By Adefolarin A. Olamilekan
January 02, 2022
Economic Agenda for Nigeria in 2022
This are interesting time,especially as the political atmosphere is getting charged in preparation for the 2023 general election.
It is predicted that time of general election in Nigeria is also a time of slow motion of government activities. But all that cannot be accepted now going by the poor record of the nations economic performance’s and hardship Nigerians had to bear in 2021.
As a commitment in suggesting what need to be done to get the economy working for the totality of Nigerian’s.
This agenda is to guide the Nigerian state to secure the economy through practical implementable policies. And on the long run stabilise citizens livelihood’s and improved Welfare’s.
Although, several projections had been made on how the economy would fare in 2022.
The concern here is to set the pace for actionable ways to the effect’s.
First,is that the Buhari’s Administration with less than seventy months to handover must sustained the linkage between fiscal and monetary policies.
In our view this is one of the tangible policy focal point that the government deployed.
This fusion of fiscal and monetary policies comes with the various interventions that was given to various sectors in the economy.
Although, the challenge of doublet digit inflation that erode the power of the naira almost reversed the gains.
Interestingly if the linkages of fiscal and monetary discipline of the Nigerian authorities can be sustained and further applied in 2022 going forward.
This will give a boost to the economy, but with a patriotic characteristics that is urgently needed because there has to be a mindset change apart from a structural change in the way the country works.
Secondly, we acknowledged the current porous security situation of the nation like many others in the sub Sahara and West African region, Nigeria is struggling with terrorism, Banditry, Kidnapping ,armed robbery and ritual killings.
And the foundation of all this deep crisis that has turned the country into a killing field and uncertainty economic environment in the last ten years old. This is hinge on Economics dislocation of citizens and viable business entities. And this has come to have one of the deplorable impact on the health of the nation economic wellbeing.
Regrettably,the devastating effect and impacts need to be addressed urgently as 2022 gradually unfold, for Nigerians to avoid another difficulty.
Critically, a process of getting things done with the aim of recovery process through economic redistribution of resources in the medium’s and long term would go a long way.
Conversely, we did not also rule out the pandemic years that greatly affected the whole world economy system but since the Nigerian economy was already in such a delicate and complex situation that its impact has been even greater.
What to be done is to stressed, the economic prospects of the nation through adequate infrastructure and incentives that is properly applied across boards from the local government, states and nationally.
In a situation like critical crisis of economic dislocation’s that has affected the poor and down trodden. We expect such economic redistribution policy at this time.
Thirdly, without over exaggeration of the Nigerian economy.It remains African largest markets. But this is paper market without adequately harnessing it local indigenous science and technology to her economy.
A look at developed nation’s,from America,Europe and China. What’ is sustaining there economy’s is the technology that power and propelled there it.
if the Nigeria economy is to get better this year 2022 and in the futures.
It time for ‘Technology ‘ and that technology most be home grown.
It doest not matter if it is copied. Significantly, so far it can be modernised,remodelled and re-engineered with local content features. After all the world we live today is witnessing diffusions and fast spread of knowledge upgrading from all corners.
Although, we are not asking for illegality in acquisition’s of technology fits.
Nevertheless, our nations is ripe for it,with numerous research institutes and technological agencies. For this sake,the National Development Plan 2021-2025 document should kick start this processes, especially with it provisions incorporating local science and technology contents in addressing crude and gas exploration in the country. Another is the Finance Bill 2021 that in it amendment would empower the National Agency for Science and Technology Infrastructure (NASENI) with 1% funding to boost technology fits in the country.
For our quest to make Nigeria
reaches some kind of economic rebound, of economic development after so many years of decline, required critical infusion of indigenous technology backing of significant levels.
Fourthly,the foregoing is tied to unbundling us from economic dependencies that has drastically sustain the high inflation levels and the loss of the value of the national currency. In this case the naira note remains practically worthless against the dollar and others.
The only saving grace for the naira is accelerating our productions sectors,from innovative engineering that science and technology can only provides. In short the crisis with the naira all through previous years is result of import driven economy and poor export strategy.
Unless we balance it by deployment of technology and innovations in our manufacturing sectors.
Fifthly,linking to the above is the crisis in the power sector,a great suggestions to this is to be found also in the 2021-2025 National Development Plan. Projecting an upgrade from the struggling 7500mgwt to 10000wgwt this year 2022.
This demands work and more work.
Sixthly, the challenge in fuel subsidy payment is still with us. And this arises due to shock in oil price at the international market. One solution to importations of Petrol Motor Spirit (PMS) is the ongoing modular refineries built in the Niger delta areas. It is our strong conviction that such investment should be replicated across the six geopolitical zones Even though much hope has been place on the Dangote refinery in Lagos.
Seventh,on the prediction on how the economy wouldn’t perform in 2022 is tied to the Gross Domestic Product (GDP).
patronising locally made good’s and services are still precarious.
Both citizens and peoples in authority are guilty of this. But we commends the initiatives in the purchased of Innosson motor products off which we expect more patronages of other local products in 2022 by government agencies and institutions.
For us the initiative to focus on none oil sector to improve government revenue is practicably to engage with Nigerian innovation and creativity sector’s.
An economy that want to see lower inflation rate must certainly most take advantages of indigenous products and services to to do away with doubled digit year-on-year inflation. And for an economy like ours with many flaws, with growth that, although it is there but lack tangible development’s, insufficient and uneven. Sadly,this is what has characterized the economy in general terms over the years
What we are saying in essence is that for the Gross Domestic Product to have tangibles development indices the patronization of local products and services must be the core driver of the economy in 2022.
Eighth, again,to over come the economic crisis of preceding years will demands strong political decision though not adequate to improve the economy like that of Nigeria’s must go with trust from the citizens.
Citizen’s trusting there governments has a major impact on any political action taken. That is why in Nigeria the mistrust between citizens and people in authority reverse whatever goodwill a policy may have.
In fact as long as there is no sincerity from the political actor’s, who are the ones who take the measure’s, it will be difficult to think that those policies will have the positive impact that Nigerian’s needed.
However, citizens at all levels must see reasons to trust the Nigerian state so as to give there unwavering support to policy geared to stimulate the economy. In this wise people in authority must reciprocates that trust with total commitment that is devoured of corruption.
Importantly, this will drive citizen’s to support local creativities and innovations.
The Nigerian populations has enough role to play in reversing the import dependent of our economy’s significantly.
We must seizes the opportune to better the economy conditions —because if there is mutual trust and less hostility from the government towards the business community. That’s can generate opportunities that should be exploited, as much as possibly in 2022.
Meanwhile,an economic environments where those opportunities will be better for everyone not just some groups over the others
In conclusions, year 2022 provide the Nigerian state the opportunity to safeguards the Welfare’s of the people considers most economically important.
Adefolarin A. Olamilekan
Political Economist and Development Researcher