In mid July, the International Monetary Fund headquartered some blocks away from my D.C. office, predicted that the Nigerian economy would expand by 1.9% in 2018. Similarly, it projected that Nigeria will exit the current economic recession with a narrow margin of 0.8% economic growth. Figures,like hips, don't lie. But predictions? There is always room for reservations.
Not too many Nigerians-even with their reputation as die hard optimists at home and in diaspora are willing to share in this pie chart of a news, knowing that what is left of the national cake is crumbs that will not get to the floor where the majority of Nigerians are. And, the reason for this is not far fetched.
Petroleum remains the highest source of our revenue, and we are already ensuring that if it doesn't dry up naturally, we will unnaturally speed up the process by the acts of pipeline vandalism, bunkering,underfunding,over inflated contracts,inadequate local contents, outright corruption,gas flaring,environmental degradation and so much more. And if that does not help, international conspiracy against conventional energy in favour of greener energy is likely to reduce the prospect of crude oil being a catalyst for economic growth. Soon, the rest of the world will stop buying.
Naturally, non oil exports present another area of opportunity for diversification. Agriculture remains the largest employer of labour in Nigeria, contributing about 24.2% of our GDP. The last and present administration are on the same page on the need for this sector to be revived in a more significant way. Sadly, the various initiatives like Commercial Agriculture Credit Scheme and Nigerian Incentive-based Risk- sharing system for Agricultural Lending are proving to be a major success only in Kebbi State, where 78,000 small holders farmers are cultivating about 100,000 hectares of rice farm, with the prospect of over one million metric tons of rice this year. While other states are either erecting statues or having their farmland destroyed by grazing animals.
Again, the International conspiracy shows up. We have major challenges facing major investment opportunities like these, and that have been identified as human capacity development and infrastructural deficiencies. The African Development Bank estimates that Nigeria has an infrastructure-funding gap of US$300 billion that stands in the way of realizing our potentials in this sector.
The figure looks good from afar, but the realities are grim. The reason for systemic failure in the country however is not as much as the above but our negative attitudinal tendencies and subdued mindset.
Policies can be crafted by the best brains and figures prepared to support imminent predictions, all this will amount to just figures that will make sense on the pages of newspapers and no sense to the livelihood of the people. And, if we don't stop praying and start farming, we may end up fasting.




