Production of goods and services as an economic stimulant

[TEBTC]

It's basic economic principle that production of goods and services will lead to the creation of wealth and employment thereby translating to increase in the gross domestic product which translate to economic growth and stability

But unfortunately most African countries like Nigeria rely solely on importation of goods to meet the needs of her citizens, infact the situation is so bad that it's said even toothpick is been imported

From the drugs her citizens take to take care of her sick citizens to the food that her population eats are all imported infact the economy is an import based economy that even the cruide oil that the country is naturally blessed with the country still import petroleum products like cooking gas, pms, kerosene etc is still been imported and is out of reach to the ordinary citizens

Finally there can never be any meanfull economic growth with out improving your local content by mass production of goods which will reduce the import rate of any country there by leading to reduction in the prices of goods and services

[Upgrade00]

I would have highlighted corruption to be the major issue facing such countries like Nigeria, but it goes beyond that. Almost every country has some level of corruption, but the system in Nigeria is designed to keep a clear gap between the elite ruling class and the populace. If the country is allowed to thrive and available resources properly managed, the government will have more to loot but the citizens will also have access to a stable economy which will support growth and entrepreneurship. Such a country will close the gap between the elite and the rest of the population.

This situation will have a follow through effect that elections will not be so easy to rig, funds will also not be so easy to mismanage and bribery will not always work.

[Die_empty]

It's basic economic principle that production of goods and services will lead to the creation of wealth and employment thereby translating to increase in the gross domestic product which translate to economic growth and stability

Only the production of goods and services will not lead to economic development. The country needs to have markets where they can sell these goods to earn foreign exchange. Some nations are poor not because they cannot produce but because there is no market to sell goods maybe because of sanctions or stiff competition.

But unfortunately most African countries like Nigeria rely solely on importation of goods to meet the needs of her citizens, infact the situation is so bad that it's said even toothpick is been imported

Most developing nations are not productive because they lack advanced technology and skillful human resources. This is why they are only engaging in extractive production that is mainly focused on exporting raw materials. Most it these nations will have to rely on foreign professionals and technology to engage in any form of production. Infrastructural deficit, corruption, and economic sabotage are other reasons for the inability of developing nations to become productive.

[electronicash]

bigger countries with technological know-how are not sharing the technology with them though. we were so keen on fighting to "end hunger" or to make peace not war. but making the lives of others easy seem not really what they provide.

some countries dont even have a clean water supply but when Mr. Beast helped them develop hundreds of deep wells, he was canceled for doing it. https://www.youtube.com/watch?v=58DqVM2Y5C0

for them to help themselves, they need the basic necessities but bigger countries seem preventing them in becoming economically independent.

[Adbitco]

Using a country like Nigeria is something separate because there is no country that doesn't have their own waste case just that it was that openly noticeable so we won't know, even though that our economy is being mismanaged then we have no one to be blamed order than ourselves for allowing greed to rule over us. We know as a nation and a national body, if some certain opposite political party are not ruling well why not we give wave for the next people to try out their best to see if the economy would change.
There are lot of lapses we are facing and that is from the head and if is not corrected then nothing will seems to work very correctly in the country, there was once a man whose want to change the country from consumption to production country but we all neglect him, currently the country is in consumption stage that is why we see the high rate of importation.

[iBaba]

It's basic economic principle that production of goods and services will lead to the creation of wealth and employment thereby translating to increase in the gross domestic product which translate to economic growth and stability

But unfortunately most African countries like Nigeria rely solely on importation of goods to meet the needs of her citizens, infact the situation is so bad that it's said even toothpick is been imported

As a Nigerian, I can confidently say that it's not a good situation we are currently facing with the level of importation over that of exportation, there is a serious need from the side of the government, to focus their attention more on the local products rather than the imported ones because the country have got thousands of businesses that have ventured into the production industry and are thriving in their own capacities. What government needs to do is to focus more on those local contents and products then maximize and scale up their production capacity through the provision of business funds, grants and loans, from one angle. As well as through the patronage of those products through large scale purchase of goods from the government. It is noteworthy to say that this cuts across all the industries in the country.

From the drugs her citizens take to take care of her sick citizens to the food that her population eats are all imported infact the economy is an import based economy that even the cruide oil that the country is naturally blessed with the country still import petroleum products like cooking gas, pms, kerosene etc is still been imported and is out of reach to the ordinary citizens

Let's just assume that some elements of governments always wants to take advantage of the system by neglecting or paying less attention to the locally produced goods and focus more on the imported ones because of the profits they make from that transaction cycle. Else, weve got local pharmaceutical companies like Fidson, Sygen, Emzor, Chi and other hundred companies. As per what I know, there are around 130 number of those companies across the country which the government can encourage through their programs and policies. As for the food production companies, they are countless and scattered across the length and breath of the state.

