Let’s Stop this Planned Protest for Posterity Sake

Allison Abanum.

Success is not determined by mere achievements, but by the adversities faced and the unwavering courage displayed in confronting overwhelming challenges. This holds especially true in a political landscape rife with propaganda and distorted narratives, characteristic of the region we find ourselves today. The true measure of success lies in how adeptly a government navigates tumultuous waters, emerging on the other side unscathed by the turbulent waves of opposition and the inevitable discontent among the populace.

It doesn’t require extraordinary intelligence for anyone to discern that President Bola Tinubu’s administration is currently at a critical juncture in its journey despite being just over a year old. The voices of the opposition and critics are growing louder by the day, drawing more participants to the arena. Let’s be realistic, these are challenging times even for those in leadership positions. The reality is that they must succeed. Encouragingly, Mr. President and his team appear steadfast in their commitment to this principle. For them, failure and excuses are non-viable options; hence, they must procure the most effective strategies to navigate the turbulent waters and ride the waves, a task they are evidently endeavoring to accomplish based on all indications.

The Economic team of this administration appears to be operating diligently as they endeavor to salvage and reposition our economy. The economic policies being implemented possess significant potential to shift the tides in our favor, albeit amidst some initial unpleasant realities we are presently confronting. It is a universal truth that no remarkable achievement by any nation is easily attained; the path to the pot of gold at the end of the rainbow is fraught with challenges. Therefore, what is required is patience and a steadfast trust in the process. Instead of engaging in baseless opposition, a more constructive approach to expressing disagreement with those guiding the course can be embraced for the collective benefit of our journey.

In a recent declaration, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, disclosed that the nation’s economy is projected to reach a $1 trillion valuation by 2030. Delivering his address during the mid-year review of the Bank’s operations in 2024 before the Senate Committee on Banking, Insurance, and Other Financial Institutions, it is evident that a meticulously crafted plan and strategy is being diligently implemented with a strong conviction of its successful realization by the proficient individuals involved. While this assertion may seem futuristic, it carries substantial positive implications that could potentially revolutionize our economic landscape in the years leading up to the new decade.

The central bank is evidently taking a prominent role in the economic endeavors of the Tinubu-led administration, guided by seasoned experts. It has consistently reiterated its dedication to implementing policies that promote sustainable growth in the financial markets and overall economic stability. Since assuming office in October 2023, the leadership of the CBN appears to be focused on stabilizing the economy, instilling confidence in financial markets, and laying the groundwork for enduring growth. An in-depth analysis reveals the resilience of the Nigerian economy in the first half of 2024, exhibiting a growth rate of 2.98% in the initial quarter, an increase from 2.31% in the corresponding period last year. Various service sectors are displaying positive indicators and figures, with the services sector emerging as the primary economic driver, contributing 58.04% to GDP and experiencing a growth rate of 4.32%. Likewise, the industrial sector is displaying progress, achieving a growth rate of 2.19%.

Further examination reveals that the enduring inflationary pressures, as evidenced by the rise in headline inflation from 29.90% in January to 34.19% in June 2024, have been somewhat mitigated by the gradual moderation in monthly increments. This trend underscores the efficacy of the Bank’s anti-inflationary strategies. Of particular significance in the indicators of economic growth is the marked surge in external reserves, primarily attributed to revenues derived from crude oil-related levies and third-party disbursements. The sentiment expressed by the Governor of the Central Bank aligns with this positive trajectory. The economic team is fully committed to leveraging the recapitalization initiatives within the banking sector as a pivotal instrument for stabilising and repositioning the economy. Recognizing the pivotal role of a robust and dynamic money market, such endeavors are aimed at fortifying financial stability and advancing progress towards the envisioned $1 trillion economy by 2030. These concerted efforts are anticipated to yield tangible outcomes that could potentially transform the economic landscape of the nation well before the stipulated timeframe.

Considering numerous other policy measures the central bank has enacted to address domestic macroeconomic challenges, such as elevating the policy rate to 26.25 per cent, augmenting Cash Reserve Ratios, standardizing Open Market Operations, and embracing Inflation Targeting as a novel monetary policy framework, it is apparent that the experts are proficiently managing the situation. President Tinubu has consistently emphasised that there is no room for failure or excuses.

This administration is evidently prioritising public and private sector collaboration to propel a production-oriented economy with emerging industries proliferating across the nation. These are the advancements that critics and adversaries deliberately choose to ignore, as it contradicts the narrative of a failing venture that they vehemently propagate.

