Economy

How to Improve Standard Of Living of Nigerians

Here in this post, we are going to proffer possible solutions on how to improve standard of living of Nigerians. We hope these recommendations prove useful.

Can Nigeria actually be able to accurately determine its population? If the answer is yes, then there is hope for sustainable development, such that will bring about an improvement in the people’s standard of living.

However, in line with the global agenda, which of course, began sometime in 2015, Nigeria has what it takes to improve the standard of living of its citizenry, most importantly, if the Nigeria’s National Policy is reviewed.

Read Also: 15 Causes of Poverty in Nigeria

How to Improve Standard Of Living of Nigerians
Standard Of Living of Nigerians – Photo Source: http://www.digitaljournal.com

Therefore, Nigeria is duty bound to make sure that it puts some measures on ground in order to harness Nigeria’s full potential of the existing institutional frameworks, as well as, policy frameworks to serve as transformative instruments for the development of Nigeria’s economy and reduction of poverty among Nigerians.

What Then Are The Ways To Improving The Living Standard Of Nigerians?

There are a couple of ways Nigeria can improve the standard of living of its citizenry, and in this article, I will be focusing on some of the ways Nigeria can improve the standard of living of Nigerians. Below are some of these ways:

Read Also: The Role of Microfinance Banks in Poverty Reduction in Nigeria

1. Addressing The Issues Of Girl Child And Violence Against Woman

There is a greater need for the Nigerian government to make sure that, there is provision on ground to help address issues concerning women and a girl child, if truly it meant to improve the standard of living of its citizenry.

It is incumbent on the part of Nigerian government to work towards making sure that, it eliminates every form of violence against women.

The government must ensure that it addresses issues concerning women and a girl child in all of its ramifications, ranges from their health to their education.

Addressing problems facing women and a girl child will emphasize government readiness to really mean in its efforts to improving the standards of living, including quality of life for every Nigerian.

Read Also: The Role of Education in Poverty Reduction in Nigeria

2. Improving On Cost And Time Of Doing Business In Nigeria

If there is any need of improving the standard of living of Nigerians, then improving on the cost and also in the time of doing business in Nigeria is a matter of necessity.

Nigeria should make efforts towards easing and improving the time and the cost of carrying out business. The belief of Nigerians is that, when there is free flow of private investment, whether it is foreign or it is domestic, they are all beneficial for the Nigerian local economy.

Such free flow of investment is also very critical to the sustainability of development in the country, even as it recognizes the role of being transparent in business.

Having said that, I want to call for international financial system that is fair and just, provided it takes due cognizance of the needs of developing countries particularly such needs are peculiar to Nigeria also.

Achieving this will mean that Nigeria is towing the path towards sustainable economic prosperity for every Nigerian.

3. Combating Desertification And Discouraging Tenuous Livelihoods

The issue desertification is such a pressing issue, bringing about environmental problem. The problem is one of the problems afflicting developing countries, and Nigeria is one of them.

The resultant effect of this problem experienced in the third world nations is tenuous livelihoods. Take a look at a country such as Lake Chad, this country who had supported many of its citizens, as at today had shrunk in its size in this last few decades, as it fueled large-scale migration in that country and other conflicts.

Nigeria must have to learn from this! Nigeria must have to work in making sure that it tries all possible way to stop this tide in this country if its citizens must enjoy an improved standard of living.

Nigeria must be committed towards putting in place some policies, such as a National Environmental Policy, and a Drought / Desertification Policy, as well as, a Climate Change Response Policy and Strategy with a view to combat this problems.

Read Also: 6 Roles Of Banking In Nigeria Economy

4. Updates And Implements The General Assembly Resolution On Combating Illicit Financial Flow

Findings have revealed that, the rate at which there is illicit financial flows, and the recovery of these stolen funds, as well as, the returning of these stolen funds had, for the last few years increased.

My thinking is that, Nigeria should be determined through collaboration with some other development organizations to combat this problem.

And if there is any intergovernmental organizations to combat this problem of illicit financial flows, I believed such initiative would enhance the recovery process of these stolen funds as well as, get them to be returned to the country’s treasury.

In meeting this mandate, Nigeria would have avail itself the opportunity of re-investing these funds in order to better the lots of Nigerian citizens.

Like I said, to foster sustainable development in Nigeria, such that will help improve the standard of living of Nigerians, then there is need of making sure that, the General Assembly resolution on the fight against illicit financial flows is updated and implemented properly.

Even at that, I urge those foreign nations to try and cooperate with Nigeria in the fight against illicit financial flows, and in the recovery of the proceeds of crime, as well as, help in ensuring that, the recovered stolen funds are return to the country of origin.

5. Diversifies Nigerian Economy

The Nigerian government has a responsibility of diversifying the economy. Nigeria should strengthen its manufacturing sector, and agricultural sector, and tourism sector among other sectors in the economy.

This development is likely to boost Nigeria’s Gross Domestic Products hence, in turn boost the economy to greater level, and even strengthen the economy, in the event of failed oil price.

More so, there must be reliable electricity supply, because you cannot manufacture without power. This and many others will definitely help in the improvement of standard of living of Nigerians.

Read Also: 4 Ways to Eradicate Poverty in Nigeria

Conclusion

Having said all these, Nigeria is duty bound to make sure that it puts these measures on ground in order to harness Nigeria’s full potential of the existing institutional frameworks, as well as, policy frameworks to serve as transformative instruments for the development of Nigeria’s economy and the reduction of poverty among Nigerians.

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Joseph Athanasius

Joseph Athanasius is a Content Developer at InfoGuideNIgeria.com. InfoGuide Nigeria is a team of Resource Persons and Consultants led by Ifiokobong Ibanga. Page maintained by Ifiokobong Ibanga. If you need a personal assistance on this topic, kindly contact us.

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