NIGERIA PRESENT ECONOMY 2016

by Odemuyiwa Olalekan

A comprehensive analysis of the economy of Nigeria will gives us a precise outlook of the persisting economic conditions of the country. Thus, the defective infrastructure facilities have hampered the constant growth of the country, yet efforts are made to revive those sick industries of the country through foreign collaborative and investment. The agriculture and oil has been on the top of the priority list of economic growth of the country, efforts are made to modify other industries.

The core inflation rate in Nigeria increased 12.20 percent in March of 2016 over the same month in the previous year. Core inflate rate in Nigeria averaged 9.42 percent from 2007 until 2016, reaching an all time high of 19.28 percent.

The present Nigeria state has also fail to align what is known to be public good to her economy;

as public good is a good that is both non-excludable and non-rivalrous in that individuals cannot be effectively excluded from use and where use by one individual does not reduce availability to others. It can also be described as something that is useful for entire population as is education and infrastructure. This is in contrast to a common good which is non-excludable but is rivalrous to a certain degree. It is observable that there is total denial of public goods for citizens by the government not even going on electricity which is the strong hinge for infrastructural development and any other form of development.

A very pivotal one to be concerned of all now is the new petrol pump price to N145 per litre. To Nigerians with this increment is wickedness taken too far with a concocted flimsy excuse of dealing with black marketers just to support their harsh action. Along with a quote ‘one only show out what it’s in the mind’. This policy is stringent for the compliance of the masses, as the federal government can afford anything that comes their way and deceiving us with change propaganda, they were able to achieve this because no dissatisfaction was shown by the citizens, no protests since all was in agreement with the TUC, NLC and other government parasitical that hide in the cover of seeking interests for all.

The current administration is missing it out with no general direction and vision at the spot of destroying the illegal refineries instead of been confiscated to serve the general purpose of supplying oil to every household, industries at a sensible pump price for being a oil producing state. Which lead to the question ‘What has the current administration done for the benefit of the masses?’ consequently to, not forgetting the issue of corruption fighting which have been what the government have said or shown to be embattling ever since gain power. To the notice of all, it can be said categorically that the government not fighting corruption but only gathering funds. 

How can we talk about corruption fighting where the judicial system itself corrupts and not totally independent as so called to be? As a trial of a senate leader that happens to be a party member of the presidential seat taking ages to be given verdict to but in the market where a stealer of food item or other commodity face the immediate wrath of jungle justice. This government fight no corruption but harbouring of corrupt leaders which we all aware of them don’t even know maybe a treaty has been signed with them.

All what the government have done and still doing is presenting the conundrum faced by the masses in an absurdity manner. A good life or either a good government should have time to think, rethink and re-audit what steps it about to take and the aftermath effect or consequences on the life or nation. For it is a bad thing for good policies should be implement by a bad government and a good thing for a bad policies to be implement by a good government.

I wouldn’t end this article without my perspective of possible solutions for the present Nigerian economy.

· Government should always seek public opinion first because they govern/rule people and not animal. 

· Government should replicate the good things they see in other countries as travelling out is routine for them. 

· Government should seek foreigners or investors about infrastructure, electricity e.t.c also and not only for loan alone. 

· Make the judicial system free and independent with fast respond deadlines for hearing of cases that has to do with corruption because it is a national and partial criminal issue. 

· Lastly here, which is a paramount for all is for them to create or establish a body for price control i.e. price control board for all commodities because the masses at the losing end.

- Odemuyiwa Olalekan