Nigerians are worried about economy

According to a survey carried out by FKO Investments and Research Limited, 75 per cent of Nigerians are worried about the economy while 15 per cent are worried about terrorism and insecurity. Ten per cent of Nigerians are worried about crime.

The economic decline of the Nigerian state has affected the lives of the populace negatively. Prices of goods and services are rising daily while the income of the populace remains stagnant. Nigeria is an import-dependent country and the scarcity of foreign exchange will adversely affect the importation of commodities.

Nigeria can move from being an import-dependent country to an export-driven economy. This can be achieved through proper policy and planning. Before ban can be laid on the importation of products, there needs to be an alternative. That means production of that said commodity and in proper circulation which will serve as an alternative on the banned import products.

The need to develop the rural part of Nigeria is crucial in the development of the Nigerian economy. Industries should also be situated in rural communities and not urban centres such as Lagos, Abeokuta, Port Harcourt among others. The term NANO-ECONOMY comes to play when an industry is situated in a rural economy. For example, if an industry is situated in a village in Osun State, the food sellers, “pure water” sellers, recharge card vendors and so on, will invade that site and set up shops in order to sell their commodities. After the opening of the industry and they are ready for operations, those petty traders remain because a ready market has been established. Over time, guest houses will be built in that community so as to house employees of that industry thereby fostering the establishment of schools and health centres for the children of the employees. All this, over time develops that village, and there will be a movement of goods and services from that village to the rest of the world and the economy of that community uplifted forever thereby fostering development and curtailing rural-urban migration.

The fight against corruption is necessary because corruption has eaten deep into the fabric of our existence, corruption cases should be fought to a reasonable conclusion, giving room for speedy trials. This will send a signal to the international community that we Nigerians are serious about the fight against corruption.

Foreign investors follow trends of the happenings of various economies of the world which form their basis of investing in such economies. Foreign investors will invest in a stable, less corrupt economy.

Folawiyo Kareem Olajoku,