When I was in class three in the year 1983, my economics tutor taught us in the class the fundamentals of the subject. Till now those topics such as; definition, market forces, opportunity cost, scarcity, comparative cost advantage, laws of returns, productivity and so on are more often than not a reflection of my mind.
Again, in this recent times, another topic has caught up my reflection such as Import Substitution as was one of the topics of yesteryears in the class. It is an economic device to remedy the continuous fall of the demands and earnings for primary products, mostly oil and gas. On this basis, it inadvertently brings about the fall of foreign exchange earnings. With this development, budget is affected which creates room for externalities, this means much suffering and woes.
The import substitution device makes room for two solutions; the curtailment and limitation of foreign imports, secondly, the massive production of local substitutes such as agriculture, local content products etc. However, within the space of one year, this device is able to provide sufficiently all the goods and services needed by the people of the country.
Is this what is happening in Nigeria or there is another economics device not being taught in the class rooms?. The Almighty God should help calm the fray nerves of the disappointed citizens, or otherwise.
I would want the public in this forum to contribute to the body of knowledge on this serious matter on ground so as to ventilate violent conflicts in the country.
Some of Nigeria's most significant difficulties is a lack of access to financing. Many medium- and small-sized businesses manage to secure the finance they require to expand and deal with international products. Without the access to financing, these companies are unable to develop as well as generate the employment required for growing the economy. The Nigerian government has taken certain steps to enhance the accessibility of credit, but much more work still to be done.
An additional problem confronting Nigeria is corruption. Corruption is prevalent in many sectors of economic growth, including government and the commercial business. This makes it tough for organizations to function in an honest and fair manner, as well as for customers to obtain the things they want at a reasonable price. Corruption may also makes it harder in order to draw foreign investment and may harm the image of the nation. However, with the appropriate policies and methods, Nigeria may make achievements toward a more independent and beneficial society.