JONATHAN 2015: POLITICAL LIABILITY OR ASSET? (2) BY ABBATI BAKO,psc Its obvious that Nigerias economy is sliding within the global economic inter-play; from the fact that our external reserve is around $46billion. This reserve is too meager to consider Nigeria as a major player in global economic inter-play. Not only Nigeria, even Africa S/Sahara nations account to less than 1% of world economy (considering $90 trillion or more than $365trillion both capital and investment world wide). For example, the daily (24 hours) global trade transactions is amounting to $1.08trillion(John Belis,2008) and Nigerias stock exchange daily trade transactions seems to be around Naira 300 billion; equivalent to or less than 1/2 $billion. The usual total amount in Nigerias stock exchange is between N12 to 14 trillion (the amount dropped to N4trillion during the global of recession of 2008) and the economy seems to be stagnating by day due to insecurity, lack of electricity energy and total dependency on oil money income. As said earlier by this writing that economy is the heart beat of human life; the inability of the current central government to woo foreign investors into Nigeria is being considered a one of the factors contributing to sliding economy, unemployment and stagflation. No economic growth without industrial productions. No economic growth without constant power supply (Former Brazilian President Silver-de lular told visiting Nigerian President late Umaru Musa Yaradua that Brazil have had 114,000mgw that generating electricity energy, compared to Nigerias 3500mgw). Nigeria is a consumer nation not viably economic power house. And again, the central government of Nigeria seems to be accumulating more and more debt both internal and external. These are some of the reasons that Nigeria and Nigerians are becoming poorer by the day. Where is the missing link? How can our leaders solve the economic problems of Nigeria and Nigerians? The only way for Nigerian is to use his electoral ballot paper and change the situation democratically. Otherwise, Nigerians will continue accumulating anger for the net some years. For example, it has been assert that the central government spent over N10trillion between year 2000 to 2010 for various development in Nigerian states; but I challenge anybody to show me any single gigantic project worth N20billion in my native state, Kano. The reader should take note that the essence of democratic governance is to get democratic dividends---pure and simple. May God save Nigeria. To be continued... In Sha Allah Abbati Bako, psc,bsis,mti,UK
Posted on: Tue, 18 Mar 2014 21:41:17 +0000
Recently Viewed Topics
© 2015