Urging Incoming Government To Be Serious About Economic Restructuring -By Isaac Asabor

There is no denying the fact that since Nigeria transitioned into a democratic government that there have been efforts to revive the economy. But, all efforts to do that have proven abortive.

In fact, plans to reform Nigeria’s economy have been on the pipeline since the country attained its independence in 1960, but the efforts became intensified in 1999 when it attained a democratic status as a country. How much progress can be made now that the economy has been under the management of civilians since 1999, and no more under the military leaders that were collectively pointed accusing fingers at,   and blamed for massive looting of the national treasury, the sincerity of purpose of the civilian governments, from one political dispensation to another, is still very much debatable, particularly in these stressful economic times.

Against the foregoing backdrop, it is expedient to make reference to a recent report by the World Bank which says Nigeria’s economic growth is insufficient to reduce extreme poverty.  According to the global bank, Nigeria’s economic growth will weaken to 2.8 percent in 2023 from 3.3 percent in 2022 and also stressed that the incoming administration would face many policy challenges including subdued crude oil production, and high inflation among others.

Given the foregoing view, it is expedient to say that there is no point for the government to continue paying lip service to pressing challenges because no one else is going to revive the economy of Nigeria. Thus, it should be borne in mind that the appropriate thing to do for the revival of Nigeria’s economy is to move ahead in implementing promises made during the electoral campaign that preceded the last presidential election in the country.

At this juncture, it is expedient to recall that the President-Elect, Bola Tinubu, a few weeks ago, promised competence in appointments and engagements. In a message titled, “Nigeria: At the Cusp of Renewed Hope,” he promised to reposition the country’s economy.

He pledged an economy of double-digit Gross Domestic Product (GDP) growth, more food security, strengthened real sector, and an active digital economy, where young people would fulfill their dreams and aspirations, and called on Nigerians to work with him in building a new nation.

He assured, “As your incoming President, I accept the task before me. There has been talk of a government of national unity. My aim is higher than that. I seek a government of national competence.

“In selecting my government, I shall not be weighed down by considerations extraneous to ability and performance. The day for political gamesmanship is long gone.

“I shall assemble competent men, women, and young people from across Nigeria to build a safer, more prosperous, and just Nigeria. There shall be young people.

“Women shall be prominent. Whether your faith leads you to pray in a church or mosque will not determine your place in government. Character and competence will.

“To secure our nation and make it prosperous must be our top priorities. We cannot sacrifice these goals for political expediencies. The whims of politics must take a backseat to the imperatives of governance.

However, to the wonderment of this writer, and perhaps to other Nigerians, despite the road map for economic restructuring that has been formulated by both the previous administrations and the current one, and which involves putting Government public finances in order, dealing with the debt problems, and repositioning Nigeria to be in a position to earn more Foreign Direct Investment (FDI), our politicians from one political dispensation to the other have been going about the resuscitation of the economy as if engendering good governance is rocket science.

In as much as restructuring Nigeria’s economy is not an overnight job, but a medium to long-term project which must be taken seriously, and has to include a series of policy measures that will give meaning to the concept, it is expedient to urge Nigeria’s political leaders that will serve under the next governmental regime to be more patriotic and incorruptible while serving as leaders.

In fact, it is a shame that the ongoing government under the leadership of President Muhammadu Buhari is devoid of tangible achievements even as the government’s fiscal position, over the last 7 years or thereabout, has been more unstable, particularly as the overall debt keeps soaring.

There is a school of thought that believes that the economic model which Nigerian political leaders have been following from one political dispensation to the other is no longer viable in the current environment.

At this juncture, it is expedient to remind the in-coming government, come May 29 that beyond repositioning our economic sectors, that there is an urgent need to boost the tourism sector as it is potential enough to earn foreign exchange, provide jobs and sustainable economic growth, and repay the massive debt which is likely to prove troublesome in the future, even as there are other things that must be done, particularly for the leaders to strive to become incorruptible and patriotic.

In fact, it is expedient to urge the in-coming president to improve the economy in such a way that it would be attractive for the entire African continent, and not just for Nigeria, and also to advise him that he and his team should be more productive and competitive since Nigeria’s partners across the world are doing things to better themselves. Hence, he should ensure that our institutions have to be managed by people who know their onions, rather than by those who have knacks for landing political jobs.

Again, his appointees have to be very professional in their duties so as to avoid criticisms when their productivity and integrity are called into question by Nigerians.

Not only that, the incoming government also has to decide on how it is going to provide financing for small and medium-sized enterprises which have for decades been encumbered to secure assistance from the mainstream banking system.

As felt from the pulse of public opinion, the incoming administration should ensure that serious changes have to be made, particularly in the way the private sector is structured, and interacts with government. These, therefore, amount to some of the objectives that must be followed once the country’s managers are willing and serious about bringing Nigeria out of its present position.