Getting Nigeria's Economy Quickly Back On Feet

It is clear that the Nigerian Economy is not in good shape and the true solutions are there for the wise to see. One challenge we have in Nigeria is that everyone sees the faults but in most discussions, there are no objective solutions. Where they exist, they are either not applicable or just driven by sentiments

Economics is not politics but politics determines Governance and Governance determines economics. Whether it is a Monarch or Military or Democratic, Governance will work, where there is practical ideas and strong firm good will from a sincere system.

Not every demand by the citizenry is right as always portrayed in democracy as the people's request may lack clear understanding of the principles of development. For example every populace will like a subsidized economy but the reality is that it will derail the nation and make it poor in no future.

So what are Nigeria's immediate solutions:

1. Nigeria through NNPCL, should finance the development of its own Oil exploration of new wells and own it. It should drill at least 500,000 barrels a day. The objective will be to service the local refineries for local production or refined products for local consumption and export. This will increase the value of the Naira to the dollar as FX into Nigeria will increase form crude export and refined product export.
2. Nigeria should set up an SPV for Oil Palm production to generate export and inflow of FX in the next 16 months. This will boost local economy, GDP, employment, value of the Naira to the dollar and industrialization raw materials
3. The Government should finance Ajaokuta to produce steel parts for the thriving automobile and construction industry who rely heavily on import
4. The Government should finance the development of the national grids to have the capacity to convey the power from all major Generation power plants which today is around 13,000MW

If these few issues and are implemented and financed urgently, the economy will return back to its feet