I agree with Prof Akin Oyebode’s recent suggestion that the Federal Government should constitute an Economics Focus Advisory Group (EFAG) to support the Federal Executive Council (FEC) on the onerous task of national development. This suggestion is pragmatic because we need an economic blueprint, a map to take us out of our present quagmire. The ministers and other operators at the commanding heights of the economy should not be allowed to drift and arbitrarily pursue policies which could be at variance with an overall objective. Furthermore, the FEC, as presently constituted, though having some very brilliant minds on board, does not have a ranking economist in its membership to provide the much-needed strategic insights and innovations. To make matters worse, Mr President is yet to appoint an economic adviser.
The need for a purpose-built blueprint cannot be overemphasized if we are to survive the present situation and go further to achieve a buoyant recovery; while acting all the time within the ambience of international trade best practices.
An economic recovery blueprint for Nigeria at this time must be able to achieve certain critical objectives, amongst others. In broad strokes:
Seek to optimize the comparative advantage of Nigeria’s legendary resources (human, mineral and material);
Protect and grow local industry, without straining international trade relations;
Protect and strengthen the naira, as a store of value, in the face of dwindling oil revenues and foreign reserves, as well as other adversities.
I am also of the opinion that our agriculture value chain holds the most promise for our rapid recovery. Making the most of this opportunity would depend on our ability to embed youth entrepreneurship, employment and empowerment into that value chain. Beyond economics, this feat might also call for some deft social engineering to shift some of the paradigms of contemporary Nigerian society.
Economics is a highly specialized professional discipline and one must therefore acknowledge Prof Oyebode’s academic brilliance in making his recommendation, even though he is a professor of Law. His rich academic experience and patriotic passion are always evident in his suggestions. Economic emancipation is no longer rocket science and countries with far less resources than Nigeria are prospering. It’s all about developing and pursuing the right policies, not minding one’s present predicament. The truth is that we need to do what needs to be done, if we are to get to our desired destination. Where we are, where we want to go, how to get there, what we have, what we can get and how to use all our resources – all need to be captured in the economic blueprint. Obviously there’s lots of work to be done, but we thank God for giving us an abundance of resources in Nigeria to realize our dream.
In this context, I wish to submit that we have a good store of knowledgeable economists to saddle with the task of developing Buharinomics, a blueprint for Nigeria’s economic recovery. Of course, it would help if they are radical development economists because we need men who can think outside the box and are ready to buck the trends of prevailing international economic dogma, if need be. Some of the names that readily come to mind in the public domain include the Emir of Kano, Muhammadu Sanusi, Bismarck Rewane, Charles Soludo, Henry Boyo, Rasheed Gbadamosi, Prof Tella, Pat Utomi. Many of them are already quite active in the public media offering suggestions and sometimes criticizing government policies, if need be. And they are not necessarily all economists. The civil society must have been disappointed that none of the names forwarded to President Buhari for appointment were approved. Nevertheless, we know most of these men. They are gifted minds and patriotic Nigerians who would rise to the occasion, if challenged. There are many others, as Nigeria does not have a shortage of intellectual brainpower to get the job done well. Once government shows political will, the real task would be getting some of these gurus together and moderating them with a purpose in mind. The Office of the Vice President which has supervisory role over national economic management could facilitate this critical process of drawing up an economic blueprint for recovery.
Shex Ladipo, managing director of Lisabi Mills (Nigeria) Limited, writes from Ogun State
