Economic Self-Sufficiency, Military Self-Reliance & Independent Foreign Policy

By Ọnwụwa Anyanwụ Ọdịda Anyanwụ

<SUNBIGHT>~Columnist~Afọ~8th September, 2022 @ 22:25 CAT

Economic Self-Sufficiency, Military Self-Reliance & Independent Foreign Policy

ECONOMIC SELF-SUFFICIENCY is the independent Administration of the resources or finances of a community or system.

It also the ability to effectively manage the economy, General regulations and disposition of the affairs of a state or nation.

The Organization For Economic Co-operation & Development [OECD] defines Self-sufficiency as the “extent of participation in the economy and society and how well individuals are able to get through daily life on their own.”

It is the effort or extent to which individuals are able to provide for themselves without external aid.

For an economy to be self-sufficient, the process should begin with Indigenization and Privatization of the Industries, Sectors and Parastatals and also less foreign loan.

The Economic growth in a State or Nation should be based on Manufacturing and Exportation so as to provide a Sustainable Development.

To enhance the stability of a Currency exchange rate, there is need for a relative unchanging economy as against foreign debt.

It is utmost for the welfare of the labour force to be considered for the betterment of Economic self-sufficiency.

Guidelines, Rules and Regulations should be effected to sustain a self-sufficient economy which could be based on Enterprenuership, Small-scale  businesses and Retail.

There should be less reliance on the government and more efforts placed on private businesses and industries as a means to addressing poverty and discouraging welfare dependency.

MILITARY SELF-RELIANCE could be described as the capacity of the armed forces of a State or Nation to rely on its capabilities and to manage its affairs independently.

Military Self-Reliance would promote the growth of the weapons Industries in a society and also reduce reliance on importation of weapons.

Moreover, it would promote the indigenous weapons Development, enhancing technical knowhow, provide jobs, increasing foreign exchange earning and savings.

FOREIGN POLICY is the General or Government objectives guiding the activities and relationships of one State in its interaction with other States and international organization.

An Independent Foreign Policy is an uninfluenced behaviour, policies or plans for the advancement of domestic affairs or consideration.

The tools of any given Foreign Policy is Diplomacy which influences or deters War, Alliances and International Trade.

Diplomacy is an established method of influencing the decisions and behaviour of Foreign government and people through dialogue, negotiation and other measures short of war or violence.

An Independent Foreign Policy should be based on Preservation of peace, Strengthening international security, Promotion of international Co-operation, Development and consolidation of democracy, the Rule of Law and Respect for Human Rights and Fundamental freedoms.■

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