MKT Media, the publishers of Peoplereporters.com is undertaking a campaign #ownahomeNG. Read below a press statement on the project
COVID-19 and its sinister impact on global activities perhaps is the most challenging economic downturn in Nigeria’s history. With every country running from pillar-to-post in search of solution to the same complicated health and livelihood crisis, there are few places to turn for aid.
No doubt, this is a multifaceted dilemma for the country: a health disaster, dwindling economic activities, capital flow reversals and a fast increasing unemployment rate, fuelled by layoffs in almost all sectors of the economy due to this unanticipated catastrophe.
Nigeria’s status as an oil dependent developing economy also puts the nation in a particular difficult position. Government revenues are increasingly declining significantly, first, on account of the inconsistency in crude oil prices, and also because of the country’s inability to sell the same product when expected. Where this situation occurs, inevitably, the nation gets virtually no revenues from crude oil.
In effect, Nigeria’s primary source of foreign exchange is gravely threatened and her external reserves get little or nothing by way of augmentation. Instead, they are being depleted for external payments and importation.
The cutback of dollar earnings have also depreciated the Naira, and pushed up prices, especially of imported goods. This is a cause for concern, coming at a time when the average household purchasing power is falling sharply on account of loss of income.
Before the advent of COVID-19, apart from a major dependence on oil for public revenues and foreign exchange earnings, our economy was vulnerable to inflationary pressures and characterised by a high debt service ratio, a weak infrastructural base and unsatisfactory human capital development indices. Although, government has been making strenuous efforts to address these weaknesses, the current economic emergency threatens to reverse much of the achievements and push millions of our people below the poverty line.
The immediate challenge is that of business continuity, especially how the government will protect as many of the Micro, Small, and Medium Enterprises as is possible while keeping the economy competitive. Nigeria has a large informal workforce, usually daily wage earning, consisting of street vendors, petty traders, artisans, roadside motor mechanics and many more who have now been deprived of their income.
With 40% of the population being already classified as poor because they earn less than N137, 000 per annum, the COVID-19 crisis is set to multiply the misery, if left unchecked.
It is clear that we must now take urgent steps to forestall a harsh economic doom and the largest unemployment situation yet in the nation’s history.
In response to the negative impacts of COVID-19 on socio-economic activities and by extension the overall livelihoods of Nigerians, the Federal Government under the Economic Sustainability Plan (ESP) proposed to build 300, 000 low income mass houses across the 36 states of the federation. The idea is to create 1.8 million jobs, restore lost businesses, and help reduce the huge deficit bedeviling the housing sector that is presently estimated between 18 – 20 million.
The OWNAHOME campaign is initiated by MKT Limited to connect the government and the public to ensure the smooth implementation of this project and improve the livelihoods of our people. Our strategy is to mobilise and empower citizens through public education with the required knowledge to effectively participant and benefit from this noble initiative.
Designed to foster civic enlightenment, the role of this project cannot be over emphasised. Our core approach comprises of five major pillars, and they are: Hangout, Digest, Outreach, Capacity development, and Media talk show.
MKT Limited is going to be working with various stakeholders including the Nigerian Union of Journalists (NUJ), and civil society actors to mobilize resources and ensure that the purpose of this exercise is achieved.
MKT Limited is a communications oriented organization. We have worked with numerous partners in the past promoting awareness in the field of science & technology, agriculture and food safety among others.
Signed:
Etta Michael Bisong
Project Coordinator
