An economy can be said to be depressed if all micro and macro indicators say so. There is high cost of living; inflation is high, static income with low purchasing power and poor infrastructure. Business is dull and employees lay off is rampant. Unemployment is usually very high and poverty level also high. Crimes and criminality is the order of the day.
Nigeria is currently experiencing this scenario but the government is totally playing the ostrich. We need to honestly face the reality that we have a depressed economy in our hands and proffer solutions.
- Cut the allowances and salaries of Government political office holders and appointees.
- Cut the allowances of Legislators at all levels of Government.
- Increase spending on infrastructure across the country. These should include roads, railways, water transport and electricity.
- Increase modern processing and packaging of Agricultural products and wild tree crops like Mangoes, Cashew fruit and nuts, ducanuts, walnuts etc. These products are actually wasting all over the country.
- Increase education in Agriculture and empower graduates with start off funds and land to establish modern farms.
- Set up communal farms in all Local and State Government. Government and private sector partnership in Agriculture would work as it is working in other sectors.
- Provide low interest loans to businessmen to enable them revive the industries.
- Provide alternative source of electricity. Utilize the gasses been wasted in the oil producing states and establish power plants across the country.
- Increase spending on education and health.
- Abolish medical tourism totally in Nigeria.
- Make politics unattractive. The do or die in Nigeria politics must stop.
- Enact enabling laws and ensure compliance.
- Let the arms, agencies and departments of Government be free to do their work effectively and efficiently. Let there be equity and rule of law.
- There should be proper National Orientation so that the citizens would respect their country and be ready to die for it. This should start from Primary School to the University level of education.
- Develop the sports sector massively. In foreign countries, sports is a major employer of labour. Start from primary schools and feature as many sporting activities as possible. The objective should be to compete globally. The Government should pass an enabling law to encourage and compel multinationals and local companies to sponsor sporting activities and have necessary tax rebate. This will help the youths to channel their energies into gainful sporting activities. There is no reason why the Dangote group of companies are not heavily involved in local sports development instead of planning to buy a foreign club.
- Privatise all companies owned by the government and let the private sector drive the economy. Be a regulator and impartial umpire. I am convinced that these are the ways out of the present downturn of our economy.