Viewpoint from Nigeria

"This can mark a new beginning for Nigeria’s journey to becoming a stable and thriving economy."

2020 Vision
In my opinion, the hallmarks of a thriving economy are the proportion of the population that enjoy a certain level of economic well-being. This, I believe, can be measured by indicators such as the percentage of the population who are gainfully employed, the percentage living above the poverty line, the country’s GDP, the literacy rate, and the standard of infrastructure development.
 According to the 2005 census figures, the Nigerian population stands at about 140m. This figure is projected to increase to around 200m within the next 10 to15 years. Currently the government employs only a small percentage of the working population. In light of this, the relevance of small businesses as a means of generating employment within the Nigerian economy cannot be overemphasized. However, an inadequate power supply and unavailability of credit have made it difficult for a significant proportion of small businesses to stay profitable. 01
The federal government has increased investment in the power sector and has made infrastructure development a primary objective. Policies have also been put in place to improve access to credit, through the establishment of microfinance banks coupled with encouragement from the government at state and local levels to support the proliferation and growth of small businesses. Multinational companies operating in the country have also contributed to the training and support of individuals who eventually become owners of small businesses. I am just one of many beneficiaries of the support, training and encouragement provided by Shell through its LiveWIRE programme. In view of the policies that have been put in place, I anticipate a boom for small businesses in the next 10 to12 years. Proliferation and growth of small businesses will provide viable employment opportunities for the majority of the working population in Nigeria. This in turn will secure the economic well-being of this working population, and their dependants, which will give them access to better education, health and other social amenities. 02
Life style changes that encourage developments in recreation and tourism will encourage the growth of the tourism sector of the economy. Success of small businesses will also enhance the country’s GDP. The result of all this will be an improvement in the well-being of the people and enhanced quality of life of the population generally. This can mark a new beginning for Nigeria’s journey to becoming a stable and thriving economy.

Nwankwo Ngozi GIA Bridals, Nigeria 03

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