Covid-19: ten point opportunity for Nigeria

THE 10-POINT OPPORTUNITIES FOR NIGERIA(NS) IN COVID-19

By Orji Udemezue

Crisis situations also provide opportunities for the discerning; no wonder the saying, “never waste a crisis”.

Covid-19 pandemic has devastated several economies but has also provide several opportunities for Nigeria and Nigerians, including:

1. The opportunity to look away from oil as a critical contributor to our fx earnings and national revenue pool. The risk is destructive.

2. Nigeria must seize this opportunity to take a longer view on issues concerning our federal system of government. Fiscal federalism must be pursued now more than ever before.

3. Covid-19 has further exposed the economic non-viability of Nigerian States. State Governors must engage all stakeholders with a view to strategically fashioning out ways to generate independent sources of revenue for funding state budgets. The over-reliance on FAAC allocation must be curbed now.

4. Nigeria must now pay urgent attention to human capital development. Key areas of focus must include: healthcare, education and skills acquisition; hospitality/tourism, and entertainment.

5. As China faces emotional and economic backlash as a result of Covid-19, can Nigeria ramp up its manufacturing capacity?

6. As government faces difficulty in creating new jobs, and even meeting salary payments of existing staff, we now have an opportunity to design policies that would put SMEs in the driving seat of job creation.

7. Individual Nigerians are also now presented with another opportunity to invest in some markets where prices have crashed. This is probably the time to assess the real estate and the stock market for possible cheaper entry.

8. SMEs and other businesses must think differently now. This is an opportunity to adopt agility and innovation in driving business growth, particularly leveraging digital and electronic platforms.

9. With Covid-19, the drive for export earnings must now include policies that make exporting easier. The route to market must be made faster for all potential exporters.

10. Now that the CBN does not have the “free money” to waste in their lazy approach to FX management, Covid-19 now presents another opportunity to STRATEGICALLY restructure our FX pricing system (ie, pragmatically devalue) in order to encourage and drive export.

To take these opportunities require bold, transparent, dynamic, and transformational leadership at all levels.

Orji Udemezue, a management and financial consulant, is the CEO of Flame Academy & Consulting Limited. Email: flameconsultinglimited@gmail.com

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