Impact Of Corruption On Our Economy

Impact Of Corruption On Our Economy Dr Kenny Odugbemi

Corruption and criminality kill professionalism and hardwork this require our present government through existing unbiased antigraft agencies to be ready at all times to fight cankaworm and caterpillar with no exemption for any individual, no matter their position of influence, religion and ethnicity this singular effort will move Nigeria’s revenue to another level.

Government officials are far too corrupt that they are richer than most Manufacturer and business Men and Women

Role of Citizens

Talented people must be hardworking, and this bundles of talents innovative ideas and creativity deserves to be patented and collateralized as a guarantee to obtain credit facilities from commercial and investment banks at a single digit rate, just as we have it in developed economy

Role of Enterpreneurs

Nigerian Entrepreneurs must not be too money conscious, but must be willing to impact the Society through offers of affordable local products fit for consumption and export to shore up our foreign reserves, and also enhance the Corporate Social Responsibility

Role of Business leaders

Business leaders must lead the development of strategic framework for our collective growth, maintenance, and sustainability as there are innumerable business opportunities in Nigerian markets that requires urgent solution to earn more revenue

Role of Government
Government must deliberately and intentionally support local production requiring scaling up of skills and competence to improve the well being of the people

Public sector approach
Government must dismantle corrupt tendencies by blocking all loopholes through the adoption of workable technology

Government policies must be clear, unambigous, well tailored in right direction and simple enough for citizen understanding

Conclusion
If we truly desire our economy to move to $1trn, Government officials should desist from buzzwords to cover up their corruption

Nigeria present depend on sales of crude oil which form 90% of our foreign reserves

It is now time to sell our crude oil in our local currency to bolster the value of Naira, currently at devaluation of about 50%, this will reduce our dependency on forex

Our economy is tending toward dollarization, hence people struggle to get dollars to execute the following:
School fees
Medical tourism
Ostentatious goods etc the need to stop huge allocation to such venture can not be overemphasize, as Government should create a well enabled environment for us to develop comparable, to Western World

We must restrict the influence of IMF pressurizing government to remove subsidies on Electricity and ensure the PMS sell at N750/litres, this is not too good for over 133million multidimensionally poor people, hence the need to allow “Nigerian to breath”