military governments uninterrupted apart from a short-lived return to civilian rule under the Second Republic of 1979-1983. However, the military regimes did not contribute substantially to the economic development of the country.
From the early seventies when the naira was at par with the dollar showing Nigeria’s healthy and robust economy, to General Ibrahim Badamosi Babangida’s administration when the nation experienced a boom in oil production and sales that raked in several millions of naira, the country has continued to totter on brink of economic destruct. Painful was the realisation that the accrued oil boom fund was not accounted for by that leadership. It was one of the worst economic woes that Nigerians encountered from an administration that was supposed to be interventionist and remedial to the economically clueless Alhaji Shehu Shagari’s Second Republic and General Muhammadu Buhari’s administration that succeeded the former in a coup d’etat.
Instead, corruption was systemic and institutionalised. The subsequent administration of Sani Abacha was not only repressive but was corruption personified. Other administrations, including Chief Olusegun Obasanjo’s, could not right some of the wrongs, inefficiency and failure of their predecessors, especially in the area of power supply.
In fact, the apparent lack of electricity supply translated to the closure of several industries and led to redundancy and many people thrown into labour market, looking for how to eke out a living.
Several billions of naira injected into the power sector and unbundling of the then National Electric Power Authority (NEPA) into Power Generating Companies (GENCos) and Distribution companies (Disco) across the country with a view to restoring sustainable power, have not solved the problem.
No doubt, a nation that has the problem of power supply can not rise to stardom economically.
Production, the wheel of industry revolves around power supply. This is why many companies and industries which could not bear the challenges of the alternative private fuelling are no more in business. The four refineries in the country: two in Port Harcourt, one in Warri and Kaduna each; are dead. Efforts to make them work are counter-productive. Today Nigeria refines crude outside at dollar cost for Nigerian citizens to bear the brunt of paying the outrageous difference. This is pathetic, unacceptable and an anomaly.
The Small and Medium Enterprises have the capacity to drive the private sector if a conducive economic development environment is created. Lack of power supply, unfriendly tax regime and accessorial defects should be corrected. The Federal Government should make reasonable efforts to empower the private enterprises to collaborate in driving the economy of the nation. Loan facilities should be given to entrepreneurs at single digit interest rate.
Power supply should be stabilised. By so doing, the increasing rate of unemployment with the attendant social ills such as prostitution, banditry, cultism, militancy, robbery etc, will be curbed to an extent and the standard of living and human development index of the country will be inevitably improved.
By: Igbiki Benibo
Opinion
Time and Season Can Tell
Opinion
Why Adaeze Deserves A Second Chance
Opinion
Empowering Youth Through Agriculture
Quote:”While job seeking youths should continuously acquire skills and explore opportunities within their immediate environment as well as in the global space through the use of digital platforms, government, corporate/ multinational organizations or the organised private sector should generate skills and provide the enabling environment for skills acquisition, through adequate funding and resettlement packages that will provide sustainable economic life for beneficiaries”.
The Governor of Rivers State, Sir Siminalayi Fubara, recently urged youths in the Rivers State to take advantage of the vast opportunities available to become employers of labour and contribute meaningfully to the growth and development of the State. Governor Fubara noted that global trends increasingly favour entrepreneurship and innovation, and said that youths in Rivers State must not be left behind in harnessing these opportunities. The Governor, represented by the Secretary to the State Government, Dr Benibo Anabraba, made this known while declaring open the 2026 Job Fair organised by the Rivers State Government in partnership with the Nigeria Employers’ Consultative Association (NECA) in Port Harcourt. The Governor acknowledged the responsibility of government to create jobs for its teeming youth population but noted that it is unrealistic to absorb all job seekers into the civil service.
“As a government, we recognise our duty to provide employment opportunities for our teeming youths. However, we also understand that not all youths can be accommodated within the civil service. This underscores the need to encourage entrepreneurship across diverse sectors and to partner with other stakeholders, including the youths themselves, so they can transition from being job seekers to employers of labour,” he said. It is necessary to State that Governor Fubara has not only stated the obvious but was committed to drive youth entrepreneurship towards their self-reliance and the economic development of the State It is not news that developed economies of the world are skilled driven economies. The private sector also remains the highest employer of labour in private sector driven or capitalist economy though it is also the responsibility of government to create job opportunities for the teeming unemployed youth population in Nigeria which has the highest youth unemployed population in the subSahara Africa.
