One does not need to be a Harvard trained economist to know that when an organization’s source of revenue is affected, it ordinarily would have effect on the organization. Nigeria’s source of revenue is affected, so the country is affected.
Simply put; like in most countries of the world, government is the highest spender in Nigeria’s economy; and oil is the major source of our government revenue. So with the drop in oil price in the global market, and the effect of militancy in the Niger Delta region, which is affecting the country’s oil production out-put, there is a dip in government revenue. This dip in government revenue is in-turn affecting consumer spending. And because consumer spending is affected, businesses can’t invest in products and services, thereby causing decline in the country’s Gross Domestic
Products (GDP)-This is economic recession and, technically, or not, Nigeria is in it.
But the question is “how do we get out of this recession?”, and/or more importantly, “how do we avoid recession in future?”
To be fair to the Nigerian government, both the past and present, and this is a common knowledge; they aren’t lacking in “ideas” of what to do, or how to go about solving the country’s challenges; what has been identified as the challenge is the “political will” to do the needful-to match their “ideas” with the required actions that would get the country out of the woods. Each government that comes paints a beautiful picture of what the country’s economy should be/look like. They have identified the country’s over reliance on oil as a minus to the nation and have always advocated for the diversification of the economy, with a detailed explanation of the advantages of doing so. Yet they outlive their administration, and nothing happens. Another administration comes in, apparently voted into office on the premise of doing the “needful” also does nothing.
Nevertheless, this recession should make us have a rethink. We should use it as an opportunity to tell ourselves the home truth and do something about it. The government should provide the required leadership and galvanize the country’s potentials towards increasing its revenue. For me, festival tourism amongst others is a natural bequest that the government can harness to bolster the economy.
When I heard of the Nigeria Beer Festival, to be held in September, 2017, I had to muse about it for a while, appreciating the idea. Then suddenly, it dawned on me that it could be turned into a festival tourism product like some countries like Great Britain, Belgium, Canada have done, and are enjoying its attendant benefits. For instance, the Germany’s “ocktoberfest beer festival” attracts well over 50,000 tourists to it yearly. You can imagine the benefits.
Then considering that Nigeria is indisputably the second largest alcohol market in the entire Africa, with an expected total volume of 15.2m hectoliters per year, the Nigeria Beer Festival, to me is coming rather late. However, “it is better late than never” even as the middle class and the large number of drinking age consumers in Nigeria continue to grow. Whether one likes it or not, drinking alcohol is a social activity in Nigeria and it has come to stay. Of all alcoholic drinks, beer is the most popular in the country, making up a large percentage of all alcohol sales.
Therefore one must not pretend over the forthcoming Nigeria Beer Festival and the government, through the Federal Ministry of Tourism, Culture and National Orientation should do everything within its capacity to adopt it as a tourism tool. Beer brands as well should leverage on it to engage their consumers. Also, the idea of Lagos as the host city for this event is equally commendable, as it is the entertainment hub and commercial nerve centre of Nigeria, with well over 18million population. Again, Lagos is the headquarters of all the major beer brands in the country and other associated industries, and with Tafawa Balewa Square as the venue, the event is positioned to be a success.
However, I understand the beer festival will be a weeklong carnival-like funfair, entertainment, sales and marketing event, with musical concerts parading some top Nigerian artistes, barbeques, fashion shows amongst others; and that it will be a platform for the largest community of beer consumers from across the country and beyond, in a fun atmosphere with economic value for brands and the economy at large. I think we need this festival at a time like this. I know we can engage this festival to the country’s advantage to boost tourism and enhance economic development in Nigeria. I know it would build harmony, provide entertainment, showcase our heritage as a country, build friendship, in addition to new relationships, create partnerships, and create jobs, and increase our income as a country amongst others. The time is now; let’s embrace the let’s embrace festival tourism, let’s embrace Nigeria Beer Festival.
Arinze Okamelu
