Unarguably, Nigeria was among the world's fastest growing economy. With both agriculture, innovation, and industries, the economy was booming.
Something happened and now the economy has dwindled. The introduction of crude oil into the revenue became a huge hit because crude oil was expensive and we're blessed with much of it. Crude oil although not bad, led to an addiction. This addiction started marginalizing other sectors that sustains the economy. Now that crude has fallen, you see everyone running to agriculture. Although agriculture is better, everyone following that line isn't the best. Read my other POST for further reference. The reason for this post is to show ways in which everyone (citizen, military, government) could work hand in hand to balance the Nigeria's economy.
1. Think beyond natural resources.
To understand/accept this point better, read my other POST. Focusing all your mind to a resource, selling it out to others could bring money, but could also bring that addiction I earlier said. Think about using them within the country. Not selling them out then buying the processed product. With this we're not buying goods which we definitely could produce, but we're producing from our own raw materials and selling our products out so that our currency would grow.
To understand/accept this point better, read my other POST. Focusing all your mind to a resource, selling it out to others could bring money, but could also bring that addiction I earlier said. Think about using them within the country. Not selling them out then buying the processed product. With this we're not buying goods which we definitely could produce, but we're producing from our own raw materials and selling our products out so that our currency would grow.
2. Buy made in Nigeria products
Fortunately for us, some innovative people have taken the initiative to start producing goods within the country. We buying from other countries requires that we convert our currency to theirs and this means we're devaluing our own currency to raise theirs. We buying from local companies in the other hand, we're not devaluing our currency. And this would make such industries to boom, employ more unemployed and pay more tax to the government. The tax stabilizes the economy.
Fortunately for us, some innovative people have taken the initiative to start producing goods within the country. We buying from other countries requires that we convert our currency to theirs and this means we're devaluing our own currency to raise theirs. We buying from local companies in the other hand, we're not devaluing our currency. And this would make such industries to boom, employ more unemployed and pay more tax to the government. The tax stabilizes the economy.
3. Patronize services within the country
Schooling, shopping, medical checkups and all other needed services should be patronized within the country. Schooling for instance, requires you'll exchange naira to the foreign currency to pay for school fees, accommodation, clothing, etc. With these we're devaluing our currency even more. So please patronize Nigeria's services.
Schooling, shopping, medical checkups and all other needed services should be patronized within the country. Schooling for instance, requires you'll exchange naira to the foreign currency to pay for school fees, accommodation, clothing, etc. With these we're devaluing our currency even more. So please patronize Nigeria's services.
4. Be innovative
With the present system of things, everyone shouldn't run to just agriculture or just this or that. Let's spread. The decision of choosing your area of specialization calls for innovation. Think outside the box and do something not common. With this, you definitely might be lucky and you'll employ some unemployed and pay tax. All these stabilizes the economy.
With the present system of things, everyone shouldn't run to just agriculture or just this or that. Let's spread. The decision of choosing your area of specialization calls for innovation. Think outside the box and do something not common. With this, you definitely might be lucky and you'll employ some unemployed and pay tax. All these stabilizes the economy.
5. Don't panic
This dwindling economy has made prices of goods and services to be more expensive, whereby our income has reduced. Naturally, we'll panic but panicking won't solve anything. Let's work hand in hand and cooperate as a nation. Let's cooperate not just to balance the economy but also to expand it. Collecting revenue from different sources would bring growth to the economy. Addicting to just one lane would marginalize other lanes and diminish the economy.
This dwindling economy has made prices of goods and services to be more expensive, whereby our income has reduced. Naturally, we'll panic but panicking won't solve anything. Let's work hand in hand and cooperate as a nation. Let's cooperate not just to balance the economy but also to expand it. Collecting revenue from different sources would bring growth to the economy. Addicting to just one lane would marginalize other lanes and diminish the economy.
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