Nigeria’s Huge Import-dependency Syndrome
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READ: Why cost of rice went up — Ebonyi Commissioner
Import-dependency Syndrome. Why can’t our local pharmaceutical firms grow? What happened to the stimulus package, which the Central Bank of Nigeria (CBN) recently advertised amid the COVID-19 pandemic lockdown? The challenge before the government is how to turn the situation around. The trouble is how to revamp the comatose industrial sector and boost the economy. It is only then that the country would be less dependent on importation of everything we need.
In the main, fixing the power sector alone would be a major incentive to industrial rejuvenation. But sadly, the power sector revival remains a bridge still too far! Where then do we go from here as we celebrate just the number, Nigeria at 60: when do we celebrate achievements in concrete terms?
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