Buhari’s panacea for our ailing economy

THERE is no doubt that the nation’s economy is in a very bad shape. For decades, it has continued to plummet in spite of the efforts of the past and present governments. We are now faced with unprecedented hunger and massive unemployment in the midst of plenty. In a country generally rated as the most blessed country on planet Earth, people now die cheaply, because of poverty. Many have been pushed into all sorts of misdemeanor and indecent living as a result of starvation. The old saying that poverty could not lead to licentiousness has been confuted. Sadly, this adversity is self inflicted. The downturn in our economy was brought about largely, by the implementation and or wrong implementation of macro- economic policies and foreign exchange regimes foisted on us by the world powers and their Nigerian collaborators. It started progressively, during the regime of the Military dictator, President Ibrahim Babangida that adopted the Structural Adjustment Programe (SAP) an economic subterfuge recommended by the International Monetary Fund (IMF). This was at a time when the economy of Nigeria could be said to be very robust, in retrospect. When we were virtually self sufficient, when our currency was in the same unit with the US Dollar.

In September 1986, General Babangida, ignoring the outcome of a national debate and the advice of key members of his own Supreme Military Council including General Domkat Bali  and Sani Abacha (as we got to know later) went ahead with the implementation of the programe believing in the rhetoric of the IMF that it was the recipe needed to grow the nation’s economy. By the time Babangida was leaving the government, the Naira that he met at 5.4 to a US Dollar had gone up to 17 Naira to a Dollar. Since then the Nigerian currency has not regained its strength. All other measures introduced since then till date have worsened the value of our currency.  It is a commonplace knowledge that the strength of a nation’s currency determines to a large extent the might of its economy. The boost in food production and industrialization, the IMF sponsored structural Adjustment Programe promised to bring about remains a mirage till date. Rather than increasing our industries, the programe led to the closure of over 90 percent of industries in the country. It brought poverty, hardship and modern slavery to Nigeria.

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The consequence of the programe is the destruction of our economy: turning our country into dumping ground for sub standard products and services and home for half baked expatriates. It downgraded the worth of employment and engagement in Nigeria and forced the best amongst us, both young and old to seek greener pastures in countries with strong currencies. Known for his clairvoyance, at least with futuristic programs like DFFRI, MAMSER etc, Former President Ibrahim Babangida might have meant well but got carried away with high sounding propositions of IMF, delivered by the usually articulate foreign and local agents of the super powers. But forlornly, this became his greatest albatross as the nation is still grappling with the problem he created for us over three decades ago. Apart from the annulment of June 12 and the aftermath of SAP, Babangida would have still been celebrated as the best president ever in Nigeria today. His reflections on this would continually bring sadness to him. Too bad!

Having experienced lethal failures in the implementation of policies foisted on us by the super powers and the global over liberalization of trade, it is high time Nigeria as a country came up with policies and economic programs suitable for its uniqueness. Not many countries in the world can boast of the natural endowments from human to material resources available in Nigeria. In terms of humans, we are the richest in Africa in quality and numbers. We have the most fecund land with very clement whether all seasons. As a nation, our unique qualities should always be basis for our policy making process as we leverage on our God given resources. This is why I consider it pertinent, at this critical moment for Nigerians to give our full support to President Muhammadu Buhari in the implementation of home suited policies, in his renewed bid to revamp our economy.  The ban of waivers on foreign exchange to business men for importation of food items into the country as directed by President Muhamadu Buhari has started yielding fruits. The hardest critics of the policy when announced by the President have now realized that it was a well thought-out decision.

What we require as a nation is to strive for self sufficiency and the first step towards that is the protection local producers, by all means. And to achieve this, we must promote the Nigerian contents. Outright implementation of policies propounded by these imperialistic international agencies which have taken us to nowhere has to stop. We should be mindful of the fact that most of these organizations are peopled by those who do not posses what we have as a nation (high productive population, fecund land, good vegetation, clement weather etc). Their advice, in most cases, as already manifested in SAP and other imposed economic programs, are ill motivated and or  inappropriate for a unique country like ours. Most of these nations, want us to remain poor with weak currency so that they continue to exploit our large population and material resources to their own advantage. The present closure of our boarders is another bold step taken by the present government and it requires the support of all patriotic Nigerians. Indeed, as it is already manifesting, this might be the real panacea, the tonic, the nation’s ailing economic needs to recover.  Although concerns have been raised that this may have negative consequences like isolation etc, the gains from the present closure have been very enormous and if well captured and utilized, they are capable of bringing about a real turn around in our country. For instance, it has shown that most of our neighbors are virtually living on us. They make huge money; earn humongous foreign exchange for their countries, out of our large population and size.

• Olaosebikan is a community leader and chieftain of the All Progressives Congress (APC) in Oyo State.

  Nigerian Tribune