Buhari’s economics Vs Jonathan’s economics (II)
It is the middle class, they believe, which demands for products and services that engender job creation. One valid point they have raised is that hiring employees is the last resort of an entrepreneur i.e. he creates jobs only when it is absolutely necessary for the survival of his business.On this, I have no opinion […]
It is the middle class, they believe, which demands for products and services that engender job creation.
One valid point they have raised is that hiring employees is the last resort of an entrepreneur i.e. he creates jobs only when it is absolutely necessary for the survival of his business.
On this, I have no opinion either way, but Nigerian leaders must fashion a deliberate plan to raise both entrepreneurs and the middle class. For entrepreneurs, it is difficult to do business in Nigeria. The taxes are too many and too high, to say nothing of the absence of basic infrastructure. No wonder many businesses leave Nigeria for neighbouring countries such as Ghana.
During Obasanjo’s time, the middle class began to assert itself. President Jonathan’s administration, however, has knocked it back. Instead, everybody is subjected to a royal pain, except the friends of Aso Rock; and Nigeria of today is worse than Nigeria of last year.
It’s the implementation, stupid
All things considered, it is save to conclude that there is no difference between Jonathan’s economics and what Buhari promises. What the electorate must therefore look for is the will for implementation.
The PDP has proven itself incapable of implementing any economic plan, whether inspired by Adam Smith or the devil.
The independent power projects of Obasanjo were planned to be completed in December 2007. Elumelu’s power probe in the House of Representatives started at the end of the first quarter of 2008 – three months after the subject of the investigation should have been completed and after $16 billion had been expended.
The largest hydro-power plant in the world, the Three — in China, which produces 22,500 megawatts, spent only $10 billion more. Add more billions of dollars spent on electricity by President Jonathan and we may be approaching what China spent on its project while we have added almost nothing to what the military rulers bequeathed to us in 1999.
Besides the political will to implement, every leader needs to understand economics. Dr. Mahathir, the former prime minister of Malaysia, was reported to have said that among the most fundamental skills a leader should learn is the knowledge of the economy and the financial system.
It is the reason why when the IMF advised the Asian countries on what to do during the 1997-8 economic recession, Malaysia balked and rejected the advice. They came out of that recession relatively unscathed, unlike their neighbours such as Thailand which heeded IMF’s advice.
But We Have a Problem
Economists are yet to fashion a formula for economic development. “Economists do not have a recipe for making poor countries rich,” wrote Charles Whelan in his book ‘Naked Economics.’ “We do not have a proven formula for growth that can be rolled out in country after country like some kind of development franchise.”
Accordingly, I feel that for a leader to lead his country to economic development, he must embody three attributes: knowledge, political will and patriotism.
With these, he can find the right blend of policies to move his country forward. These are what President Park of South Korea started with, same goes for Lee Kuan Yew of Singapore and Dr. Mahathir of Malaysia.
For even if there is no specific formula for development, there are policies common to countries which achieved development through deliberate effort. Douglass North, a Nobel laureate asked: “Why don’t poor countries simply adopt policies that make for plenty?”
Nigerians must choose a leader who has the capability to implement economic policies that make for plenty.
… AND NOW THIS
On 30 August 2014, I wrote: ‘Want PG sponsorship? Are you a Nigerlite?’ announcing to Nigerlites that if they were interested and if they had the grades, they should apply to be sponsored for a PG degree. Even those who didn’t have the 2.1 or first class requested by the former VC, Professor Ibrahim Adamu Kolo, applied. They contacted me if they could apply and I asked them to give it a shot.
Professor Kolo, who agreed with my proposal to recruit 100 Nigerlites for postgraduate studies abroad, is no longer the VC of Ibrahim Badamasi Babangida University Lapai. But the resolve hasn’t changed. I met with the new VC, Professor Nasiru Maiturare on Tuesday. And like I predicted, he supported the idea. Actually, he was, to use a word, ecstatic. He also told me that even before he became the VC, he was advising the state to create a database of Niger State’s talents in different fields.
So those who have applied shouldn’t lose faith because of the change in leadership. If you have not applied however, you can still do so. We wanted 100, we got only 66. People from some local governments didn’t apply at all e.g. Paikoro. Bida led the pack with 20 applications. Do we have more educated people from Bida?
If you are interested, send me an email and I will send you the link to the form.
Follow me on Twitter: @dooba123