Contributions towards revitalising the Nigerian economy

[MykeAdams]

Nigerians faces many major economic issues that has been in the country for years, you won't disagree the fact that year by year different different economic issues hits the country mercilessly. For example, prices of goods keeps rising and this discourages one to stop purchasing, reports on fuel issues in the country which results in high fuel and transportation costs, due to the cost of living an individual loses value in saving and this creates room for poverty.


The country's currency (naira) continues to lose value compared to US dollar and to other African countries currencies like the Ghana. Nigeria has in estimate 80% imports in the country which leads to business struggling because the imported goods now become so highly expensive catching on import duties.

Unemployment plays a huge part as one of the economic issues affecting the country, being focused only on crude oil and folding hands with deaf ears to other sectors like agriculture and the Ajaokuta steel industry that would have reduces employment rates and rises poverty. The country lacks quality and safe highway roads, steady electricity supply etc.

Recently I figured out that the country's debt been landed to them has risen so high, if we picture it that half of the money being generated from revenues are been used to resolve their debts, less money will be left over which won't be enough to carter for the country internally.
What key resolutions do you think one can point out as a guide to improve the country's economy assuming you are an authority in the country?

[DYOR+BTC]

The Nigeria economic system has gotten to a point of know return, keeping the system so venerable that it can be controlled or managed by a single individual who's dream is to become the richest man on earth, so looking at it conspicuously you will see that revamping it won't be an easy one. The Nigeria economy have been going true challenging  moment starting from when we gained independent in 1960 till now and some of the areas affected in Nigeria's economy are: academic sector, infrastructure, fuel and so on. On the 29 may 2023 President Tinubu scrabed subsidy leading to excessive increase in price of fuel making things difficult for citizens, which needs to be tackled and reduced to normal so prices could drop.
In other to make Nigeria a better place maximum cooperation without greedy thinking should be introduced so all affected areas will be reshaped

[Justbillywitt]

Assuming I have the power to make decision in this country, the first thing I will fix is the issue of electricity. If the country is going to shift into production and attract foreign investors, there has to be constant electricity which will reduce the cost of production. One thing that producers spent so much money on in this country is power generation, and the high cost of doing that has sent many producers packing out of the country and small industries folding up. Another thing that needs to be fixed is the issue of insecurity.

[letteredhub]

Assuming I have the power to make decision in this country, the first thing I will fix is the issue of electricity. If the country is going to shift into production and attract foreign investors, there has to be constant electricity which will reduce the cost of production. One thing that producers spent so much money on in this country is power generation, and the high cost of doing that has sent many producers packing out of the country and small industries folding up. Another thing that needs to be fixed is the issue of insecurity.

Electricity na big problem for any society that's walking towards development and no fit provide constant power for the country, it discourages investors coming to invest in that country when they recount how much they would be spending on diesel just to be powering their facilities alone.

So if the issue of electricity can be fixed and it becomes an issue of the past then we might have a many international companies troopin which go lead to employment increase and in that way reduce redundancy way dey cause insecurity. Also for local entrepreneur setup with a small scale enterprise it does reduce the cost they incur in buying fuel which they direct that cost into the cost of the service they provide.

[Okosisie]

Assuming I have the power to make decision in this country, the first thing I will fix is the issue of electricity. If the country is going to shift into production and attract foreign investors, there has to be constant electricity which will reduce the cost of production. One thing that producers spent so much money on in this country is power generation, and the high cost of doing that has sent many producers packing out of the country and small industries folding up. Another thing that needs to be fixed is the issue of insecurity.

Electricity na big problem for any society that's walking towards development and no fit provide constant power for the country, it discourages investors coming to invest in that country when they recount how much they would be spending on diesel just to be powering their facilities alone.

So if the issue of electricity can be fixed and it becomes an issue of the past then we might have a many international companies troopin which go lead to employment increase and in that way reduce redundancy way dey cause insecurity. Also for local entrepreneur setup with a small scale enterprise it does reduce the cost they incur in buying fuel which they direct that cost into the cost of the service they provide.

From my own perspective I think Nigeria's economy can be revitalized through economic diversification away from oil into agriculture and manufacturing, structural reforms like improved infrastructure and deregulation, and enhanced investor confidence via policy stability. Other key strategies include increasing government revenues, strengthening social safety nets, investing in education and human capital, and tackling corruption to improve governance.

[letteredhub]

....

From my own perspective I think Nigeria's economy can be revitalized through economic diversification away from oil into agriculture and manufacturing, structural reforms like improved infrastructure and deregulation, and enhanced investor confidence via policy stability.

Brotherly, every key sections you have mentioned is valid towards making better the Nigerian economy and that of diversification of the economy from dependent on oil production alone to other areas of production like agriculture has being a clarion call over the decades because that was our main stay of national revenue before the discovery of oil and gas in the country which later led to the abandonment of the former. However, in all of these, electricity is a key factor to drive the possibility of a infrastructural and industrial development for any country in this century.

[Obulis]

You pointed out almost all the bottlenecks that has befallen naija which have that tendency to continue to the next as many years as possible if absolute development assuring measures are not developed... Come to think of it, nobody is above help! But the nature of help Nigeria seeks is somehow! Because it not every help that someone should go about looking for. There should be an excellent percentage indigenous help! Before asking for help looking at the level of blessings (human and mineral resources) in naija.

Buttressing on your query below
"What key resolutions do you think one can point out as a guide to improve the country's economy assuming you are an authority in the country?"
You mean a more economic and everything at least somehow healthy Nigeria?

This might not necessarily be a key resolution... But then
The people knowing what it means that they're actually a mandate and are supposed to have a mandate! Which is for sure right now no longer in existence in Nigeria I think is very important.
Making the people to think of the people's mandate and having it back can go along to building healthy politicians, political parties and policies..

[Sarah Jordan]

I'm just trying to fathom the fact that Nigeria's economy has gotten to this level it is.
I think to bring about the betterment of our economy. The government/leaders should try to sort out the necessities of the country and sort them out without greed or be clannish in their doings.
They need to tackle the price of fuel. It's really alarming. The moment fuel price went up every other thing skyrocketed to. Set up Infrastructures, make jobs available for the youths. When there is job availability I don't think things will be the way they are. Not just creating jobs to be biased, creating jobs for the youths, let them be employed. Increase in agricultural development too.