Expediency Of Setting Aside Our Differences And Rallying Round Tinubu To Revive Nigeria’s Economy -By Isaac Asabor

On October 1, 2023, Nigeria will celebrate her 63rd birthday. Given the years that have passed since she attained her independence from the British in relation to the slow rate of development recorded so far, it will not be an exaggeration to say that in many aspects that this country is very different from what the founders could have imagined.

In fact, there is no denying the fact that the slow growth which Nigeria has so far recorded in all ramifications of its economic sectors has remained questionable and a subject of debate, particularly as it is richly blessed with an abundance of resources. The country is most widely known for its vast hydrocarbons wealth. It is home to massive oil reserves. As gathered, “In January 2023, crude oil reserves for Nigeria were 1,412.94 thousand barrels per day. Crude oil reserves of Nigeria fell gradually from 1,542.94 thousand barrels per day in February 2022 to 1,412.94 thousand barrels per day in January 2023”.

In fact, Nigeria possesses much more than simply oil and gas. It is home to significant deposits of coal, iron ore, lead, limestone, tin, and zinc. Just as importantly, it has rich land and water resources that are ripe for further agricultural exploitation. Indeed, the agricultural industry remains a mainstay of the economy, accounting for 23.9% of the GDP and upwards of 70% of the country’s workforce. Approximately 83.7% of Nigeria’s land area is agricultural, although only 40% is arable. Substantial water resources also assist the agricultural sector. The country has 230bn cu metres of total renewable water resources. This ought to have helped in expanding productivity through irrigation. As gathered, only a paltry percentage of Nigeria’s total land area is been irrigated.

For the better part of the period since Nigeria became an Independent nation, Nigeria has been the largest oil and gas producer in Africa and a major exporter of crude oil and petroleum products to the United States of America and it remains one of the most blessed nations mankind has ever seen.

But alas! There is trouble on the horizon. Despite Nigeria’s endowments, which should have earned her the opportunity of being developed and wealthy enough to make her citizens prosperous, evidence abounds that a huge spectrum of Nigeria’s population is poor. The statistics provided by the Federal Government of Nigeria through the National Bureau of Statistics (NBS) when it launched the results of the 2022 Multidimensional Poverty Index (MPI) Survey speak volumes on the foregoing view. In a similar vein, the UN in a recent report says “Around 40.1 percent of Nigerians live on less than the national poverty line of N137,430 per person per year. This means that some 82.9 million Nigerians were living in poverty. Some 84.1 percent of poor Nigerians lived in rural areas. This, in itself, is a marker of Nigeria’s spatial inequality.” Given the foregoing grim statistics, it is little wonder that not a few Nigerians are leaving the country in droves to other lands even as the trend has been tagged “Jappa”.

Graphically capturing the grim situation in an article titled “Nigeria and leadership failure”, which was published in the Nigerian Tribune on April 26, 2021, its author whom the newspaper by-lined as “Our Reporter”, wrote, “Despite her huge endowments, which should earn her a prominent place among global giants, Nigeria is a dwarf struggling for relevance in West Africa. For a country that started on a very promising note, its current state is a great disservice to those who put their lives on the line for her independence. Compared with other countries such as Indonesia and Malaysia, which also gained independence about the time Nigeria got hers, Nigeria is a study in retrogression. The per capita income in Nigeria today is lower than it was in 1960. Infrastructure was in a better state then than now. The education system was better in the 1960s than it is now; ditto for health services. The rate of employment in 1960 was higher than it is in 2021. The rate of poverty is higher today in Nigeria than it was in 1960. Why is the situation this way in this country?”

