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Debts and future of Nigeria

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Naira notes: Photographer: George Osodi/Bloomberg via Getty Images


Things are becoming too difficult and more tasking the way Nigerian economy is being managed. It appears we are out of realities and modern ways of managing the enormous resources God has put into our care. A rational being cannot live all his or her life on borrowing and expect proper optimum growth both economically and politically. When you borrowed, you may jeopardize self reliance principles and enslave your future to the extent that recovery economically may become impossible journey.

Well, relate it to the Holy Book, the Bible: Proverbs 22:7, “the Rich ruleth over the Poor and borrower is the servant to the lender”. In fact, the borrowers are slaves to the lenders and slaves are typically under bondage. Under this kind of situation, it is difficult to have bright future and consequently, the future is mortgaged.

If this is affirmed in the Holy Book, the Federal Government and other arms of Government need to understand that there are certain principles that help to manage and add needed values to life and the economy as a whole. We cannot close our eyes while walking and expect us not to fall. The first issue with us is that, we sometimes, started a journey without having the premonition of where we were going and this is dangerous!

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Debt is like a cancer. The way out of this disease is to have good financial planning which helps in proper formulation of effective budget and this goes a long way to tame corruption. With the way our privatization is designed, it is meant to exploit rather than exploration which should have helped to diversify the economy and open up the economy for healthy rivalry and encourage optimal utilization of all available resources in the country.

Rather than we ensuring that we put our priorities right, we allowed the foreign companies and their allies to dominate and control almost all the means of production to the extent that we remain consumers at the expense of our God given numerous resources.

Every nation that grows internally and externally focuses her attention on things of fundamental importance and places high premium on value chains processes and thereby earning reasonable foreign exchange and ends up in dictating the market pace.

For the country to move forward, the Government and all other stakeholders must appreciate the fact that, the first stage in solving any problem, is problem identification with genuine mind of offering pragmatic solution that requires looking inward to turn our weaknesses into strength by adopting the fundamental principle of management which is planning. Planning helps to place priorities right and ensure that wastages are eliminated.

On the foreign exchange issues, the Black market operations need to be eliminated and Central Bank of Nigeria (CBN) must take full charge of the monetary policies to be effective; and fiscal policies of the Government must encourage diversification of the economy to help the infant industries survive. Above all, government needs to revive the ailing industries and create friendly environment for business to thrive in the country.

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