Elementary Economics or What Alternatives?

[Claudeake]

When I was in class three in the year 1983, my economics tutor taught us in the class the fundamentals of the subject. Till now those topics such as; definition, market forces, opportunity cost, scarcity, comparative cost advantage, laws of returns, productivity and so on are more often than not a reflection of my mind.
Again, in this recent times, another topic has caught up my reflection such as Import Substitution as was one of the topics of yesteryears in the class. It is an economic device to remedy the continuous fall of the demands and earnings for primary products, mostly oil and gas. On this basis, it inadvertently brings about the fall of foreign exchange earnings. With this development, budget is affected which creates room for externalities, this means much suffering and woes.
The import substitution device makes room for two solutions; the curtailment and limitation of foreign imports, secondly, the massive production of local substitutes such as agriculture, local content products etc. However, within the space of one year, this device is able to provide sufficiently all the goods and services needed by the people of the country.
Is this what is happening in Nigeria or there is another economics device not being taught in the class rooms?. The Almighty God should help calm the fray nerves of the disappointed citizens, or otherwise.
I would want the public in this forum to contribute to the body of knowledge on this serious matter on ground so as to ventilate violent conflicts in the country.

[DiMarxist]

What is happening in Nigeria is the lack of political will to carry out some or to develop the Country.  And that is not withstanding. In any economic era the market forces are determinants of the market prices of goods and services so the opportunity cost is also determined by the price the market forces has set for the consumers. And all the other elements which you have listed in the basic concept of economic are control by the market forces.
The import substitution in Africans state can't work out because Africa as been tag as the dumping ground foe the Western Capitalist in the world. So to reduce the demand from the out countries will create a cool war been the West and the Africans. And the remedy on that is the primary product from the local cities and communities. All the economic devices have been taught in the classroom but the implementation part of the teaching is the issue in the Nation.

[Gormicsta]

When I was in class three in the year 1983, my economics tutor taught us in the class the fundamentals of the subject. Till now those topics such as; definition, market forces, opportunity cost, scarcity, comparative cost advantage, laws of returns, productivity and so on are more often than not a reflection of my mind.
Again, in this recent times, another topic has caught up my reflection such as Import Substitution as was one of the topics of yesteryears in the class. It is an economic device to remedy the continuous fall of the demands and earnings for primary products, mostly oil and gas. On this basis, it inadvertently brings about the fall of foreign exchange earnings. With this development, budget is affected which creates room for externalities, this means much suffering and woes.
The import substitution device makes room for two solutions; the curtailment and limitation of foreign imports, secondly, the massive production of local substitutes such as agriculture, local content products etc. However, within the space of one year, this device is able to provide sufficiently all the goods and services needed by the people of the country.
Is this what is happening in Nigeria or there is another economics device not being taught in the class rooms?. The Almighty God should help calm the fray nerves of the disappointed citizens, or otherwise.
I would want the public in this forum to contribute to the body of knowledge on this serious matter on ground so as to ventilate violent conflicts in the country.

I believe you presented a wonderful point on the necessity of food safety and how it may contribute to the prosperity of the nation. Agriculture is an important business for the country's economy, and it has been recognized as one of the fields that might be expanded to increase national production as well as job creation.
I also find it fascinating that you emphasized specific local goods. sincerely concerned whether there is a method to encourage the use of local material using things as law enforcement, etc. And you are correct that informing the general population and creating ways that encourage conversation is necessary.

[Hewlet]

Limitation on the rate of dependence on imported goods and shifting of interest to locally manufactured ones isn't just a theoretical concept that's just taught in the classroom and not being practiced in Nigeria. Most of the economic concept we've been thought in high school is applied in moving our economy to what it his now, the only thing is that we have a complex economy and we are also dealing with humans and so you can't have an ideal situation as prescribed in your regular economic text.

Thier had been different programs both from the angle of the state government as well as the federal government in ensuring that our local agricultural sector is working again but the reality is that most of us are too obsessed with white collar and work from home jobs and not interested in the  agricultural sector. I know the government might not have been too supportive with regards giving the needed training and incentives to those in the agricultural sector but if we're sincere with ourselves, starting local production of agro produce isn't always expensive and if the knowledge we've gotten from school is useful enough, we can decide to shift into that sector and still make a fortune out of it.