Finally there can never be any meanfull economic growth with out improving your local content by mass production of goods which will reduce the import rate of any country there by leading to reduction in the prices of goods and services

Exactly, this is the best practices across the world especially for developed nations like USA, UK, China, Canada and so on. The federal and state governments, including local authorities of those nations work hard on focusing on the local contents and products made by their production companies across the country most of which are privately owned and the government assets.

[Stepstowealth]

Finally there can never be any meanfull economic growth with out improving your local content by mass production of goods which will reduce the import rate of any country there by leading to reduction in the prices of goods and services

In a situation where a country improves and increases its production rates but still produces inferior products not capable of competing with the foreign products imported into the country, many citizens of the country since they are already exposed to this superior foreign product will never agree to start patronizing local businesses and industries to buy these local products that are locally produced. They will still have preferences for foreign products imported regardless of the price.
If a country aims at increasing its production rates they should also plan to improve with the quality of the products produced so that it is not only products that will be sold to citizens in the country, they should also make products targeting international customers who would prefer these products to the products that they have in their own country.

[kentrolla]

I will keep it short after going through the problem statment, only a better governance can save Nigeria because there needs to be friendly policies and incentives for made in Nigeria product and local production and should be focussed and government needs to set up incubation for start ups in order for them to grow. Until import rate is higher than export then we cannot do anything.

[peter0425]

But unfortunately most African countries like Nigeria rely solely on importation of goods to meet the needs of her citizens, infact the situation is so bad that it's said even toothpick is been imported

In that sense I can relate to.

Even if my country has enough resources the government doesn’t do anything to utilize that and instead they buy from rich countries which do not make sense. If we want to be economically successful we have to focus our efforts in making sure that it is other countries that are buying from us not the other way around.

[btc78]

Until import rate is higher than export then we cannot do anything.

As citizens what we can do is support local businesses and let them grow since obviously the government wouldn’t be the one doing it. If these local businesses improve and they become big then majority of people would be buying from them which can make the government notice how just ineffective and counterproductive importing from other countries from when you have the resources available anyway

[Yogee]

[...]
Finally there can never be any meanfull economic growth with out improving your local content by mass production of goods which will reduce the import rate of any country there by leading to reduction in the prices of goods and services

Reducing the importation doesn't necessarily result to a reduction of prices. There can be mass production of local goods but a huge portion of that is exported as well since it could be more profitable for the Government. What's left for the local citizens could be the second-grade products. Another thing you need to consider is the private businessmen who would try to hoard these locally produced goods then create a fake shortage so they could increase prices.

[Wakate]

It's basic economic principle that production of goods and services will lead to the creation of wealth and employment thereby translating to increase in the gross domestic product which translate to economic growth and stability

But unfortunately most African countries like Nigeria rely solely on importation of goods to meet the needs of her citizens, infact the situation is so bad that it's said even toothpick is been imported

From the drugs her citizens take to take care of her sick citizens to the food that her population eats are all imported infact the economy is an import based economy that even the cruide oil that the country is naturally blessed with the country still import petroleum products like cooking gas, pms, kerosene etc is still been imported and is out of reach to the ordinary citizens

Finally there can never be any meanfull economic growth with out improving your local content by mass production of goods which will reduce the import rate of any country there by leading to reduction in the prices of goods and services

A country like China were able to have a stable currency because they are producing different products which are being transferred to other countries for their own consumption. African leaders have failed their people because what the region is currently passing through is very huge with effects. The problem Africa giant is having is bad leaders and once that is settled, it is going to help the economy of Africa which is going to boast more dollar currency to be entering into the countries whereby making the currency strong. Nigeria need to go back to agriculture or they know industrialization is not the paramount thing for now.

[Alphakilo]

Finally there can never be any meanfull economic growth with out improving your local content by mass production of goods which will reduce the import rate of any country there by leading to reduction in the prices of goods and services

A country that does not consume its own products but are so focused on consuming and importing foreign products will lead to a poor economy. They will always remain at the mercies of the foreign marketers who are in charge of regulating these products.

Production should be more than consumption likewise exports should be more. This is how to grow the economy of country.

[Kemarit]

bigger countries with technological know-how are not sharing the technology with them though. we were so keen on fighting to "end hunger" or to make peace not war. but making the lives of others easy seem not really what they provide.

some countries dont even have a clean water supply but when Mr. Beast helped them develop hundreds of deep wells, he was canceled for doing it. https://www.youtube.com/watch?v=58DqVM2Y5C0

for them to help themselves, they need the basic necessities but bigger countries seem preventing them in becoming economically independent.

