2023 Interrogatories: How They’ll Revive Economy

femi Akintunde-Johnson

Though he waxed lyrical about the poor handling of every aspect of governance by the APC-led administration, and challenged Nigerians to resist the allure of sophistry and campaign oratory, Atiku Abubakar’s public statements on how he would handle the seemingly intractable Nigerian economy do not appear to evoke confidence and hope for a better prospect if he wins the 2023 presidential election. This is what he told members of the Lagos Chambers of Commerce as reported by Daily Post of 14 September, 2022: “It is also your responsibility to interrogate those who aspire to govern the country by assessing their understanding of the environment, their policy priorities and their strategies for dealing with a plethora of local and national issues from the mundane to the most complex.”

  And he insisted that Nigeria’s economy is in these doldrums “because the APC-led government indulges in a policy of blaming the opposition and external factors for Nigeria’s economic woes; hence an unprepared leadership fails to anticipate impending crisis and is always slow to react.”

  In the following weeks, with campaigns officially allowed, Abubakar, a notable businessman, offered what his opponents may describe as platitudes rather than specificity: “When PDP came to power in 1999, we lifted Nigeria from poverty; we became the biggest economy in Africa but Nigeria wanted change and voted for change in 2015. But what we have seen is poverty, insecurity and lack of jobs (BusinessDay of 11 October). 

  “We promise to restore security in Nigeria; we promise to re-unite Nigerians. We will ensure our industries resume production and ensure jobs for the youths. We will build infrastructure, especially roads to connect this region to other parts of the country.

“The APC has destroyed our education, security, infrastructure, and economy as the nation is on the path of retrogression.” (ThisDay of 23 October). Surely, all that sounds fairly similar to what he berated about the ruling party. When will Atiku Abubakar come to the dock with his economic blueprints, and be seriously interrogated?

  The tense and irreverent air of Kaduna provoked some of our leading presidential candidates to delve, in more detail, into their revamp plans for Nigeria from 2023 – and the APC flag bearer, Bola Ahmed Tinubu, who is reputed as a chartered accountant and some kind of turnover expert, didn’t disappoint his supporters. ThisDay of 17 October, 2022 captured him thus: “Our economic plan would utilize the vast natural resources we have, through strategic investment in infrastructure which will lead to the diversification of the economy and wealth creation across the entire country.  We will pay attention to modern economic drivers such as the digital economy, creative industries, sports and entertainment sectors for the benefit of our young people.”

  “Under my leadership, the Nigerian government will be business-friendly. We shall support private businesses in our country and attract foreign direct investment to create jobs, re-industrialise our country and accelerate economic development. Nigerian businesses in sectors like banking and cement have successfully ventured out of the country to build thriving subsidiaries. We will build a strong domestic economy, expand the capacity of our domestic market to support growth and encourage export capacity in the areas of our competitive advantage. We have the endowments to be a prosperous country. I will lead a renewed push to move us from the status of a nation of potential into a country of actual accomplishments as an economic dynamo.”

  Expectedly, his Lagos experiment was the “posterboy” of his political raison d’etre: “Using my experience of building human capital, industries, and institutions, which has led to Lagos being one of the largest economies on the continent, I will reposition our existing industries and make them a competitive source of industrialization and growth not just for the North but the entire country…”.

  “I will attract investments and create the enabling environment that will ensure the resurgence of our moribund industries and continue the infrastructural revolution of this administration on the railways and highways all over the country and invest in our inland waterways for safer and efficient transportation to complement this industrialization vision.

  “We will accelerate the completion of the Mambilla hydro power project in view of its significance to our power and industrialization agenda. There will be a deliberate effort to explore and construct other sources of power in line with global best practices.”

  Tinubu strenuously attempts to whip up hIs support base with sound bites which, in the mouth of one blessed with the gift of the garb, would have come out as flamboyant and charismatic: “We have the confidence that we have what it takes. We have the courage, the determination, the perseverance and the foresight to identify the problems of Nigeria and take them head long and make a solution out of it for the prosperity of your children. We will guarantee tomorrow, jobs for your grandchildren and the progress of tomorrow.”

  Well, all is now in the court of the Nigerian voters who bear the brunt of the economic mishaps of the past years. Their query would be simple: can Tinubu deliver on what he seems passionate about?

Of course, Peter Obi, an unapologetic business savvy and adroit capitalist, flows endlessly when it comes to rescuing the Nigerian economy from its near parlous state. First thing first; he fingered leadership as the major impediment to national growth at the Kaduna “confab”: “Our leaders became selfish, myopic and stopped listening and caring for the common man. Bad leadership, divisive rhetorics, and impunity became the norm. Nigerians have suffered; they have lost jobs, and lost their farms and herds and their trust in our leaders. That narrative must change.” (ThisDay – 18 October, 2022).

  Let’s jump with Obi around the economic sticking points crying for proactive political leadership: “We will bring Nigeria back to life. All banks will be shareholders in the Bank of Agriculture where our farmers can directly assess loans…”

  “Flutterwave, on its own, was recently valued at US$3 billion. We will create an enabling environment for our startups to thrive. Beyond creating access to easy funding, and enforcing the legal framework protecting foreign investors and their indigenous partners…This is the only way to improve our business environment and temper capital flight.

  “We will stop borrowing for consumption.  All loans must be invested in regenerative projects. Inflation is a factor of spending on goods and services outstripping production. Since we have not resolved the minimum wage issue, we will not use wage and price controls to fight inflation. Rather, we will pursue a contractionary monetary policy. We will mop up excess liquidity by reducing the money supply within an economy…

   “The truth is that for (a) long (time) market forces have not determined the exchange rate of the Naira. The two tier foreign exchange regime is a fluke. It has to end. Let the exchange rate be determined by the forces of demand and supply. It is that simple.

  “Government must continue to collaborate with the organized private sector in this regard. Creating the enabling environment for raising employment must start with expanding the SMEs cluster via unfettered access to funding. (TheNiche – (4?) September, 2022).

   We have heard and received divergent but vaguely familiar panaceas for reviving our economy; however, the challenge would be this: whom do we trust to bring into reality some of those grand ideas that seem reasonable and actionable on paper and in speeches?