NIGERIA has been known to have the largest economy in Africa (based on figures announced in April 2014) and the country is still striving to become one of the 20 largest economies in the world by 2020.

In past decades, there have been mismanagement, corruption, failed attempts at economic reforms among various impediments to Nigeria’s growth, stifling its march towards attaining its full economic potentials.

Economic growth is the most important means of raising people’s income and reducing poverty in the developing world. It creates jobs and opportunities for poor people to support their families and build more stable future. Nigeria has been faced with weak institutions, poor infrastructure, and lack of financial propriety and oftentimes legislation that had resulted to poor growth and reduced foreign direct investment in the economy.

Past governments had, however, attempted to build a diversified economy, provide jobs and improve welfare for Nigerians but the nation appears stagnant and still associated with declining welfare and socialinstability.What with nearly non-existent public electricity which has crippled the Real Sector, causing exit or fold up of  many industrial and manufacturing concerns. From National Electric Power Authority (NEPA), through Power Holding Company of Nigeria (PHCN) to splinter independent power stations and power generating companies, the situation of public electricity remains an albatross for various past administrations and a daunting challenge for the incoming “Change” administration of President-elect, Muhammadu Buhari.

The Nigeria economy is expected to undergo radical change as the country looks up to Buhari’s mounting of the saddle at the centre of governance. Gen. Buhari, a former Head of State, and an avowed disciplinarian, is expected to have a better administrative focus and leadership prowess thereby raising public optimism for restoring confidence, discipline, sanity, peace and tranquility, security, etc. to the business sector and the country as a whole.

A more focused leadership will make the economy more active and ensure political stability. It will also encourage offshore investors and they can be rest assured that they can repatriate their honest profits to their home countries without fear of policy reversals. It is expected that there should also be a change in the procedure of managing importation and exportation of goods and services, improvement in electricity, revitalisation and improvement of infrastructure, turn around maintenance of refineries, payment of sustainable salaries for public and private sector employees which will gear them to pay their tax always, enhancement of youth entrepreneurshipand stabilization of the exchange rate of the national currency(the Naira).

Gen. Buhari will do Nigerians including himself and Africa as a whole good if he can reshape and find possible solutions to the issues in Nigeria economy especially as he works assiduously with his team to reposition the business and economy sector and normalise political situation throughout the country thereby creating more opportunity for foreign and local investments to thrive.It may be meaningful to explore and exploit local technology and expertise in putting our refineries and allied industries on a better footing, instead of spending whoppingsums of money importing experts to come andmaintain our gigantic foreign refineries that appear to defy our collective hopes and wellbeing.

As the nation awaits the change of baton on 29th may, the business and industrial sector with baited breath for monumental pronouncements and marching action for a better deal.

Ms. Omosebi Oluwakemi, a student, wrote from Kwara State University, Malete, Kwara State.