The state of the Nigerian economy was a diverse economy that used to be the pride of Africa. It was flowing with natural minerals such as gold, tin, bitumen, coal, natural gas and salt as well as agricultural produce ranging from our local cassava to the grown-for-sale cocoa and rubber trees. The discovery of oil in the late sixties brought about an economic boom like no other. Those times were characterized by adequate food, increased salaries, moderate government facilities, high standards of living and even higher incomes. Neighbors and citizens were living in a paradise or what you can call a well-organized society.
However, those times are gone and are replaced by a new era. An era filled with less job opportunities, less medical care, bad roads, poor airports, inflation, deflation, poverty, hunger, grief and loads more of suffering and hardship.
This era is referred to as economic recession. We hear the term, “Economic recession!” but do we know what it actually is?
A recession is when the economy declines significantly for at least six months. That means there’s a drop in the following five economic indicators: real GDP, income, employment, manufacturing and retail sales. It is truly a catastrophe.
I am delighted to have been availed this opportunity to share my thoughts and insights on the primary concern of the economic recession we are currently faced with in Nigeria. I will like to start here by saying that I am a strong believer in the entity called Nigeria. I still hold that our position and place as the Heart of Africa is not in doubt, as we become more influential in spearheading the drive for a more robust continent able to hold its own among the comity of other continents. This is to ease the doubts on the minds of my fellow countrymen and others who, for any or the subject reasons, think that we may have lost it.
Are we troubled? Yes, and it is unfortunate that we find ourselves where we are now. Is it over? I don’t think so!
Thus, Nigeria needs to diversify the economy if she wants to recover out of this current blow. Being an oil dependent economy has thus far compounded our woes. So, more than ever before, it is time to give other sectors considerable attention and uplift. There are a whole lot of resources that are not being adequately utilized. These ‘untouched’ areas should be brought to life in order to ease off pressure on the oil sector. Although, the effect of diversification might not be instantaneous but it is one that will have positive outcomes in the not-so-distant future.