Africa had slept far too long

ON behalf of myself, the Government, and the entire people of the Federal Republic of Nigeria, I have great pleasure in welcoming you to this Course.

When, last December, the Association of African Central Banks took a decision to hold this Training Course in Lagos this year, it did so in faith. The civil war was still raging. Its end was a matter of both sober and wild speculations, and at all events, was not immediately in sight. Even for those of us who were close to General Gowon’s counsel, the best we could hope for was that the war would come to an end before the third anniversary of declaration of secession in May this year. It was in those gloomy circumstances that you decided to hold this Course in Nigeria, thereby demonstrating your faith in Nigeria as a political going concern, and in her capacity to overcome and survive the frightful difficulties with which she was then confronted.

We need national meeting to settle Nigeria’s national identity now —Obasanjo

I have no doubt that you will all feel gratified that your faith in Nigeria has not been misplaced. Indeed, your faith has been more than well-justified, in that this Course is now being held under three auspicious circumstances. First, the civil war which over-hanged your decision last December is now a thing of the past, and peace is fully restored to our country. Second, this opening ceremony is taking place, so to say, in the after-glow of our Tenth Independence Anniversary Celebrations which had been witnessed by eminent delegations from all. over Africa. 1 understand that some of you arrived in time to witness the last stages of the Celebrations. Third, whilst this Course is still on, the Supreme Military Council of Nigeria will be deliberating on our next National Development Plan. Indeed, it is not unlikely that the Plan may be launched towards the close of this Training Course. Less than a month ago, the Federal Executive Council of Nigeria concluded its first round of detailed exercise on the Plan.

The atmosphere which Nigeria offers you, therefore, is one of peace, exhilaration, and well-founded optimism. It is an atmosphere which is conducive to study and mental exertions. It is an atmosphere such as this that all the participants at this Course – lecturers and Central Bank Staff alike – need very badly, if their efforts are to be fruitful, and not to be in vain.

For a variety of reasons, the economic and monetary problems of any country – whether developed or under-developed — are today knotty and complicated. But those of Africa are much more knotty and complicated still. For one thing, in economic terms, Africa had slept for too long, compared with other Continents; for another, when it did wake up—or, better still, was rudely awakened—it found itself in political and economic shackles of the most degrading character.

For a period of almost one hundred years, most parts of Africa were under one form of colonial rule or another. For all these times, our political and economic affairs were subserved, and our monetary policies, such as they were, strictly tied to those of the alien titular powers. We were, perforce, dragged into wars which were not of our own making, and our economic and manpower resources were mobilised for winning them.

The effect of all these was to impose and impress on our affairs and outlook generally, an alien pattern and orientation. Some parts of Africa have acquired the British pattern and orientation, others the French, and yet others the Spanish and Portuguese. In the days of colonial rule, the affairs of many of the African countries were so distorted and oriented that, even ten years after Independence, some of us are still heavily dependent on, and helplessly tied to, the apron strings of the former colonial masters in economic and monetary matters. As a matter off act, it is conventional these days, in reference to Africa, to speak of the Anglophile and Francophone countries or of the Sterling and Franc areas.

However, much we may cherish the good things – termination of inter-tribal wars, law and order, education, trade and commerce, etc.—however much we may cherish these good things which colonialism bestowed upon us, the fact remains that on the whole, foreign rule and its aftermath have made economic co-operation, not to talk of economic union and integration, very difficult for the African countries. We still have with us much of the prejudices, partial affections, rivalries, and the grabbing propensities of our former masters; and, unconsciously, we allow these inherited traits to influence us in our dealings with one another. Even now that the former imperialist powers of Europe are seeking ways and means of economic and political integration amongst themselves, we strive to enter into this foreign

union on the side of our respective former masters.

True enough, we have shaken off our political shackles. It is now our business – and an urgent one at that – to break our economic chains, and remove every little trace of them from the face of Africa. To this end, the United Nations ‘got us to a very good start with the establishment in 1958 of the Economic Commission for Africa. This Commission has, since its inception, worked strenuously for economic co-operation amongst African countries.