Getting the economy out of recession

THE Federal Government under the leadership of President Muhammadu Buhari who is now in charge of the Nigeria economy for about one and half years now, should now take prompt action to revive the dilapidated economy. It is obvious that the mismanagement of many years by the PDP government has resulted in the growing recession and gloom. The price of crude oil has drastically reduced our foreign earnings and the foreign exchange reserves. The insecurity in the land to the activities of militants has also reduced the amount of crude oil available for sale.

We cannot fail to take note of the failure of the PDP government to utilize the earnings from the oil boom to diversify the economy through agricultural revolution, production of diesel, petroleum and kerosene for home consumption and export of such refined products into other African Countries. If Nigeria had succeeded in managing functional refineries, the product for internal consumption and export purposes would have enhanced the economic prosperity of the country. The Federal Government ought to have improved greatly on the development of infrastructure, which would have enhanced the prospect of industrial development resulting in the provision of employment opportunities.

We should learn from what Chief Obafemi Awolowo did when he was Premier of Western Region when he ensured that for every prospective graduate at the colleges and universities, there were numerous employment opportunities awaiting them. It needs to be emphasized that the unavailability of employment opportunities has resulted in various criminal activities embarked upon by unemployed youths such as armed robbery, kidnapping, numerous kinds of militancy, the existence of groups engaged in sabotage and property vandalism. A lot of people are also engaged in menial jobs not commensurate with their qualifications. Apart from the tumbling crude oil prices, the vandalism of oil facilities by militants must not be allowed to continue. The persistent dependence of the managers of our economy on imported fuel and other products of crude oil to run our economy must be reversed in favour of home refinery. While the Federal Government is playing a leading role in the management of the National economy, it should work in harmony with the State Governments and other leading economic developers in the country.

The Federal Government should embark on the assemblage of economic experts to prepare an Economic Masterplan for the country, in which roles are ear marked for every level of government and all other players in the economy, and solutions to the problems of the country are suggested. The country, for many years, has depended on only the export of crude petroleum, the collapse of which has crippled the economy. While the PDP government at the federal level for many years had mismanaged the copious resources accruing from crude oil sales, most state governors have also mismanaged their shares of the crude oil money from the Federal Accounts. It is therefore not surprising that about 27 state government have now failed to pay the salaries of their workers for over seven months.

The Federal Government should therefore work in harmony with the state governments to embark on the diversification of the economy. For example, while the Federal Government can play a leading role in agricultural development particularly in the preparation of the Master Plan of the projects, the states will key in by embarking on the production of crops for which they are best suited for. The extension development of agriculture will not provide tremendous opportunities for the availability of food for the consumption of the populace so as to end the widespread hunger ravaging the land. It should be recalled that some years ago, the Federal Government embarked on the provision of numerous silos for the storage of food crop. The Silos were provided,  but they have been left empty since their construction.

As acclaimed in a recent publications in the media, President Buhari has declared that, “Nigeria will be prosperous again.” This will depend on the preparation of all partakers in the economy to work hard in the attempt to diversify the economy. The leaders of this nation must work hard to provide an enabling environment by ensuring that peace and security prevail in the country. The leaders of the country must work hard to ensure that the infrastructural facilities are working efficiently such as energy supply, the development of Transportation systems, development of industrial projects and provisions of employment opportunities. All efforts to redeem the economic potentialities of this country should be handled by the Federal and State Governments who are joint stake-holders in the development of the country.

Many state governors have mishandled the economic development of their states, hence many of them are before EFCC and ICPC where they are facing enquiries in respect of the mismanagement of the finances of their state. The Federal Government should therefore seek the cooperation of every state government, irrespective of the political party that sponsored their elections, to work together and jointly work through a Masterplan for the economic transformation of the country.

• Senator Farukanmi lives in Iju, Ondo State.