Ameliorating Prevailing Economic Hardship In Nigeria

Ameliorating Prevailing Economic Hardship In Nigeria

There is no doubt that the prevailing economic hardship in Nigeria is biting hard on individuals from all walks of life.

The withdrawal of subsidies, coupled with depreciation of the Naira against the dollar, has acted as a potent catalyst for a surge in inflation.

The daily increase in the price of goods and services has a negative effect on the purchasing power of citizens, thereby leading to more financial hardship as the cost of living is going beyond the reach of the average Nigerian.

The persistent increase in food items such as rice, beans, bread and even drinking water has made many families not to afford two square meals a day.

This development is obviously creating untold hardship in many homes. Unfortunately, whatever goes up in the country hardly comes down.

This trend has heightened the increase in other social problems like kidnappings, banditry, armed robbery, and drug abuse.

The consequences of these economic upheavals have been profound and wide-ranging.

The repercussions of this, coupled with the high rate of unemployment among youths is a fertile ground for social unrest which is already leading to protest in some states.

As many families continue to grapple with the harsh reality of going to bed hungry, it is evident that urgent and inclusive actions are needed to alleviate the impact of these challenges It is heartwarming that since his inauguration, President Bola Tinubu has left no stone unturned in tacking these challenges.

However, the complexities of the issue demands a response that transcends political, religious, and cultural boundaries therefore actions to take require a holistic approach from all stakeholders.

To this end, proactive measures must be extended beyond short-term palliatives and formulate policies that will breathe new life into key economic sectors.

By diversifying revenue streams and bolstering local industries, Nigeria can mitigate the shocks of global economic volatility, and for the 2024 budget to stimulate economic growth, it must be backed up with the right monetary policy through effective price control.

To uplift the masses into prosperity, there is the need for the government to prioritize the revitalization of sectors such as agriculture, manufacturing and technology.

By promoting innovation and entrepreneurship, Nigeria can reduce its reliance on imports and foster job creation Government at various levels must initiate policies that will enhance access to quality education and skills development for citizens to contribute meaningfully to the economy.

They should also introduce social safety that will go round to ensure that the vulnerable population receive the support they need.

In this regard, there should be transparent and accountable distribution mechanisms that will help to restore public trust and confidence in government interventions.

The mismanagement of COVID-19 palliatives, has underscored the need for transparency and accountability in the distribution of any palliative by the current administration.

The lessons drawn from these unsettling incidents should serve as a clarion call to authorities to institute rigorous oversight mechanisms By doing so, they can prevent any recurrence and ensure that relief efforts reach the citizens that are in dire need.

Furthermore, by harnessing technology and data- driven solutions, resources can be allocated more efficiently.

The economy should be diversified with prudent fiscal policies and structural reforms that are paramount to restore economic growth in all intents and purposes, the government should run a transparent administration by prioritizing the welfare of citizens.

The current economic hardship demand a united response that will be transparent, accountable and innovative as well as transformative leadership that will guide Nigeria to economic growth.

Above all, the present administration should endeavor to pay attention to human capacity development and ensure effective price control to enable the country to achieve the desired economy that will promote the wellbeing of Nigerians.

By Nehemiah Anini, Edited By Grace Namaiji