Home Economy DISASTER CREEPS IN! — The Tsunami of bankruptcies begins…United States witnessing...

DISASTER CREEPS IN! — The Tsunami of bankruptcies begins…United States witnessing trying times.

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Support Nigerian govt’s initiatives on COVD-19 …. Produce what we eat, and eat what we produce – President Muhammadu Buhari  This account is provoked by the information that was forwarded to me this morning by a friend, apparently out of concern for what becomes of the Nigerian economy following the seeming intransigence of Coronavirus and the horrible effect on the economy of the United States. Initially, my attitude was going to be: ”If the gold rusts, what shall iron do” a phrase taken from the General Prologue to Chaucer’s Canterbury Tales. It means if even the best things lose value, we shouldn’t expect much from things of lesser value. But the reality and my instincts tell me that our case in Nigeria could be different. Our economies are not the same and we have very different consumption and production patterns. Somehow, I have always believed that the Third World is luckier than the developed world in this type of aggravating situation in terms of capability and endowments to cope. This is only if the citizenry would be responsible and governments decide to be responsive and accountable. The raw materials are there in Africa, endowed with 65 percent of the world’s arable land. The problem remains to mobilize the continent for development and good governance. NIGERIA’S SAVING GRACE: If anything, what would be the saving grace for Nigerians at this momentous period in world history is to support the initiatives woven by the Federal Government of Nigeria for both containing the deadly pandemic of Coronavirus and also measures designed to absorb the shocks of the virus on the economy. Where the effect is most likely to be felt is the provision of welfare services, a social investment area that is not adequately developed in the Third World. But there is hope given the fact that the developing world has an advantage of the ability to produce what it consumes, while also pushing forth into the global market excesses particularly for commodity exports. THE REALITY: Foregoing is one of the reasons why Nigerians must support the Made in Nigeria agenda of the Muhammadu Buhari administration, and more importantly, the Nigeria Economic Sustainability Plan 2020. And we must start embracing the available options as a matter of importance. It goes beyond patriotism. It is now a matter of life and death. The report states that the very steep decline in revenues available for…

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