UMA HARPS ON YOUTH ECONOMY

Victor C. Ariole argues the government is not encouraging social education that could allow the youth buy into its policy plans

University of Lagos Muslim Alumni (UMA) organised its 29th Pre – Ramadan Lecture captioned “Economic Reforms for Nigeria: Challenges and Prospects for the Future”. The Vice President of Nigeria ably represented by Dr. Hakeem Baba-Ahmed and, together with former Vice Chancellor Prof Rahamon Bello, the current Vice Chancellor represented by Prof Victoria (Aisha) Atsenuwa, Senator Afolabi Shuaib, Prof Yusuf Olaolu Ali and the UMA president Prof Khalid Adekoya raised money on-the-spot for granting scholarship to intending Ph.D students, Masters’ and undergraduate students at 700,000 naira per student, and expect well-to-do Nigerians to support their cause so as to arrest youth’s helplessness and hopelessness.

The main lectures delivered by Niyi Yusuf, chairman Nigerian Economic Summit Group and Sheikh Dawud Alfa Nla Abdul Majeed were well discussed by Dr Jubril Salaudeen and Prof Jameelah Yaqub.

According to Prof Jameelah Yaqub Nigeria’s population is 40% youth, the type of population capable of occupying a midfield in football parlance and goals could be scored against opponents. In this respect sustainable food production to secure food security for sustainable livelihood of both the attackers and the defenders, in effect for now and tomorrow Nigerians respectively. However, Nigeria is yet to properly define the goals it wants to score hence directionless youth population, and the leadership keeps on setting reform paths that are meant to accomplish the goals of Nigeria’s oppressors who get the leadership to continue borrowing to the detriment of its youth who are not carried along in knowing what the borrowing glee is supposed to achieve. Again it keeps on creating wider gaps of trust deficit between the led and the leaders.

For example, India had a policy of never depending on any country for the feeding of their over 1.4billion people occupying a land space of 3.287million Km2 and sea space of 7,516 times UN allowable 370.4km seaward. And it cultivates wheat, maize, rice, pulses and millet, enough to take care of its population starting with 330million tonnes of grain production annually. So enormous compared to only 21million tonnes produced by Nigeria for 200 million people.

It is like for every Indian O.2 tonne of grain is available, that is capable of satisfying 3000 calorie need of each Indian, against just 0.1 for every Nigeria; and a Nigerian’s share of both space and sea shores is about twice that of an Indian, hence a case of not putting in good use what is available to Nigeria including its youth population. In effect, very weak cost – benefit analysis is seen in all government policy in Nigeria; that is winners-take all types of reform policy. For example, hiking fuel price is assumed to profit effectively the government with more money in its coffer and it is not expected to call for interest rate hike by the CBN as it makes government the winner in all, keeping weak and average Nigerians as the losers. Even as the losers, the youth that occupy the middle field ought to be helped to find reason why they should be hopeful by seeing a compassionate government, not a government that keep on borrowing when it still remains the winner in its economic reform and as well supported by CBN that goes floating treasury bills with coupon rate of about 19% indicating that the trust threshold of Nigeria is very much below “B” rating. Still the government is not encouraging social education that could allow the youth buy into any policy it plans to embark on. Imploring the youth to be responsible, Dr. Muiz Bamire has this to say: Those who follow and obey their leaders blindly without question become “yes – men” and allow incompetent governance of their nation to take society down the drain, will be held accountable on the day of Resurrection, they will be punished and will regret it. According to one of the lady organisers, Ramadan period is the time God closes the gate of Hell and expects the faithful to see the light to the gate of heaven, hence both Nigeria’s leadership and the followers should aim at doing good so as to merit getting through to the gate of heaven in coming period of Ramadan. It is like having both leaders and followers performing respectively for the expected gate of Heaven to be opened unto Nigerians in the current hardship.

Dr Jubril Salaudeen was more concerned about Nigerian leaders not emulating America that does not pay debts and only print dollars and export it to other climes. Hence, printing more naira that must be exchanged to dollars so as to pay Nigeria’s debt still makes government plying the infantile route or playing the Ostrich as the populace go on suffering. It brings to bear, the current Binance imbroglio in Nigeria in which no fewer than 10million Nigerians are reported to have subscribed to Binance business activities and operate there in dollars at the detriment of naira and the local production processes. Just like the Buhari government printed or claimed to have been allowed to access N23 trillion naira that is not seen in local space as adding to productive process and could have been possibly exchanged into dollars to enter into Binance space. It is as well as seeing Nigerian government exporting naira at a very great discount rate, not so much so different from offering trillions of naira treasury bill at a great discount of 19% which could be further depreciated by hedge fund speculators to reach at the current interest rate in Nigeria of 29% as CBN keeps on mopping up presumed excess liquidity that makes no sense to the ordinary Nigerian that is expected to buy a bag of rice at about N75,000 when his expected minimum wage is N30,000 and government is not encouraging local production of grains as it is done in India.

Another aspect that Dr. Salaudeen expects to take shape is asking all transactions in Nigeria to be carried out in Naira like it is done in Egypt. There, again, corruption in both private and public domains could fight such policy unless Bureau de Change companies, Binance, and Nigerian Stock Exchange are made to be truly Nigerian, never to think of international competitors.

       Youth economy expects Nigerian youths, 40% of the population as expressed by Prof. Yaqub, to be seriously in production line, food security production minded, which is possible in the expansion of agro – industries, not in shady deals of the type of Binance or foreign exchange currency speculation.

       Youths consume a lot of energy either by their feeding process or mobility process and if such mass, raw and potential energy in them, is ignited and enhanced in production sites as enabled by government and genuine agro-industry entrepreneurs, not by internet or cyber fraud “Malpreneurs”, this Ramadan period could really see the gate of Hell permanently closed for Nigerians to start breathing well on the way to Heaven gate.

Ariole is

Professior of French and Francophone Studies

University of Lagos