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Soludo: How To Revive Economy | TheNation


Former Central Bank of Nigeria (CBN) Governor Chukwuma Charles Soludo has said that for Nigeria to come out of its challenge, there should be a coalition of economic policies that can deal with desperate socio-economic issues in a sustainable manner.

Prof. Soludo, in his lecture at the Progressive Governors Forum 4th Progressive Governance Lecture Series, said the collapse of oil prices is a blessing for Nigeria to start a new beginning.

The lecture is titled “Building the economy of states: Challenges of developing inclusively sustainable growth”.

The former CBN boss said Nigeria was dealing with political, economic and social shocks, stressing that growth will not be inclusive if we do not break the dynasties of poverty and maximise the comparative and competitive advantages.

According to him, no state can develop sustainably if the overall governance and economy are in crisis. Nigeria’s economy, in terms of dollar, has collapsed by about 50 percent. “Nigeria is facing unprecedented and tremendous political and economical challenges with global and local dynamics. Regardless of these challenges, opportunities and possibilities abound if we address some fundamental issues. The key to achieving this is to have a development plan that is anchored on realising inclusive and sustainable growth.

“Inclusive and sustainable growth cannot be achieved without conscious efforts to deconstruct the dynasties of poverty and maximise states’ and Nigeria’s comparative and competitive advantage.

“Nigeria is not secured and made politically sustainable especially through the de-strangulation of the hold of the Federal Government over states.”

Soludo recommended the‎ Restructuring of the economy from consumption-driven to production-based and‎ Consistency in micro economic policies.

“‎Encouraging fiscal federalism in ways that allow states to have greater control of their resources, evolution of a master plan for mass export oriented industrialization that answers the economic questions and realities of today.

”APC developing over-arching vision of Nigeria without Oil and‎ there should be a coalition of economic policies that can deals with disparate socio-economic issues in a systematic and sustainable manner;

“APC States must develop a peer review mechanism to track, measure and share knowledge and experience in order to achieve shared values that will distinguish APC states from non APC states.

“There is need for communication strategy that effectively communicates change in a forward looking and inspiring manner for the citizenry. This is important for building consensus for development, and‎ there should be a coordinating mechanism for developing the 2017 budget,” Soludo.

Vice President, Yemi Osinbajo, who gave the opening remark said Nigeria has what it takes to be a great nation if public servants take responsibility for the transformation of the country.

The Vice President said: “we have what it takes to make a big difference. Like I said in Kano some few minutes ago, we have the capacity in this country to make a great nation. I don’t believe there is any country, especially on the African Continent that has resources, men and material that we have.

“But a lot will depend on us, the public servants, whether we are elected or appointed, we are the ones that can make a difference in this country. If we as public servants, see ourselves as being responsible for transforming our society, we see ourselves as being the hope country and continent need, then perhaps, the change is really possible. But, without us taking responsibility, very little can happen.

“We don’t have shortage of ideas or shortage of intentions in Nigeria, but what we lack is ability and capacity to see something through and complete it. For me, one of the greatest frustrations of government is that, there are so many great ideas, great thought, but we face difficulties of completing things.

“The challenges that many states in Nigeria face today are not self-inflicted, some are historical, they are legacy challenges, but then, we are required to come to the table with fresh ideas to solve the problems. Some of the problems are not problems we can solve in few months or even years.

“We are called upon at this time to make a difference and I believe the time calls for creativity and innovation but more importantly, the time calls for depending on each other, looking up to each other for solutions. We cannot operate in silence.

“We have the next few years to transform this country and I hope we would be able to make that change. Am sure the states here are the ones to make that change.”

Kaduna State Governor Nasir El-Rufai said Nigeria is facing an unprecedented economic crisis most of which arose from the circumstances of the present and past.

The Governor, who also said the worst job in Nigeria today is to be a governor, lamented,” We are left to redeem inherited problems. We don’t have a hand in them but we have a duty to solve them”.

He commended the Federal government, particularly, Vice President, Yemi Osinbajo, who is the Chairman of the Economic Council for supporting and leading states out of their current crisis. We thank him for the support given to states.

In attendance at lecture were: Governors Ibikunle Amosun (Ogun), Akinwunmi Ambode (Lagos), Mohammed Abubakar (Bauchi), Simon Lalong (Plateau), Atiku Bagudu (Kebbi), Kashim Shettima (Borno), Jubrilla Bindow (Adamawa), Rauf Aregbesola (Osun), Abdulaziz Yari (Zamfara) and Rochas Okorocha (Imo) attended.

The governors of Kwara, Benue, Nasarawa, Katsina and Oyo states were represented by their deputies.

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