Revitalizing Moribund Industries; A Strategic Move To Mitigate National Borrowing – Akpoyibo

By Engr Akpoyibo John Perede

In the face of economic challenges, it is imperative for our nation to reevaluate its strategies for sustainable growth. One key aspect deserving urgent attention is the revival of moribund industries scattered across the country. Notifying the presidency about this crucial matter could pave the way for a significant reduction in national borrowings and set the stage for a robust, self-sustaining economy.

The term “moribund industries” refers to once-thriving sectors that have declined or ceased operations. Reviving these industries holds immense potential for job creation, economic stability, and, most importantly, reducing the need for extensive national borrowings.

Firstly, rejuvenating dormant industries directly addresses the issue of unemployment. A resurgence of manufacturing, mining, and other sectors would lead to a surge in job opportunities, providing livelihoods for many citizens. This, in turn, fosters a positive cycle, as increased employment rates result in higher consumer spending, further stimulating economic growth.

Secondly, bringing moribund industries back to life aligns with the principles of self-reliance. A self-sufficient economy is less reliant on external sources, diminishing the need for substantial borrowings. By tapping into the latent potential of existing industries, the nation can reduce its dependency on foreign loans and strengthen its economic foundation.

Furthermore, the revival of these industries can lead to increased revenue generation for the government. Taxation on thriving businesses contributes to the national coffers, providing the government with the necessary funds to invest in infrastructure, education, healthcare, and other essential sectors without resorting to extensive borrowing.

To communicate the urgency of this matter to the presidency, stakeholders and citizens alike must engage in proactive dialogue. Highlighting the long-term benefits of revitalizing moribund industries, such as reduced national debt, increased GDP, and improved living standards, can serve as compelling arguments.

Notifying the presidency about the need to put back moribund industries to work is not merely a suggestion but a strategic imperative. The potential positive impact on employment, self-sufficiency, and national revenue make this a pivotal step toward mitigating against unnecessary national borrowings. It is time for a collective effort to breathe new life into our dormant industries and steer the nation towards a more economically resilient future.