Constitutional Reference(s):
- “harness the resources of the nation and promote national prosperity and an efficient, a dynamic and self-reliant economy;” 16.(1)(a)
- “control the national economy in such manner as to secure the maximum welfare, freedom and happiness of every citizen on the basis of social justice and equality of status and opportunity;” 16.(1)(b)
- “without prejudice to its right to operate or participate in areas of the economy, other than the major sectors of the economy, manage and operate the major sectors of the economy;” 16.(1)(c)
CHALLENGES/PROBLEMS FACING THE ECONOMY OBLIGATIONS OF THE GOVERNMENT INCLUDES:
- Inactive business participation/Economy diversification.
- …to be continued!
How can the governments successfully fix these problems to have a remarkable and stable economy in the next five years? - Your perspective, suggested solutions and recommendations.
If Nigeria government cannot manage the refineries, government should extensively look into other resources manageable.
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Nigeria governments mostly engage in taxation of non governmental companies which inturn has consequential effects on the masses. There should be government-owned and run companies, processing each of the national natural resources.
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Nigeria is blessed with lots of natural resources. Depending on crude oil alone is like subjecting the nation to an irreparable economy meltdown if failure in crude oil business arise. Government should engage in active and progressive business participation to include production, processing and marketing of other resources.
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