By Chukwuma Okoro
After several months of denial, the government finally agreed that the Nigerian economy is in a period of recession. The economy fell precipitously into recession under the watch of this government but it has been long in the coming and so it will be unfair to put the whole blame on the present government. What is fair is that it is the responsibility of this government to put the country back to the path of economic growth. What it needs to do is to fashion out sound policies that will diversify the economy especially towards agriculture as well as resuscitate the manufacturing sector. Blaming the previous administration for the economic downturn will not help the situation. Let the government live up to its responsibility.
Beyond the prescriptions for reviving the economy, there are lessons as well as opportunities which can be very helpful in moving the economy forward. One of the several reasons the economy went into recession is our unqualified taste for foreign goods. Nigerians overtime have cultivated the habit of consuming foreign goods even when some of our locally made goods are of better quality. Our addiction for foreign goods is mistakenly translated as sign of status symbol in the society. This unbridled craze led to the importation of just about everything from food, clothes, shoes, wine to books, gin, furniture and many others, even when these things could be produced locally. Our preference for foreign goods also affected the Small and Medium Enterprises, SMEs which should have helped the economy to the path of growth. Many of them died due to lack of patronage and support from government.
Understandably, Nigerians have started learning some lessons from the hardship occasioned by the economic recession as many people are beginning to adjust their preferences. At the onset of this recession, prices of food items were the first to be affected and it is interesting to know that many who adorned their dining tables with foreign foods are beginning to attune to our local delicacies which are not only cheaper but also more nourishing. Before the advent of the recession, many Nigerians never thought of patronizing the local rice which was the staple food for the people in the lowest rung of the social ladder. Thanks to the hard times, Adani, Abakiliki and Ofada rice have suddenly become the toast in many homes especially in the South east.
When the price of tomato paste hit the rooftop, many people resorted to using the palm fruits to prepare ‘ofe akwu’ stew for rice, yam and plantain. Similarly, those who used to adore Hennessey, Red Label and Black Label brands of gin and brandy as well as costly champagne brands have adjusted to our local brands for the simple reason that the prices of the imported stuff are beyond reach. After all what is the essence of brandy and gin if not to make one tipsy and put one in a state of fantasy? On that record, the local brew will more easily catapult one to that state, so why spend more for less on foreign brands.
It is apparent that the lifestyles of many people have changed dramatically due to the loss of purchasing power occasioned by the recession. People have learned the hard way but the lessons learned must be enduring so that it could translate to economic growth. This is the time to step up the campaign on “Made in Nigeria” goods and the government must not be seen to be posturing. The leaders should live by example and ensure that it does not ask Nigerians to make sacrifices while they continue to live ostentatiously. The huge sums always earmarked for entertainment in government houses should be pruned down to reflect local content.
It is also incumbent on the government to harness the opportunities the recession has thrown up and convert them to tangible gains. It should immediately revert those policies that stifled manufacturing and also encourage the production of local foods so that Nigerians do not revert to the patronage of imported foods anytime the economy bounces back. Importantly, the government should revive the textile industry that was suffocated by huge imports from China and other parts of the world. Nigerians should wear Made in Nigeria clothes and be proud of it the way Italians flaunt Italians-made suits.
The government should see our penchant for foreign goods as a product of our colonial heritage which we must fight very hard in order to achieve economic independence. It should mount a sustained campaign that will educate Nigerians on the imperatives of patronizing Nigerian made goods and make them understand that there is no award for the consumption of foreign goods. In this age of globalization, any country that goes to the international market only to buy without selling is just committing economic suicide. The Asian Tigers and Indian economies were put on the growth trajectory by their patronage of their local goods.
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