• Main News
  • About Us
  • Contact
Premium Times Opinion
Tuesday, January 26, 2021
  • Home
  • Democracy and Governance
    • Bámidélé Upfront
    • Jibrin Ibrahim
    • Okey Ndibe
  • Economy
    • Ifeanyi Uddin
  • Issues of the Day
    • Adeolu Ademoyo
    • Aribisala on Tuesday
    • Dele Agekameh
    • Pius Adesanmi
  • Politics
    • Ebeneezer Obadare
    • Femi Fani-Kayode
    • Garba Shehu
    • Hannatu Musawa
    • Zainab Suleiman Okino
  • Guest Columns
  • Faith
    • Article of Faith
    • Sunday Ogidigbo
    • Friday Sermon
    • Elevated Sight
  • Home
  • Democracy and Governance
    • Bámidélé Upfront
    • Jibrin Ibrahim
    • Okey Ndibe
  • Economy
    • Ifeanyi Uddin
  • Issues of the Day
    • Adeolu Ademoyo
    • Aribisala on Tuesday
    • Dele Agekameh
    • Pius Adesanmi
  • Politics
    • Ebeneezer Obadare
    • Femi Fani-Kayode
    • Garba Shehu
    • Hannatu Musawa
    • Zainab Suleiman Okino
  • Guest Columns
  • Faith
    • Article of Faith
    • Sunday Ogidigbo
    • Friday Sermon
    • Elevated Sight
No Result
View All Result
Premium Times Opinion
Home Columns

Reforming Our Economic Management Team, By Uddin Ifeanyi

by Premium Times
October 24, 2016
4 min read
0

Yemi-Osinbajo

Our main challenge then, if we were to extend this latter metaphor, is to reform and reinforce our electoral processes, so that it is cheaper and more efficient, come 2019, if we are minded to change the present management team.


From May 29th last year, the incumbent administration had 16 quarters within which to redress the fortunes of the economy. Any which way this task was contemplated then, it was always going to be a long shot.

Much of the recent impetus for slackening domestic growth has been the result of short-term downside risks: the abysmal management of the economy under the Jonathan government; the bottoming out of global demand (and hence of crude oil prices); the new restiveness in the oil-rich Niger Delta region, which is still taking such a severe toll on domestic crude production; etc. Still, all these reinforced the popular conceit that a well-run government would soon have us on the way to El Dorado.

That portion of the electorate that voted the Jonathan administration out on the back of this hope erred. Yes, we could pacify the Niger Delta over 16 quarters. And, we could stanch the fiscal leakages that hurt the economy over the same period.

But, the challenge before the Buhari administration was never a near-term one. For starters, global demand was not part of its bailiwick; it could only wait and hope for a recovery over this current electoral cycle. Beyond that, though, is the doubt that the global economy could soon find the high gears that saw it chug along at a decent pace in the decades leading up to mid-2014.

Despite recent shenanigans around OPEC and Russia, the oil outlook has not improved. Global trade has tailed output growth in the last two years, reversing a trend that buoyed economies around the world before the last recession. Unfortunately, even if we could somehow flip this trend on its head, again, the prospects for US$100/barrel oil is dim. This is not just a matter of the supply glut in the market. It is about renewables accounting for a larger (and growing) share of electricity production in those places where fossil fuels were once dominant sources. It is equally about the car industry paying even closer attention to Elon Musk’s vision.

In other words, the global economy may be undergoing structural changes that will make it impossible for us to live as we were once wont to. These changes have always meant that simple tweaks to fiscal and monetary policy, even such as eliminating corruption, were never going to be enough to reset the local economy.

Even then, to go on about structural reforms, today, as if it were a novel solution to our problems, would be to ignore the extensive body of work available in the country on how to wean the economy off its addiction to crude oil export earnings. Going cold turkey was never one such solution; at least until the global economy forced it on us.

In the case of the incumbent government, it has used up six quarters twiddling its thumb. Four of this six have seen the economy find a reverse gear. Now you need remember only that the last four quarters, the ones leading up to the end of the election cycle, will be taken up by polling concerns…


Now, then, the main task for any serious government in the country is to free the economy’s “animal spirits”. To reduce domestic “transaction costs”. To strengthen mechanisms for building trust, especially through better legal and law enforcement procedures. And to build domestic human capital — i.e. boost institutional capacity for delivering better education and healthcare.

None of the structural reform proposals for improving domestic economic competitiveness would bear fruit over the four-year electoral cycle. Indeed, over this period, even with fiscal and monetary policies in fine fettle, the populace is likelier to see more pain than gains from official reforms. I suppose this is where successive governments have parted with the courage required to put these convictions in practice.

In the case of the incumbent government, it has used up six quarters twiddling its thumb. Four of this six have seen the economy find a reverse gear. Now you need remember only that the last four quarters, the ones leading up to the end of the election cycle, will be taken up by polling concerns, to understand how precarious the outlook for this economy is.

So, back out those last four quarters, and all that’s left for this administration is about six quarters. On past form, it is unlikely to get fiscal and monetary policy right. Besides, 24 months is not time enough to commence serious reforms to the structure of the economy, and harvest the fruits of such reforms.

So, what to do?

If the administration were a business challenge, much easier to fully provision for it, seek to bring down domestic costs, rationalise operations, and raise new capital. However, this will be because, first, you have changed management.

