Nigeria currently grapples with multifaceted economic challenges, majorly linked to an age long practice of selfish interest by a handful of political leaders who manifest insensitivity towards the wellbeing of their subjects within their respective constituencies. The current economic hardship every household suffers came about after a series of poorly managed policies by the ruling class cumulatively impacted negatively on socio-economic deliverables against overall national development. The stewardship being rendered by the ruling class is found, by their style of governance over the years, not to be people focused, or on alleviating the immediate economic problems and financial pains of the masses in micro-businesses.
However, unless such leadership style is changed for the better, to one of “other people centred governance”, the economic hardship and the unsustainable costs of living that is padded by hyperinflation shall remain far from eradication. It is, therefore, believed that, for things to start getting better there must be a total and complete shift from the ways and thoughts of the elitist leaders (the old order) in the running of this economy. They need to closely feel the pulse of the masses and the harrowing pains of the struggling common people in the streets of Nigeria, who may neither have been a crook, nor a vagabond but, otherwise, generally acclaimed in their respective neighbourhoods as well-behaved and very civilised Nigerian citizens.
A good leadership style that will bear fruits for good governance starts from every person in authority exhibiting leadership by example; disciplining oneself first, especially by cutting down costs and overheads attached to maintenance of his political aides. The reason for this measure is that financial extravagance is a potent variable that breeds poverty; it is a strategy the ruling class can sincerely apply in tackling poverty in the economy, if really the politically exposed persons (PEPs) meant well for their fellow Nigerians. The simple economic principle in wealth creation is that ‘other people centred stewardship’ will selflessly generate wealth for the public, and it shall subsequently (in a chain reaction mode) rub off on and enrich the general public. It is also a known fact that selfish leaders only end up making private money for their personal pockets, and end up impoverishing everyone involved in the system, as presently being experienced in the country since fuel subsidy was removed openly on 29th May 2023 by President Tinubu’s pronouncement. This exemplary financial and wealth creating strategic template is a potent step the economic drivers could leverage on, and apply a ‘backward integration policy (BIP)’ by implementing an economic plan that can improve local manufacturing in all economic sectors (industrial transformation). This would, in the long run, build up a virile economy. Economic achievers mostly thrive under a sober operational environment.
In a country that is suffering unpatriotic and uncommitted conducts in the hands of those that have been entrusted with the affairs of the nation, or are placed with the state responsibility to lead the way to economic stardom, it should be expected that little or no improvement can be achieved without a term plan for economic growth. This is based on the fact that the mindset of those driving the state affairs are not totally sold to positively deliver the goals selflessly. This is what this nation has suffered up to this stage of a failing economy with the financial turmoil around our foreign reserves and the ailing local currency exchange rate. However, the nation’s economy can still be revamped on the proviso that our leaders shall patriotically serve with a change of heart that ensures things are drastically turned around for better.
The leadership must express faith in whatever they are doing to change the tide with hope for economic emancipation, survival and progress. It is at this point that the aspect of products and service delivery would make sense, for self sufficiency to be actualized through the policy of backward integration (BIP). Businesses being operated within the economy under this strategic economic survival strategy are expected to key into productive operations by adding value to every raw material sourced locally, and reposition itself to break off from the old order of dependence on external supply chains for finished products.
In all sectors of the economy therefore, it is expected that the backward integration policy shall rearrange the supply chain architecture, where virtually all the finished goods are being manufactured domestically, and are scheduled for the export markets. Such a shift in commercial activities within the economy would ease the local currency exchange engagement by releasing it from the pressure of high demands and over dependence on the United States dollars.