Surviving in Nigeria Today: My View, By Segun Adediran 

Two critical questions should bother all Nigerians now, especially those of us that do not have or plan to leave the country. The first one is: How will Nigeria survive? The second one appears similar to the first, but quite different from it: How will I survive in Nigeria today? Let’s briefly discuss the first, though we may not be in a vantage position to influence government policy measures and their implementations.

The problems facing the country are well known. Let’s look at a few, but crucial ones quickly. This is not in any particular order. The rapid depreciation of the currency Naira); sinking economy; rising inflation; worsening insecurity; debilitating and collapsing public infrastructure; poor public facilities, especially in education and health. I will also provide possible solutions to these briefly. To do otherwise will require writing a whole book on Nigeria and the challenges of modernisation.

I have been saying it, but it’s worth repeating here. Reforming Nigeria is not rocket science. It simply involves the emergence of a leader with courage and productive knowledge. I’m choosing my words very carefully: productive knowledge NOT just any academic knowledge. if such a leader emerges or has emerged, these are the minimum imperative decisions he must implement quickly. 1). Accelerates decentralisation of power, especially police, and resources to the states to tackle insecurity, boost productivity and end the culture of indolence. 2). Take drastic actions to end the dollarisation of the Nigerian economy. 3). Through executive orders, compel Ministries, Departments and Agencies, MDAs, to patronise Nigeria’s made goods and services. 4). Sell off public enterprises, especially the four obsolete government refineries with speed. 5). Encourage and promote private refineries towards local sufficiency in petroleum products. I will stop here on public policy measures.

The other that concerns you and me is the question of how to survive in Nigeria regardless of what public policy measures turn out to be. I must confess, there is no “one-size-fits-all” approach to or silver bullet for it.

In my humble way, these are my reform ideas, though everyone should be their own “economist” these days.  1). Develop the capacity to say NO to non-essential matters. (Defer gratification for now).  2). Reset your priorities and pay maximum attention to your “must-do list”. 3). Rely more on ICT for your personal and business matters. 4). Open or convert a bank account into an emergency account with a minimum target  (I have done mine and set my minimum target). As we get deeper into this economic malaise, it will be getting increasingly difficult to borrow from friends and family members. Banks, too, may not be of help. Start with something. If you must borrow from  it, return it as soon as you can. 4). Do and encourage your spouse to do bargain shopping: shop in local markets instead of supermarkets. 5). If you run a business, get more value-added from your workers without an increase in costs. Challenge every worker to be a marketer. The most challenging issue in this kind of economy is MARKETING your products or services. Increase price or reduce quantity as the case may apply to your products or services. 6). Don’t underrate your workers. You may call a meeting and throw the challenge to them. From my experience in corporate life, most brilliant ideas do come from those who we think less about. Organise meetings and brain-storm with your workers. Don’t forget that they are also critical stakeholders in your company.

Finally, let’s ask ourselves this question: Is there a ray of light at the end of the tunnel on Bola Tinubu’s watch? Yes, I’m hoping against hope. President Tinubu is a worker of the brain. We speak the same language on functional federalism and market-oriented economy. He also appears to have the courage to step on big toes. Tough decisions taken so far include stoppage of fuel subsidy, CBN’s revoking of Bureau de Change licenses, effective orders to security chiefs in dealing with terrorists and the CBN’s floating of the Naira. These are the courageous and right things to do. But he should refrain from putting the cart before the horse. Fuel subsidy was tainted with monumental corruption and resource distortion: it should go. But there are a few things he could have done before ending the fuel subsidy. Government palliatives can’t resolve the adverse effects of that, sound public policy measures will. Productive economies and virile democracies do not issue policy measures with immediate effect. That’s totalitarianism. I perfectly understand the argument that if he didn’t do it immediately, he might be overwhelmed with the sentiments surrounding the subsidy removal. But a man of courage should not entertain undue sentimentalism.

All the same, it’s hoped that at the end of the present sufferings, there will be a gradual return to a saner economic climate and a better security environment that will put smiles on our faces again.

Meanwhile, start positioning yourself and your company strategically for future opportunities that are bound to happen sooner than later.

Thank you and do have a safe trip through our economic meandering.

@Segun Adediran

Formerly, PUNCH Editorial Board Chairman

Now, Chief Farming Officer, SA&A.