Our main challenge then, if we were to extend this latter metaphor, is to reform and reinforce our electoral processes, so that it is cheaper and more efficient, come 2019, if we are minded to change the present management team.

Ifeanyi Uddin, journalist manqué and retired civil servant, can be reached @IfeanyiUddin.

Share this:

  • Tweet
  • Print
  • More
  • Pocket
  • Share on Tumblr

Related

Previous Post

Subsidy Reform: Expanding Opportunities for Women’s Welfare Gains, By Victoria Ibezim-Ohaeri

Next Post

On Mamman Daura’s Alleged Rulership of Nigeria, By Jibrin Ibrahim

Related Posts

#EndSARS and the Rise of A New Nigeria, By Dakuku Peterside
Columns

Nigeria: COVID-19 Re-loaded, By Dakuku Peterside

January 25, 2021
Trust and Confidence Building As Conditions of Good Governance, By Uddin Ifeanyi
Columns

Nigeria’s New Wars and Its Vacant Leaderships, By Uddin Ifeanyi

January 25, 2021
Rethinking Heroism and the Nigerian Civil Service, By Festus Adedayo
Columns

Sunday Igboho and the Spirit of Ogbori Elemoso, By Festus Adedayo

January 24, 2021
Why Lai Mohammed Must Be Fired Immediately, By Femi Aribisala
Article of Faith

Free Will Does Not Exist (2), By Femi Aribisala

January 24, 2021
Religion As Africa’s Trojan Horse, By Osmund Agbo
Columns

Chief John Nnia Nwodo: Ijele Ndigbo Takes A Bow, By Osmund Agbo

January 23, 2021
People Deserve The Coach They Hire, By Owei Lakemfa
Columns

Biden and the Kicks of A Dying Horse, By Owei Lakemfa

January 23, 2021
Next Post
Sanusi II and the Prospects of Radical Emirship, By Jibrin Ibrahim

On Mamman Daura’s Alleged Rulership of Nigeria, By Jibrin Ibrahim

The Shi’a Victim Syndrome, Paid Mourners and Dangerous Propaganda, By Gabriel Onoja

The Shi'a Victim Syndrome, Paid Mourners and Dangerous Propaganda, By Gabriel Onoja

Editorial

  • EDITORIAL: Unearthing the Cogent Lessons In the NESG-CBN Economic Policy Imbroglio

    EDITORIAL: Unearthing the Cogent Lessons In the NESG-CBN Economic Policy Imbroglio

  • EDITORIAL: COVID-19: Calling On Nigeria’s Billionaires and Religious Leaders To Step Up

    EDITORIAL: COVID-19: Calling On Nigeria’s Billionaires and Religious Leaders To Step Up

  • EDITORIAL: Bichi Must Go; Buhari Must Halt Slide Into Despotism

    EDITORIAL: Bichi Must Go; Buhari Must Halt Slide Into Despotism

  • EDITORIAL: The Flaws In Governor Emefiele’s Five-Year Plan For Central Bank of Nigeria

    EDITORIAL: The Flaws In Governor Emefiele’s Five-Year Plan For Central Bank of Nigeria

  • EDITORIAL: President Buhari Must Release Sowore Now!

    EDITORIAL: President Buhari Must Release Sowore Now!

Subscribe to our Opinion articles via email

Enter your email address to get notifications of new opinion articles as they are published.

Join 526,505 other subscribers

Most Popular

  • Restructuring In Nigeria: Why? How? When?, By Attahiru M. Jega
    Restructuring In Nigeria: Why? How? When?, By Attahiru M. Jega
  • Sunday Igboho and the Spirit of Ogbori Elemoso, By Festus Adedayo
    Sunday Igboho and the Spirit of Ogbori Elemoso, By Festus Adedayo
  • Time To Have More Gumis In Society: When Action Speaks Louder Than Words, By Umar Yakubu
    Time To Have More Gumis In Society: When Action Speaks Louder Than Words, By Umar Yakubu
  • Of Toyin Falola, African Scholars and the Western Academy, By Mohammed Dahiru Aminu
    Of Toyin Falola, African Scholars and the Western Academy, By Mohammed Dahiru Aminu
  • The Imperative of Restructuring Nigeria, By John Nnia Nwodo
    The Imperative of Restructuring Nigeria, By John Nnia Nwodo
  • Nigeria: the Sad Return To 'Broken' Chains, By Eric Teniola
    Nigeria: the Sad Return To 'Broken' Chains, By Eric Teniola
  • Nigeria’s New Wars and Its Vacant Leaderships, By Uddin Ifeanyi
    Nigeria’s New Wars and Its Vacant Leaderships, By Uddin Ifeanyi

Like us on Facebook

Like us on Facebook

Podcasts

Advertisement

Advertisement

Advertisement

  • Main News
  • About Us
  • Contact

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • Democracy and Governance
    • Bámidélé Upfront
    • Jibrin Ibrahim
    • Okey Ndibe
  • Economy
    • Ifeanyi Uddin
  • Issues of the Day
    • Adeolu Ademoyo
    • Aribisala on Tuesday
    • Dele Agekameh
    • Pius Adesanmi
  • Politics
    • Ebeneezer Obadare
    • Femi Fani-Kayode
    • Garba Shehu
    • Hannatu Musawa
    • Zainab Suleiman Okino
  • Guest Columns
  • Faith
    • Article of Faith
    • Sunday Ogidigbo
    • Friday Sermon
    • Elevated Sight

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.