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PRESS RELEASE BY THE COUNCIL OF THE NIGERIAN ECONOMIC SOCEITY
[NES] 18th August, 2005
THIRD-TERM BID UNHEALTHY FOR THE ECONOMY
The Nigerian Economic Society (NES) is holding its 2005 Annual Conference from the 23rd to 25th August at the Airport Hotel Ikeja Lagos. The theme of this year's conference is "Benefits and Costs of Economic Reforms in Nigeria". Over the three-day period professionals drawn from academia, research institutes, and seasoned economists from both the public and private sectors of the economy will closely analyze the net benefits and potential gains from the on-going programme of Economic Reforms.
In anticipation of these scholarly scientific sessions it is pertinent to draw attention to the fact that the ongoing speculations regarding the possibility of a so-called "third term", as a way of extending the life of the current administration may be doing incalculable harm to some of the gains from the programme of economic reforms. One of the primary objectives of the program of reforms is to put the economy on a sound footing. A major obstacle most would-be investors in the economy have always had to contend with is the instability and unpredictability of the business environment. This to a large extent is influenced by the degree of political stability or instability. No domestic or foreign investor would like to embark on major investment programmes in a situation where the resilience of an economy is seen to depend not on viable institutions, but their individual operators. Whoever or whatever group is behind the ongoing clamouring for a third term is sending wrong signals to would-be investors, that the current programme of economic and political reforms are unsustainable beyond the life of the administration.
There is no gainsaying that relative to earlier administrations if not in absolute terms, the current administration has under the leadership of the President taken some far reaching measures to put the economy on the path to realizing its potentials for sustainable growth and development. The best test for these measures as an enduring legacy would be for the President to step aside come 2007, and thereafter seek to reinforce these gains from the sidelines as an elder-statesman, rather than an as an indispensable President who must remain in office to prop them up. His indirect influence from such a high moral high ground is likely to be more beneficial to his legacy and the nation, than risking the destruction of such gains from the diminishing returns of an exhausted President. The alternative models of Mandela in South Africa, as against Zimbabwe's Mugabe are there for us to learn from. The President must not fall prey to praise singers like the Esanje movement in Uganda that is seeking to perpetuate Museveni's rule at the risk of ruining his legacy and all he has accomplished for Uganda.
It is also pertinent to sound a note of warning to those clamouring for change, not because they are interested in our building strong institutions, workable and enduring systems, but because they perceive and pursue change as a game of musical chairs to take their turn at plundering the nation. We have become a dumping ground for all forms of junk products as a nation hooked to so-called fairly used goods (tokunbos, or okrika). This has continued to stifle our ability and desire to work hard at establishing a strong domestic industrial base. We need industries capable of turning out new products, and which create sustainable jobs with high value-added content, to produce manufactured products for local consumption and exports.
Must we now also extend our lazy and shameful but convenient dependence on fairly used products to limiting our search for credible leaders only to fairly used (okrika) Presidents and political rulers? We must begin to free ourselves from recycled former military dictators in civilian gab? Continuing to recycle our former rulers is certainly not the best way to inspire confidence either in ourselves or in our would-be domestic and foreign investors, the country deserves better. We must begin to impress it on others, and ourselves that we are a country on the move, ready to put our sordid inept past behind us. We must begin to chart a new path of creativity, innovation and dynamism necessary for creating a stable investor friendly business and political environment. Those who continue to clamour for recycling fairly used tokunbo military rulers into civilian rulers should be told in clear terms that they are the worst enemies of the country's progress.
If the President is to preserve his legacy, the least he owes himself and posterity under the present circumstances is to come out openly to put paid to this notion that he is indispensable, and that the success of his political and economic reforms hinges on him having a third term. We must begin to move away from the notion that the best way to nation building is to cling on to seemingly indispensable mortals rather than building resilient institutions that would outlast them.
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Professor Sam Olofin
President,
Nigeria Economic Society (NES)
18th August 2005
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