In our effort to build a truly united, strong and peaceful nation that is free of corruption, we as Nigerians, must recall our history from time to time in other to serve as a constant reminder of where and when we went wrong as a nation. This is because we cannot afford to repeat our past mistakes.
Most great nations of the world have at one time or another experienced some crisis, how much more a Nigeria with multiethnic society with huge human resources, natural resources and material endowment. We must at all times try to get our history and bearing right. We must also learn from those mistakes made by our older generations which were caused by political naivety, intolerance and impatience.
It is important we call ourselves to order and start addressing national issues like the shites and Boko haram cases in the northern part of the country and the Biafra crisis in the eastern part of the country before they get out of control and affect the unity of this great nation. At the same time the federal government need to realise the oil prices is going down sharply, global financial conditions have tightened and geopolitical tension have increased drastically.
The new year started with a major change in the Chinese stock market whereby market prices fell tremendously and leading to a global selloff. In just two weeks we have seen the global stock market losing close to $3trillion. Also as at this week, the price of a barrel of crude oil went below $30 per barrel at the global market and we placed our bench mark on $38 per barrel of crude in the 2016 appropriation bill that got missing some days ago from the senate house.
The question I ask myself is, how do we as a nation balance up for the deficit that this dwindling prices of crude oil have on our budgets because the prices of natural resources are also going downward. Since early last year, the price of copper has fallen by 30%, iron ore went down by 42% and the agricultural commodities that we can fall back on if we start planning early before the raining season starts is not faring well in the global market.
The federal government needs to put things right and move the economy forward by starting to make the right policies and decisions because the next 12months might be very tough particularly in emerging market like ours and consequently it might be tough for the masses. So the federal government must ensure they make Nigeria great and forge ahead to assume our rightful place on the African continent.
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