In recent times, the nation has been making concerted efforts to promote its business environment to attract more foreign investments, diversify the economy, and in turn, stimulate rapid development. The role of the private sector in the drive comes under scrutiny through the intervention of some analysts by telling us what needs to be done to improve the fortunes of Nigeria. According to the President of the Abeokuta Chambers of Commerce, Industry, Mines and Agriculture, Sir Jare Oyesola, government at all levels to do things that would improve the standard of living of the citizens in the year 2022.
He disclosed that this year would decide the future of politicians. For instance, he believed that Ogun state, being an educationally-sound state, would expect high standards, as anyone coming to lead at the state should be ready to give evidence-based development. He said Nigerians should decide to make the country better and do everything within their powers to make the environment convivial; noting that the year 2021 was not really a good one for the country, particularly in the area of economy. “When we are looking at the Nigerian economy, we cannot talk because everybody tends to relate to the Dollar. We have a high inflation rate in the year 2021 and there was a high deflation of the Naira and with Naira losing its value, a lot of people had hard times”, he said.
Sir Oyesola described the Gateway State as the industrial hub of the country as many companies and nations are showing interest in coming to invest, stressing that the state would be the fastest growing economy if things were properly done. He emphasised that the closure of borders, especially between Nigeria and the Republic of Benin, had adverse effects on the economy. “You can’t say you are an industrialist and close the gate of your factory because thieves are coming, that would not be the correct answer,” he said. In a similar vein, governments at all levels have been advised to have good commitment and strategy at bringing back the lost glory of tourism in the country towards aiding national development. This admonition was given by a tourist expert, Mrs. Olaide Tanimowo.
For her, the Nigerian government was not taking the tourism sector seriously when compared to the developed countries. She stressed the need for the government to wake up from its slumber and recover the lost values inherent in the tourism sector. “Attention is not well given to tourism in Nigeria to guarantee income and provide job opportunities for the populace”, she added. Mrs. Tanimowo said the coronavirus pandemic had affected virtually all areas of life, adding that the United Arab Emirates was recently ranked 7th among the best tourist nations in the world and doing well developmentally. Mrs. Tanimowo said one of the ways to diversify the economy was to boost the tourism sector because it affects the well-being of individuals in terms of social, cultural, political, and economic values. She, therefore, called on all governments to declare a special day for the people to showcase their cultures. She also urged private companies to come into partnership with the government to promote tourism in Nigeria, saying the “People should take care of themselves. They should try to go on vacations either locally or internationally and have hope in the country”.
A case has also been made for young entrepreneurs to be given better working environment to make their impact felt in the economy. This is because such interventions are required to promote young entrepreneurs in thriving well in their various fields. They said the government should help them achieve their set goals to drastically-reduce the rate of unemployment in the country. Dr. Promise Njoku, an Animal Production and Health specialist, said policy makers are very essential in achieving this, adding that they must formulate policies that would create conducive environment for youths to thrive. “Policy makers have a lot to do in this particular area. Creating an enabling environment will promote creativity among the youths. Creating the right policy will reward creativity among the youths. Creating the policy will encourage initiatives among the youths to be hard working. For sure, they would be able to explore”, he maintained.
On his part, Mr. Olorunshola Osasona, a Business Development Manager, however, said the government was trying its best, stressing that youths only needed to maximise the opportunity given to them. “The government has a role in empowering the youths and the youths also have what it takes to rise up to see how they can empower themselves”, he said. Meanwhile, Mr. Ayobami Oluwafemi, an entrepreneur, has charged the government to initiate, execute, carry out programmes and use the right channels so that right incentives could get to targeted individuals. From the above interventions, what Nigeria simply needs to do to energise its business environment are strengthening the Naira, reviewing the closure of borders with other countries, boosting tourism through public-private partnership, energising youth entrepreneurship and creativity, and implementing programmes that benefit targeted individuals for real-time empowerment, among others.