As these production and manufacturing facilities continue to emerge, new employment opportunities are being generated for Nigerians, bearing positive implications for our economy. Illustrative instances of such establishments include the Dangote Sinotruk West Africa, a fully dismantled truck assembly plant launched in Lagos State, the Chinese Lithium processing plant inaugurated this year in Nassarawa State with investments exceeding $500 million, the ongoing construction of a new Dangote cement plant in Itori, Ogun State, the strategically positioned BUA Refinery under development in Ibeno, Akwa Ibom State, an innovative integrated sugar refinery, also built by the Dangote group in Tunga, Nasarawa State, The Lafarge bag manufacturing plant in Ewekoro, Ogun State, and the Obi Cubana Tricycle Assembly Plant spearheaded by the prominent Nigerian socialite and entrepreneur, Mr. Obi Cubana, among others. The establishment of these facilities reflects an administration that strongly advocates for local production enterprises, asserting that this approach is pivotal in revitalizing the economy and steering it towards a more promising trajectory.

Obviously, our nation heavily relies on crude oil production and exports, making it imperative to ensure the impeccable state of all our oil facilities to fully capitalise on our abundant natural resources. To achieve this, we must strive to become a dominant force in petroleum and natural gas exports.

The administration spearheaded by Tinubu seems to grasp this essential reality, evident in its intensified efforts to restore functionality to our refineries. Mele Kyari, the Group Executive Officer of the Nigerian National Petroleum Company Limited, has recently provided reassurances that, given the emerging trends in the energy and gas sector, Nigeria is poised to transition into a net exporter of petroleum by December.

The indicators, as per Kyari’s statement, are the imminent commencement of production at the Port Harcourt Refinery early next month, to be succeeded by the Warri refinery in the subsequent months, and the Kaduna refinery by December of this year. With everything in place, it is anticipated that the country’s oil production will reach 2 million barrels per day in a matter of months. The significance of NNPC and the oil and gas sector in revitalizing our current economic state is indisputable. President Tinubu’s economic team comprehends the gravity of this matter and is diligently undertaking all feasible measures to ensure its realization.

In reality, there has been a notable increase in our oil and gas production due to specific actions personally undertaken by the President. Moreover, the administration has actively engaged in combatting production-related challenges, such as oil theft, illegal production, and vandalism, leading to the desired outcomes. Whether through the implementation of robust policies to rejuvenate the oil sector or the relentless crackdown on illicit activities, the current government appears resolute in its commitment to national progress. The President’s unwavering resolve to make tough decisions for the greater good is evident. Notably, vandalism, a prevalent negative practice, remains a significant impediment to the apparent but gradual advancements in the oil and gas industry.

The Port Harcourt Refining Company (PHRC) has been facing challenges due to sabotage and vandalism, which are significantly impeding production efforts. This issue is not unique to PHRC alone. The Nigerian National Petroleum Company (NNPC) Limited had previously announced the successful completion of mechanical rehabilitation on a section of the Port Harcourt refinery. A total of one million barrels of crude oil has been delivered to the plant by the Nigerian National Petroleum Company Ltd. It is expected that the refining of petroleum products at the facility will soon commence. Despite obstacles such as sabotage, the commitment to the project remains unwavering. The company has affirmed that the project is in its final stages. Therefore, with the recent statements made by the NNPC GCEO, Nigerians can anticipate the realization of positive outcomes in the near future.

The stakes are undeniably high, as the administration continues to pursue its revitalized agenda. It is crucial for Nigerians to embrace this philosophy and have faith in its effectiveness. While tensions and unrest stemming from the prevalent hardships are understandable, it is important to remember that even the most prosperous nations faced challenges before achieving greatness. Nigerians must be vigilant against allowing economic struggles to be manipulated by those with hidden agendas, as this could lead to disruptions that jeopardize the progress made in enhancing the country’s security and stability.

This is even more crucial now given the significant achievements in the overall security and safety of properties and individuals in the nation. It is imperative for us to glean insights from the experiences of other nations that have undergone a disruptive revolution, such as Sudan, where the aftermath was far from favorable. As a country with a vast population, while individuals have the right to voice their grievances, especially in the current circumstances, it is essential for us to act with introspection and devise the most prudent course of action. An uprising would be detrimental, as it could easily be exploited by adversaries of the state to advance their own agendas. These are indeed extraordinary times, yet the President and his administration appear to be effectively managing the situation. While it may seem repetitive to continually appeal for support and trust, that is precisely what is required from Nigerians at this time as we navigate through this phase with optimism and the promise of a brighter future ahead.

Nigerians have every justification to feel discontent when circumstances deviate from the expected norm. However, amidst the anger and dissatisfaction, it is crucial to acknowledge the monumental efforts being undertaken to rescue our beloved nation from the brink of uncertainty. This predicament has largely been inherited by the current administration, and the downward spiral has persisted for the better part of two decades. It is inevitable that individuals will eventually express their frustrations regarding the sacrifices required for a promising future. Yet, prior to resorting to condemnation and protest, a meticulous analysis would reveal the relentless endeavors and positive outcomes that this administration is manifesting across various sectors of our national landscape. These advancements and triumphs, often overlooked, serve as crucial milestones towards the realization of our aspirations.

Allison Abanum writes from Orogun, Delta State.