Reminiscences of Some 2023 Economic Events in Nigeria
Let me begin by emphatically expressing that without a doubt, and with convincing facts, views and opinions that the year 2023 was indeed a challenging or excruciating year for most Nigerians based on the shores of our country in focus!
We have experienced our low and high moments individually and collectively.
The out-going year 2023 which shall soon come to a close in few days from now, precisely 48 hours to go saw Nigerians witnessed economic challenges of shortage of Nigerian currency as a result of Naira redesigning monetary policy embarked on by the former CBN Governor Godwin Emefiele.
The redesigning of our currency led to untold hardship on Nigerians in which there was scarcity and shortage of money, small and medium businesses collapsed as a result of obnoxious shortage of money, high costs of production and costs of raw-materials needed for production of goods.
Sadly and unfortunately, some Nigerians lost their precious lives during the era of scarcity of Nigerian banknotes!
As a result of high costs of production and high cost of raw-materials, most business owners who could not cope with meeting production targets for goods had no option, than to lay off or reduced the numerical strength of their employees.
Still in a state of shock and confusion occasioned by the redesigning of the Naira, the new civilian administration removed fuel subsidy citing reasons that the government could no longer sustain the cost of subsidy payment.
There were constant disagreement between the new civilian administration and the organised Nigeria Labour Congress on the issue which subsequently led to strikes by the Nigerian Labour Congress and its affiliated labour unions pressing for various demands to cushion the effects of fuel subsidy removal as the way out of fuel subsidy removal imbroglio.
The fuel subsidy removal also led to inflation of goods and services which was most unbearable for Nigerians with the exception of the political class with access to the vast wealth of our country.
At this juncture, it is most imperative to ensure that palliatives measures put in place by the various state's and the federal government must be implemented to the core with a view to ensuring that the palliatives gets to the Nigerian population.
To ensure that the palliatives gets to the Nigerian population, the State's, Federal Government and the organised Nigerian Labour Congress and its affiliated labour unions must constitute a committee that should monitor the distribution of the palliatives from the State governments and the Federal Government respectively.
The reason for introducing palliatives is to ensure the cushioning of the effects of increase in the prices of petroleum products of fuel, kerosene and diesel.
The Nigerian National Petroleum Corporation Limited must ensure the availablity and supply of petroleum products at any point in time.
Nigerians are also expecting that wealthy Nigerian business entrepreneurs will come onboard to establish private refineries to supply and make petroleum products available and reachable to people in Nigeria.
Hence, the distribution of the palliatives must be strictly monitored to ensure it's effective distribution to the grassroots population.
Long hours of queue at our various petroleum stations should be a thing of the past henceforth as we move into the new year.
Jobs creation through small, medium and large enterprises should continue in the new year.
Commendations to the ongoing jobs and vocational training in the country.
The Local, State, Federal Governments and private partnership for jobs creation should also continue in the new year.
The new regime of the Central Bank of Nigeria (CBN) should put in place monetary policies that will ensure the availablity of Nigerian banknotes, prevention of inflation rate, vibrant banking system to meet up the banking needs of the population and other statutory CBN functions as the regulator of the Nigerian banking system.
Mr.Okoro Simeon, is an Author.
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