Ignore EIU, HSBC Verdict on Election, Economy, APC Tells Nigerians

Onyebuchi Ezigbo in Abuja

The All Progressives Congress (APC) has urged Nigerians to disregard the analysis and predictions of the Economist magazine and HSBC and described it as false, deceptive, unreliable and tendentious.

The ruling party queried the rationale behind the concerns being shown on the affairs of the country by the London-based organisations when it could not summon courage to beam its searchlight on the case of former Nigerian minister who allegedly starched away stolen public funds in the United Kingdom.

The Economist Intelligence Unit (EIU), the research unit of The Economist magazine and HSBC, a multinational banking and financial services company, had in their special reports about Nigeria, said that a second term for President Muhammadu Buhari would greatly stunt the economic development of the country and probably push the country into more difficulties, adding that the next administration would flounder against the same problems after 2019 elections and that Nigeria’s manifold security threats will continue to fester.

Also, the EIU report predicted a win for opposition Peoples Democratic Party (PDP) in the forthcoming presidential election.

The report however stated that: “We consider a widespread breakdown of security to be unlikely; the military is more professional.”

Angered by these negative postulations and its intended impact on next year’s general election in Nigeria, APC advised the London-based economic experts to focus on their pressing domestic issues and ponder for example on the important question of the role Britain will play in the world, post Brexit.

In a statement issued by its acting National Publicity Secretary, Yekini Nabene, APC described the contents of the reports by the two renowned foreign organisations as nothing but the usual doomsday prophesies about the Nigerian nation.

The party particularly referred to a similar prediction made by the Western powers that the Nigerian federation would collapse in 2015, resulting in some ethnic nationalities going their separate ways which it said has been proved wrong.

It said that despite predictions to the contrary and nearly four years after the doomsday prophesy, the Nigerian federation rather than collapse is waxing stronger.

“As earlier stated, the contents of these reports are nothing but the usual doomsday prophesies about the Nigerian nation, which has serially proved false, deceptive, unreliable and tendentious.

“We should remember similar prophesies and analysis about the political situation in Nigeria made some years back by similar Western institutions. It was prophesied that the Nigerian federation would collapse in 2015, resulting in some ethnic nationalities going their separate ways,” it said.

According to APC, “The President Buhari-led administration has been striving to unite the country and consolidate positively on the strength of our diversity.”

The party asked why it was only negative results and implications that The Economist, HSBC and similar institutions always analyze and prophesy about Nigeria, adding that they have ignored “all the gains and positive impact the APC administration is making in relation to ongoing economic reforms, fight against corruption, infrastructure drive, counter insurgency and the campaign to repair of our badly-eroded value system in the country”.

The ruling party noted that when compared to past administrations, the current government has achieved a quantum leap in terms of revenue accrual to the Nigerian treasury by institutions like the Joint Admissions and Matriculation Board (JAMB), Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service.

It further faulted the foreign experts’ analysis, saying that all the cash and property recoveries from corrupt public officials of the past administration by the Economic and Financial Crimes Commission (EFCC) were equally of no significance to these experts.

On the economic front, APC frowned on the position taken by the London-based organisations which it argued had failed also to hold the home government accountable for allegedly providing safe heaven for some corrupt Nigerians.

For instance, APC said that a former minister in the past administration who is resident in the United Kingdom is alleged to control enough corruptly-obtained assets which value if put to productive use could have employed thousands of Nigerians.

“How much of this loot has the United Kingdom, the base of these experts returned to Nigeria? Of course, these experts are conveniently oblivious of these and many similar cases. Rather than consider the plight of Nigerians and campaign for the return of the stolen funds, these institutions have chosen to dissipate energy spewing doomsday prophesies on Nigeria.

“In any case, if the economy, security and social life of Nigerians will not improve in the so-called emerging post-Buhari administration in 2019, what is the import of this prophesy? Compared to past administrations which left the country in ruins, Nigerians are acutely aware of which administration is rebuilding and repositioning the country.

“We advise these economic ‘experts’ to focus on their pressing domestic issues and ponder for example on the important question of the role Britain will play in the world, post Brexit. We advise the economic physicians to heal themselves first before looking out for other patients who have not come to them for consultation,” it said.