The Nigeria economy has failed because of the mismanagement of our past leaders in the three tiers of government and the over dependence on the revenue accruing from crude oil.
It is laughable when in the newspapers one reads that Nigeria GDP (Gross Domestic Product) and her economy is the highest and the best in Africa. But practically speaking her citizens are among the poorest in the world
This is a country where the minimum wage of the public workers is (N18,000) Eighteen Thousand Naira when One Dollar is equivalent to two Hundred and Thirty Naira (N230)as at today If this amount is converted tell me how much dollars the civil servants are receiving as salaries. Meanwhile, the salaries and allowances of Nigeria political office holders remain the highest in the whole wide world. All of us also buy from the same markets.
But during the past administration, the coordinating minister, Madam Ngozi Okonjo-Iveala (a product of the World Bank) was always telling the world that Nigeria economy is the best in Africa, but she has never labored to talk about the high inflation rate, lack of stable electricity supply, very high rate of unemployment, insecurity, lack of petrol, kerosene and diesel, lack of road, network, inadequate health care. The problem of the, dying pensioners everyday because of failure by the Federal and States Government to pay pensions and gratuities as at when due, was never mentioned .
The exchange of naira rate in the early 80’s to America Dollar was less than N10 (ten naira). The World Bank with the aid of the former coordinating minister Mrs. Okonjo-Iweala whom I also learnt received her salaries and allowances in foreign currencies of her choice devalued our naira. So right now the economy has failed as also the prize of crude oil the in world market continue to dwindle. When the prize was very high the Federal Government refused to build refineries and improve other critical sectors but were sharing the wind fall among themselves. Today Nigeria still does not know the litres of crude oil produced per day.
Since it has been proved beyond reasonable doubt that Nigerians are suffering and smiling, so the economy has failed without reaction. The main way out of this failed economy is the priotization of the agricultural sector as a replacement’ for crude oil. What has happened to Nigeria is as a result of over dependence on mono economy.
Nigeria is one of the most blessed by God. Our numerous human and natural resources know no bound from East to the North and South to West. But because of greed and lack of will to make Nigerians and Nigeria better, the past leaders refused to work for the masses. They started to amass wealth for themselves and children yet unborn. Everywhere in Nigeria you could find abandoned paid projects that ‘would have” bettered the lot of the people.
If the Federal, State’ and Local Government can use their annual agricultural budget judicially the economy of this country will improve. The money earmark for the proper farmer should not be hijack by the privileged elites while fertilizers should be sold directly to farmers. There are also a lot of cabals in the Agricultural sector such as in petroleum sector. Corruption is in every sector.
Before the discovery of crude oil, Nigeria economy depends purely on agriculture. The discovery of oil is like a cause to Nigeria as it is today.
The Northern region had the groundnut pyramid; the Western region had the cocoa. The east had the palm oil and coal while the Midwest also was proud of timber, palm oil and cocoa. This time there ‘was no inflation and government was able to pay their workers while parents send naira (money) to their children ‘and loved ones in foreign land. ,Many foreigners come to Nigeria to work (especially teaching) but how is today?
Nigeria has Agricultural Development Bank but the real farmers cannot get loan, because of the strong collateral requirements.
If Nigeria cannot be self satisfied in food production that will bring down the prices of food stuff, then our economy should not be taken as good. Right now more than (70%) Seventy percent of one hundred and seventy million citizens cannot take one square meal a day. This is not a good omen.
COMRADE IMUAGBONHEN JOHNSON – 08055210961
