In accentuating some solutions to the economic crisis besieging the nation, I will like to assent to the words of Albert Einstein: "We can't solve problems by using the same kind of thinking we used when we created them." It is no longer news that we are in a financial quagmire at the moment but it will be 'suicidal' to keep drifting through the path of negligence [of duty] and blatant folding of hands, thinking recession will flow away with the tides of time. In seeking solutions; all hands must be on deck albeit the government should act as a major player in steering the economic ship of the nation clear the troubled waters of recession.

The way out of Nigeria's Economic Recession
In view of the foregoing, we cannot chart a one-way course out of this 'predicament' as everyone has a role to play and earlier we rise up to certain responsibilities and the better for us all. Some of the solutions to be discussed have immediate effects while some are of futuristic benefits. Hence, the solutions include [but not limited to]:

Reviewing fiscal policy: This is about the very first step that needs urgent attention for desirable results to be achieved as the moribund state of the policy could dwarf all other efforts. The fiscal policy should be reviewed and made effective in order to encourage investments and the utilization of resources. This would help to boost the confidence of [foreign and local] investors in laying up their resources in the Nigerian market and in no time; the economy gets revived.

Reducing the high interest rate: This would have a direct impact on the propagation of Small and Medium scale Enterprises as new startups [with credible feasibility plan] are able to access loan facilities with relative ease. Businesses also grow when this is done and the rate of unemployment is reduced.

Reviving the manufacturing industries: The government of the day has not really helped matters when it comes to making the most of the manufacturing industry and this is down to the foreign exchange restriction that was placed on some items and with the immediate consequences ranging from companies leaving the shores of the nation and downsizing.

Therefore, as a way of fighting off recession, the government needs to create an enabling environment for these industries [to thrive] and some of the measures that should be considered include:

  • Good infrastructural development
    Lifting the ban on the items-at least the most needed ones if not all.
    Inviting the top heads of the outgone companies for negotiations in order to work out modalities for their re-establishment.
    Ensuring steady power supply
  • Diversification of the economy: Being an oil dependent economy has thus far compounded our woes. So, more than ever before, it is time to give other sectors considerable attention and uplift. There are a whole lot of resources that are not being utilized and well managed. These 'untouched' areas should be vigorously brought to life in order to ease off pressure on the oil sector. Although, the effect of diversification might not be instantaneous but it is one that will have a far-reaching [positive] outcomes in the not-so-distant future.

  • Addressing Market imbalances: This very measure might be difficult to execute due to the fact there are varying marketing parameters which are not controlled by a central body. However, should these imbalances be addressed; inflation can be put to check and [consumer's] purchasing power is increased. Furthermore, increased purchasing power will be encourage and/or open up investment opportunities.

  • Initiating and maintaining youth empowerment schemes: The strength of a nation is in its labour force [which drives productivity] and this energy is best harnessed from the youths. The N-power program is a laudable feat from the government but it is necessary to have more of this programs as such would have immediate effects on the economy by creating platforms for skills acquisition and subsequently bringing about employment opportunities.
    Endorsing made-in-Nigeria goods: It is high time we looked away from some imported goods and give credence to those [of satisfactory quality] that have been made within our shores. In addition, it is necessary to remind you that we cannot grow our economy by consumerism; it is expedient that production takes an utmost stride.

  • Emergence of Entrepreneurs: According to Robert Kiyosaki, the seasons of financial crises have often produced creative entrepreneurs. The very moment we are in, is one that calls for brainstorming- individually and collectively; there is a need to get innovative...bringing up new products and services that are appealing to prospective customers. Though, there is recession in the land but there are business opportunities all around us. Tapping into these opportunities would not only make a man rich but also add value to the society.

The solutions highlighted above will only work in tandem in order to bring us out of this financial crisis. Aside, it is not uncommon to hear [in this season] an 'unintelligible' suggestion which tilts towards calling for the government to monetize an already strained economy...what such an action begets, is [further] devaluation- both of the naira [which is not even and individuals and in the words of Nietzche: "the more we print money, the poorer we get and the more impoverished people get.