I woke at 4.30 am this morning. Our country’s economy weighed heavily on my spirit.
Nigeria’s economic distress is simply part of a 40-year downward trajectory that was broken only briefly by the Obasanjo civilian presidency and to some degree under Yar’Adua/Jonathan (up to mid-2014, when a certain appointment to a critical economic post foreshadowed the eventual economic collapse of our country). Ever since, especially from 2015, we fell under completely incompetent economic management and have not recovered.
The immediate future looks difficult. One wishes one could see what will create fundamental change, but alas! Throwing money that is not created wealth at problems will not solve them. It only makes the problems worse. We need to lay a real foundation for longer term economic transformation. That 80% of Nigeria’s exports in 2023 was oil tells you we have yet to get serious. “Palliatives” (just google the dictionary definition of the word) will never reverse poverty. Wealth is positively created. You cannot redistribute it when you haven’t created it. Any illusion of “achievement” with a “palliative” economy is simply recycling poverty.
If we invest HEAVILY in achieving 20,000 megawatts of electricity and free education based on a 70% science and technology/TVET based curriculum over the next 4-5 years, and drastically cut the cost of governance, the true foundation for our future prosperity would have been laid. It can be done. But the patterns of thought of our political class are a real obstacle. Real economic thinking is NOT happening, so economic transformation can’t follow.
Like it or not, individuals in certain positions matter. Sanusi and Ngozi Okonjo Iweala made a huge difference in their roles. That’s because they had CAPACITY. Their appointments went above politics of cronyism. The results, which is what matters more than sound and fury at the end of the day, followed. It was an empowering, enabling experience and environment to have worked with both of them in economic thinking and policy formulation. We kept the politicians at the gates. When the agbada people took over completely and competent technocracy was treated with scorn ever since and up till today, it’s been a sad story. May we recover one day. Like it or not, appointments have real consequences.
*Moghalu is a former presidential candidate and former Deputy Governor of Central Bank of Nigeria (CBN)