True, unfortunately, that is the case, they wanted to no help, but obviously countries like Nigeria who doesn't have even a tap water to drink and someone wanted to help them were being shut down the minute the government feels threaten by the outsiders.

So it's very hard to solve their problems, unless the people inside the government will change for good. But officials are corrupt as hell and only wanted that position and take advantage to make money. This is not only in Nigeria though, in Asia as well this is like a "norm". But Africa is worst, bad governance, corruption and other factors contributed to the continents continue decline.

[Text]

Supporting small and medium businesses is the backbone of many economies. Investing in and nurturing these businesses can significantly boost local production. Local production means local factories and businesses, which translates to more jobs for citizens. This boosts incomes and spending power, further stimulating the economy. Encouraging local production fosters a culture of innovation and entrepreneurship. This can lead to the development of new products and technologies, making the country more competitive in the global market.

[Mr.right85]

Finally there can never be any meanfull economic growth with out improving your local content by mass production of goods which will reduce the import rate of any country there by leading to reduction in the prices of goods and services

A country that does not consume its own products but are so focused on consuming and importing foreign products will lead to a poor economy. They will always remain at the mercies of the foreign marketers who are in charge of regulating these products.

Production should be more than consumption likewise exports should be more. This is how to grow the economy of country.

I think this is where most of the issues lies for the developing and under developed countries. They’ve been so obsessed with life outside there region that they don’t see the good or quality in locally produced goods. What is mainly shipped down is mostly mass produced products which in most cases haven’t got good quality too.
If a nation and I refer to its citizens is able to buy locally made goods, it would serve as a stimulant for these produces to produce more and even quality products. Patronizing local producers is you giving them the necessary resource to purchase required machinery to produce top quality products.
Funny enough, some of these products are been exported and you find foreigners buying them. Having to be self sufficient as a nation is what reflects your independence and it’s a boost to the economy as well.

[Churchillvv]

Building on what upgrade00 said, corruption would have been the major cause of the poor economic situation countries like Nigeria is facing but it's not just corruption anymore there is more to that than corruption.

Basically in Nigeria now a lot of goods are being produced locally. The importation era has begining to decline drastically as from 8 years ago when the international borders for importation of goods where locked up. A very good number of her citizens has began to produce things and the toothpick mention was an old example used to illustrate how poor the production is but now the production has begin to increase as a refinery has set to open in the country and crudes are to be refined nationally. Now that has kept the economy in that state is not the production capacity of the country although it's part of it but not only the fact that contributed to it's down fall.

Most of the big nations are the cause of inflation in Nigeria or importing countries like Nigeria, as they have found out that Nigeria is a consuming country so they took such opportunities to surprise the exportation and production power of the country to a level that it finds it very difficult to do without importation of products. So I can say that production is only the economy stimulant of a country but other numerous factors contributes to the development and progress of a nation.

for them to help themselves, they need the basic necessities but bigger countries seem preventing them in becoming economically independent.

This is the best statement I have read so far in this thread or the board. It shows clearly that you understand the big problems of countries like Nigeria.

[wxa7115]

It's basic economic principle that production of goods and services will lead to the creation of wealth and employment thereby translating to increase in the gross domestic product which translate to economic growth and stability

But unfortunately most African countries like Nigeria rely solely on importation of goods to meet the needs of her citizens, infact the situation is so bad that it's said even toothpick is been imported

From the drugs her citizens take to take care of her sick citizens to the food that her population eats are all imported infact the economy is an import based economy that even the cruide oil that the country is naturally blessed with the country still import petroleum products like cooking gas, pms, kerosene etc is still been imported and is out of reach to the ordinary citizens

Finally there can never be any meanfull economic growth with out improving your local content by mass production of goods which will reduce the import rate of any country there by leading to reduction in the prices of goods and services

Things are like that for a reason, maybe the corruption is so high there that it does not allow the development of light industry, local manufacturers could be unable to compete against China and other manufacturing countries, the economy or the fiat currency is not stable enough to develop long term plans necessary for the creation of such industry.

So while your diagnostic about this problem could be correct, it is possible there is no way to change this on the short term and allow Nigeria to become a net exporter.

[kryptqnick]

I wouldn't mix goods and services into one area this way. Production of goods was historically important, but service-based economies can function well nowadays. Producing services isn't the same as producing goods because you often don't need the kind of resources for it that you need for goods. The economy of Singapore, for example, is 75% service-based and less than 1% agricultural.
Nigeria (according to Wikipedia) is around 55% service-based, 24% industrial and 22% agricultural. It's not a bad division per se, and the production of goods (especially essential goods like in agriculture) is on a much higher level there than in a much more successful Singapore.
What does make Singapore special is a famously low corruption level and famously high pro-business orientation. So I think Upgrade00 was right to mention corruption as a major problem of Nigeria.