Time to Support Buhari’s Economic Policies

Kehinde Olaosebikan calls for support for President Muhammadu Buhari home suited economic policies

There is no doubt that the nation’s economy is in a very bad shape. For decades, it has continued to plummet in spite of the efforts of the past and present governments. We are now faced with unprecedented hunger and massive unemployment in the midst of plenty. In a country generally rated as the most blessed country on planet earth, people now die cheaply, because of poverty. Many have been pushed into all sorts of misdemeanor and indecent living as a result of starvation. The old saying that poverty could not lead to licentiousness has been confuted. Sadly, this adversity is self inflicted.

The downturn in our economy was brought about largely, by the implementation and or wrong implementation of macro- economic policies and foreign exchange regimes foisted on us by the world powers and their Nigerian collaborators. It started progressively, during the regime of the military dictator, President Ibrahim Babangida that adopted the Structural Adjustment Programme (SAP) an economic subterfuge recommended by the International Monetary Fund (IMF). This was at a time when the economy of Nigeria could be said to be very robust, in retrospect. When we were virtually self sufficient, when our currency was in the same unit with the US Dollar.

In September 1986, General Babangida, ignoring the outcome of a national debate and the advice of key members of his own Supreme Military Council including General Domkat Bali and Sani Abacha (as we got to know later) went ahead with the implementation of the programme believing in the rhetoric of the IMF that it was the recipe needed to grow the nation’s economy. By the time Babangida was leaving the government, the Naira that he met at 5.4 to a US Dollar had gone up to 17 Naira to a Dollar. Since then the Nigerian currency has not regained its strength. All other measures introduced since then till date have worsened the value of our currency.

Known for his clairvoyance, at least with futuristic programmes like DFFRI, MAMSER etc, Former President Ibrahim Babangida might have meant well but got carried away with high sounding propositions of IMF, delivered by the usually articulate foreign and local agents of the super powers. But forlornly, this became his greatest albatross as the nation is still grappling with the problem he created for us over three decades ago. Apart from the annulment of June 12 and the aftermath of SAP, Babangida would have still been celebrated as the best President ever in Nigeria today. His reflections on this would continually bring sadness to him.

Having experienced lethal failures in the implementation of policies foisted on us by the super powers and the global over liberalization of trade, it is high time Nigeria as a country came up with policies and economic programmes suitable for its uniqueness. Not many countries in the world can boast of the natural endowments from human to material resources available in Nigeria. In terms of humans, we are the richest in Africa in quality and numbers. We have the most fecund land with very clement whether all seasons. As a nation, our unique qualities should always be basis for our policy making process as we leverage on our God given resources.

This is why I consider it pertinent, at this critical moment for Nigerians to give our full support to President Muhammadu Buhari in the implementation of home suited policies, in his renewed bid to revamp our economy. The ban of waivers on foreign exchange to business men for importation of food items into the country as directed by President Muhamadu Buhari has started yielding fruits. The hardest critics of the policy when announced by the President have now realized that it was a well thought-out decision.

We should be mindful of the fact that most of these organizations are peopled by those who do not posses what we have as a nation (high productive population, fecund land, good vegetation, clement weather etc). Their advice, in most cases, as already manifested in SAP and other imposed economic programs, are ill motivated and or inappropriate for a unique country like ours. Most of these nations, want us to remain poor with weak currency so that they continue to exploit our large population and material resources to their own advantage.

The present closure of our boarders is another bold step taken by the present government and it requires the support of all patriotic Nigerians. Indeed, as it is already manifesting, this might be the real panacea, the tonic, the nation’s ailing economic needs to recover.

Although, concerns have been raised that this may have negative consequences like isolation etc, the gains from the present closure have been very enormous and if well captured and utilized, they are capable of bringing about a real turn around in our country. For instance, it has shown that most of our neighbors are virtually living on us. They make huge money; earn humongous foreign exchange for their countries, out of our large population and size.

Based on these discoveries, wisdom dictates that for the borders to be reopened, we need to come up with strong home suited policies that would make us achieve more from our associations with other countries in terms of revenue generation and employment for our people.

Necessity, they say, is the mother of invention. Already, Nigerians have become more focused and innovative in the production of farm implements and machines, the accelerated food production resultant from the bold steps of the Buhari administration would lead to enhancement in farming and its value chain

A situation where all manners of finished and unfinished products, farm produce are thoughtlessly brought into the country can only lead us to total ruination. And also any government policy that allows business men to access foreign exchange from CBN to import banana, apple, rice, maize, beans etc is inimical to growth and destructive to our economy.

As the ministers brace up in their offices, they should embrace the ideology of the President not only in abhorring and fighting corruption; they should help in the local content development of the nation in all areas. They should work tirelessly towards unlocking the potentials of the nation in every area and in every part of the country. The President has taken the lead in protecting and promoting the Nigerian content in local food production and consumption, they should complement the President with the promotion of local industries. Emphasis should be on concrete and accelerated development of local contents in all spheres. Our economy would grow and the nation progresses, if we have less to spend our foreign earnings, on.

Our ministers and governors should not wait for a presidential directive to patronize Defense Industry Corporation DICON, INNOSON and others. They should make patronage of local industries, a necessity.

The National Assembly has a key role to play here too, as strong and workable laws are needed for functionality and sustainability of local content development in the country. There should be a robust synergy with all the branches of government on this important goal of enhancing the Nigerian content in all aspects. The efforts of the present Chairman of the Senate Committee on Local Content is commendable.

It is becoming glaring that what we truly need to save and revamp our economy is right here with us and not any esoteric policies or programs from the imperialists. Let the ministers and other government functionaries work more on the inside with total dedication, commitment and discipline in their various ministries and passionately bring out the Nigerian in them. It is time to think Nigeria, eat Nigeria, drink Nigeria and act Nigeria in all circumstances. Time to individually and collectively support President Muhammadu Buhari on home suited policies for our economy.

-Olaosebikan is a community leader and a chieftain of the All Progressives Congress in Oyo State