Nigeria’s Economy: 5 Things That Could Be Done To Savage The Situation

The Nigerian economy is growing at a very slow pace at the moment and this is all thanks to the fall in crude oil price in the international market. The fall has affected government revenue and foreign exchange availability. A lot of patriots are wondering what could be done to  improve the situation. Well INFORMATION NIGERIA has just the right answers for you. Below are 5 things that the Nigerian people and government could do…

– Increase Export ASAP: The first step in the right direction is to make the Nigerian economy export oriented and not import oriented as it currently is. It could be commodities or services, anything to earn the much needed forex. This way we can to balance our import expenses.

– Create policies that encourages local production: The government needs to institute policies that will either increase Nigerian exports or reduce the reliance on imports and encourage local manufacturing. Raising import tariffs would be a start. Although this will be meet with stiff opposition from countries who survive on bringing goods into Nigeria, our leaders have to stick to their decision and discourage over dependence on importation.

– Encourage Nigerians to buy local: Nigerians should focus on issues like buying Nigerian made products and not always buying from foreign markets. Money made in Nigeria does not stay in Nigeria for long because it’s spent in other countries fairly quick. This doesn’t allow the Nigerian economy to grow.

– End corruption: One can help the state of the country by adamantly refusing to aid, abet, participate in or benefit from corruption in any form. The structural corruption in Nigeria is ultimately the biggest problem. This really prevents the government from being able to institute meaningful reforms.

– Quick passage of budget: The goverment needs to quickly pass this year’s budget so that government can swing into action.

 

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