January 13, (THEWILL) – Finally, the year 2023 is here with us. Glory to Almighty God for sparing our life into the New Year. Life is a gift that can’t be compared to another.
That is why, with all the shackles and buckles that shaped the events of the foregoing year 2022, that threw many Nigerians off balance. Not forgetting global events that also rub on us, talking of the unending Russian-Ukraine war. We just have to remain optimistic that this New Year will be better, prosperous and progressive for us.
Nevertheless, 2023 is loaded with two significant national activities. First, being an election year, and expected change of administration. Secondly, the year is for the national population census. An opportunity to know how many we are for proper development planning.
These two national events are sacrosanct and their outcomes would go a long way to align, reshape, direct and refocus the trajectory of our nation for a very long time.
Meanwhile, the aforementioned are imperatives to this piece titled, ‘Ensuring a Productive 2023’. Our task here is to encourage managers of our national affairs, elected and appointed politicians, and civil and public servants. Outgoing in the next five months and incoming also. To consider this year a no failure to productivity across the board.
A glimpse retrospective on our national affairs has shown a scorecard of a very unproductive and wasteful nation off both her human finance and natural material resources. Hence, it is time for us to retrace our steps and redirect our national assets for productivity.
Although, many hold the belief that our challenges are numerous. For us, a positive view of challenges and opportunities in the new year and going forward, Is located in our national productivity.
What then do we mean by productivity?
Economists assert that Productivity refers to the physical relationship between the quantity produced (output) and the quantity of resources used in the course of production (input). They added further that “It is the ratio between the output of goods and services and the input of resources consumed in the process of production.”
In other words, productivity has to do with the level at which a resource, being an input, produces wealth, that is output, through various production processes.
Meanwhile, all the processes take into cognisance, human labour, machine and equipment, time, energy power, and raw materials forms.
On the other hand, what do we mean by a productive 2023?
For instance, at the macro level, productivity is a measure of the performance of an economy of a country. Equally from a national viewpoint, productivity is the ratio of available goods and services to the potential resources of the country.
Here, productivity means an economic measure of output indicator and the efficiency of resources. This would afford the long-term growth of the economy.
Interestingly, productivity means that national resources are utilised to the optimum while minimizing wastage. Leading to the reduction in the cost of production, and subsequently availability of quality products at a lower and affordable price for citizens.
What then is the task for us in ensuring a Productive 2023?
We are expecting a new administration at the centre and a congress of new and old legislators. For us, Law and order, stability of Government, harmony between States, etc. are essential for a productive 2023.
Elimination of all forms of inefficiency would help to improve national productivity. Critically, this would come through the competencies and attitudes of managers of our national affairs occupying official positions.
In the management of all national assets and resources that include government policies and programs. That is significant to productivity output from government agencies’ practice as it impacts transportation, communication power, and fiscal and monetary policies (taxes, loan borrowing, debt, interest rate, foreign exchange,) influence national productivity at large.
This made productivity synonymous with progress. Arguably, the resources of a country are not always enough.
The benefits of a productive 2023.
Generally, productivity is essential for improving living standards and for the prosperity of a nation. In addition, productivity leads to economic growth and social progress.
It ensures workers earn better wages and working conditions and creates more employment opportunities. Productivity improves the exports and foreign exchange reserves of a country. Hence, productivity is the key to the elimination of balance of trade deficits. It is through productivity that various value chains in sectors such as agriculture are linked and integrated into industrialization.
According to John W. Kendrick, “the chief means whereby humankind can raise itself out of poverty to a condition of relative material influence is by increasing productivity”.
Succinctly, at the macroeconomic level, productivity improves a country’s living standards because more goods and services are produced. And inflation and interest rates stabilize, and gross domestic product (GDP) increases.
Consequently, at the microeconomic level, national productivity increases citizens’ real income and improves their ability to purchase goods and services.
At the same time, afford them the opportunity to enjoy leisure activities, access better housing and education, and contribute to social and environmental programs. And a medium to reduce mass poverty and inequality.
However, the governments earn more revenue through the widening tax net as a result of tax payments (which can be used to fund social and environmental programs).
In conclusion, for us, we are optimistic about 2023 becoming a productive year. And this would come with visionary and bold leadership as against the stunted, feeble and passive chauvinist we had.
Happy New Year.
*** Written by Adefolarin A. Olamilekan, a Political Economist