By Zik Gbemre
It is heart-wrenching and greatly disturbing to note how, all around us, are lamentations of the ‘REALLY HARD TIMES’ which underscore the plight of majority of Nigerians, especially in recent years and times. This is following the continuous general increase in the price of goods and services. Checks across the country by several reports showed that the prices of virtually all basic commodities have skyrocketed, leading to financial pressure on most Nigerian families. And the only thing we cannot help but wonder is, what sort of economic policies and practices have the Nigerian Government across all levels, been dishing out in the last couple of years, to have brought us to this deplorable status where the economic standard of the average Nigerian has greatly worsened? We cannot remember the last time the Nigerian populace got any sort of ‘relief’ from the harsh economic realities they daily face, as a result of Governments economic policies and actions, in the last two decades or so. It is as if we keep going from bad to worse, yet in the midst of stupendous wealth and plenty, which only circulates within the hands of the few in Government public space.
Recently, on the tv programme The Advocate, Liborous Oshoma, while analyzing the deplorable situation in Nigeria, with a submit for our Economic Summits, practically spoke our minds on the subject issue. In his words: “Giving with one hand and taking with another; is it a slight of hand, or a magician trick? The Nigerian Economic Summit held in Abuja on Monday October 7th, 2019, and I wonder. APART FROM THE RUSH TO BE COUNTED AMONGST NATIONS THAT HOLD ECONOMIC SUMMITS, DO GOVERNMENT EVER TAKE ADVICE AWAY FROM SUCH EVENTS?
“The reason for my question is quite obvious because, if you still think, with such a summit, as it is with serious minded countries, Nigeria is on her path to greatness, you are probably dreaming, and you need to wake up fast. I hope they remembered to inform the Government in that summit that, in the age where the world has become a global village and information travels faster than light, NO RIGHT THINKING BUSINESS PERSON WILL INVEST HIS HARD-EARNED MONEY IN YOUR COUNTRY WHERE GOVERNMENT DOES NOT OBEY HER OWN RULES AND OBEY COURT ORDERS. WHERE THE BIGGEST BUSINESS IS THE GOVERNMENT. EVEN LOCAL BUSINESSMEN, WOULD RATHER GO INTO POLITICS AND GOVERNMENT THAN CREATE BUSINESSES. NO ECONOMY GROWS WHERE HER GOVERNMENT PAYS 12% OR MORE INTEREST ON TREASURY BILLS AND EXPECT PEOPLE TO ESTABLISH FACTORIES. NO NATION NEGLECTS THE EDUCATION OF HER YOUTHS AND EXPECT A PROSPEROUS FUTURE.
“What should encourage a businessman to invest his N1billion in the Agricultural sector, when he can get N120million profit on it by just fixing it in a Commercial Bank for just few months. What should incentify someone to create jobs when he can get 15% profit with a mere phone call, or 100% from foreign exchange trade? As rightly quarried by Adetilena Adetomi, an Economist; closing our borders to stop smuggling of goods we do not produce at home (to satisfy domestic demands), yet opening the same borders for Medical Tourism, for Public Officials, has crippling effect on an economy. Charging high tariffs on all goods we do not produce, or have alternative to, yet budgeting Government funds to subsidize the lifestyle of Government Officials, is extended stupidity. Having Interest rate as high as 35% and expecting people to establish factories, while Government Officials are busy buying properties abroad, with funds from over-inflicted Government Contracts, is wickedness.
“Increasing taxes, introducing tolls, charging cash deposits and withdrawals, is the direct opposite of our incentive to increase productivity. While retaining huge salaries and expensive vehicles for both the Legislature and Legislators, is senseless. Lastly, granting amnesty to terrorists, militants, armed bandits, killer herdsmen; while trying those that question Governments Accountability for treasonable felony, is the height of unseriousness. And until we reverse this trend, our economy will continue to be in reverse gear.”
We have reiterated severally in past reports that the bane of Nigeria’s developmental strides, is that we have become a country with Governments that are very good at having plans on paper but without the Will to execute and implement such plans for the benefit of the entire populace. This dilemma, has characterized every aspect of Nigeria’s economic well-being. What is even more annoying is that, despite the fact that past Economic Development plans made by various past Governments to improve the nation’s economy, have not seen the light of the day, yet, every now and then, more forums/conference/workshops and economic summits are organized to make more plans, reel out slides and ‘talk, talk, talk and more talks – just to reveal to Nigerians Governments plans to develop the country. Perhaps, just to create the impression that the “government is working”. This is not only disturbing, but it actually questions the integrity of our political leaders of not having the “vision” and what it takes to lead.
It is a slap on our face as a nation that smaller and even less endowed countries in Africa and across the globe are far ahead of us in terms of development, human capita-index, and modern advancement in all sectors. And today, many Nigerians, including our political leaders prefer to go abroad to enjoy the various sectors of foreign economies; be it Education, Health, tourism, etc. imagine a place like the United Arab Emirates (UAE), in spite of their vast resources in natural minerals (just like Nigeria is blessed), they still depend on only 7% of their oil, gas and condensate revenue to develop their nation. The government gets the rest national revenue from Trading, Tourism, Banking, etc.
Until we sit down as a nation and ask ourselves these critical questions, and find honest answers to them, we will never make any significant progress in our developmental efforts. Rather, we will continue to Plan yearly, hold more Economic Summits, and deceive ourselves like a farmer who clears his farm of weeds but never gets around to planting any crops. To conclude, our political leaders at all levels of Government should strive to leave an indelible mark in their reign in office before their exit. Those coming in should also focus on rendering “SELFLESS SERVICE” to their father land. Let the right thing be done, this we urge.
Zik Gbemre.
October 24, 2019
We Mobilize Others To Fight For Individual Causes As If Those Were Our Causes
