Nigerians are wondering what the economy’s next step is after the COVID-19 pandemic. But first, we can identify with the fact that Nigeria’s economic structure is an endowment factor that changes from one level of development to another.

Therefore, the country’s economic growth will be different at different levels of development, which means that the Nigerian economy needs corresponding infrastructure (both hard and soft) to facilitate its operations and transformation. Nigeria must create more opportunities for markets in Africa and beyond. Make no mistake, Nigeria indeed needs institutional changes where efficiency leads to progress.

To transform the country economically, we must stress the importance of education, training and hard work. We can also say that Nigerians work hard and are not afraid of hard work. Even the president recognized the slightest need to prepare for the next step. This was manifested recently, when the president, Major General Muhamadu Buhari (retired), said: “This administration is entering a critical phase in its second term, hence the need to reorganize the cabinet to strengthen the weak points, fill in the gaps, manage the economy. and improve the delivery of the public good in the country.

When the government is willing, it can be done even if the expectation is greater than the action. The government can always do better. It is proof more than ever that Nigeria must transform the country’s economic production systems and we must do it now.

The post-COVID-19 pandemic offers a new kind of economy as the global economy transforms into a sovereign national economy, resulting in a kind of local and regional economic development: take good care of your business and we will do the same. ”

Looking to the future, 2021 represents a year of continuous search for economic strategies to reduce the pandemic effect and accelerate the development of the domestic market. It is time to change and develop an import substitution and agribusiness approach to shift the agricultural sector from exporting raw products to agribusiness processing and exporting processed products.

The COVID-19 crisis has hit the most vulnerable economies and highlighted the worsening inequalities between countries, the government must rely on borrowed money and international organizations are forced to strike a historic deal to issue Special Drawing Rights (SDRs) to extend credit to poor countries on the basis of economic sustainability. The pandemic has also brought a new approach to doing business as we live in a more intercontinental world than before. Nigeria, like many other countries, is under pressure to make good use of resources in an efficient manner in order to attract more trade and investment from other countries.

As many countries cautiously reopen their activities, government policies and the use of available resources remain crucial barometers of progress towards ending the COVID-19 crisis.

In other words, Nigeria must focus on the domestic market despite the challenges at any given level of development. The market is the basic mechanism for efficient allocation of resource management. However, economic development as a dynamic process involves structural changes, involving upgrading of industrial policy and improvements in hard and soft infrastructure at every level. Such upgrades and enhancements require inherent coordination, with significant externalities on business transaction costs and returns on capital investment. Thus, in addition to an effective market mechanism, the government should play an active role in facilitating structural and institutional changes.

However, before entering the 2023 policy cycle, what should be the government’s priority economic areas for the remainder of 2021? Obviously, one of these movements should be investment policies for SMEs for measurable economic growth and job creation as the private sector focuses on business innovations and partnership for enterprise development. .

The government must also adopt a barrier-breaking approach as the most important tool to redefine new business development strategies to open up the Nigerian economy to the private sector primarily through; institutional changes to support value change.

The county has great potential for economic recovery for the next generation of Nigerian leaders, but the government must be responsible for its role on the supply side in providing a solid foundation to build the economy.

This implies that economic development and transformation take place along two related but distinct paths: economic growth and development policies. Nonetheless, some of the key ingredients of modern business growth remain competitive behavior and equilibrium dynamics. This includes investing in a skilled workforce through knowledge acquisition, mentoring, partnership and research for development.

Through economic performance and the sectors that have attracted private sector investment, for example, the agriculture and energy sectors have established themselves as the backbone of the economy. These are indicators that show the structural characteristics of the Nigerian economy by analyzing the development process of the domestic market. On the other hand, the role of the state in facilitating structural change in the economic transformation of the country cannot be overstated.

The rationale for a private sector driven economy will stimulate import substitution contributions by shifting from exports of raw materials to exports of processed products.

Policymakers need to derive mechanisms to identify sectors where Nigeria may have a latent comparative advantage and remove binding constraints to facilitate the entry of private companies into these sectors.

Agriculture is the most productive sector of the economy, between January and March 2021. It contributed 22.35% of the total gross domestic product. Nigeria needs a strategy to increase the intensity of employment and the sustainability of its growth. Supporting the private sector by reducing government in business will change the narratives.

Dr Aderohunmu wrote from Abuja via

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