The Chairman of SOWENON Initiative, Dr Sam Jenfa, says the federal government can revamp the economy through local authorities who know the needs of the people.
“It is very hard to see the benefit of our nation as emerging market in a situation where 50% of the population cannot boast of comfortable living with their income,” he said.
“It is sad to see over 50% of the population suffering from the impact of inflation crisis and free fall of the national currency for a country that was rated as the 53rd largest economy in the World given our strong purchasing power and 3.1% nominal growth of GDP in the second quarter of 2024”, he lamented.
He recommended a localisation of reform strategies in order to include the grassroots.
“As more power has been given to the Local Governments to control their budget, I would like to recommend a localism agenda that will create a culture of improvement and development on infrastructures to be promoted around – Agriculture, Road, Health care and Safety through a neighbourhood and community safety initiative projects, but with the strong involvement of the local people”.
A community cohesion between the local people and the local authority and ward leaders would enable the needs of the people to be met albeit voting the right people of integrity to the administrative function of their respective local government,” he said.
Dr Sam Jenfa noted that the value of the country as emerging market economy is not reflecting the prospect of average living in Nigeria.
“This is showing at alarming rate in our infrastructure due to – poor road infrastructure, poor health care facilities, low rate of affordable housing for the common people and less investment in transportation”.
“As a mixed economy, Nigeria is more on the side of a free market than the command economy as it has reached a situation where the price mechanism cannot be controlled by the government as in the case of the petrol market, which is a prevalent factor challenging the production and service industries with a corresponding declination of manpower”.
“Currently, we are facing abysmal low productivity in certain sectors of the economy, which include but not limited to the following – Agriculture, Solid Minerals, Oil & Gas, the well sought – after resource that has the capacity to turn the economy around.
Dr Jenfa stated, “Liquefied Natural Gas is being wasted in South – South of the country but this can be prevented with the intervention of the Federal Government through an established project that will convert the large-scale of oil residues in to products such as paint, fertilizer, cooking gas, electricity generation to the benefits of the people at affordable cost.
“Given the state of our economy, I would like to strongly call on Mr President to declare a state of emergency in the above-mentioned sectors so as to restore the economy,” he added.
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