Nigeria will rise again

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Economic Hotpot

Written by Oluwasegun Popoola

Monday, 03 November 2008 06:44

Nigeria started its journey as a nation in 1914 when it was formed through the amalgamation of the then Northern and Southern protectorates. An imperialist nation governed by the British had emerged and continued till 1960 when Nigeria gained independence. A country endowed with abundant human, material and natural resources, it was clear to everyone in the world over that it only needed the right leadership to become a rich and great nation.

The passion evoked by independence in the 1960s was heart rendering but this was short lived in 1966 with the first military coup which began with a wave of violence, coups and counter coups and ultimately the denigration of national values and ethos.

Those events signaled a chain of reactions and counter reactions that the entire country has battled with till date.

Today, the Nigerian professional or entrepreneur is left alone to deal with the challenges and problems which ought to be fixed by the country’s institutional framework. It seems everyone now have their private roads, source of drinking water, power generation sets and others.

In the midst of all the conflicting signals, a group of young Nigerian professionals are emerging with a strong and positive attitude to the Nigerian enterprise. From the self help groups to the charitable trusts and foundations, the business start ups and investment clubs; we are witnessing a gradual shift in the thoughts and minds of the next generation.

Indeed, to build the society of our dreams we must have the following:

Equality and Fairness
Good work ethics
Good and Honest Leadership
Rule of Law
Democracy
Hard work
Commitment
Integrity
Accountability
Transparency
Discipline
Sense of patriotism
Respect for the dignity of the human person as every human deserves at least food, shelter, clothing, education and elementary health care.
Fundamental Human Rights

In addition, we must adopt the following:

Development of Institutional Capacity: There is need for the Nigerian state to build national institutions that will outlive the individuals presently responsible for the management of such institutions.
Institutions such as the National Agency for Foods, Drugs Administration and Control (NAFDAC), Economic and Financial Crimes Commission (EFCC), National Planning Commission (Bureau of Statistics), National Universities Commission and others fall in this category.
In addition, legislations to give sound legal backing and clear operational framework to such institutions must be promulgated and passed into law.
Respect for the Rule of Law: The legislature and judiciary which are 2 important arms of government require a major overhaul. There is a need to strengthen the judiciary. The remuneration of judicial officers must be reviewed in line with existing realities. Judgments and pronouncements by the courts must be obeyed by governments at all levels and a penalty system to prevent disobedience of court orders must be established. Contract enforcements must be instituted. The National Judicial Council (NJC) should be strengthened to perform and enforce its pronouncements and judicial actions.
Above all, there is need for a complete overhaul of the Nigerian Police Force. In addition, the rank and file of the force needs to be reformed.
Financial Services Industry Reforms: The ongoing reforms in the financial services sector must be sustained. The regulatory institutions need to be strengthened to provide a more detailed oversight and supervisory function over the financial institutions. In addition, Nigeria by now ought to have private sector led credit rating agencies which will ensure that individuals can obtain loans and credit with little documentation and collaterals thereby spurring consumer spending and ultimately the credit creating capacity of the economy. (A new credit agency has been created in Nigeria but this initiative is largely hampered by the lack of a national identification system).
The informal financial sector also requires a major overhaul and regulatory oversight. Phony schemes outside the financial sector with promises of outrageous returns must be checked and operators investigated and prosecuted as it is believed that such individuals are responsible for financing illegal activities such as oil bunkering and money laundering.
Overhaul the Education sector: The education sector needs to be overhauled. The introduction of the post JAMB test is a step in the right direction and must be sustained until the irrelevance of JAMB is clearly established.

I have never subscribed to free education at all levels; however, I am of the opinion that Nigeria must pursue a non-corrupt free education policy if we must have a free education policy.

Attendance at primary and post primary schools must be enforced. Nigeria cannot afford to allow children born in this age not to have basic education.

Tertiary education should never be free; however, institutions such as credit agencies and education loans’ granting agencies should be encouraged to thrive. Public universities must be willing to grant scholarships, tuition waivers and other incentives to intelligent but indigent students. Every child in a higher institution must be made to realize the opportunities available by attending a higher institution. There is no doubt that students’ violence and cultism will be significantly curtailed when students are forced to contribute to financing their education.

Emergence of Virile Civil Society Groups and Coalitions
Sustained but not selective fight against corruption
Strengthen the Electoral Institutions
Economic Reforms with a Human Face
Institution of Corporate Governance

The journey for Nigeria has indeed just begun. We must all ensure we act now to ensure that the most populous black nation reaches its destination.

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