Is it possible that the Minister of Finance, Dr. Ngozi Okonjo-Iweala, who is supposed to have commanding stands on the economy, as other appendages to her title suggest, is the last person to know that the Nigerian economy is in dire straits?
She has spent the better part of this year denying that anything could be amiss with the economy. As oil prices fall, with the United States using other oils, even ordinary people noted that lower oil sales would affect the economy. Dr. Okonjo-Iweala said nothing of the sort would happen. The economy was on a sound footing, she added. Anyone who doubted her was cast in the mould of the opposition. There is the politics of the economy, a trend where any suggestion about improving the economy is equated with taking a stand against the administration
.She has spent the better part of this year denying that anything could be amiss with the economy. As oil prices fall, with the United States using other oils, even ordinary people noted that lower oil sales would affect the economy. Dr. Okonjo-Iweala said nothing of the sort would happen. The economy was on a sound footing, she added. Anyone who doubted her was cast in the mould of the opposition. There is the politics of the economy, a trend where any suggestion about improving the economy is equated with taking a stand against the administration
Last April’s rebasing of the economy that pushed Nigeria’s Gross Domestic Product to $509 billion, ahead of South Africa’s $350 billion, was 24 years late. Nigeria had been working with a 1990 base. While the exercise saw GDP jump 89 per cent from N42.3 trillion (2013) to N80.3 trillion, the economy’s acknowledgement of sectors like telecommunications, music and Nollywood should mark more efforts at harnessing the potentials the sectors hold.
Nigeria’s huge population does not feel the impact of the growth. Governments’ interests are in statistics that support economic growth.
If without electricity Nigeria raked up 12 places to become the 24th largest economy in the world, sharing the spot with Poland and Belgium; ahead of Argentina, Austria and Iran, we can imagine what could be achieved with better infrastructure and less corruption.
The long job queues remain, as more people are joining them. Millions are becoming poorer; the growth in the economy excludes their own realities. Rampant corruption denies the economy resources and disrupts systems.
Only last week, Dr. Okonjo-Iweala admitted that the economy was in a shape that would challenge all soon. Oil prices were tumbling, she said, as if that was new. Or that managers of the economy had not repetitively sang about the importance of diversifying the economy? What was her prescription for surviving the coming hard times? She wants us to apply austerity measures. The prescription is obviously not for governments.
It is a shame that those entrusted with managing our affairs, either complain, like most Nigerians, or threaten us with woes.
The economy, doubtlessly, is in a bad shape. Its unique growth cannot create jobs, improve the situation of people or direct them to opportunities. Ordinary Nigerians understand an economy without oil better than managers of the economy – they practise it; they do not need to preach it.