By Adefolarin A Olamilekan
The global economic turbulent so far is taking a toll across boards . A situation that even the rich developed nations are no taking any chance for granted. How much more poor and underdeveloped countries in sub- Sahara Africa and others. Unfortunately, what work has economic principles, making economies bouyant and robust is also causing privation in the same.
What can we say of inflation that majorly on positive side is to create expansion for businesses growth, is on the other hand negatively breeding and deepening inequality, poverty, and food shortage.It is important we established this facts, as the current upturn in global economy is furthering unequal world amongst humanity. We are in a crucial era that demand a strategic action. Expectedly to be taking by all nations concerning the privation economy.
Instructively, it time for retrospect on the state of sub-sahara Africa and specifically Nigerian economy. The continent and her people are greatly impacted negatively from the worsening global economy. And it seem their is no solution on site.
Particularly, Africa faces significant development challenges of corruption, population growth, infrastructure deficit and human capital bottlenecks, rising public debts and limited economic diversification. These are some of the key factors impeding the continent’s development progress. Although governance and economic issues has always been on the front burner, only with little or no consequences to change the plight of the people.
In Nigeria today election campaign bells ring so loud and clear.The concerns of state actors is how best to strategise or re-strategise in retaining power.While the opposition actors are scheming up their plans through mechanism they consider would sway voters.
Expressly, has the gladiators thearatically plots for the general election next year, the economy struggle with inflation 19.64. Insecurity is feeding fat from the neediness situation.On the whole, one wonders what prospects campaigns programmes hold in the manifestos of the political parties, just has individual candidates talk the usual broken promises.Given that majority of them have been at the corridor of power since 1999. And the electorates have no real platform to ask them what they can bring to the table.
Nevertheless, our is a system that continuel to throwup anti-poor and visionless leaders.More pathetic is the leadership recruitment platforms that continuel to affords a circulation and cyclical of never serious individuals and group of neoliberal economics elements.That are only interested in perpatuating economic policy that see government cedding economic governance to private and exploiting corporations.That collides with state actors to defruad and corrupt the system.
The centrality of our perspective in this piece is “Modelling Nigerian’s Economy from Privation”. Through a path to afford us the recognizance of how we may have miss the road to shared economic properity to all citizens. Nigerian’s economy progresss is no doubt challenging. Going by her journey from colonial,post colonia,military intervention and the route to democracy.
Unfortunately, as a nation we continuel to grapping with issues of human capital, demographics, health, education, energy, fiscal, monetary, balance of trade deficit,dwindling government revenue,and absymal manufacturing sector.
Hence, the question that has never been answer is how come its easy to sustain the poor economic hardship rather than prosperity for all citizens? However, Nigerian state success in churning out economic documents that point toward remarkable goals on paper. As well as encapsulating beautiful promises with a whole spectrum of economic transformation are far from the reality on ground.
What need to done,first, is to recognised that we need aggressive interventions,to achieve the targets of becoming an industrialize nation.To privides jobs for our teeming million of youths and
a high-quality life to all citizens.
Secondly, to defeat the current economic structural deficit-electricity,road infrastructure,transport system that drawback.Deploying a rigorous and targeted socio-economic policy interventions need to be undertaken to improve the country’s current development trajectory.
Lastly, managing the economic under a new dispensation require a dynamic platform that must not imitates the continuation of current policies so as to avoid the created environmental conditions. Therefore, it must demostrate a congruence with historical understanding of patterns and produces a series of dynamic heterodox and endogenized economic policy crucial for the system.
We believe that with the right set of policy interventions, the country can advance in human and economic development. And progress Nigeria’s Gross Domestic Product (GDP) capita above US$10,990, to be an upper middle-income country by 2035. Likewise, the country can reduce its extreme poverty rate substantially from the 80.5% in 2022 to only 10.5% of the population by 2035.
