Insanity is doing the same thing over and over again, but expecting different results. There is wisdom in trying something new especially when a past action has produced undesirable results. This is especially true for a country like Nigeria whose economy has seen better days. So how do we move from where we are to where we need to be? How do
we move beyond oil and business as usual? The answer lies in a quote by Confucius that says, “Study the past if you would define the future.” To study the past is to learn from its mistakes. It is to outline the problems and critically discuss their solutions. So where did we go wrong?
The famous oil boom era of the 1970’s that was supposed to help boost
the Nigerian economy indeed did not do so, because the government refused to use the abundant monies obtained from the exportation of oil wisely. It was a period of economic jamboree which in turn badly damaged the economy in ways that the government have not
been able to repair till now. The agricultural sector which was responsible for 95% of the nation’s food needs was adversely affected due to neglect and Nigeria became a huge importer of food. Corruption and looting of government funds increased, the economy was so reliant on imports that even toothpicks were imported. They are still being imported today. It is thus clear, that it all started going south when the agricultural sector, local industries and other crucial parts of the economy were ignored and all the focus was on oil.
For diversification and a successful development of the Nigerian economy, profitable ventures that will benefit the nation and ensure steady and sustainable growth must be considered. Nigeria is a country that is blessed with numerous natural resources ranging from
precious metals, precious stones to minerals. For example iron ore, marble, gold, lead, limestone, zinc, kaolin, etc. Most of these minerals are yet to be exploited while some have not even been discovered. The solid mineral sector has tremendous opportunities for
investment, if half of the attention that is paid to oil and gas is directed to solid minerals; definitely there will be an improvement in the Nigerian economy and in the lives of the citizens.
Prior to the oil boom in Nigeria agriculture was the mainstay of the nation, food was in abundance. After the discovery of oil attention was shifted from agriculture leaving the sector to gradually die out and plunging the nation into deep economic holocaust. Presently, the agricultural potential of Nigeria is barely being tapped into and this explains the inability of the country to meet the ever increasing demand for agricultural produce. Serious investments are needed to enhance production and make the sector more attractive to
Nigerian youths. Potential exists for cereal crops, root crops, legumes, fruits, vegetables, tree crops and livestock. We cannot deny the fact that agriculture has taken a positive turn in recent years, but the
government should do more than give loans with interests that discourage people. Improved systems such as mechanized farming should be put into use as this will greatly increase farm
productivity. If all these are done, Nigeria will be at the forefront of food exportation, the GDP will increase and unemployment will reduce.
More focus should also be placed on local industries. Since Nigeria is fortunate to have abundant natural resources, they should be utilized.
Local industries should be supported. The exportation of crude oil to be refined should stop. It should be made legal for individuals to own oil refining industries. A problem in Nigeria which is viewing foreign
products as the best and indigenous products as substandard should be discouraged. Things like body lotions, toothpicks, light bulbs, shoes, etc. should be manufactured not imported.
With a mandate to promote the diversification of the Nigerian economy, the entertainment industry is a sector that the Nigerian government should also look into. Nollywood is one great example with high export value”. The creative and entertainment industry is a key
driver of global growth and can contribute to sustainable global economic recovery. The Nigerian entertainment industry is faced with challenges which include financing. Though NEXIM is giving loans to eligible companies, more should be done. Talented individuals should be sponsored, in the same vein companies, firms and industries
should sponsor movie and music production. Funds should be invested in entertainment to enable full realization of potentials and invariably attract foreign investors and high export.
The Nigerian Government has started investing in the ICT sector but there is more to be done. Nigeria still relies heavily on foreign technology, this need to stop. Huge investments should be made in this sector as it will affect the nation’s GDP positively.
Another important aspect Nigeria is supposed to invest into in order to
enable her economy diversify is in transportation. When we say transportation what comes to the mind of an average Nigerian is the normal motorcycle and bus business but we must include railroads,
trains and airlines which can generate lots of money. For example, the
numerous international airlines in Nigeria generate income for their home nations alone when this income can become Nigerian’s own too.
Also, Nigerians must consider paying greater attention to industrialization which is the process by which an economy is
transformed from primarily agricultural based to one based on manufacturing of goods that invariably leads to
economic growth. It is high time Nigerians begin to manufacture their own goods if not for sell but for home use, the attitude of preferring imported goods must be curtailed and importantly minor things should not be allowed to cross the Nigerian ports.
In conclusion, if we are to define the future and diversify our economy which is a great tool for economic development all the analyzed points above should be putin place. Many authors and scholars have written exhaustively on how to move Nigeria beyond oil by
diversifying the economy but little or no action has been taken. Theorizing should be replaced with immediate actions. It doesn’t matter where the Nigerian economy is today,what matters is that positive schemes are employed to gradually transform it to be better than yesterday.
NAME: OKORO CHINOMSO BENITA
FACULTY: ARTS
DEPT: HISTORY AND INTERNATIONAL STUDIES
EMAIL: okorobenita1@gmail.com
PHONE: 08140368086
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