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Capitalising on economic crisis to develop Nigeria

W ITH the financial crisis in the country today, the Federal Government can still capitalise on this to develop our economy. At the moment, it makes no financial sense to import, as the stress of obtaining forex is a challenge on its own. The fall in the value of the naira will also mean that there will be less profit on imported products.

The solution, therefore, will be for investors to establish their manufacturing firms in the country. Today, imported products are becoming more expensive, and it is having an impact in the love Nigerians have for foreign products. The average Nigerian can no longer afford those luxury products they used to buy a couple of years ago because of how expensive they are now, which came about as a result of the depreciation in the value of the naira.

The only thing left for Nigerians is to make do with our local products, which are affordable.

This, therefore, means that more jobs will be created to meet the needs of Nigerians for certain products.

President Muhammadu Buhari has a lot to do to stabilise the economy. He should, therefore, bring together political economy and finance experts to proffer solutions to our economic problems.

However, what we must understand is that we are in this mess because we did not diversify our economy when the going was good.

Our love for foreign-made goods, which are inferior to ours in most cases, is the major reason we are suffering economically now.

 

  • Oladejo Taiwo,

08035505314