By Dr Micheal Tidi
It has been a turbulent period globally. Stock markets are in freefall from Asia to America, and in Bangladesh, protesters have ousted Sheikh Hasina, once known as Asia’s “Iron Lady”, from power. In Britain, far-right extremists have caused unrest in several cities, but the situation is slowly stabilizing as the nation grapples with the aftermath.
Back in Nigeria, the #ENDBADGOVERNANCE# protest, organized by anonymous individuals, has entered its fifth day with violence erupting in parts of the northern region. The government dismisses it as politically driven.
The worldwide unrest highlights a crucial lesson – relying too heavily on market forces to drive economic activities, and in Nigeria’s case, depending excessively on a single export commodity, has led to a trade imbalance, widespread corruption, and a culture of seeking easy gains among past and present leaders. This has fueled the current wave of unrest and civil disobedience. The time is ripe for the privileged class to act decisively to address the nation’s social and economic challenges before it’s too late.
Reflecting on history, during the Great Depression, the renowned economist A.W. Philips offered a solution to the British government by advising them to tackle either high inflation or unemployment first before addressing the other issue. His famous Philips curve, illustrating the trade-off between joblessness and inflation, remains relevant for today’s policymakers to ponder. It is imperative for President Tinubu’s administration and sub-national authorities to honestly assess the primary concerns affecting the populace. Once identified, they must humbly seek expert advice to navigate the current turmoil and steer the nation towards stability. This is my humble contribution to the ongoing turmoil in our country.
Dr. Micheal E. Tidi, Writes from Warri
It has been a turbulent period globally. Stock markets are in freefall from Asia to America, and in Bangladesh, protesters have ousted Sheikh Hasina, once known as Asia’s “Iron Lady”, from power. In Britain, far-right extremists have caused unrest in several cities, but the situation is slowly stabilizing as the nation grapples with the aftermath.
Back in Nigeria, the #ENDBADGOVERNANCE# protest, organized by anonymous individuals, has entered its fifth day with violence erupting in parts of the northern region. The government dismisses it as politically driven.
The worldwide unrest highlights a crucial lesson – relying too heavily on market forces to drive economic activities, and in Nigeria’s case, depending excessively on a single export commodity, has led to a trade imbalance, widespread corruption, and a culture of seeking easy gains among past and present leaders. This has fueled the current wave of unrest and civil disobedience. The time is ripe for the privileged class to act decisively to address the nation’s social and economic challenges before it’s too late.
Reflecting on history, during the Great Depression, the renowned economist A.W. Philips offered a solution to the British government by advising them to tackle either high inflation or unemployment first before addressing the other issue. His famous Philips curve, illustrating the trade-off between joblessness and inflation, remains relevant for today’s policymakers to ponder. It is imperative for President Tinubu’s administration and sub-national authorities to honestly assess the primary concerns affecting the populace. Once identified, they must humbly seek expert advice to navigate the current turmoil and steer the nation towards stability. This is my humble contribution to the ongoing turmoil in our country.
Dr. Micheal E. Tidi, Writes from Warri
