There has been an avalanche of criticism from some economic commentators regarding what is perceived as “lack of economic policy direction” of the Buhari Government. This is claimed to scare away foreign investors and lead to the lower economic growth, loss of value on the stock market, among other issues.
The argument around the authenticity of the perceived economic growth in the previous dispensation remains an argument for another day. After all, between November 2014, and February 2015, the Nigeria crashed nearly 30%. In 2014, the Nigerian stock market crashed and at the end of the year was rated the one of the worst performing in the world. Blaming PMB for economic crises is quite unfair.
However, the BIG QUESTIONS for today is this: Is there really lack of policy direction? Are the investors and economic players unable to discern nor align with a NEW way of thinking? Are the beneficiaries of past policies which constitute the 1% elite (plus foreign investors) trying to fight against the new paradigm?
Whether deliberately or not, what has been overlooked by most of those complaining is that a major paradigm shift is happening. This was sounded by President Buhari a few days ago. This new thinking clearly indicates Nigeria’s new economic trajectory. While speaking at the Catholic Bishops Conference which held a few days ago at Igwurita near Port Harcourt , President Buhari represented by Vice President Osinbajo made the following comments:
“Our fight against corruption is not just a battle of virtue and righteousness in our land, but it is a fight for the soul and substance of our nation. Corruption in our country is endemic and it constitutes a parallel system, corruption has made a potentially prosperous country struggle to feed and provide jobs for its people.
Hundreds of thousands of infants and maternal mortality statistics, hundreds of thousands deaths from communicable diseases are traceable to the greed and corruption of a few, “Nigerians should think of resuscitating the nation`s economy because two-thirds of Nigerians lived in extreme poverty. Efforts should be made to create an enabling environment for enterprise, plan and make a budget that would cater for poor Nigerians.
They must be helped, first to survive, and then, fully participate in the economy of the nation. Consequently, we must create tenets for the very poor and vulnerable, while ensuring that social spending also resurrects investments in the economy. We must invest substantially in relevant education; teachers training and vocational and entrepreneurial training,”
In this speech, the president indicates that there is need for a paradigm shift from what is today obtainable in Nigeria where economic policy is focused on a few, to economic policy focused on the two thirds majority. He believes developing the people is a major economic policy shift.
This type of thinking is not only unique in Nigeria of recent times, but is Godly. The development of the poor and needy is the heart of God. Individuals, institutions or nations who have such a focus always become greatly blessed.
It is said of John D. Rockefeller, that he considered himself an “angel of mercy “to the poor. This passion drove Mr Rockerfeller to continuously driving the price of fuel lower and lower, taking on opposition and attempting to enable that every person could buy his product. Eventually he controlled over eighty percent of the market at a time. He became very wealthy.
Even after his company was sued and broken up to over thirty separate companies, he retired and spent over forty years in full time philanthropy. The separate entities born out of Rockefeller Company grew to become some of the biggest oil companies globally, thus making the Rockefeller family even richer. Today Mr Rockefeller remains one of the richest men in history.
The greatest assets of a nation are its people. Non-mineral rich nations such as Germany and Japan are on the forefront of wealth because of developing their people. Same is the case of Israel, the least in terms of oil resources in the Middle East, yet the most developed nation in that region.
President Buhari and Vice President Osinbajo have repeatedly reiterated the need to look at the masses. In one speech, the Vice President indicated that the school feeding program would inject close to one trillion naira into the economy.
Imagine what will happen in Nigeria if business leaders, Churches, schools, media and others focus on developing products for the masses? Suddenly, there will be much cheaper houses, banks will focus on ways to finance those at the bottom of the pyramid, programs will be put in place to convert their land or their energy to money for purchase of things, a virtuous cycle will be created, more of the poor will be pulled up into the economy, thus enabling more spending power, and the economy will grow in reality, and not just on paper.
It is necessary to support the leadership by emphasizing this new paradigm. This is the way forward for a new Nigeria. A nation that values the importance of all its people.
Nigeria just like other nations loves to celebrate its people. We pick up stories of excellence here and there, where our people do well. Perhaps there are hundreds or a few thousands of such stories both known and unknown. Having had our image battered globally, we quickly celebrate these oasis of good stories.
It is a good thing to celebrate with modesty. However, it is NOT sufficient to have just a few hundred or thousand success stories. Great nations are made up of millions of exceptional people who every day do extra ordinary things to move their nations forward.
Focusing on the two thirds majority as economic thrust will shift Nigeria into a nation where millions of people do extra ordinary things.
Investors are welcome to any country. Policies must be made to enable foreign investors play in Nigeria. This is good business practice. However, Nigeria is fighting systemic corruption from the past. It will be expected that the 1% elite, who have been the center of economic policy over the years will scream, shout and threaten to pull out their investments.
PMB must be supported to maintain a firm footing on establishing the new paradigm centered around the Nigerian masses- the forgotten two thirds.
There is no serious economy that is primarily driven by foreign investors. If the citizens of a nation are well to do, and have money to purchase products, foreign investors will come in. A nations primary investors should be its own people. Foreign investors should be a secondary source of wealth to complement the citizens.
Millions of Nigerians should be rich enough to have the disposable income to buy up stocks and shares when Nigerian companies and parastatals are privatized. Nigerian institutions should mainly be owned by Nigerians.
Nigeria cannot wholly depend on foreign investors to turn its economy around. No body can love our nation better than we. In a time of crises, foreign investors will sell and exit; citizens will weather the storm.
it is strategically unwise for any nation to be over dependant on foreign investors at the detriment of its people.
Where citizens are the economic players, it is also strategically unwise for a handful few people to solely determine the economic destiny of a nation. Wealth should be widespread.
Whereas Rockefeller mentioned above had a heart for the people and grew rich, his company eventually became monopolistic. In that era, a few Americans virtually owned the economy. America was then a fast growing third world country, with a large economy, a few rich people and masses of poor people. This changed when millions of Americans rose up to challenge the status quo through the courts. The people won, the nation changed. A new crop of business men such as Henry Ford emerged. This were men who focused on developing products for the masses. For moved the car from something of a privileged few to one affordable by the masses. The middle class grew, the nation grew and became a developed nation not too many decades later.
Let all Nigerians not only support this new paradigm laid out by the nations leadership, but get all hands on deck to press forward towards the building of a new nation.
Comment By A Guest on sundayadelajablog.com
