By Paul Godwin
Economic Development originated in the Post War period of Reconstruction initiated by the US during the 1949 year inaugural speech, President Harry Truman identified the development of Under-Developed areas as a priority for the West. Economic Development is a term that Economists, Politicians and others have used frequently in the 21st century.
Economic growth and Human Development is a two-way relationship, moreover the first chain consists of Economic growth benefiting Human Development with GNP, specifically GNP increases human development by expenditure from families, government and organizations.
More than half of the people of Nigeria are living in conditions approaching misery, food is inadequate, diseases and Insecurity is ravaging the entire length and breadth with the Economic life primitive and stagnant. Apparently, Humanity possesses the knowledge and skills to relieve the sufferings, that’s if the government and private organizations can fashion out a workable framework to revamp the situation.
Nigeria’s government needs to focus on Human Capital Development and Redistribution that will push for Import Substitution Industrialization emphatically on Comparative advantage, the country has functioned mainly as resource providers to Wealthy industrialized countries thereby affecting the culmination of modernity in our Economy.
We envisage a program of Development based on the concepts of Democratic fair dealings, greater production is the key to prosperity, peace the key to greater production with a wider and rigorous application of Modern Scientific and Technical knowledge.
More approach needed to be implemented on small Startups in the country which can stimulate incentives that will make Capital available to the citizens, the drive of the World now shift on Digital maximization, best the government could do is to make available frameworks to see to it’s optimal utilization.