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Harnessing and Implementing the Resolutions of Economic Summits and Conferences for Growing Nigeria’s Economy: 47th G7 Summitand 7th Tokyo International Conference on Africa Development-Ticad 2019 in Perspective - by Nwachukwu Lucas Emmanuel

By Lucas Nwachukwu

Summary

While we pursue these economic aspirations, we must leverage on technology for digital transformation, the need for transformative technology to further innovations cannot be overlooked as we strive to be among the best economies in the world.

While Nigeria may consider the options aforementioned, there is even a bigger problem of the will to implement because of high level of corruption in the system. The IMF study estimates that the impact of 1 point change in the corruption index results in a 1.2 percentage point change in economic growth per annum. Therefore, the impact on economic growth from a simulated decrease in corruption will impact on growth of the country’s economy.To effectively implement decisions reached at these gatherings, Nigeria needs political stability and strength of public institutions among others and this can significantly improve the economy and the lives of Nigerians.
Harnessing and Implementing the Resolutions of Economic Summits and Conferences for Growing Nigeria’s Economy: 47th G7 Summitand 7th Tokyo International Conference on Africa Development-Ticad 2019 in Perspective - by Nwachukwu Lucas Emmanuel
 
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Published: August 29, 2019

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Abstract

Annually we see economic blocs around the globe come together with leaders of member countries to discuss pressing issues confronting them and designing solutions to tackle them and protecting their interests. These gatherings take the forms of summits and conferences. Like the just concluded G7 summit in France and the Tokyo International conference on Africa Development slated to start on Wednesday 28th August 2019 with President MuhammaduBuhari and other Africa leaders in attendance. The Group of Seven (G7) is an informal bloc of industrialized democracies: France, Germany, Italy, the United Kingdom, Japan, the United States, and Canada, that meet annually to discuss issues of common interest like global economic governance, international security, and energy policy. Similarly, the Tokyo International Conference on African Development pursues almost the same interests, save for regional peculiarities. These gatherings takes place amid several global issues confronting many countries around the globe, bringing leaders to discuss global economy, defense of democracy, gender equality, education, environment and world security. This year the discussions have produced agreements on several points such as trade and stability of global economy, with participating countries ensuring they align their efforts with global economy and eliminate unfair trade practices, simplify regulatory barriers within the framework of their resolutions and also to foster peace and stability. But the big question is: HOW DOES NIGERIA HARNESS AND IMPLEMENT THE RESOLUTIONS TO DRIVE HERECONOMY? Everyone wants to do business with the big economies, but with our staggering population and majorly raw material economy like crude, cocoa, cassava, rice, etc, we are still operating colonial style of trade of exporting raw materials and earning little in the exchange. Other serious countries of the world are exporting finished goods and services that increases their foreign earnings.Nigeria must look at revamping her economy by renegotiating the type of export that will earn her a place among the best economies in the world. Export-led growth hypothesis has been on the table of discussion for a long time, the export driven economic growth nexus cannot be overemphasized, long-run economic growth due to increased export allows for specialization in the sectors with scale economies. Increased exports over imports also harness terms of trade and improve foreign exchange earnings. While it is important drive the economy through export, it is important to also recognize that such produced goods meet international standards in order to compete favourably both in terms of quality and prices. Nigeria must also move to service economy to improve the quality of life.Services accounted for over 40% of Nigeria’s rebased gross domestic product (GDP) in 2018, services sector, include telecommunications, banking, Nollywood, and the informal economy (which was previously unaccounted for in official statistics. However, more can be achieved. In retailing, we now see homegrown online retailing has also begun to take hold, with Jumia.com and Konga.com that offer services similar to Amazon.com, leading the way. This allow for cash-on-delivery payment, which caters to the still largely cash-based consumer base in Nigeria.In banking Financial reforms have produced a financial landscape characterized by large and strong banks, an efficient payments system, and improved financial infrastructure. More should be done to encourage financial inclusion for the millions of unbanked low-income and informal earners.This allow banks to diversify risk and mitigates the high cost of operating primarily through cash transactions.In telecom industry, it accounts for a considerable amount of FDI. Four years after the Sustainable Development Goal-SDG was flagged off, hunger, poverty, poor quality education, and inequality are even more pronounced, Nigeria is still neck-deep in these problems. Thus, we need to look at multi-lateral economic negotiations that will cover the vulnerable mass of the country. While we pursue these economic aspirations, we must leverage on technology for digital transformation, the need for transformative technology to further innovations cannot be overlooked as we strive to be among the best economies in the world. While Nigeria may consider the options aforementioned, there is even a bigger problem of the will to implement because of high level of corruption in the system. The IMF study estimates that the impact of 1 point change in the corruption index results in a 1.2 percentage point change in economic growth per annum. Therefore, the impact on economic growth from a simulated decrease in corruption will impact on growth of the country’s economy.To effectively implement decisions reached at these gatherings, Nigeria needs political stability and strength of public institutions among others and this can significantly improve the economy and the lives of Nigerians.

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Lucas Nwachukwu

Lucas Nwachukwu

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