Drastic Economic Reforms Required
The current youths driven protest across Nigeria shows very clearly that Nigeria and indeed many parts of Africa require urgent economic reforms that will help reduce youth unemployment and galvanize economic growth.
The Nigerian manufacturing sector is down, power supply is weak, infrastructure is poor, COVID 19 is taking a bite, economic policies seems not to be trickling down to the bottom. We need to work harder.
The institutions of government need to wake up, there is need to reduce the cost of governance and invest more in pro people policies such as SME focused credit system driven powered by the private sector supported by the central bank.
We need to boost food production and reduce the cost of staple foods such as rice, yam and maize. Encourage exports to increase the value of your local currency demand. The government should as a matter of urgency concession some assets such as some economically viable highways, seaports and airports to make them functional and profit oriented.
In the meantime the government must ensure and track the employment of 5million graduates over a 2 year period deploying various instruments including the SME window, medical ecosystem, Agriculture hubs, construction, maritime, services and logistics.
The #endsars is a metaphor for economic reforms. Do something now!
ED Policy House and convener Borrow Right Africa Program at IBI.