It’s difficult for a country with a failing economy to boost its economic opportunities possible, and of course, millions of young people in Nigeria represent a fountainhead of energy, enthusiasm, and potential.
A nation like Nigeria can be said to be economically viable only if certain things are put in place, and some of the things that can conceivably boost economic opportunities in Nigeria are as follows:
1. Discouraging Insurgency
Despite the failing economy of Nigeria, it can boost its economic opportunities by discouraging insurgency.
For Nigeria to survive as a nation, forward-looking measures should be put in place to tackle insurgency both tactically and institutionally. The military must b strengthened because investment can only flourish where there is peace.
2. Improve the quality of Jobs
Improving the quality of jobs is undoubtedly one of the ways to economic opportunities because job creation helps the economy of a nation by increasing gross domestic product [GDP].
On this account, when an individual is employed and paid by their employer, more money is spent in the economy, increasing demand.
More so, job creation boosts economic opportunity in the sense that workers produce valuable goods and services, and in turn, receive a wage they can spend on the delivered goods.
It means that high employment breeds a more significant number in the production of goods.
3. Improved Educational Outcome
Education is a powerful agent of change capable of improving health and contributing to the social stability of a nation.
Education still stands to be the most essential to the success of every other sustainable development goal.
Education can boost the Nigerian economy because schooling on its own provides a foundation for development, the groundwork on which much of our economic and social well-being is built.
With education, the academic human resources invested in economic activity will generate increased wealth.
The government of the day should improve the education outcome as it is a fundamental factor in economic opportunity.
4. Increasing financial literacy
Increasing financial education will surely boost the economy of Nigeria if the financial literacy of the people is a crucial policy. It is reachable when the expenses are down through regulation.
The increment of financial literacy will pose less risk to the financial system, increase savings, contribute to economic expansion, understand the financial world, promote business, and ensure effective management of money.
In Nigeria as a nation, financial literacy can help both the affluent and the masses with high levels of debt correct course and better prepare them for the future.
Meanwhile, the lack of financial literacy can accumulate unsustainable debt burdens either through poor spending decisions or long-term preparation.
5. Redistribution of income
Income redistribution is another factor that can help boost economic opportunities despite a failing economy.
The redistributive policies are made by employing public expenditure for programs directed toward the poor and economic regulation.
For sure, redistributed income will lower poverty by reducing inequality, reducing social tensions arising from inequality, and allowing the have to devote more resources to humans.
The main aim of income redistribution is to increase economic stability and opportunity for the less wealthy members of society.
6. Improving law and order
With corruption being a threatening issue in Nigeria, improved law and order will go long to economic opportunity.
If the law and order situation runs smoothly, the politics play smoothly and thus the stable economy of such country.
Improvement of law and order situation arises with insecurity, the threat of violence, external aggression, strikes, boycotts, etc.
The improvement of law and order is essential because a society without laws would have no way to solve social issues.
7. Opportunity to Build Skills
In boosting economic opportunity, building skills is very paramount because soft skills prolong poverty and inequality.
Skills development reduces unemployment, underemployment, increases productivity, and improves the standard of living.
It makes economic sense when people are helped develop and update their skills, and it doesn’t just contribute to economy-boosting but also increases the quality labor market.
In this era of globalization and technology, skill-building is a relevant instrument that increases efficacy and quality for better productivity.
In other words, skill-building is a reliable tool to empower individuals and improve their social acceptance.
8. Tech Advancement
The importance of technology in the economy cannot be over-emphasized.
It is the work word of economic growth of countries, regions and cities and technology births efficiency in producing better goods and services.
Technological advancement breeds economic growth, thus leading to increased communication, fast access to new markets, and an increase in the marketing channel.
Additionally, for developing countries like Nigeria, access to technology can improve or boost the nation’s economy, reduce the cost of production, encourage the growth of a new business, and, lastly, help advance communication.
9. Invest in Infrastructure
Investment in infrastructure helps provide the possibility to boost economy-wide productivity growth.
Generally, infrastructure plays a vital role in spreading national production capacity.
For Nigeria to boost its economic opportunity, it requires a reliable infrastructure that can connect supply chains and efficiently move goods and services across borders.
The investment in infrastructure encourages a country’s economic growth, productivity and steadily makes firms more competitive.
10. Introducing Fiscal Policy
Fiscal policy is another instrument that can boost economic opportunity if practiced.
The government can use fiscal stimulus to implement economic activity by increasing government spending, decreasing tax revenue.
Fiscal policy is an essential tool for managing the economy because of its ability to affect the total amount of output produced.
The primary aim of fiscal policy is to maintain full employment, achieve a high economic growth rate, and stabilize prices and wages, conversely boosting Nigeria’s economic opportunity.
11. Patronizing Nigeria Made Product
It would be inspiring if Nigeria should proudly use products branded ‘made in Nigeria,’ and of its benefits is that it will boost the economic opportunity of the country.
This development will no doubt increase the Gross Domestic product, create employment opportunities and reduce the cost of production.
When the locally made product is appreciated, immigration and innovation will occur.
12. Raising Minimum Wage
Raising the minimum wage will boost economic opportunities and increase consumer spending.
The increase in minimum wage can increase the earnings of low-wage workers and may bring about a significant increase in GDP and employment.
Raising the minimum wage will improve the overall standard of living, reduce poverty, fuel economic growth, and reduce government programs.
Is Nigeria’s economy improving?
There is high uncertainty that the economy is improving though expected to grow by 1.8% in 2021.
The recovery would be driven by a rise in oil exports and domestic demand.
Why is Nigeria’s economy so bad?
Nigeria’s economy is getting worse by the day because of the lack of policy directions on the part of the government, governance issues, and corruption.
Other underlying reasons for Nigeria’s lousy economy are the over-reliance on crude oil, lack of economic diversification, fall in crude oil prices, and greed.
Lastly, the spate of violence among the constituent units and militancy groups also contributed immensely to the economy.
Does Nigeria have a strong or weak economy?
Nigeria’s economic freedom score is 58.7, making its economy the 105th freest in the 2021 index, and has increased by 1.5 points because of an improvement in judicial effectiveness.
Looking at the above-listed ways of boosting Nigeria’s economic opportunity, we will understand that there are still possible ways it can revive the nation’s economy.
The revitalization of the economic opportunity lies in the hands of influential leaders. Nigeria will boost its economic opportunity despite the failing economy through investment in infrastructure and technology advancement.