Yes, when necessary measures are put in place and the right steps taken, argues Paddy Ezeala

The inflation rate is still in double digits; way above 17%. Combined with the continued nosedive of the naira, investors are their wits’ end as to how to navigate the situation. This is not the best of times globally. Most economic indices are pointing downwards in the face of a protracted global Covid-19 pandemic. Great economies are usually those that, among other things, have relatively high Gross Domestic Product (GDP) and solid financial cushion or at least inhere the capacity to conjure one when the need arises. But that has not been the case with Nigeria. Nigeria has had in addition to the pandemic a rising and seemingly intractable security challenges and internal schisms spearheaded by centrifugal interests. The summary is that the economy is shaken, unemployment and underemployment are at unprecedented levels. This situation is not helped by the overdependence on crude oil as the major export commodity.

Nigeria is currently at a critical juncture. It is either the right decisions are taken and the right things done or we take an irretrievable plunge economically. For decades, we have been hearing of the need to diversify the economy. It has almost become a cliché. But the truth of the matter is that economic diversification is not done by fiat and cannot be issued as a decree. There must be a well-laid-out plan to incentivize the development of non-oil sectors. In other words, investment in them must be made attractive and products therefrom internationally competitive.

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