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.
Good for soludo,this is not the time for oratory in Nigeria.neo-socialism or neo-capitalism.president Shagari created problem for Nigeria with his austerity measures,the nation was feeling the pain,the army step-in with.disagreement amongst Nigerian Generala at the top.Gen Babangida took over from Gen Buhari.Gen babangida was described as sensitive,generous and a kind soul,when he took over he acted according to his soul, through his soul he averted a depression in Nigeria,and Nigerian economy did grew.
gen babangida knows what he did,he looked a content person.now he is growing old,maybe with time Nigerians may understand him,nigerians may call him name,sometimes when you judge somebody,you judges yourself.PresidentJohnathan knew there was corruption,and his attorney general knew there was corruption,which the media reported,especially on the oil managinal field oil and mobile auctioning,which obasanjo mentioned in his letter to johnathan,HE FAILED TO CHOOSES THE RIGHT MAN FOR THE JOB,WHICH WILL MAKE NIGERIA AND NIGERIANS HAPPY,andthis is the trick in Nigeria,to jogs,satisfies and makes more than 300 different tribes and about 3 major religious group happy.
Ex-president johnathan failed woefully,the main problem is that he allowed a weak regulation and regulators in place .This IS WHY,this recession is so servere and very painful,THIs IS THE BIGGEST RECESSION FOR ALMOST 40 YRS IN NIGERIA…
The central bank of Nigeria,Udoma’s ministry of national planning and the ministry of finance compounded the problem,by trying to continues and maintains this present process of how things is being done in Nigeria,THIS PRESENT GOVT ONLY CHANGED STRATEGIC AIM DUE TO CRITICISM,thisrecession is getting deeper from 0.1 % to almost 3 % this year,due to the way the govt is handling the economy,this structure and process of regulation,i.e weak structure and weak fundamental regulation,facilities leading to a foreseen a correction and downfall economic scenario.THIS IS WHAT WE FACES NOW.NOW THE MINISTER OF PLANNING IS PROJECTING TO CONTINUE THIS MINI ECONOMIC FRAMEWORK.
I only expressing my view as a Nigerian.this way of doing things in Nigeria cannot last.they need TO INCLUDES THIS MIN ECONOMIC PLAN WITH AN ECONOMIC COSMETIC SUGERY TO LIFT THE MOOD/FEELING,AND A PROGROMME TO AIM FOR FULL EMPLOYMENT BY ANY MEANS
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