By Dada Adefolami
Economic growth is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time. It, it is conventionally measured as the percentage rate of increase in real gross domestic product, or real GDP. Of more importance is the growth of the ratio of GDP to population (GDP per capita), which is also called per capita income. Therefore we can achieve this if we show maturity, discipline, honesty, integrity and commited services to Nigeria. These will make the Nigeria to be one of the highly industrialised and dependable nations in the world.
Change
If we apply customer analytics mindset, we need to encourage leaders to keep collecting information throughout the change journey. After all, the change process is not a one-off event. Whether resources are relocated, departments merged, or a new organizational structure is designed and implemented, they are all processes that happen over time. To state the obvious, there is a beginning of planning, there is also a stage to untangle the current state of things.
Some of the things we need to fight against are divisions caused by religion or ethnicity, corruption and others. Leaders need to adjust to support the change, implement good policies and stop politics that encourage corruption. It is not easy going through these changes; it is a kind of an emotional, practical and intellectual journey.
The intellectual journey is about making sense of what’s happening in order to evaluate different options, while the practical journey addresses the skills or new practices required of the nation. Nigerians at home and abroad we need to help the leadership under President Muhammad Buhari eradicate corruption in our society. We need peace and justice.
There is also the emotional journey – people’s fears and hopes, about whether we will still have a good economic structure, or what new opportunities might be available. It is here that the change process is most often upset, remember Nigeria is a member of D 8 countries. If one plants a tree, it takes some years for one to get the fruits. Let us make a solid foundation for economic growth, have faith in the present government.
When leaders collect information about how people respond emotionally at different stages of the change journey, they can gain valuable insights into what might cause resistance in the future. Often, data is collected only at the beginning of a process to inform the change plans, and then they end up being the sole source of out-of-date information for the later stages. Leaders need to have at their fingertips, on a real-time basis, rich data about what people think, feel and need. Combined with other data, the insights gained will help drive change activities that are timely, relevant and helpful, let us be a player in the world economic development. Let us fight corruption jointly, 2018 budget will enhance economy growth and increases social economic development
Leaders need to push their teams to adopt a customer analytics mindset when it comes to driving change in the country, data can be used throughout the change process to help measure the effectiveness of communications, inform the level of support required for teams and individuals when they need it, and open channels of information-sharing between citizen and leaders to ensure a successful outcome.
Alongside economic and financial sustainability, national governments should be supported to increase accountability, transparency and effective decision-making. There is little doubt that long-term fiscal reporting can help countries to be better prepared for their fiscal futures. It would also be very supportive of the development of a public sector conceptual framework in which this type of reporting would sit. It provides a practical focus for reporting on long-term financial and economic sustainability.
Also, the 2018 budget is one of hope that can make Nigeria a productive nation. I believe we have moved away from budget of padding of 2016.
Finally
Economic growth is important in various sectors of the Nigeria economy. Economic growth is one tool to reduce poverty although growth does not necessarily mean that poverty has a solution but it can be considered as a first step. Without it, there will never be any meaningful and sustained measure in reducing poverty. We need good leadership to drive change, if businesses are to grow and prosper. It relates to growth in the output of the economy as a whole. Growth is measured as the change in the gross domestic product (GDP) of a country over a period. Whereas, economic development is more of a vague measure usually incorporating social measures such as literacy rates or life expectancy as a means of measuring a country’s level of development.
Nigerians should always ensure maintenance of good family values. It is important to think back and go back for good values of the past.
• Dada Suraju Adefolami, Professor of Finance, School of Business Administration, UNEM University Costa Rica, is a Finance / Management Consultant and Certified Forensic Accountant. You can reach him via: surajudada@yahoo.com; 08052043855