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Building an industrial powered Economy

No Nation of the World grows from a developing country to a fully developed one through heavy taxation of its people, while it is the duty and obligation of the citizens of a country to pay their taxes as at when due, the government must not also depend heavily on this as the sole means of generating its internally generated revenue or growing its gross domestic income without first putting in massive Infrastructure and reforms that will help grow the and improve the welfare of its people.

It is not enough that a government of any nation wakes up to put up polices that will make people pay more taxes without first seeing to the well being of its people, without first ensuring that there’s a conducive atmosphere for their business to thrive, without first putting up structures that will ensure that the gap between the rich and the poor is well bridged and the cost of living is not on the high side.

It is when a government has done its beats, played it role honorably well on the bank of transparency and accountability that it can rise to proudly and morally demand that it’s citizens has to also pay it due.

Contextualizing this to the Nigerian situation, the nation economy has in no doubt seen a big hit in recent time. The big fall in oil price which has seen the nation unable to offload and sell many of its oil vessel on the sea and the low earnings on the ones it has been able to sell has contributed greatly to the dip in the nation’s fortune which has in no small measure affected the nation’s financial wit and spending power.

Adding to this, the ravaging effect of the novel virus Covid-19 pandemic on the World Economy one which does not exclude Nigeria led to a drastic fallout of the nation’s Economy as many companies were closed, the death of many small and medium scale business enterprise and also the death of many which resulted in the loss of a great deal of manpower.

While the two has been stated as factors responsible for the decline of the nation’s Economy which in some way pushed the federal government to resorting to higher taxation of the people as well as the hike of many of the services offered by the government in a bid to augment and compliment it earnings in a bid to cut down on its spending and also maximize its profit.

The greatest reason or factor responsible for the nation’s Economy woes is that it is a nation that depends heavily on importing almost every thing it consumes. The Nigerian Nation sees a reality that has a low manufacturing power.

When over 80% of the daily consumables of Nigerians are imported from other nations of the world, it speaks nothing of us expects a nation that works only to enrich the economy of other nations where it’s importing its goods and other of its daily consumables.

Painting the scenario, a Nigerian wakes up to use a toothpaste and toothbrush made in a foreign country, he eats imported rice, wears imported clothes and drives an imported car, then we must ask how much of the local goods of the nation that we are patronizing.

We spend money to improve the Economy of other nations and also in the same vein our government drives us beneath the water with water sinking taxes despite the Economy realties

As earlier posited, a developing nation that highly depends on taxation on its populace will never grow it fully attain the position of a vibrant Economy. It’s important and sacrosanct that it understands the need for it not to depend or resort to taxation as a means of stabilizing it earnings. Instead it must embark on putting the nation back on a path of massive industrialization. One that will see to the emergence of new industries which will lead to massive job creations and the birth and resurgence of many small scale and medium scale enterprises in the country.

Adding to this, there are dozens of moribund industries in each of the 36 states of the Nigerian federation, one that if well harnessed and revamped will have a ripple effects. This is because while more job opportunities are provided for the large population of youths in the country without a stable or decent job, farmers who are the major producer of raw materials which are in high demand in these various industries will have a market to sell their goods.

Also this in the long run will create a money flowing Economy and also it will ensure that most states of the federation with a straight jacket Economy will definitely see their fortunes changed for the better. Most states in Nigeria are purely a civil servant states as most of their citizens heavily depends on their monthly payment and allowance to keep the Economy flowing.

The Nigerian government must come to understand that it needs to craw out if its shell, there are hundreds of thousands of youths in the nation with the plan of starting a small scale business enterprise or a medium scale business enterprise which if well invested in will go a long way boosting the Economy outlook of the nation.

Before the nation resorting to harsh and extreme Economic reforms which will see Nigerians churning out it little gain as tax which they on their own without little or no help from the government have succeeded to establish, the Nigerian federal government must come to understand that it needs to fulfill it own obligations and responsibilities first by putting in Infrastructure and facilitate an environment with an ease of doing business in the country. One that will see to the establishment of industries, one that will see that the nation has a new outlook which is defined by its manufacturing and producing power. One that will see it becomes a major exporting country which will go a long way in making the people more financially independent and buoyant.

 

By Marcus Amudipe

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