The situation of Nigeria’s economy is one that affects both the high and mighty and for this reason, stakeholders can no longer hold their peace.
Suggestions on how Nigeria can turn the tide around, leveraging on everything at its disposal to improve the economy have been put forward.
The nation at a time like this requires visionary leadership and collaborative efforts to transform adversity into opportunity, Dr Ken Opara, said.
The President/Chairman of Council of the Chartered Institute of Bankers of Nigeria (CIBN), Dr. Ken Opara, reeled out a few things Nigeria should be doing right now.
He noted that the success of nations was often determined by their ability to harness their inherent strengths to overcome their challenges.
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According to him, Nigeria, with its abundant human and natural resources, possesses incredible economic potential.
But the inequality, of income and opportunities, which remain high has adversely affected poverty reduction.
“Lack of job opportunities is at the core of high poverty levels, regional inequality, and social and political unrest.
“High inflation has also taken a toll on household’s welfare, pushing more people into poverty.
“It is abundantly clear that our journey toward harnessing Nigeria’s economic potential for growth and development is marked by both promise and complexity.
Suggestions on Way Forward
The CIBN president suggested ways Nigeria could overturn the problems into opportunities and become self-reliant.
He said: “Addressing these challenges requires visionary leadership and collaborative efforts to transform adversity into opportunity.
“The path ahead demands resilience, creativity, and a commitment to shaping a brighter future for our country.
“Hence, it is incumbent upon us, as banking professionals and leaders, to chart a course that leverages the vast potential inherent in our nation’s economy.
“We must explore innovative strategies and approaches that will drive growth and ultimately uplift the lives of all Nigerians,’’ Opara said.
According to data released by the World Bank, Nigeria remains Africa’s largest economy with $477.4 billion in Gross Domestic Product.
“Nigeria’s progress on the socio-economic scene, is not replicated in human capital development, says World Bank’s 2020 Human Capital Index.
Opara further, stated that “the country is facing massive development challenges and urgent need to stop dependence on oil for revenues”.
He said: “Let’s diversify our foreign exchange sources and close the infrastructure gap.
“We must build strong and effective institutions, address governance issues, and strengthen public financial management systems.’’
Over Reliance On Oil Export Destroyed Nigeria’s Booming Economy
The Chief Economist at Development Bank of Nigeria Plc, Professor Joseph Nnanna, said growth and development were more than economic indices.
“Overreliance on oil export, retarded growth in Nigeria and also led to economic instability.
“However, amidst these challenges lies a path forward, through strategic imperatives that can unlock Nigeria’s vast economic potential.
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“Economic diversification emerges as a crucial avenue, leveraging the untapped potential of non-oil sectors to promote inclusive sustainable growth.
“Also, human capital development takes centre stage, acknowledging that education and health are at the core of economic growth.
“Lastly, infrastructure development is another cornerstone.
“It underscores the importance of building a modern and efficient infrastructure network,’’ Nnanna said.
Furthermore, he highlighted that these strategies were not standalone solutions, as they go with the implantation of complementing policies.
There must also be adequate resource allocation, to ward off corruption, and entrench good leadership.
“In doing so, Nigeria can move beyond the constraints of its past, harness the strength of its resources.
And emerge as a beacon of inclusive growth and development on the African continent,’’ he stressed.
