NIGERIAN ECONOMY IS RESTRUCTURING ITSELF
The Nigerian economy is currently restructuring itself and the pains are inevitable.
One, because we have at the helm a President who never dreamt that things could be this bad for Nigeria and in line with his party wishes throughout the campaigns stopped short of promising Nigerians the moon.
Two, many political gladiators flying the change flag were under the wrong notion that Nigeria or any part of it can survive without crude oil. And so, went the warped logic, let's get our cooperative MOU right and let them go and drink their oil.
Three yet another set of gladiators are coming to terms with the fact that no one tribe or group of persons are indispensable in today's Nigeria or is insulated from the pains.
Hitherto, the games these gladiators played in order to sustain or gain supremacy led to so many wrongs that continue to plague the nation starting from the British colonial policy to sacrifice quality for equality, encouragement of parasites, importation of all that could be imported even when import substitution policies and products were in place, and inconsistent policies and body language that under one regime encouraged investment and under another, sent investors looking desperately for cover.
So today crude oil price that suddenly turned Nigeria into a land that had no problems earning a living is the same one that is forcing Nigeria and Nigerians now to accept there is indeed life without easy money and most times, it turns out to be a better life.
All it demands is transition from a life and time of ease to a time of earning your living through your sweat or input.
Unfortunately, the current government did not have that in their agenda. They thought and perhaps still think that wealth distribution alone and not led by wealth creation is the nation's main problem.
But of course scarcity of foreign exchange due to crude oil price search for a bottom now makes it plain that Nigeria needs to adjust its appetite for foreign goods and services fast; Nigeria needs to process its own industrial raw materials fast; Nigeria needs to find out and export all that can even now be exported fast and above all, Nigeria has to improve on its efficiency level if only to produce more or provide more service for each Naira spent.
None of these can be done by any government without stepping on toes. Hence because we have a government that was more prepared to face popularity test, the realities on the ground, now demand restructuring not particularly controlled or planned by the centre. The restructuring is running on its own steam.
It has just started yet the cries for relief have already rising. For example, of course for many who need foreign exchange to import goods and services Nigeria can do without, the Naira has since been devalued at the market place and the pains are beginning to show.
However for goods and services considered crucial in these times, there has been no further devaluation beyond the official N197 to N199 to the dollar range.
The issue here now boils down to how truly in the national interest the scarce foreign exchange is being allocated until crude oil price recovery could offer some relief.
But of course, the point must be noted that under the current readjustment it was never in Nigeria's interest and it will never be in its interest to keep currency dealers, for example, who only round trip foreign exchange sold to them, continuously employed. They and all who fall into the category of people who offer little or no value for the much they get must find more legitimate and contributory ways to earn their living.
It does not matter whether they turn out to be thousands in number, parasitism of any kind cannot help Nigeria now and in the future.
That is why it is painful that some ex's like Sanusi Sanusi erstwhile of CBN and Olusegun Obasanjo have not learnt the corporate wisdom in keeping quiet to allow your successor do his job to the best of his ability. They tend to preach from economic and political pulpits all because none is preoccupied with raising dust over their own contribution to the plight of Nigeria and Nigerians today. I think it is time they paid their sole attention to their current endeavours and pocket their wisdom after the event.
This is not a time for any one to be champion of any interest outside the Nigeria must survive one.
One, because we have at the helm a President who never dreamt that things could be this bad for Nigeria and in line with his party wishes throughout the campaigns stopped short of promising Nigerians the moon.
Two, many political gladiators flying the change flag were under the wrong notion that Nigeria or any part of it can survive without crude oil. And so, went the warped logic, let's get our cooperative MOU right and let them go and drink their oil.
Three yet another set of gladiators are coming to terms with the fact that no one tribe or group of persons are indispensable in today's Nigeria or is insulated from the pains.
Hitherto, the games these gladiators played in order to sustain or gain supremacy led to so many wrongs that continue to plague the nation starting from the British colonial policy to sacrifice quality for equality, encouragement of parasites, importation of all that could be imported even when import substitution policies and products were in place, and inconsistent policies and body language that under one regime encouraged investment and under another, sent investors looking desperately for cover.
So today crude oil price that suddenly turned Nigeria into a land that had no problems earning a living is the same one that is forcing Nigeria and Nigerians now to accept there is indeed life without easy money and most times, it turns out to be a better life.
All it demands is transition from a life and time of ease to a time of earning your living through your sweat or input.
Unfortunately, the current government did not have that in their agenda. They thought and perhaps still think that wealth distribution alone and not led by wealth creation is the nation's main problem.
But of course scarcity of foreign exchange due to crude oil price search for a bottom now makes it plain that Nigeria needs to adjust its appetite for foreign goods and services fast; Nigeria needs to process its own industrial raw materials fast; Nigeria needs to find out and export all that can even now be exported fast and above all, Nigeria has to improve on its efficiency level if only to produce more or provide more service for each Naira spent.
None of these can be done by any government without stepping on toes. Hence because we have a government that was more prepared to face popularity test, the realities on the ground, now demand restructuring not particularly controlled or planned by the centre. The restructuring is running on its own steam.
It has just started yet the cries for relief have already rising. For example, of course for many who need foreign exchange to import goods and services Nigeria can do without, the Naira has since been devalued at the market place and the pains are beginning to show.
However for goods and services considered crucial in these times, there has been no further devaluation beyond the official N197 to N199 to the dollar range.
The issue here now boils down to how truly in the national interest the scarce foreign exchange is being allocated until crude oil price recovery could offer some relief.
But of course, the point must be noted that under the current readjustment it was never in Nigeria's interest and it will never be in its interest to keep currency dealers, for example, who only round trip foreign exchange sold to them, continuously employed. They and all who fall into the category of people who offer little or no value for the much they get must find more legitimate and contributory ways to earn their living.
It does not matter whether they turn out to be thousands in number, parasitism of any kind cannot help Nigeria now and in the future.
That is why it is painful that some ex's like Sanusi Sanusi erstwhile of CBN and Olusegun Obasanjo have not learnt the corporate wisdom in keeping quiet to allow your successor do his job to the best of his ability. They tend to preach from economic and political pulpits all because none is preoccupied with raising dust over their own contribution to the plight of Nigeria and Nigerians today. I think it is time they paid their sole attention to their current endeavours and pocket their wisdom after the event.
This is not a time for any one to be champion of any interest outside the Nigeria must survive one.
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