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Moving Nigeria Towards El Dorado By Dr Kenny Odugbemi
Nigerians faces immense challenges ranging from the following
✓Multidimensional poverty
✓Unemployment
✓Poor health and social infrastructure
✓Climate change
✓Nation wide insecurity
✓High energy cost,high inflation
✓Lack of robust support across SME's, Manufacturers
✓Gross incompetence without character
✓Cancerous corruption at all levels
✓Financial wrecklessness at highest level
✓Lack of transformational leadership
✓Lack of probity and accountability
The present administration alone can not solve all these accumulated dysfunctionalties from 1999 till date
There is need urgently for the following major repositioning
✓Social intervention in pragmatic manner
✓Enterpreneurship development at Micro/Macro level
✓Sound , unbiased judicial frame work
✓Expert opinion on assymetric war fare to combat terrorism, kidnapping from non kinetic inflow especially inflow of illicit fund,firearms
My suggestions
✓Unlock new creative,innovative,transformative ideas that will have immediate impact on the life of our oppressed people
✓Improve significantly on transparency and State and National governing structure well aligned to achieve same goals and objectives
✓Create pathway for foreign investors through robust fiscal and monetary policies that will stimulate DFI's,PFI's with free entry and free exit opportunity
✓Build and sustain robust advocacy about National Values proposition at all levels
My proposed model
I will envision two simplified tiers of economic development
Tier 1
Agenda to restore shattered trust,hope of Nigerians after last 8years rule of clueless administration rippled with monumental corruption
Tier 2
Restructured,Recalibrated Renewed of hope and trust of Restored hope in line with critical need unbiased yet transparent with social equity and justice
Tier 1
Regulation based on foreinsic audit of all inadequacies of last administration bearing assets and liabilities with learning outcome
Tier 2
Application of TQM at all levels, where right people will be in right place,doing right thing,at all time in line with global standard and public expectations meeting thier critical need
Implementation of Road map
✓Restructure, recalibrate, reposition of all MDA's and existing three tiers of government guided by robust governing structure with applicable balance score card
✓We need more patriots at local and overseas who can provide selfless service not existing political protege,grossely incompetent and under performing last locacious Ministerial briefing is a clear example of misfit and mismatch
✓Examine and learn from global model of Countries that have gone through successful transition eg UAE, Malaysia, Singapore, Indonesia
✓Secure funding from DFI's leveraging on our $3trn asset base cutting across local-States-Federal, enough of borrowing,We have public debt N100trn
✓Establish the governance listing,reporting of standards and policies across all sectors and MDA's
It is time to launch to the global space all inclusive Web platform that will have true visibility and interoperability
✓Government -government
✓Government -DFI's&DFI's
✓Government -global regulatory institution
✓Government -public
✓Government -local SME's, Manufacturers and enterpreneurs
Major landmark remark
Establishing firm governance structure across MDA's,Three tiers of governments align with critical need of Nigerians is now sarcocant to prevent unbridled protest such as organized labour asking for minimum wage of N494,000 an increase of 1547% of annual wage of N9.5trn much higher when compare with our capital, recurrent,ways and means securitization,whilst present administration offer N60,000 whilst on record many states are still owing N30,000 minimum wage
It is worthy to note that organized labour can not demand for minimum that will offset our economic balance hence the need to face current reality and current effort by present administration to align other Cost of living adjustments too numerous to mention
The need for holistic economic diversification with emphasy of Value creation and additions of all our resources can not be overemphasized as this will provide jobs for the unemployed youths,engender social enterpreneurship ecosystem whilst mobilizing ethical equity contribution to resolve all our micro/macro difficiencies as aforementioned which the unprecedented limiting our economic growth,only this approach can guarantee meaningful policies translating into improvement and well being of Nigerians
Review:
- Nigeria faces economic challenges, including inflation, recession, and revenue dwindling.
- Labor unions demand a living wage, while the government struggles to manage the economy.
- Controversial policies and lack of dialogue exacerbate the situation.
Evaluation:
- Current situation: 2/5 (economic challenges and lack of effective solutions)
- Labor unions' demand: 4/5 (justified demand, but timing and amount may be unrealistic)
- Government's response: 3/5 (some efforts, but lack of dialogue and controversial policies)
Rating:
- Economic management: 2.5/5
- Labor relations: 3/5
- Policy making: 2.5/5
Further solutions:
1. Dialogue and collaboration: Government, labor unions, and private sector must engage in meaningful dialogue to address economic challenges and labor demands.
2. Economic diversification: Nigeria must diversify its economy, investing in sectors like agriculture, manufacturing, and services to reduce dependence on oil.
3. Fiscal discipline: Government must prioritize fiscal responsibility, reducing waste and corruption, and increasing transparency.
4. Investment in human capital: Develop education, healthcare, and social welfare programs to enhance human capital and productivity.
5. Infrastructure development: Invest in critical infrastructure like power, transportation, and communication to support economic growth.
6. Encourage foreign investment: Create a favorable business environment to attract foreign direct investment.
7. Social protection programs: Implement programs like social housing, healthcare, and education support to alleviate poverty and inequality.
8. Progressive taxation: Implement a progressive tax system to reduce income inequality and generate revenue.
By implementing these solutions, Nigeria will have a better trajectory I n following Master plan that is reflective of the following parameters
Place-understanding Nigeria as a geographical expression properly delineated by regional boundaries
Process-it is time to have better convergence between Presidential and Parliamentary system of government, the need to adopt reviewed realign with current realities 1963 Constitution, any attempt to return to statusquo or switch to Parliamentary as professed will not work given our perculiarities
People - our people across the regions are complex with high toxicity
We need more electoral reform that can facilitate an egalitarian society
Technology - The three tiers,of government and MDA's must be fully digitize for better accessibility efficiency, and reliability
Nigeria is never complex to manage,it is the litany of insanity among few that is making Nigeria more complex