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Tuesday, May 28, 2024

Ensuring An Economic Productive Nigeria In 2023

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Last last, year 2023 is here with us. Glory to Almighty God for sparing our life into the New Year. Life is a gift that can’t be compared to no other.
That why with all the shackles and buckles that shaped the event’s of the foregoing year 2022, that thrown many Nigerian’s off balance.
Not forgetting global events that also rub on us, talking off the unending Russian-Ukraine war.
We just have to remain optimistic that this New Year would be better, prosperous and progressive for us.
Nevertheless, 2023 is loaded with two significant national activities. First been an election year, and expected change of administration. Secondly, the year is for national population census.
An opportunity to know how many are we for proper development planning.
This two national events are sacrosanct and there both outcomes would go a long way to align, re-shape, direct and refocused the trajectory of our nation for a very long time.
Meanwhile, the aforementioned are imperatives to this piece title ‘Ensuring a Productive 2023’. Our task here is to encourage managers of our national affairs, elected and appointed politicians, civil and public servants. Outgoing in the next five months and incoming also. To consider this year a no failure to productivity across board.
A glimpse retrospective on our national affairs has shown a score card of a very unproductive and wasteful nation off both her human finance, and natural material resources.
Hence, it time for us to retrace our steps and redirect our national asset for productivity.
Although, many holds the believe that our challenges are numerous. For us a positive views of challenges and opportunities in the new year and going forward. Is located in our national productivity.
What then do we mean by productivity?
Economist assert that Productivity refers to the physical relationship between the quantity produced (output) and the quantity of resources used in the course of production (input).
They added further that “It is the ratio between the output of goods and services and the input of resources consumed in the process of production.”
In other words, productivity as to do with the level in which resource been an input produces wealth that is output through various production process.
Meanwhile, all the process take in cognizance, human labour, machine and equipment, time, energy power, and raw materials forms.
On the other hand, what do we mean by a productive 2023?
For instances at the macro level, productivity is a measure of performance of an economy of a country.
Equally from a national viewpoint productivity is the ratio of available goods and services to the potential resources of the country.
Here, productivity means an economic measure of outputs indicator and the efficiency of resources. This would afford a long term growth of the economy.
Interestingly, productivity means that national resources are utilized to the optimum, while minimizing wastage. Leading to reduction in cost of production, and subsequently availability of quality products at lower and affordable price for citizens.
What then is the task for us in ensuring a Productive 2023.
We are expecting a new administration at the centre and congress of new and old legislators. For us Law and order, stability of Government, harmony between States, etc. are essential for a productive 2023. Elimination of all forms of inefficient would helps to improve national productivity. Critically, this would come through the competences and attitudes of managers of our national affairs occupying official positions. In the management of all national assets and resources that includes government policies and programs. That are significant to productivity output from government agencies practice as it impacts transportation, communication power, fiscal and monetary policies ( taxes, loan borrowing, debt, interest rate, foreign exchange,) influence national productivity at large.
This made productivity to be synonymous for progress. Arguably, the resources of a country are not always enough.
The benefits of a productive 2023
Generally, productivity is essential for improving living standards and for the prosperity of a nation. In addition productivity leads to economic growth and social progress.
It ensures workers earn better wages and working conditions, and creation of more employment opportunities. Productivity improves the exports and foreign exchange reserves of a country. Hence, productivity is the key to elimination of balance of trade deficits. It is through productivity that various value chain in sector such as agriculture are link and integrated into industrialization.
According to John W. Kendrick, “the chief means where by human kind can raise itself out of poverty to a condition of relative material influence is by increasing productivity”.
Succinctly, at macroeconomic level, productivity improves a country’s living standards because more goods and services are produced. And inflation and interest rates are stabilize, and gross domestic product (GDP) increase.
Consequently, at the microeconomic level, national productivity increase citizen’s real income and improve their ability to purchase goods and services.
At the same time afford them opportunity to enjoy leisure activities, access better housing and education, and contribute to social and environmental programs. And a medium to reduce mass poverty and inequality.
However, the governments earn more revenue through the widen tax net as a result of tax payments (which can be used to fund social and environmental programs).
In conclusion, for us we are optimistic about 2023 becoming a productive year. And this would come with a visionary and bold leadership as against stunted, feeble and passive chauvinist we had.
Happy New Year.
By Adefolarin A.Olamilekan
Political Economist
Email: adefolarin77@gmail.com

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