It's not always going to be that the government must provide all the needed support that will guarantee us bouyancy economically, we also have the responsibility of improving our rate of dependence on import goods. Some of us have backyards that are fertile enough to support planting of peppers, onions, bitter leafs and other small agricultural product but wouldn't do so and will have to depend on the ones we get from the market. That's were the problem start from  if we decide to make use of our fertile lands to it peak, we won't just have a national economic liberation but our individual house hold will be liberated also.

[Churchillvv]

Perhaps we all know how the country has been and how it's going now, there seems to be no progress in any area of production. The two points you outline are very useful and important ideas to increase the economic situation of a country like Nigeria but have you not noticed that this tools has been used severally yet no result ? Yes that because the problem of the country is too deep to be discussed in just a few lines of words.

Several times I have heard the news where the Ex president Gen. Mohammedu Buhari said his closing the boards to reduce the importations of external goods yet price of things went up but I saw no difference, intact that option leader to an increase in hard ship. Or do we not remember when Ex president Good luck Johnathan said that we all should  go back to agricultures that depend we shouldnt depend on crude oil any more. Yet  this strategies to coupe economic set back has not been working in the country for some reasons.

With the rate of corruption present in the country no matter the economical strategies used in other to uplift the economy I don't think it will ever work because the so called leaders of our nations are trading the reputation and decisions of the country with external forces in other to make themselves look strong to other countries, investing almost every dime made from Nigeria another country etc. with all this the economy will not be saved yet except we have to pull all the old leaders of Nigeria out from the sit and let a less corrupt people rule.

[Ever-young]

When I was in class three in the year 1983, my economics tutor taught us in the class the fundamentals of the subject. Till now those topics such as; definition, market forces, opportunity cost, scarcity, comparative cost advantage, laws of returns, productivity and so on are more often than not a reflection of my mind.
Again, in this recent times, another topic has caught up my reflection such as Import Substitution as was one of the topics of yesteryears in the class. It is an economic device to remedy the continuous fall of the demands and earnings for primary products, mostly oil and gas. On this basis, it inadvertently brings about the fall of foreign exchange earnings. With this development, budget is affected which creates room for externalities, this means much suffering and woes.
The import substitution device makes room for two solutions; the curtailment and limitation of foreign imports, secondly, the massive production of local substitutes such as agriculture, local content products etc. However, within the space of one year, this device is able to provide sufficiently all the goods and services needed by the people of the country.
Is this what is happening in Nigeria or there is another economics device not being taught in the class rooms?. The Almighty God should help calm the fray nerves of the disappointed citizens, or otherwise.
I would want the public in this forum to contribute to the body of knowledge on this serious matter on ground so as to ventilate violent conflicts in the country.

Some of Nigeria's most significant difficulties is a lack of access to financing. Many medium- and small-sized businesses manage to secure the finance they require to expand and deal with international products. Without the access to financing, these companies are unable to develop as well as generate the employment required for growing the economy. The Nigerian government has taken certain steps to enhance the accessibility of credit, but much more work still to be done.
An additional problem confronting Nigeria is corruption. Corruption is prevalent in many sectors of economic growth, including government and the commercial business. This makes it tough for organizations to function in an honest and fair manner, as well as for customers to obtain the things they want at a reasonable price. Corruption may also makes it harder in order to draw foreign investment and may harm the image of the nation. However, with the appropriate policies and methods, Nigeria may make achievements toward a more independent and beneficial society.

[Mate2237]

Weti dey happened for we country na fight back by di market forces because of di subsidies and other incentive  which di controllers if the country economy were benefiting and di president came and stopped those those. So as him blocked dem, dem come use another way or methods to fight back as a conspiracy theory. But even as that if di government policies was strong enough and di agencies been dey do their job well well then dis market forces weh dey control di country economy fo no fit control am.

But as di government with him agencies e dey corrupt so the market forces dey use am dey oppress dem.