Social entrepreneur Jacob Ugbodaga on why Nigerians need to buy local products
“Why do we produce what we don’t consume and consume what we don’t produce?” –African Economies
Corporate Institutions across Nigeria are embarking on mass retrenchment of workers amidst fresh graduates entering the job market by mid-June which is coming on the heels of predictions from the Central Bank of Nigeria (CBN) that the Nigerian economy was about to slip into a recession.
These are tell-tale signs that the Nigerian economy needs urgent attention, not a “quick fix” but a corrective and long-term solution that would stand the test of time as the global oil prices keeps fluctuating so very rapidly.
Some analysts have argued that the woes of our economy began shortly after the commercial exploration of oil in 1958, that perhaps we had contacted the Dutch disease and became more obsessed with the sweet crude without any premonition that these new “sweetness” would be short-lived with the discovery of renewable energy sources, global oversupply of oil and gross mismanagement leading to oil price instability, environmental degradation and acute corruption which would further enervate rather than develop our economy.