Monopoly, the Barricade of the Nigeria Economy – Ayoade Al-Ameen Adebayo
The need for Nigeria to diversify its economy cannot be emphasized enough. Faced with a bleak economic outlook as a result of the recession. The federal government and governments at all other levels must seek alternatives and additional methods to reform a new nation.
Shortages in international oil prices in combination with instability in the Niger Delta have strongly influenced the oil revenues of the nation. It is well known that the economy of the country depends on more than 70 percent on oil. With an inflation rate of 18.7% at present, it is quite clear that there are even more terrible days for the country. It is therefore advisable that our nation searches diligently for alternative sources of income.
Serious damage to the country’s economy was the abandonment of agriculture. It is well known that the first profession instituted by God was agriculture. The big countries of the world, including Canada, the USA, Brazil, Argentina, European countries, Russia, China, Australia, New Zealand, etc., place agriculture at the centre. Most of the wealthy citizens of these nations are farmers. No doubt, no number one wealthy Africa-based staff engaged in agriculture, our top politicians, used farming as a measure of their wealth but neglected to seek the growth and improvement of the nation and submit to the monopoly.
Before the discovery of oil, Nigeria, blessed with mineral deposits of all kinds. These include tin, gold, coal and many other minerals, earned substantial income from the mineral above it. The tin, gold, coal fields were abandoned after the discovery of oil. Agriculture was the mainstay of the economy during the first republic.
The north had cotton, groundnuts, and other products. The east and southwest had palm oil and cocoa respectively. With the income from these products, the regional authorities were able to respond to the needs of their regions. They started programs that had a positive effect on the population.
MONOPOLY has a negative impact on the economic growth of each country!
In the 1970s, about 78% of Nigeria’s income came from agriculture, compared to the drastic downfall/neglect it had gained from crude oil. Which later reduced the percentile to less than 15%. So sad for a country that is already rich in soil fertility early on, the basis has been lost for crude oil.
Despite the fact that she gained her independence 58 years ago and got her name as the giant of Africa. It is a shaker and a mover to have it labelled as underdeveloped. It is clear that it was importing another agricultural industry from another developed country that his independence is under the restrictions due to his monopolistic principles.
Statistics show that Nigeria is the largest importer of food in Africa. Data from Nigeria’s central bank show that Nigeria spent about $ 1 billion in food in 2014 five months in 2014. Some of the imported foods include rice, wheat, fish, sugar and many others.
Shaking monopolies and banning the import of agricultural products still has a long way to go in regaining economic strength. This step will work a long way in building the local agricultural industry and creating more jobs. It also offers opportunities for local farmers, business people and investors, who are interested in poultry farming, fish farms, breeding and processing of animals and general agricultural production. This also guarantees the quality of the food consumed in the country. Especially, imported poultry products, which are said to be unsafe for consumption because of the harmful chemical used in their preservation.
Promotion of agriculture must be tackled by hand again. Although agriculture is not new, because it was a major source of income for the nation before the arrival of oil, it still excels as a real and sustainable tool for growth and development. Potentially viable ways of generating internal and external revenue for the country. With millions of arable land, a high youth population, mostly unemployed, Nigeria can not afford to under-utilize its potential in the agricultural sector.
This perception of the monopoly can only change if the government starts re-integrating, teaching and reinforcing the throng of mechanized and industrial agriculture. The government must also step on food silos to prevent waste while importing foodstuffs. Especially, important foods in which we have a relative production advantage must be stopped. The monopolistic idea should be dropped and frank at to regain the drowning strength of Nigeria economic growth.
Proud to be a farmer.
United we stand, divided we fall.
Ayoade Al-Ameen Adebayo
CEO A.A.A FARM NIGERIA
Email [email protected]
Phone number 09068841407 09053688945
Facebook page AAA FARM NIGERIA
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