Opinion: The Post-COVID-19 Economy: What Is To Be Done?, By Uddin Ifeanyi
We will need to do more by way of reforms if our economy is to live up to our sundry aspirations for it. For instance, we do not even know how many businesses have been bankrupted by the recent lockdown. How many employees have lost their jobs?… Simply by having data that reflect…the conditions of the economy, we indicate our preparedness to better plan for our people.
China’s emergence as the world’s contract manufacturer was not always the liability it seems today. In an alternate reality, it enabled mass production of goods and parts thereof on its territory, and just-in-time production in more advanced economies. It brought down prices across the board. Laptops, flatscreen television sets, cars ― all became affordable to more people. At a point, one of the strongest arguments against the trade wars initiated by the U.S.
Airlines and the hospitality business have taken a hit from the lockdowns imposed by governments worldwide to try and tame the virus behind the COVID-19 pandemic. It is a fair bet that they will hurt more as global production rules change. And global prices will rise. Final demand will be crimped everywhere. And hopefully, economies will become that much inefficient, if not smaller, even.
“What do we need to do to make our economy attractive to capital investment?” Much of the answers available run counter to current received opinion in the country. Take our insistence on conflating the naira’s exchange rate with national virility.
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