Accelerating the pace of Nigeria’s economic development

To the extent that an average Nigerian finds it difficult to meet the basic needs of food, shelter, clothing, health and protection, and the three core values of development; sustenance, self-esteem and freedom, development is still a mirage to us as a people and as a country, for how can one live a fulfilled life without these items? In as much as the factors and the process that ensures growth, progress, development and prosperity are yet to be concertized, Nigeria, the widely acclaimed giant of Africa remains perpetually potentially great, despite its vast, overwhelming and intimidating mineral, natural and human resources, regardless of the standard and benchmark for assessment.  

Nigerian is confronted by longstanding issues of corruption, mismanagement of resources, unprecedented economic hardship that has left millions of its citizens struggling to make ends meet. Not only that, the country continues to battle many social and economic challenges of insecurity such as banditry, kidnappings in the north-west region, insurgency by terrorist groups in the north-east, and separatist agitations in the south-east. Unemployment rate is not abating, and inflation is making life miserable for ordinary Nigerians as they find it increasingly difficult to afford basic necessities. Nigerians are struggling to put food on the table, with access to healthcare and education becoming more of a luxury than a right. The economic hardship has left many families in dire straits.

The economic crisis Nigeria is facing at the moment is horrifying and frightening, such that urgent and sustainable attention and action is required.

Government have introduced and already implementing comprehensive reforms, policies and strategies to address the economic hardship plaguing the nation, stimulate economic growth, reduce poverty, and create a more equitable society. It is imperative and mandatory for government to move in that direction, imperative to step up and lend a helping hand, particularly to the needy and the less privileged.

The nation’s heavy reliance on oil exports has made it susceptible to fluctuations in global oil prices. When oil prices plummeted, Nigeria’s revenue stream took a massive hit. Prior to the coming of the present administration, petroleum products were subsidized, opening the subsidy regime to unmitigated fraud and corrupt practices. 

Removal of subsidies on petroleum products and floating of the currency, though causing untold hardship on Nigerians at the moment are good policy decisions, which is expected to begin to yield positive outcomes in no distant future. 

Government should however address more frontally the major obstacles to development such as inadequate capital investment, a crushing level of debt, poor terms of trade and inadequate technology. 

Corruption and inefficiency in government, large growing populations, high levels of poverty, large population of out-of-school children, inadequate infrastructure, insufficient economic diversification, and regional instability are inhibiting barriers to economic development the government must address and resolve, as much as possible. Government should look into diversification of the economy beyond oil, and establish of a social safety net to protect vulnerable citizens. 

There must be unwavering commitment to transparency and accountability to tackle corruption and mismanagement of public funds, which have long hindered progress.

Government must be commended for its efforts at investments in infrastructure development. Lagos-Calabar Coastal Highway, Sokoto-Badagry Highway, Port Harcourt-Aba Railway, rehabilitation and reconstruction of roads across the country are commendable actions. Also commendable are policies introduced to reflate and put the economy on a sound footing. We however call for a more pragmatic approach in addressing the harsh realities in the country. Issues of inflation, rising cost of living, increasing unemployment, high rate of poverty, widening income gaps, weak economic growth and several others should be more aggressively tackled. The energy sector needs more attention. Nigerians are groaning in darkness. 

Unemployment should be tackled with innovation and creativity. The private sector, entrepreneurs and critical stakeholders in the economy can create job opportunities through investments and expansion; thus, contributing to reducing the alarming unemployment rate in the country and help to strengthen the economy.

Housing shortage and infrastructure deficit offers huge opportunities for investment. More investment in these critical areas would significantly enhance the nations GPD and national economic development. In other words, government should pay special attention to housing development and provision of affordable housing for the low- and medium-income earners, for the less privileged and vulnerable people in Nigeria. 

To effectively tackle Nigeria’s current economic hardship, government must collaborate with the organized private sector, professional organizations and critical stakeholders in the polity. The government should create an enabling environment for collaborative efforts, offering incentives to encourage private sector support for social causes. Government must engage Estate Surveyors and Valuers in all aspects within the scope of our professional functions. I can assure you that Nigeria would get the best from Estate Surveyors and Valuers if it focuses on the fundamental issue of how to unlock and harness the power and potentials of real estate for GDP enhancement, wealth creation and sustainable economic development of the nation, especially in its trillion dollar GDP dream.