Growing Robust Economy (Paperback) (ISBN-13: 9798503723649)

Economic doldrums, in the form of depression or stagflation, have intermittently lingered in and out of geographical locations in a random pattern across the globe. In aggregation, therefore, they have persisted. As such, the world may be rightly termed as not being able to command a universal economic prosperity, apart from parches of economic surpluses in one country and the converse at the other. And the booms, if you have observed, rarely last; paving way for the regular downturns. It, as such, has raised questions as to the best approach to be adopted to ensure robust economy amid the impeding downturns. The robustness of economy goes beyond nominal economic realities but entrenched in the psyche and resilience of the fabrics of the systems. The acquisition of skills and the quality of skills in terms of versatility and turgidity is critical to the robustness of the economy. The stabilizers as economic mechanisms to avoid boom (avert inflation) and avoid depression (avert doldrums) have been effective but do not guarantee robustness of economies, in the real sense of the term. Therefore, this text has been able to look at the efficacy of industrial-cluster practice as an economic approach, expansionary outlook and attitudinal renewal as an enduring mechanism to achieve economic stability of nations. The former is key in expanding the economic assets while the latter turns around the perception of the countries to enable radiation of modernisation necessary for sustainable development and industrialization. This discourse however zeroes in on the industrial-cluster model and its merits. It has to be clearly stated, that there is no geographical location that is not endowed with resources enough to grow their prosperity; what is pertinent is to look inwards. Singapore hiked from poor country, less than half a century ago after they gained sovereignty in 1965, all the way to a high-income economy on the planet earth with very high Human Development Index (HDI); so also, Brazil. What these countries did was to re-discover where they possessed comparative advantages and harnessed them. They defied the ordinary and went the extra-ordinary way to achieve their aims. Nigeria, as a country, is heavily endowed with agricultural resources, human resources, mineral resources, forestry and wild resources, traditional and tourism resources, and market resources. At optimization of her full potentials, the country would represent seedbed for human resource development and a preferred tourists' haven.However, in achieving this, necessary preliminary framework action needs to be done, notably the needs assessment executed through market research survey and analysis. This strategy broadened at national level, commodities with high utility and price elasticity of demand should be focussed on through industrial-cluster approach to energize the commercial climate. In growing sustainable and scalable economies, particularization of the development cradles is imperative. The policy of supporting the MSMEs in industrial melting-pots is pristine because of their vibrancy and high business birthing. This step, partly, is a creative response to the nation-wide economic recession. In fact, it is bi-focal in nature; cushioning the effect of economic downturn and re-establishing the nation as a commercial hub of the West African Region. The government policy on agriculture will adequately serve the MSMEs sub-sector, through the supply of raw materials. The agribusiness segment would provide semi-finished products to the factories. The huge natural resources are critical to feeding the industries whose functions they are to transform these farm produce. Research could go into these farm outputs to unveil their industrial values, in order to fuse them into the production chain. When that is done, the sky is the limit for economic expansion as the unemployment rate will plummet. Then, a robust economy would have been grown.

Author: Anozie Nwokoma
ISBN-13: 9798503723649
Publisher: Independently Published
Language: English
Published: 05/13/2021
Pages: 78
Format: Paperback
Weight: 0.26lbs
Size: 9.02h x 5.98w x 0.16d