Experts Offer Solutions for Nigeria’s Ailing Economy

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Sunday Okobi
To boost the Nigerian ailing economy and pull the country out of the current crisis economic experts have charged governments at all levels to engage the youths in economic activities as well as aggressively design programme to finance exportation of locally-made product from Nigeria.

They noted that until the federal and state governments with expert guidance from the financial sector start fruitful engagement of youths in sectors like the environment and export, through proper financing, other sectors would hardly help to reflate the economy.

These were some of the advices in remarks made by economists, investment bankers among other business moguls who graced the recent launch of the book ‘A-Z of Export Business Financing’ written by trade (export) consultant, Mr. Bamidele Ayemibo, in Lagos.

According to one of the economists who spoke to THISDAY, Tope Fasua, the Nigerian government needs to take a systemic view about the economy and avoid old method of doing things because it cannot continue to try solving today’s problem with the same tools that created it. “I think it is high time the government started devising ways of getting newer ideas on board, and this can efficiently come from the youths.

“The Nigerian government is still practicing that old ways of growing the economy. They are other ways the government can intervene. In my opinion, I believe that the trigger towards this country advancing lies with the Nigerian youths. Government must invest in the youths, and since they are a lot to be done, the youths would do them. It is bad enough that after 18 months, this government missed it way by not been able to harness this most important resource which is the youth. The government stopped talking to the people, and by so doing, everything went down. Nigerian youths, instead of being economically engaged, are spending their time on unproductive ventures, which are sometime criminal when they were actually ready to contribute to the progress of Nigeria.”

Fasua, who is the President of Institute for Service Excellence and Good Governance, opined that agriculture sector alone cannot help fix the economy “because even with the global rating in agriculture, we are nowhere. To sufficiently feed ourselves is difficult, so for the government to improve the economy with agriculture, we must be able to feed ourselves sufficiently.

“However, the sector that could employ a huge number of Nigerian youths is the environmental sector. There is too much work in that sector-in our roads, streets, buildings among others in the environment. Until Nigeria becomes like the United States, there are a lot of work to be done, and to be done by young people.”

Ayemibo, who stated that his book is a systematically simplified reference manual to help exporters, bankers, investors in export business to finance export; because as they ventured into such business, they need a guide to navigate the business terrain, noted that government needs to design a solid programme for export financing.

Accordingly, he said the book is also very important to Central Bank of Nigeria (CBN) and Nexim bank because they handle the export simulation fund that the federal government is working on now which is set for approval. The knowledge acquired from the book, the lead consultant at 3T Impex Trade Academy said, is critical for good decision making so that the fund would go out and still come back to the economy, and add value to the society. It would also enable them take an informed financial decision at the spot without any inhibition.

“The reason why export is not growing in Nigeria is because we are not financing it. There’s need for us to strategically design programme for export financing, and that’s where the book comes handy so that a lot of money would not go away from the country, as the government would begin to aggressively finance export business (not only importation), and avoid this pitfall that the import-based economy has pushed us into. Also, it is noteworthy that developed export businesses which is well-funded by the government and banks are alternatives to crude oil for economic growth and development. So, generally, this book guides exporters on how to secure funds for their business,” Ayemibo said.