Opinion: The Pathway to The Current Economic Bane in Our Country

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I laud Nigeria Citizens for enduring the hardship in the Current economic woes. It is never easy to keep on surviving in a nation where by there is an economic downturn of which I believe the positive change of the shortfall on the economy is not farfetched.

Recession by short Brief;
An economic recession is defined as a decline in gross domestic product (GDP) for two or more consecutive quarters…What do we mean by Gross domestic product? Its the market value of commodities produced within a country in a given period of time.

The eradication of Recession is a gradual process that can not be done within a short period of time….With rigorous investigation and ideas from economic expertise. I hereby make a plea to the Government to consider my measure below.

A measure to remedy the Economic recession is taking note of the crucial role Agriculture plays in an economy. Agricultural sector as the back bone of an economy system. The F.G should ensure to employ farmers being their agents to work together with them and aids in patronizing their products which will be beneficial to the F.G and the

Our vagaries dated back in the 1970’s under the Regime of Gowon, where there was diversification of economy from the Agricultural sector  to Oil sector….This was because of the free money they derives from it without encountering hardship. These then result as a fragmented system.

Agricultural sector have an Important role to play in an Economy in the real sense.

The decline in the foreign price of crude oil has made the Nigerian economy a mess. As Enterprises continue to downsize and reduce remuneration, the country itself is moving towards other revenue streams. It’s a no-brainer that agriculture is the next big thing in Nigeria, and with people losing their jobs and Offering them a redundancy fee for some while some finds it difficult to get. One lucrative area to invest in is farming. The term farming, may sound local, and less-profitable. This was a grave assumption made in the past. Today, people know better.

They are lucrative agricultural business we can engage in Today. They are Poultry Farming, Tomato farming, Grain farming,Fish farming as so on. To mention, but few.

¶.Tomato farming;Did you know that over $300 million dollars worth of tomato pastes are imported into Nigeria every year?

Yes, $300 million dollars! The answer is simple, the supply is far lower than the demand. This is one agricultural venture that goes unnoticed. A lot of people tend to look elsewhere never realizing that this profitable enterprise has always been staring them in the face.

If you’re looking for lesser competition, grow tomatoes. Once you can find a way to transport, grow (in a large scale) and keep them looking fresh for a long time, the sky would be your stepping stone.

¶.Poultry farming;The consumption of chickens and turkeys in Nigeria and Africa as a whole is sky rocketing everyday.

Thousands of tons are consumed daily and the local supply cannot meet the demand. This has resulted to subsequent importation of thousands of poultry products into the country on a daily basis. This market deficit alone shows the potential of poultry farming in Nigeria. No wonder even an ex-president of Nigeria reportedly owns one of the largest poultry’s in Africa.

With a small space in your backyard and little cash to buy day-old chicks, you can start this agricultural business idea.

¶.Grain farming; Nigerians and Africans as a whole consume millions of tons of rice, wheat, and oats every year. These are standard meals that every African family consumes in a week. In Nigeria for instance, almost every home
eats rice daily. Most other homes consume wheat everyday, and others consume oats. These meals account for a very large volume of food consumed in the country.

What’s more interesting is the fact that Nigeria still imports thousands of tons of grains every day. Widespread local production can cut the importation by half and create thousands of millionaires from growing grains alone. This is one Profitable agricultural business idea you can engage in. Its can go this way…..The Federal Government should set up a scheme that will really be an incentives for Nigeria farmers. How do they go about that?

We have the federal Government, State Government and the local Government….The Federal Government should set up a scheme for agriculture in the Local Government…there are sub unit under the (L.G) of which I urge the F.G to encourage our average farmers by supplying each local Government a standard machineries for exploitation while they aid the farmers in patronizing their products which will serve as a lingering effect. By so doing, Nigeria can
therefore start exportation of Cash crops and food crops of which we serve as Another source of Income to the Government. The Government can give out loans and advances to the farmers for procurement of machineries.

In Nigeria Today, it is a pity that we so much relies on Oil sector….do we ever think that, if The Oil sector turndown how can we cope?

The mainstay of any developed nation is to be self reliance and encourage exportation rather than Importation….This is a nation whereby we shouldn’t depend much on the Government, though the Government impact will really aid the Job done easily by supplying of soft loans to the Farmers for exploitation.

Chief Olusegun Obasanjo the former president of Nigeria said and I Quote “Nigeria’s currency (Naira) is suffering
because the country spends more than it earns, depending more on importation, usually on goods than can be easily
produced here in Nigeria” It a slap on our face that Nigeria spends so much money on the importation of toothpick.

Is not about how far But how well, there have been other countries that started prior to the creation of Nigeria . A person developed Ghana, A person changed China, India and other known countries….let the #changebeginswithus. We can Together make a positive impact on Nigeria Economy.

Conclusively, our youth of nowadays….Let’s together form a coalition in fostering peace and unity amidst us. Let’s change our faculty of thinking, let’s start doing something genuinely. Enterprising is the key to success. Be an employer of labours, being a Boss and save Nigeria rate of educated derelicts.

– Saliu Ismail Oluwatosin
Department of Banking and finance.
Kogi State University

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