The former Governor of Nigeria’s apex bank, CBN, Prof. Charles Soludo, has reminded the FG that it has only 607 working days to work out a favorable path out of the current economic crisis that the country is facing.
He said this while explaining a mini-blueprint document, which in his opinion, would form the broad pillars against which economic development and positive change to the economy can be achieved. This, he believes, would cast the present administration in a favorable light to Nigerians.
Soludo first highlighted the various factors for the country’s present predicament, which included but was not limited to uneven economic development, poverty and economic decline, human flight and brain drain, state legitimacy and human rights issues and rule of law.
He additionally blamed the poor governance methods of previous governments, especially those of the 1960s to mid-1980s for ‘confusing trial-and-error of tried and failed neo-socialist command and control policy’ which have ultimately led to negative impacts such as capital market comatose and capital flight.
While offering solutions, Soludo supported the proposed emergency economic bill of President Muhammadu Buhari describing it as ‘a positive step forward; akin to Shagari’s ‘Economic Stabilization (Austerity measures) Act of 1982.’
However, for tangible economic growth to be achieved, Soludo explained that the short-term demand management currently being embarked upon by the FG must be coupled with supply side/structural transformation. Failure to do this would be “faulty and could become a race to the bottom.”
He also advocated for policy review as according to him, “too many of existing laws are inconsistent with a regime for competitive production; new ones needed.”
Parts of this article originally appeared in Sun News.