Economic recovery and growth are a key issue in Nigeria. Since the past few years there have been major challenges, which have threatened the economic stability of the country and its economy. The challenges faced by the country at the moment are quite immense. Hence it is important that an effective economic recovery and growth strategy is formulated to address all these issues.
Most of the efforts by the authorities in Nigeria to improve economic conditions in the country focus on improving productivity, enhancing business, encouraging investment and creating more jobs. However, without an overall strategy for economic recovery and growth there is no way that the government can claim to have provided a successful economic recovery and growth plan for Nigeria. In order to address the challenges posed by the economic scenario in Nigeria, there are three key things that governments should be focusing on.
First, they should take effective steps to reduce poverty and increase living standards. As the population ages, there will be more elderly than productive population. This will adversely affect the economy, as there will be less revenue generation through employment. Apart from that, there will also be lack of investment capital available to the private sector due to poor economic management of the past few years. Thus, government should initiate and implement economic development measures, which will help boost the economy.
Second, it should provide a sound base for economic recovery and growth. Nigeria has been hit by various natural disasters in the past few years, which have caused severe damage to crops and infrastructure. In order to mitigate against such natural disasters, adequate flood insurance and drought insurance should be provided by the government. The existing policies should be extended or replaced by a suitable economic recovery and growth plan. Also, this would help the private sector and the market understand the need for economic recovery and growth measures.
Third, the government should develop a sound environmental policy to protect the environment. Nigeria is one of the leading countries in the world in respect of air pollution, water pollution, land pollution and plastic pollution. Therefore, the government must initiate policies to combat these hazardous practices. It should also create environment-friendly zones and strictly enforce regulations to control dumping of waste, chemicals, pesticides, and industrial waste into these zones. Effective implementation of the same policies will not only enhance air, land, and water quality but also create conducive conditions for businesses.
Finally, the government should encourage private sector investment in the economy. This is because if the government encourages businesspeople, they can be sure that the country will become a better place to live in. Moreover, this will bring wealth to the community and improve overall development. Besides, the private sector can help develop certain key factors in the economy that the government needs. For example, this investment could help in providing IT, health care and other important services required in the community.