By Arc Kabir Ibrahim

The world economy is at a standstill and actually waiting to further melt down following the devastation of the coronavirus tagged COVID-19 pandemic.

Everywhere you turn to around the globe everyone is circumspect about the global economic situation.

The lockdown of the economy, the sit-at-home, the creation of physical and social distancing have made affectionate human interactions almost impossible which makes it increasingly and exceedingly difficult to patiently plan for economic prosperity soon after the global pandemic.

In some places the stench of unburied human remains is making life miserable and almost hopeless.

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The global economy needs a lot of improvisations to normalize especially for the economies relying on oil like Nigeria, Saudi Arabia and the like.

The search for alternatives to oil becomes absolutely germane and in fact the only way out of a permanent global depression.

Nigeria took the decision to diversify its economy into Agriculture in a serious fashion a few years ago.

Today it is obviously a very timely and necessary decision especially against the back drop of the COVID-19 pandemic currently ravaging the globe.

To harness the diversification of Nigeria’s economy into Agriculture requires reinvigorating all the cross cutting sectors of the economy contiguously.

HEALTH AND WELLNESS:

The COVID-19 pandemic has shown humanity that within the twinkle of an eye it can become near impossible to access medical facilities outside the shores of your nation when all borders are closed.

In the light of this realization it is pertinent to establish the best medical facilities within our nation to remain healthy and to fully enhance our wellness.

To achieve this, a task force to reappraise the health sector must be evolved forthwith to develop health cities in all the geopolitical zones in the interest of ourselves and posterity.

READ ALSO: Trump, Buhari exchange views on how to combat COVID-19

Whatever amount of money or fleet of air crafts you personally posses you cannot seek medical help anywhere else beyond the shores of your nation so doing the needful here is highly invaluable.

POWER OR ENERGY:

The power or energy sector must be made to work by setting up or appointing a task force of conscientious individuals with a well articulated road map outlining clearly defined deliverables, milestones and sacrosanct timelines. This will give the country the required push for industrial growth which will facilitate processing and value addition as well as the requisite cold and dry storage necessary for long medium and short term preservation.

TRANSPORTATION (Air, land and water):

To traverse this vast country and deliver food to and from the different areas of production and need it is necessary to have a very good transport system including large haulage vehicles, air cargo and small ships for the optimum use of our inland waterways.

It is necessary to reinvigorate this sector to upscale its performance and expand its reach. Using train coaches to transport livestock and perishable items through the length and breadth of the country is desirable for an enhanced food system, manufacturing and general commerce.

FINANCE AND MONETARY POLICY:

A liberalized access to development and investment finance as well as a nationally efficient monetary policy is the sine quo non for innovation and entrepreneurship in a growing economy.

Nigeria must painstakingly critique the current situation with the firm view of repositioning the financial sector to effectively drive the economy.

We must insulate the Central Bank of Nigeria, CBN, from political interference and uncoordinated  interventions in the name of up-scaling certain sectors unilaterally.

The commercial banks should work towards building businesses and not destroying them by outrageous interest rates, too much bureaucracyand putting too many hurdles in the path of small businesses.

TRADE AND INVESTMENT IN-COUNTRY AND WITHIN AFRICA:

The registration of small businesses and incentivising them to perform optimally within the shores of Nigeria and exploring the opportunities in Africa should attract the attention of the people given the responsibility of trade.

The Africa Continental Free Trade Area, AfCFTA, is a timely and apt opportunity to boost Nigeria’s economic influence in Nigeria with the right kind of focus in areas of ascertained comparative advantage.

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The survey or census and stratification of small businesses and administering them will upscale them to effectively participate as the engine room of the economy.

INTEGRITY AND TRANSPARENCY:

In business and nation building it is absolutely desirable to transparently appraise plans and execute them with integrity for sustainability and equity, and inequity in any form kills enthusiasm for followership and loyalty.

PATRIOTISM:

You cannot build a nation by being unduly selfish in seeking to determine what is “ours” and “theirs” through a deliberate set of actions or in action.

To achieve the full potential of an economic system it has to be operated dispassionately and devoid of corruption in any form i.e appointments, participation and enjoyment ofdeliverables.

Nigeria can develop into a global leader with selfless leadership and disruptive innovation.

Nigeria can be greater still!

Arc Kabir Ibrahim wrote from Katsina, Katsina State

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