The lack of job opportunities, caused partly by the Federal Government’s apathy to job creation, the lack of adequate supervision of job opportunities economic programmes, lack of employable skills by many youths in the country have conspired to heighten the attendant challenges of unemployment. The challenges which include, “Japa” syndrome (travelling abroad for greener pastures), that characterises the labour market and poses threat to the nation’s critical sector, especially the health and medical sector; astronomical increase in the crime rate and a loss of interest in education. While job seeking youths should continuously acquire skills and explore opportunities within their immediate environment as well as in the global space through the use of digital platforms, government, corporate/ multinational organizations or the organised private sector should generate skills and provide the enabling environment for skills acquisition, through adequate funding and resettlement packages that will provide sustainable economic life for beneficiaries.
While commending the Rivers State Government led by the People First Governor, Sir Siminilayi Fubara for initiating “various training and capacity-building programmes in areas such as ICT and artificial intelligence, oil and gas, maritime, and the blue economy, among others”, it is note-worthy that the labour market is dynamic and shaped by industry-specific demands, technological advancements, management practices and other emerging factors. So another sector the Federal, State and Local Governments should encourage youths to explore and harness the abounding potentials, in my considered view, is Agriculture. Agriculture remains a veritable solution to hunger, inflation, and food Insecurity that ravages the country. No doubt, the Nigeria’s arable landmass is grossly under-utilised and under-exploited.
In recent times, Nigerians have voiced their concerns about the persistent challenges of hunger, inflation, and the general increase in prices of goods and commodities. These issues not only affect the livelihoods of individuals and families but also pose significant threats to food security and economic stability in the country. The United Nations estimated that more than 25 million people in Nigeria could face food insecurity this year—a 47% increase from the 17 million people already at risk of going hungry, mainly due to ongoing insecurity, protracted conflicts, and rising food prices. An estimated two million children under five are likely to be pushed into acute malnutrition. (Reliefweb ,2023). In response, Nigeria declared a state of emergency on food insecurity, recognizing the urgent need to tackle food shortages, stabilize rising prices, and protect farmers facing violence from armed groups. However, without addressing the insecurity challenges, farmers will continue to struggle to feed their families and boost food production.
In addition, parts of northwest and northeast Nigeria have experienced changes in rainfall patterns making less water available for crop production. These climate change events have resulted in droughts and land degradations; presenting challenges for local communities and leading to significant impact on food security. In light of these daunting challenges, it is imperative to address the intricate interplay between insecurity and agricultural productivity. Nigeria can work toward ensuring food security, reducing poverty, and fostering sustainable economic growth in its vital agricultural sector. In this article, I suggest solutions that could enhance agricultural production and ensure that every state scales its agricultural production to a level where it can cater to 60% of the population.
This is feasible and achievable if government at all levels are intentional driving the development of the agricultural sector which was the major economic mainstay of the Country before the crude oil was struck in commercial quantity and consequently became the nation’s monolithic revenue source. Government should revive the moribund Graduate Farmers Scheme and the Rivers State School-to-Land agricultural programmes to operate concurrently with other skills acquisition and development programmes. There should be a consideration for investment in mechanized farming and arable land allocation. State and local governments should play a pivotal role in promoting mechanized farming and providing arable land for farming in communities. Additionally, allocating arable land enables small holder farmers to expand their operations and contribute to food security at the grassroots level.
Nigeria can unlock the potential of its agricultural sector to address the pressing needs of its population and achieve sustainable development. Policymakers and stakeholders must heed Akande’s recommendations and take decisive action to ensure a food-secure future for all Nigerians.
By: Igbiki Benibo
-
Politics5 days agoAPC Releases Adjusted Timetable For Nationwide Congresses, Convention
-
Sports2 days ago2026 WC: Nigeria, DR Congo Awaits FIFA Verdict Today
-
Sports5 days ago
DG NIS Wants NSC Board Constituted, Seeks Increased In Funding
-
Business5 days agoCustoms Seek Support To Curb Smuggling In Ogun
-
Featured5 days agoINEC Proposes N873.78bn For 2027 Elections, N171bn For 2026 Operations
-
Sports5 days agoSWAN Rivers Set-up Five Functional Committees
-
Sports5 days ago
NSC Disburses N200m Training Grants To 26 Athletes
-
Sports5 days ago
‘NTF Will Build On Davis Cup Success For Brighter Future’
