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.
Dr Jenfa says in a statement obtained by newsmen in Abuja, that the status of Nigeria’s economy has gone beyond lower classification despite the World Bank rating as lower middle-income and mixed economy.
“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 added.
According to Dr Jenfa, “The ever-increasing outcry of people chocking with poverty has become a norm for over 50% of the population, who are struggling daily to level up their income against a discomfort living expenses”.
“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”.
Dr Sam Jenfa noted that the value of our country as emerging market economy is not reflecting the prospect of average living in Nigeria as the situation of the economy is moving from a depressing state to a grave end (for more than 50% of the population).
“This is showing at alarming rate in our infrastructures due to – destructive road across the States and local Communities, poor health care facilities, low rate of affordable housing cost 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 but deliberately neglected.
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 such as paints, 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.
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”.
However, 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.
