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todayAugust 12, 2022

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For the Buhari administration, there is still enough time to deliver a cycle of sowing, tending and harvesting, writes Charles Iyore

Our economy has been taken hostage by managers bent on consuming the national seed corn.

Those who expect a harvest know they have to sow the seed corn and tend assiduously to get a good harvest.  All our natural resources are seed corn, provided by God, for the common good.

The trend, however, since political independence in 1960 has been one of consuming the seed corn with progressive impunity.

Unfortunately for us, the difference between economies that do well and those that don’t is how they use their seed corn.

Without consistent and significant harvests, in the period under review, leaders have developed a nervous disposition to inadequacy, which has fueled the desire to share the seed corn.

The distribution parties are on-going in the following locations;

·         774 local governments,

·         36 state governments,

·         One Federal capital territory,

·         One Federal government,

The struggle to get the limited seats on these tables, means that the use of differentiation, originally based on tongue tribe and creed, has taken-on new heights of deft manipulation.

Such is the depraved stranglehold of the exponents of that approach that an otherwise poor nation continues to parade itself as affluent. (potentially so but not demonstrably) ref; Dr. Okonjo-Iweala, suggesting we save for the rainy day.

For this administration, it is not all over as there is still enough time to deliver a cycle of sowing, tending and harvesting.

For that to happen, the paradigm shift must start now to hopefully realize the lofty promises of 2015. –The offer to restore hope, rather than kill it off.

The Presidency must look at governance from the perspectives of policy and effective execution to deliver programmes fit for purpose.

That is the only way to restore a system, so badly broken, observers are no longer sure, if we are going or coming.

There are sowers and tenders in every community and the right engagement will put the economy back on track, on its way to the rightful place in the comity of nations. –The Birmingham Commonwealth games, show what is possible.

The conversation needs to start now, to reverse the following; the rot and waste of over 60% of agricultural output; the continuous downward slide of the currency;

the dearth of skilled manpower needed for production and construction; the indulgence of the Treasury by the CBN; the blackmail of the CBN by the Treasury; the idle, laissez faire conduct of elected political officers; the ineffectiveness of the local governments, running without clear guidelines from the Treasury, on asset management and investments; the poor streamlining of the usage of foreign reserves, in critical imports; the sub-optimal use of multilateral agencies and the foreign service; the failure to provide dependable continental leadership; the re-establishment of civil service cadres to define, exponents, middle managers and policy interpreters.

There are some areas of success, but the lack of a coordinating/communications handle makes the look too incomplete.  

On an itemized basis; There needs to be at least 10 national centres of produce storage and aggregation; the currency situation needs a national emergency team to support the Central Bank; the rapid incubation and certification of skilled manpower across the country; the indulgence of the Treasury by the CBN has become obvious in the amounts of money available for graft in the Treasury and MDAs.

Elected officers make little or no impact in their communities. This has to change.

Local governments need to be re-invigorated by a treasury communities’ act for asset management and investment. The import/export processes, must use global brokers and call for occasional reviews by the trade desks of missions. There needs to be regular reviews of all multi-lateral agency engagements for influence.

These are little changes that can make monumental differences to the governance outlook of the administration.

The administration should put to good use its many adversities.

 Iyore is

Partner, DNA Capital,

Darenth Kent, England

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todayAugust 12, 2022

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