WE CAN DO IT AGAIN,EVEN BETTER!!! -by Saka Temitope

       It is no longer news,the intense frustration experienced by
Nigerians presently. While it is obvious that the government through
the media shows that all hands are on deck to ensure the alleviation
of the present economic condition. Concerned citizens, both the
lettered and the unlettered have expressed their grivances,from those
in the industrial or secondary quarters to the non-industrial or
primary quarters of the economy, ranging from
Bankers,stockbrockers,insurers, business men and women to farmers,
market women,artisans and even students. Many have purged their
emotions through various thought provoking articles and have proposed
feasible solution to our common problems.

      This article was provoked by an article written by one Mr Eze
Onyekpere titled MR PRESIDENT ECONOMY RECESSION which was published
today (25TH July,2016) in punch newspaper
(http://punchng.com/mr-president-economy-recession/ )Mr Eze was able
to express his dissatisfaction over the present convoluted economic
quagmire in Nigeria and highlighted possible solutions to the
menace.Though exhaustive,his article was.I would like to add an
antidote to the poison injected into the Nigeria’s economy.

      First and foremost,for comprehensive sake,our four major
economic problems go thus,
i. The plummeting  global oil price from about $116 to around $32 per barrel.
ii. The depletion of Nigeria’s foreign reserve from about $40b to about $26b.
iii. The ever highest level of inflation in  the history of nigeria’s
economy,which is presently 16.5% high.
iv. The Niger delta avenger crisis, which has led to the vandalism of
pipelines & threats to the lives and properties of oil workers and
associations (PENGASSAN & NUPENG).

       The implication of these four cardinal economic problems have
relegated Nigeria’s economic outlook into recession. With this,
Nigeria’s economy has been held hostage and economic experts now seem
incompetent to pay the necessary ransom to salvage our economy.

       To a logical and positive individual, who is aware of the
realities of today’s economy will applaud the government about her
action to diversify the revenue base of the economy. To the naive, let
me enlighten you on why it is the only alternative to salvage the
wrecking ship of our economy.

       The Nigeria’s population, being the highest in Africa
,increased from about 179m in the 4th quarter of 2015 to about 184m in
the 1st quarter of 2016 and  a projection of about 189m was made for
1st quarter of  2017.Apparently, an arithmetic projection of about 5m
people annually.Consequently,the working population(number of people
of working age,willing and able to work) which increased from about
76m to 78m at the same time frame, this sends signal of about 2m
increase of unemployment level.Now,from the aforementioned cardinal
economic problems, I found it inconceivable that the current low
production in the oil sector couple with the ridiculous price it is
being sold,could b used to drive the economy of our dear nation to the
promise land.

        Although, president Buhari promised to use only about 800m
from the oil sector to finance 2016 budget,but the truth is, the
meagre 800m out of 6.07trillion budget is unrealistic. The government
proposed executing the budget with revenue from non-oil sector.The
question; what substantive measure has government put in place or
proposed to put in place to yield huge revenue from agricultural
sector? really begs for an answer. To make government’s plans a dream
come through, it is important that the population which the government
intends to use as means to achieve agricultural revitalization are
well informed about the rudiments of agricultural activities. With
this,I propose that the government launch a massive orientation about
agriculture, ranging from fish farming, crop production,live stock
farming, forestry and lots more. This could only be done through
higher institution of learning, which is bedrock for acquisition of
practical knowledge. Funds should be released for research about
viable seedlings and products.Fishery,forestry,livestock and new areas
of agriculture are to be entensively explored.The spirit of farm
cultivation even at asmall scale for subsistence agriculture should be
imbued in the minds of Nigerians through government incentives.
Moreover, commercial agriculture should be encouraged through
incentive to farmers and direct involvement of government in
agriculture.
         At the birth of our independence, agriculture was the oxygen
we breathed, though I wasn’t born then but thanks to history. Then,
agricultural product was major source of export and recorded over 60%
of Nigeria’s GDP. Food products were in abundant at affordable prices,
and about 90% of Nigeria population were fed with our home grown
products(ECONOMIC SURVEY OF NIGERIA by S.O OLAYIDE{1960-1975}).At that
period, the sector employed about 80% of the county’s working
population, and with our present population, we stand a better chance
to do better than we did in the first republic.
       Having emphasised on agricultural orientation, The government
is required to possess the eagle eyes,to serve as as watch over her
expenditure into the agricultural sector.This will ensure
accountability,efficiency and a productive result.The present
anti-corruption tussle is laudable, and I hope if the government could
engage the agricultural sector in the like manner,our economy will be
back on track,hale and healthy.

Article written by SAKA TEMITOPE ABDULMALIK,
Part 3 student of ECONOMICS,
OBAFEMI AWOLOWO UNIVERSITY.
OSUN STATE,NIGERIA.