RECESSION IN NIGERIA

THE RECCESSION CLAUSE: THE STRIVE FOR GLOBAL RELEVANCE

We live in a world that is clearly heading into extinction; the problem Nigeria is facing is a backdrop of the mismanagements and misuse of power over 50 years of our independence. What solutions can be proffered to aid our homeland out of the “technical” economic recession that we find ourselves in?

Over the years, Nigeria has strived as a third world country to maintain a growing economy which is supposedly the largest African economy but is it the most conducive, attractive or prominent? What elicited this economic recession?

Why was the country not prepared for this huge blow? Furthermore, why were some measures not put in place to have hindered the incoming recession? Did all these come as a result of mismanagement of power by government or our people’s apathetic nature towards politics? All these questions are plaguing the inner sense of every average Nigerian walking on the street and plying the roads.

A cesspool of economic decadence; corruption has eaten too deep into the fabric of our society which has affected the outsiders outlook of our humble homeland, About two months ago, Britain’s Prime minister, David Cameron pronounced Nigeria as a corrupt. This is one of the very reason Nigeria was driven to economic recession, our political system has been corrupted from ages past; covetousness has brought about the down ridden economy. Now committee’s have been set up to try to manage the recession. Due to the recession, the international community will have low regard for Nigeria and probably find our country in a state that is not conducive for investing; the current state of the economy has severed economic ties with other countries. More so, in World trade market, since the naira has been devalued, whatever is traded will lose it value. One of the problems Nigeria is suffering is due to the fact that we concentrated our powers too much on oil production, we did not engage in diversification of resources; this also affects our global image because we are seen as resource wasters.

Therefore the solutions to all these problems are to diversify the economy and have so many sectors for export in the country. Also the resources that we still have we should try and look into them and develop them and also put those to use so that it can create job opportunities for those who are unemployed in the country. In that case all the people will acquire maximum satisfaction and there will be economic growth.

BY JOY ILENREH

Please drop of your comments , if you find it interesting

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s