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Buhari’s economic plan stalled by Covid-19

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By Akintola Timothy

The role of science and technology in reversing Nigeria’s socio economic dilemma.

Despite the many economic improvements that the Buhari administration promised, the economic situation in Nigeria has hit an unprecedented low point as the country faces its worst economic recession and its currency valuation dwindling. Dr. Adeleke Olorunnimbe, the Minister for Science, Technology and innovation, however stated that the COVID-19 outbreak affected the economic development being made by the current administration. This was disclosed during the flag-off of the National Dialogue between the Government and investors of Science, Technology and Innovation Ecosystem, where the establishment and implementation of an improved technological ambience for global competitiveness and productivity was discussed.

This event, themed “Achieving Nigeria’s Competitiveness and Improved Foreign Exchange Earnings through Science, Technology and Innovation” witnessed numerous stakeholders discuss measures by which the tech space can be enacted to improve the country’s economic situation. The minister asserted that the pandemic exposed the infrastructural inadequacies in areas like healthcare and social security. He also said that the unemployment rate which skyrocketed during the pandemic caused a swift regression over all the developments achieved over the years.

President Buhari enhancing government’s response to change.

Adeleke said that it was regrettable that the aftereffects of the pandemic on the social and economic systems have indicated the lack of innovation that would have improved the country, making it more inclusive, sustainable and resilient. On the role of the president in improving this situation, he noted that President Buhari has enhanced the government’s response to change, as well as the collaborative efforts between the government and stakeholders. He admitted that in past years, the roles of science and technology had been degraded but as a result of the regression in the country’s foreign exchange market earnings, there was a need to look inward and assess the impact that inculcating science and technology can play in reversing this socioeconomic dilemma.

The minister also said that it was poignant to note that there were declines in the numerous areas of productivity that have also contributed to the lack of improvement in the country’s economic development which is why the current administration has been working to enhance growth and economic recovery by shifting its policies to include science, technology and innovation. He further noted that with this economic transformation, there is a growing readiness to improve the productivity and sustainability of the economy.

Covid-19 emergence negatively impacted businesses in Nigeria.

While these plans were in place, to be enacted, the emergence of the Covid-19 pandemic caused a significant negative effect on the businesses in Nigeria, hereby affecting the country’s economic progression. Adeleke explained that the Buhari administration has inculcated an enhanced governmental response to this change, with social safety, net protection and a strong financial framework designed for the transformation of the economic development. He however disclosed that more work must be pumped into this design for the actualization of this goal.

On some of the plans being enacted by this administration, he noted that the Research and Development ability, the capability of the country on planning and governance and also a much-improved healthcare system we’re being introduced to further enhance the resilience of all sectors in the country. Commending this event, Adeleke asserted that it would help the investors in proactively proffering efficient strategies to support the country’s monetary and fiscal policies.

Advanced technology to proffer solutions to Nigeria’s economic challenges.

Adeleke noted that the success of this innovative ecosystem is solely dependent on factors like immense knowledge generation areas (universities, laboratories and research centers) and the collaboration between these knowledge generation centers and commercial businesses. He further emphasized that with the trajectory of business and research and development being an important factor for the country’s economic development, the more technological advancements will definitely proffer the right solutions to the economic challenges that has ravaged the country.


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Tolaniiii
Tolaniiii
1 year ago

The epidemic brought to light the deficiencies in infrastructure that exist in fields like as healthcare and social security.

Christiana
Christiana
1 year ago

All the advancements made over the years experienced a quick reversal as a result of the pandemic’s skyrocketing jobless rate.

Bola12
Bola12
1 year ago

To further increase the resilience of all sectors in the country, we are introducing a much enhanced healthcare system in addition to the country’s capacity for research and development, planning, and governance.

Abusi
Abusi
1 year ago

We all know the impact COVID-19 had on the while world. It crumbled down so many economy. None withstanding, we can’t continue to blame the pandemic because even before it, our economy has not been up to par. New strategies should be developed as fast as possible.

Remi1
Remi1
1 year ago

No doubts, the pandemic had significant impact of economies around the globe. However, the economy was already sinking before the pandemic. So PMB need not to blame his gross failure on the pandemic.

Ultra0711
Ultra0711
1 year ago

It is evident that covid pandemic deteriorated plans and ravaged most sectors. The administration should take advantage of the tech space to improve the country’s economic situation.

theApr
theApr
1 year ago

It was regrettable that the aftereffects of the pandemic on the social and economic systems have indicated the lack of innovation that would have improved the country, making it more inclusive, sustainable and resilient. The pandemic exposed the sinking economy.

Haykaylyon26
Haykaylyon26
1 year ago

The pandemic really affect everywhere can cause many damage. But our economy is not that balance but the pandemic also cause it to crash much. We need to improve our economy my coming up with new plan to boost our country economy

Iyanu12345ogg
Iyanu12345ogg
1 year ago

The pandemic contributed a lot to the lack of improvement in the country’s economic development all…Also it exposed inadequacies in areas like healthcare, social security and unemployment. which skyrocketed during the pandemic causing a swift regression in the county. The strategies by the current administration to enhance growth and economic recovery in the country should be developed as fast as possible!

Last edited 1 year ago by Iyanu12345ogg
Adeolastan
Adeolastan
1 year ago

All the excuses by the ministry is fallacy because since the present came into power nothing tangible has been done concerning the economy even before outbreak of covid-19.

jdpumping
jdpumping
1 year ago

Despite all promises Nigeria is facing it’s biggest economic challenge so far,and much is expected of the government to turn around the fortunes of the country.

SarahDiv
SarahDiv
1 year ago

Let us stop blaming Covid-19 or inflation as the reason why for lack of performance of government.

Nwachukwu Kingsley
Nwachukwu Kingsley
1 year ago

The economic situation in Nigeria has reached an all-time low point, despite the many promises made by the Buhari administration regarding the various improvements that will be made to the country’s economy.

Tonerol10
Tonerol10
1 year ago

Lol😆….. Before Covid-19 government did nothing and after Covid-19 government still did nothing. Government even hide the donations and foods iteams given to them for masses. The real truth is that government failed in all remification

Taiwoo
Taiwoo
1 year ago

It was discussed how to build and put into practice an enhanced technological atmosphere in order to increase global competitiveness and productivity.

Hassan Isa
Hassan Isa
1 year ago

The country of Nigeria is currently experiencing its worst economic recession, and as a result, the value of its currency is steadily decreasing. This has led to the economic condition in the country reaching a new all-time low.

Chibuzor
Chibuzor
1 year ago

The wizards were there as a number of industry stakeholders discussed strategies that could be used in the digital sphere to improve the current economic condition in the country.

Godsewill Ifeanyi
Godsewill Ifeanyi
1 year ago

During the “Technology and Innovation” conference, several stakeholders discussed potential actions that could be taken in the technology sector to help improve the economic condition in the country.

Kazeem1
Kazeem1
1 year ago

It was necessary to turn our attention inside and evaluate the role that fostering an appreciation for science and technology can play in turning around this social predicament.

Adesanyaj72
Adesanyaj72
1 year ago

Considering the importance of business and R&D to the economy, it stands to reason that the more technical advances will provide the correct answers to the economic difficulties that have plagued the country.

DimOla
DimOla
1 year ago

Is it now Sai Baba who is about to round up his tenure as the president of the country will have solutions to the extremely worst situation of the country? Our President Buhari doesn’t have anything to offer again. Is it now they are seeing the importance of science and technology? Abeggi..!