Nigeria economy is gradually sliding into recession because of the mismanagement of the nation's wealth and resources by the past regime. Over the years, we refused to invest, diversify our economy, we run only mono economy that is solely dependent on oil. We refused to think ahead, we are not proactive in our approach to all our national issues, unfortunately, the repercussion is now catch up with us a d hitting the entire country badly.
A recession is a decline of economic activity, more specifically, a decline in gross domestic product (GDP) for two or more consecutive quarters. GDP is the market value of all goods and services produced within a country in a given period of time.
There is outcry everywhere and agitations are rising day by day for a better and prosperous nation. It seems government is helpless and the whole country is confused. I have stopped to disturb myself because my mentor, who is also a watchman over this country said before now when the whole nation was preparing for the last general election and early this year, he made reference to it again in one of his nation wide live broadcast made in the month of January 2016. He said, Nigeria will go through a transition period before revolution, transformation and desire change comes. Obviously, it seems every approach of government is not yielding the required result and everything seems to be stagnated, yes it will be because change by nature are not microwave and it does not happen over night. To change a rotten and bastardized system and country comes with a lot of difficulty, at the beginning, the whole exercise and attempt might looks impossible and futile but if the government and the citizens do not relent in the attempt to birth change, in no time, the desire change and transformation will come.
Many who are ignorant of the economic cycle will blame it on the current government, no. Nigeria has been showing symptoms of recession for a long time, but but now the reality was dawn on us. In the past we are given bogus economic figures and whitewash GDP figure that does not reflect in the economic lives of Nigeria.
Recession is an opportunity for a nation and the people to rise higher provided we can see what lies ahead. What need to be done as government is to change the strategy, reposition the institutions and structure of governance. Let us a create accurate database of our population, employed and unemployed populace, students in school and those out of school and those did not have the opportunity of stepping into the four walls of formal schools. Proper and accurate population database will aid our economic planing. The citizens must position themselves accurately and take hold of the opportunities and begin to create economic pathways, that is what change the fortune the Indians and Chinese.
A productive country and serious minded government leverage on everything and every situation and turn it around for their advantages. In 2008-2009 when there was global recession, Germany was not in recession because they have a system and structure that can mitigate such natural occurrence. In Germany 30% of their students goes to University and 75% of the students goes to polytechnic and technical colleges. During recession they are able to rise above it because average workers are technically and technologically skillful, what that means is that, they prioritize human capital development. A productive citizens will produce a productive country but a lazy country like Nigeria where everybody is busy looking amnesty, handouts and crumbs of bread from government is country already programmed for poverty, economic woes and recession.
To get out of recession, we must focus on power generation and equilibrium distribution of power. Power is imperative to meet local demand, to drive economy both at micro and macro level. We need to decentralize the source of power generation. Why giving me power from Kanji Dam when the cost of getting power from Kanji have already killed the economy. It does not make any economic sense.
One of the major disservice the pass regime did to us was that, the privatization of power they did and transferred to this regime was faulty and it can't deliver desired results. Nigeria government in the past privatized distribution of power instead of power generation, we can't make progress that way until we rewrite the wrong of the past this country will continue to grope in the day as if we are in the dark.
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