Kenneth Udeh from Abuja
Nigeria may never get out of its economic challenges unless its leaders demonstrate the political will to drive and implement the Nation’s economic diversification agenda.
This was stated by Prince Ike Okorafor a Chieftain of the All Progressives Grand Alliance, APGA in Abia State who harped on the need for the Nigerian government to show seriousness to improve its fiscal and monetary policies and management, enhance its education, health and social protection systems if they had any intention to rescue the country out its current situation.
Ike Okorafor suggested the need for heavy investment in the Agricultural, Manufacturing, Infrastructure and services sector.
In a brief chat with the Sun in Abuja on Saturday the 2023 APGA House of Assembly candidate advised the Tinubu led Government to reduce its dependence on oil by investing in other sectors, such as agriculture, manufacturing and services insisting that these sectors have the potential to create more jobs, increase income, and reduce poverty and inequality.
Okorafor mentioned the causes of Nigeria’s problems;
“The country has been hit hard by the collapse of oil prices, the Covid-19 pandemic, the high rate of unemployment and underemployment, the spatial inequality between regions and states, and the insecurity and violence caused by various armed groups.
“These factors have contributed to Nigeria’s socio economic crisis, which has negatively affected the lives and livelihoods of millions of Nigerians. Nigeria is the most populous and one of the richest countries in Africa, but it also faces many economic and social challenges that have worsened in recent years.
Statistically, Ike noted that according to the World Bank, oil accounts for about 90% of Nigeria’s export earnings and 60% of its government revenue. However, since 2014, the global oil market has experienced a sharp decline in prices due to oversupply and reduced demand.
This he said has resulted in a significant loss of income for Nigeria, which has reduced its ability to finance its public spending, service its debt, and maintain its foreign reserves and has also exposed the structural weaknesses of Nigeria’s economy, which is characterized by low productivity, poor infrastructure, and weak institutions.
Providing solutions , Ike said that Nigerians must stop paying Lip service to the development of the Agricultural sector saying that it accounts for the employment of about 40% of Nigeria’s labor force and contributes about 25% of its GDP, but sadly the sector is largely subsistence and underdeveloped.
“By improving the productivity, quality, and value addition of agricultural products, Nigeria can increase its food security, export earnings, and rural development.
“To overcome the socioeconomic crisis, Nigeria needs to implement comprehensive and inclusive reforms that can foster growth, development, and stability in the country, Ike said.
Similarly the business entrepreneur stated that the manufacturing and services can boost Nigeria’s industrialization, innovation, and competitiveness.
He said; “by producing more goods and providing more services that meet the needs and preferences of the domestic and international markets. To achieve this, Nigeria needs to improve its infrastructure, such as roads, electricity, and water, which are essential for the functioning of these sectors.