Nigeria's 21 Years of Uninterrupted Democracy: Economic Recession blame on Covid-19, Recovery Priorities excluding Technology - What's the way forward?
Today, June 12, marks the Democracy Day celebration for Nigeria. The date for the celebration was shifted from May 29, two years ago by Nigeria's current President Muhammadu Buhari.
The 2020 celebration of Democracy Day marks 21 years of uninterrupted civil administration in our country Nigeria. The current democratic dispensation in Nigeria started from President Oluseegun Obasanjo in 1999. We've had three successful successions from thence to the present.
Of the recent democracy day celebration in recent years, this year is celebrated low key as it is marked during the outbreak of the novel Corona virus which has plagued many economies of the world., the Nigerian economy has not been an exception.
It is crucial top take a crucial look at economic feats, challenges and opportunities of the nation in a day like this, to form a basis for a boost or maintenance.
Corona Virus, the Chief Culprit...
The president of Nigeria, in his Democracy day broadcast stated affirmed that Nigeria's economic status is on a down trend, giving reasons to be the decline in global economic activities due to the COVID-19 pandemic.
He said, “The external reserves grew from $33.42 billion on April 29th 2020 to about $36.00 billion in May 2020 which is enough to finance seven months of import commitments. We have witnessed eleven quarters of consecutive GDP growth since exiting recession. The GDP grew from 1.91% in 2018 to 2.27% in 2019 but declined to 1.87% in the first quarter of 2020 as a result of the decline in global economic activities due to the COVID-19 pandemic.”
Sad, that COVID-19 has become an excuse for poor governance and ill-directed priorities. In previous posts, I have penned the increased unemployment in the nation prior top the 4 months old covid in Nigeria.
Economic Revamp Priorities?
In the broadcast, Nigeria's president furthered that his government would revamp the "cotton, textile and garment sector via a Central Bank of Nigeria Textile Revival Intervention Fund that would considerably reduce foreign exchange spent on cotton and other textile imports. He added that his administration intends tackling food security with an initiative tagged “Grow What We Eat” and “Eat What We Grow”.
I am bothered that the President of Nigeria alleges that revamping the textiles and Agricultural sectors are his priorities for economic recovery in the country. Nothing has been said about the education and technology sectors in line with the new global trends. Currently, Nigeria still exports Crude Oil and imports fuels for its citizens. How do we come out of the increasing debt profile as importation of the all needed fuels continues.
During the heat of the Covid-19 pandemic, many private institutions and individuals had made stride to make indigenous technology to create ventilators and other medical facilities to contain the deadly virus, yet, there is no mention to revamp the technology sector of the country.
I had wished that the recent meddling of the Nigerian government with Chine would cause them to look at cryptocurrency just like China has done with their recent legislation on inclusion of Bitcoin and Ethereum in inheritances. Read this post.
I'll watch to see how things unveil.
Posted Using LeoFinance
