Heated Polity: Redirecting the economy by leveraging on Nigeria’s comparative advantage

As several matters are presently brewing pressures in Nigeria, the interconnectivity of various factors responsible for the preponderance of unsavoury outcomes and escapades must be put into sight in any reasonable effort towards putting things in shape. One major aspect of human endeavour which bearing effects on other aspects of life remains potently strong is the workings and realities of economic activities. The nexus which this aspect of life draws on other facets of human life is such that resonates forceful grip that is capable of giving determinations to the realities that manifest in other areas of life. It is, therefore, a reality that the good (or otherwise) of economic realities is strongly a determing factor of the relative peace (or otherwise) of any organised entity of human coexistence.

The preponderant manifestations of several ills and mischievous escapades in Nigeria most recently can be indisputable linked to the worsening state of economic conditions in the Country. It is manifestly apparent that the worsening state of the Country’s economy has been observed to have been accompanied with attendant social vices which recently have grown wings of disturbances with records of troublesome insecurity threats. The troubling state of insecurity threats has forcefully heated up the polity most recently.  It is therefore incontestable that any pragmatic solution to the preponderance of social ills and mischievous escapades, must take in view the pressing matters relating to the worsening state of the economy. It is glaring that amidst the troubles of COVID-19 pandemic, the Nigerian economy has suffered deeper steep into recession. The rate of crime since the blow of COVID-19 hit hard on the economy and has heightened to further deepen insecurity threats among several other attendant manifestations.

As the pressure of social ills continue to wax stronger and the necessity for the Government to address situations becomes alarming, it is therefore paramount that matters bordering on the economy as a foundational factor be addressed pragmatically. The matter of diversifying the Nigerian economy has been a reverberating subject which remains germane to addressing the wings of economic  weakness and depression of the Country. The recommendations of developing the agricultural sector in the Country remains one of the strong points of rational course which incontestably remains valid to revamping and strengthening the Country’s economy. The potentials of Nigeria on agricultural resources validates the argument from all angles. The need to develop a virile agricultural sector is a course before the Government which has not attracted the expected outcomes and productivity.

On a similar note, the potentials of Nigeria in revamping her economy by strengthening the manufacturing sector is another valid recommendation which from all angles remains justifiable in the light of potentials handy before the Country. The enormous availability of human and natural resources needed to drive a virile manufacturing sector are clear potentials which positions the Country at every advantage to move to the height of industrialisation. However, the insensitivity of successive governments over the years has led the Nigerian economy to the precipice of depression and paradoxical profile of poverty amidst plenty.

While successive administrations have over the decades failed in the regard of laying down the foundation for a virile economy to thrive, the need for the present Government to take course into effect by addressing the present circumstances surrounding the Country’s economy is paramount. In a sight that bears resonating relevance to the matters bordering on addressing prevailing economic strains, former Nigerian President, Chief Olusegun Obasanjo, in the recent issue of ACCORD 2021 series of the COVID-19 Conflict and Resilience Monitor, cautioned African countries not to allow agric-business and the manufacturing sectors to degenerate in the face of COVID-19 pandemic. His assertions were premised on the ground that both sectors were important areas, which, by and large Africa must take comparative advantage of, as sectors very central to the Continent’s efforts to bounce back from the pandemic. In his submission, he made a case for Africa’s self-resilience and finding home-grown solutions for the continent to bounce back in particular from the socio-economic devastations caused by COVID-19.

His submission in a presentation paper titled; ‘Deepening Africa’s Continental Trade & Economic RELATIONS Amid Covid-19′, reads: “COVID-19 is a pandemic whose effect has not been limited to Africa alone. The pandemic first emerged in China, the epicentre then shifted to Europe, and then to North and South America. If these regions of the world that have been heavily infected and affected by COVID-19, are able to implement measures to bounce back then we in Africa must do the same by learning from their experience and by devising our own home-grown solutions. There are many lessons that Africa must draw from the other regions in terms of how they have handled the pandemic, and then together with our own efforts, we can seek ways to advance the various frameworks for the continent’s socio-economic development and overall security and general progress. I believe that the most important aspect for Africa are the areas that we must not allow to degenerate and these are agri-business and manufacturing, which by and large have not been severely impacted upon by COVID-19. We must take advantage in parts of Africa, which enjoy good rainfall, to ensure that we do not relax in our efforts to sustain our agri-business. Indeed, Africa must take seriously these two sectors, ensuring that they are not heavily affected by COVID-19, because they are very central to the continent’s efforts to bounce back from this pandemic. In other words, we must be able to feed ourselves, and this pandemic must be taken as an opportunity to make sure that Africa is self-sufficient in staple and essential food items. Africa should save $44 billion being spent on importation of food annually. I believe that the one major lesson that COVID-19 has taught us is that we should be self-reliant in food and nutrition and in essential agribusiness implements and domestic appliances. Other sectors of the economy have been badly affected by COVID-19 in Africa. These include air travel, air transportation, hospitality, and tourism and we will have to see how the rest the world, where such sectors have equally been adversely affected, find solutions to manage the impact.”

Revamping the Nigerian economy is a necessity that demands full fledged multifaceted approach. The role of the Government to set the pace of the orientation and the course of direction is core. It is important that the Government gives premium attention to the sectors of concern where the Country readily has comparative advantage to diversify and build a virile economy. Agriculture and the manufacturing sectors are two areas with forward and linkage lines of  productivity which the government needs to leverage on to redirect the course of the economy with appreciable outcomes. This is important to give life to the diversification course of the economy. The records of socio-political deficiencies heating up the polity, hold strong bearing to the worsening profile of economic conditions. Acting pragmatically by leading the redirecting course of the economy is core for the Government to find reasonable and feasible solutions to the baskets of troubles vitiating the Country.