To a layman, production and consumption of goods are natural and this process keeps up without verifying the needful, if it is seen in quantity or reduction, so far it is available. For the experts, it is seen from an economic point of view which is the state of a country or region in terms of the production and consumption of goods, services and supply of money. Nigerians have lately been acquainted with the term economic recession, and may be confusing to an ordinary man on the street, and here is the reason for the bisection and dissection. An economic recession is as a result of decline in gross domestic products for two or more consecutive quarters, and GDP is referred to as the market value of all goods and services produced within a given period of time. An economic downturn is as related to recession as a twin, and it suggests that the rate of economic growth is slowing down and possibly entering into recession. This is a reason we have to jettison the term recession popularised recently, because in all, downturn and recession form a junk of crisis, so why not address the Nigerian present state as facing economic crisis.
The economic crisis currently facing Nigeria is beyond a political affair, but the intervention of economic experts is needed to put a lasting rest to what has come to bring slavery back in form of foreign assistance. A widely known and accepted fact is that Nigeria is one of the endowed countries in the world in terms of natural resources and this has not proven the country to be one of the most policy executors in the world. From a critical angle, politics has sunk deeper into the country that attention has gradually been drifted away from addressing economic matters to worries about who created the crisis scenario and whose administration it escalated.
The Nigerian president, Muhammadu Buhari is currently agitating for emergency power to falsify the rise of economic crisis, but some policy makers elected as National Assembly legislators are of the belief that it is an avenue for the president to become a dictator by usurping their powers and taking the country back to military era where democracy will no longer have its place. The request for the emergency power is partly linked to the emergency power Act of 1961, but in this case, economy is affected as against political motive of 1961. On the other hand, could it be that the fears of some legislators that are delaying the passing of the bill could be likened to fear of guilt as most will be denied of unnecessary gains that come out of projects awarded? The president has power in his own right to make policies, so far he passes through the right procedure as enunciated by some National Assembly members, and hence the cause of their worries over the recent agitation.
In all of these fiascos, citizens are equally tainted to have ignored their line of duty as they form part of the alliance that sabotage the economy of the country. We all know that oil forms the strongest part of Nigeria livelihood, and it has drastically degenerated in value as a matter of lack of maintenance and vandalism of pipelines by some citizens.
In actuality, where are the farms that produced agricultural products those days? The farms that produced our cotton, grains, and other farm products, all gone and farmers have become urban settlers, even mechanised farming is of a low range. Oil spillage has caused decrease in fishes in the rivers, and deforestation has gained prominence like a king in the jungle.
At this juncture, we all know that Nigeria can rise again if we are all ready to dip our hands in the economy to loosen and tighten some bolts that are necessary. From a policy perspective, we need economic development which is an effort to improve the economic wellbeing and quality of life for our country by creating and retaining jobs and supporting or growing incomes and tax base. Our gross domestic products must rise, by avoiding monopoly, monopsony and oligopoly. Increase in production of locally made products must skyrocket so that prices of goods and services are moderated though not totally deflated, but disinflated in the bit to increase the value of Nigerian currency. The National Assembly should work towards passing the emergency power bill if it is considered as the only way to make standing policies, and if not, the National Assembly should not hesitate to grant any bill that intends to improve the economic state of the country, and above all, corruption must stop!
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