“I have always thought the actions of men are best interpreters of their thoughts” – John Locke
The above quote resonates with the likes of the late Prof Bade Onimode, Prof. Claude Ake, Prof. Eskor Toyo, Prof Sam Aluko and Henry Boyo Nigeria’s finest monetary expert. These great men of ideas and praxism of economics never failed to admonish the Nigerian state on how best to address the problems in our economy.
They did their best to speak to power in a manner of economic patriotism. However, it seems things are getting worse even after these men have exited the stage. The current economic woes have taken heavy toll on the living standards of Nigerians. What is out there in the streets and corners across states is largely pensive.
Worries, complaints, despair, depression and melancholy are boldly written on the faces of young and old, men and women, boys and girls. The slogan “let the poor breath” has become a recitation to mock Nigerians; even as the nation exudes an ominous sign of desperation and frustration from citizens for their seeming anguish.
All this is happening because of the reality from the macroeconomic indices, particularly, the headline inflation at 28% and food inflation at over 33%, among others. These indices by the National Bureau of Statistics (NBS) reflect the negative economic consequences of the times we live in this part of the world.
It’s crystal clear that Nigeria’s economy over the last two decades has not been favourable to the citizens.The negative Gross Domestic Product (GDP) has refused to grow beyond $450 billion for a country of over 200 million people.
Although, government would always claim the economy is resilient, but this is not translating into better deals for the people. The economic growth has no capacity, but a mere jobless growth (unemployment 55% and poverty 40.1%).
We live with the evidence of businesses shutting down, deepening unemployment pool and the naira depreciating to its lowest in history against the US dollar and other foreign currencies.
This is witnessed in a country that is blessed with abundant human and material resources. It beats the imagination to ask why citizens of this nation battle with this grave economic challenges. One may be tempted to conclude that the people are cursed.
It is a clarion call to genuinely seek courage and optimism in the current dilemma. This is our home and there is no other place to run to; some of us have decided to stay not minding our japa citizens.
For us, we believe that with the right attitude, efforts, determination and quality policies, that define and place integrity on the table, Nigeria will rise from despondency and gloom, of which this piece “citizens and government’s economic patriotism” speaks to.
A recount of the modest history of our nation cannot be overemphasised when it comes to discussing our economic trajectory. In the 1970s to late 1990s the nation lost out in implementing people centred economic policies.This period marked the breeding of top echelon of military elite class that enjoyed political power and economic windfall from crude oil.
The period brought onboard individuals that served alongside the military junta as contractors. Others enjoyed the luxury appointment as ministers, deputies to military governors and local government executives. Many of them were prepared to succeed the military through formation of political parties.
The military regimes spent billions of naira, largely, on infrastructure developments. Their time also marked the era of abandoned white elephant projects across the nation.Their participation in looting the national treasury remains ever green on our memory.
Nevertheless, the military ended their grip on political power in May 29, 1999, with the return to democratic rule, ushering Nigeria into the anticipated eldorado of economic prosperity and unlimited development of human and material resources.
Alas, the entire citizenry have lived in disappointment ever since. Reason being that both citizens and government failed to capitalise on the tenets and principles of democracy. Consequently, we suffer a combination of post-election tension, economic flip flops, insecurity and humanitarian crisis that threatened the foundation of our dear nation.
Fortunately, the 2000s saw Nigeria tagged as sub-Sahara Africa’s fastest growing economy, but we ourselves knew it was a mere gimmick of media paparazzi to woo FDIs and FPIs, for the leaders to borrow money from World Bank, IMF and others.
Regrettably, today we have become a case study in failed national economic development efforts. Poor governance and development are making economic analysts and professional forecasters’ work easy. For instance, a recent attempt by Nigeria to re-launch a national airline as our flag carrier ended up as a national embarrassment and fraud.
Another case of reference is the dilemma around the four national refineries, with billions expended in the so called Turn Around Maintenance (TAM) without results. The nation relies on imported petroleum products, which breeds fuel subsidy corruption, government’s lack of transparency and accountability in the oil and gas industry.
It should be said that the foregoing attempt on the modest history of our dear nation since the return to civilian administration is to dissect the contemporary Nigeria’s economic perspective. It reminds us that we have been missing the golden opportunity to attend a place of bliss.
However, all hope is not lost. Our intention is to draw attention to important lessons from the period under review. This is a clarion call for everyone to rise up as a people resolved and determined to rise above temporary setbacks. We should set our nation back on the path of economic growth, development and inclusive political progress anchored on people-centred democracy.
Given our famed energetic disposition and drive as a people, the challenges are definitely not beyond Nigerians, young and old, to set our economy back on the path of growth and inclusive development – a task for the government and citizens alike. However, for us, government and citizens are different sides of a coin that can make this patriotism happen.
But first, the government being the defining feature of the state shoulders a great responsibility for the growth and development of Nigeria, as well as guaranteeing security and socio-economic wellbeing of its citizens. This is well established in the 1999 federal constitution as amended.
l conclude this piece with the admonition of Theodore Roosevelt, the 26th President of the United States of America: “Great thoughts speak only to the thoughtful mind, but great actions speak to all mankind”.
Olamilekan, a political economist, writes via
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