There is no doubt that the nation’s economy is in dire straits having been mismanaged by previous governments. Nigerians were told last week that President Muhammadu Buhari is set to convene a major national economic conference this month.
It is learnt that the President himself will not only be physically on ground to declare the summit open, but would also participate in deliberations with government officials, the legislature, and the private sector. This is good as he is a listening president.
Obviously, the decision of the presidency to convene the economic conference may not be unconnected to the growing clamour by Nigerians of influence on the need to stem the economic slide through a public disclosure where participants could bare their minds and proffer solutions on the measures to halt the current economic drift and palpable suffering in the land.
Many thanks to our Nobel Laureate, Professor Wole Soyinka who mooted the idea for an emergency economic conference amidst growing concerns about the decline in the nation’s economic fortunes. The call is premixed on current economic realities of low oil prices, and its consequences on the nation’s revenues which has been largely dependent on oil exports. What the Federal Government, States and Local Government has been sharing since the glut in oil market is abysmally low.
At a 65th National Economic Council (NEC) meeting, a similar conference was equally suggested for the country. At the meeting held in January, which was attended by state governors, CBN Governor, Secretary to the Government of the Federation and some ministers, captains of industries they called for this meeting where key issues that would improve the nation’s economy would be vigorously discussed by all stakeholders.
The views of the private sector and non- state actors should be sought with the inclusion of local experts who are expected aggregate the views of other governmental, intergovernmental and non-governmental institutions.
Another major reason why this economic summit is germane is the drop in the nation’s foreign reserves which has fallen to bellow $28billion a situation which has forced the Central Bank of Nigeria to foist on the nation some strict monetary policies which includes a stringent forex measure, including the ban of certain items from accessing forex through the official window of the market and the rationing of forex for qualified items.
Lately, Bureau De Change Operators were also told by the CBN to source their forex from their own customers and not to depend on the CBN where most BDCs have been the bedrock for round tripping. Closer watch have also been put on the importers who have been involved in round tripping instead of making the needed imports for which the unscrupulous Nigerians have applied for forex. All of these have been contributing to hurting the economy as the Naira has lately been experiencing a free fall over the United States Dollars. This negative development equally led to hyper inflation as almost all goods and services suffered sudden inflation of prices.
It is therefore for these reasons that an economic conference for the nation was just an imperative. The depreciation of the naira against other international instruments has been a major concern to policy makers and Nigerians as a whole. President Muhammadu Buhari deserves the commendation of Nigerians for heeding their yearning for a conference, where all the peoples through their representatives could sit together and proffer solution to the ailing economy.
It is against this backdrop that Nigerians expect the conference not to assume the form of previous national summits that yielded nothing apart from waste of scarce public resources. The upcoming economic conference should be solution-centred and also create a platform to rally the nation, states, local and federal government as well as the private sector towards a clear and mutually reinforcing economic direction.
It is also an opportunity for the policy drivers of Nigeria to put a solid machinery in motion for diversification of the economy. One clear way to achieve a prosperous economy that is not solely depended on oil and gas is the restructuring of the nation into the six geo-political divides and allow for full blown resource control. It is obvious that so many states as they stand today are insolvent and may die a natural death if the current slide in the price of crude oil continues.
I strongly believe also that Nigeria must practice resource control centred on true fiscal federalism where all federating states will be made to tap their natural resources and pay taxes to the central government. This also would mean devolution of powers where by the federal government should have no business in road construction, building and maintenance of primary and secondary schools except a few tertiary institutions of strategic significance to the nation among others.
The assemblage must adopt a practical and organic approach in the reordering of the economic structure of the country. It must set a road map for economic rejuvenation, growth and prosperity. The meeting should also discuss on the best and quickest ways to boost the nation’s infrastructure, most importantly electricity, water and roads. Efforts must be jerked up to provide uninterrupted power supply to Nigerians both in urban and rural places.
This meeting must also evolve strategies to provide jobs to millions of unemployed Nigerians who are roaming the streets for several years post-NYSC without jobs. This is because, labour creates wealth and not the other way round.
Lastly, Nigerians expect that the proposed conference under President Muhammadu Buhari must address the multi-faceted economic problems buffeting the nation. Revamping the Agricultural and solid mineral sectors for optimal productivity to the nation is direly needed this time around.
Mr. Dan Owegie is a chieftain of the All Progressives Congress (APC), Edo State.