Given the foregoing facts, it is not an exaggeration to say that a sense of pessimism reigns today, among both intellectual elites and everyday citizens, about the current state and future of this nation. In fact, not a few Nigerians believe that former President Muhammadu Buhari literarily steered the ship of Nigeria inthe wrong direction, particularly in the 8-year period he served as the captain.  In fact, despite the emergence of a new president in Bola Ahmed Tinubu, the public still appears to be losing hope in the Nigerian project. The reason for the growing pessimism cannot be farfetched as not a few Nigerians feel increasingly alienated, not just economically, but also politically, socially, and culturally. It is hardly surprising that many are asking the question: “Does the new president has what it takes to resuscitate the country’s economy? Well, since the president was just sworn-in close to 3-weeks ago, only time will tell.

In his book, “The Trouble with Nigeria”, Professor Chinua Achebe of blessed memory, sadly noted that the trouble with Nigeria is leadership failure. According to him, “There is basically nothing wrong with the Nigerian land or climate or water or air, or anything else”. The trouble with Nigeria, Achebe insists, is “simply and squarely a failure of leadership”. Period! This is no mere storytelling by the iconic storyteller. This is “simply and squarely’’ the truth.

Paradoxically, Nigeria is brimming with ambitious political leaders, but sadly very few matchups to the traits of good leadership. In fact, many political leaders appear to be severely lacking in some of the most essential qualities of a good leader, such as integrity and accountability. It is no coincidence that the word “politician” has many negative connotations. But experience tells us that there is only a handful that comes near to the principles of leadership and shows strong indicators of a successful political leader.

Over the years, we have had leaders who, prior to ascending leadership positions, are sold to the masses as beacons of hope amidst the misery viciously staring them in the face, courtesy of previous leaders. They scream their way into the hearts and minds of unsuspecting masses with their humble disposition, camaraderie, or seeming understanding of the plight and sufferings of the people, only to assume leadership positions and become total strangers.

However, given the prevailing deficit in credible leaders, it is not out of place that Nigeria needs political leadership that has what it takes to focus on the country’s long-term betterment, above and beyond any short-term personal gains.  The reason for the foregoing cannot be farfetched as strong political leadership requires a mixture of charm and honesty, and the capacity to evaluate a circumstance and make a judgment based on what will be better for the majority.

Above all, leadership in a democratic system needs statesmanship, as compared to just becoming a ‘politician’, which implies possessing the honesty and ability to stand up for what is fair, even though it means resigning from a government post or losing an election.

At this juncture, it is expedient to task our politicians that efforts toward the revival of Nigeria’s economy should no longer be business as usual, even as our political differences should be set aside and help extended to the ruling party in order for the economy to be revived.

The reason for the foregoing clarion call cannot be farfetched as it is not a secret any longer that we are walking on quicksand. The cost of living has reached an unprecedented level never witnessed in independent Nigeria.

This situation seems to give the opposition a competitive edge in rallying the public against the government. But let us face the facts straight and analyze the prevailing situation without prejudice or vendetta if we truly want to prescribe the right remedy for economic recovery.

It is only fair to admit that all previous regimes before the nascent Tinubu’s regime perpetuated economic crimes against our country; there is no doubt about that, with the only variance being the extent of the economic injury.

For instance, over time, unemployment and the high cost of living have emerged out of a long and sustained conspiracy against the economy.

At this juncture, it is expedient to recall that in the president’s campaign promises, and in his inaugural speech he indicated his concern and intention to reduce unemployment and the high cost of living. But the current economic situation is too dire for the new administration to fix alone.

Thus, it is time all concerned parties, regardless of political affiliation, put their minds together and find ways of reviving our economy.

Against the foregoing backdrop, the government should establish a rapid economic recovery unit across the 774 local government areas where all public and private members are encouraged to submit initiatives and ideas that they think can shore up the economy for evaluation and implementation.

This should go hand in hand with the idea of pausing our capital-intensive infrastructural projects to make room for the most basic and high-return ventures like agriculture, manufacturing, and value addition.

At this juncture, therefore, we must cease our political rivalry, witch-hunting, blame games and repair our leaking economy jointly. Otherwise, in due course, we will all be indiscriminately wiped out by this hostile economic storm.