It’s a new month of March, and there is a new economic dispensation in Nigeria with the election of a new president. And now that a winner has been chosen, there is a clear direction as far as leadership is concerned, as the countdown to the inauguration has begun.
Needless to say, each new administration brings with it new economic policies as well as new economic rules and regulations. As the road to a handover starts, it’s critical to keep up with economic news. This will assist you in making appropriate plans and judgments regarding your financial position.
Even though the government has a big role to play in making sure the economy grows and moves in the right direction, people can also do a lot to drive economic growth and development.
Nigerians want a change and are ready for it; will our new government meet expectations and steer us in the right direction?
A few expectations for both the government and citizens will include:
1. Fighting corruption: Corruption has become a big problem for Nigeria’s economy and has cost us many business opportunities. The government should work at combating unethical behavior and aiding anti-corruption initiatives. May we ask the government to take action to enhance accountability and openness in governance as well?
To the citizens: the message is clear. Economic policies may aim at stifling corruption, but the onus is on the citizens to commit to it and be ready to be anti-corruption crusaders.
2. The government should put entrepreneurial, skill, and economic development and education at the top of its list by making it easier for people to get access to education and programs that help with economic and vocational growth. Citizens can continue to put money into their education and skill development to make themselves more useful and help the economy grow.
3. According to a report released in 2022 by the National Bureau of Statistics and the Small and Medium Businesses Development Agency of Nigeria (SMEDAN) (NBS), as of December 2020, Nigeria had at least 39,654,385 micro, small, and medium-sized businesses (MSMEs) operating, which is 4.5% less than in 2017. The research states that MSMEs made up 96.7 percent of all firms in Nigeria and contributed 46.31 percent of the GDP of the nation.
Small and medium-sized businesses (MSMEs) in Nigeria are leaving the country’s business scene because of bad economic conditions, pressure from regulators, and a volatile foreign exchange (FX).
The agricultural sector has a significant impact on the Nigerian economy. The government can assist the agricultural sector by making loans available, enhancing infrastructure, and establishing regulations that promote investment in the industry.
We’d like to see the government support entrepreneurship by making it easier for people to get money, making laws that are good for businesses, and encouraging technological progress in many different areas. And for the people who live there, SMEs have always helped the economy grow, so people are encouraged to get involved. Farming, processing, and marketing agricultural goods are all ways that individuals might invest in the industry.
4. Giving priority to necessary infrastructure: The government should give infrastructure development top priority by spending money on building and maintaining roads, bridges, and other infrastructure projects. This will increase productivity, cut travel time, and make people feel safer.All of these will enable the economic and financial well-being of citizens.
5. In a similar way, the government needs to set up policies that protect and help Nigerian businesses. This will help local manufacturing and improve the overall economic performance of Nigerian industries. Can we ask the people of Nigeria to support local businesses by buying goods and services made there?
Effective government rules and policies can help create an environment that is good for business by making people more open, reducing corruption, and encouraging people to start their own businesses.
Implementing these policies requires significant involvement from the government. It can partner with the private sector to draw in foreign investment, provide the required money, and develop laws and policies that support economic growth. To guarantee that these measures are carried out successfully, the government should also place a high priority on accountability, openness, and the rule of law.
The next few months and years might be a long walk, but gone are the days when the citizens took a back seat to things that would affect their economic well-being and future. It has become imperative to get more interested in how politics work, get more interested in national and global economic news, and become more involved—for our future and posterity.
