Opinion
Lessons From Japan
As part of President Buhari’s administration’s strategies to revive the country’s ailing economy, the Central Bank of Nigeria (CBN), three years ago, restricted access to foreign exchange at the official window for importers of some designated items.
Importers of such named items are by this development to source foreign exchange from the parallel market where the price of forex is significantly higher than the official rate. Although in May, 2017, the CBN lifted the restriction on importers whose cumulative transactions are $20,000 and below per quarter.
Apart from taking this measure, the country’s financial umpire went on to outrightly ban the importation of certain goods into the country, most of which are consumer or intermediate products.
The Central Bank Governor, Godwin Emefiele, took this step because he strongly believes that this protectionist bid would help to “resuscitate local manufacturing” and “change the structure of the economy”.
This, former President Olusegun Obasanjo, also once acknowledged during his tenure, when he vowed; ”We are certainly going to ban more products, the idea is to protect our local industries and boost our manufacturing capability substantially”.
Even though some econmic analysts consider the import ban strategy a good initiative by the CBN, positing that it will inspire local production and automatically impact on the nation’s Gross Domestic Product (GDP), the like of Razeen Sally, professor of International Political Economy at the National University of Singapore, views it rather inherently arbitrary, discriminatory and opaque.
Professor Sally’s grouse stems from the fact that powerful individuals and interest groups often bypass Ministry of Trade’s officials and even the minister to secure waivers directly from sitting presidents, as he claimed.
If Professor Sally’s argument be true, one wonders why any government would dare to destroy a policy it has put in place to correct a system’s anomalies. Could it be said that policy-making in Nigeria is based on administrative fiat and ministerial discretion?
The import ban approach may not be peculiar to Nigeria. However, the attitude of the government towards its implementation determines the level of result to be expected. After all, Japan’s great and unbelievable fast technological and industrial breakthrough started when it banned the importation of articles into the country.
I think it is time Nigerian government articulated its economic policies with the understanding that the role of government in the 21st century must evolve from that of being an omnibus provider of citizens’ needs into a force for eliminating the bottlenecks that hitherto impeded innovation and market -based solutions.
Today, the entire world talks about Japan. This is so because the Japanese government played a vital role by creating an enabling economic environment which was evident in complementing the development of superior production and enterprise systems by Japanese industry.
It is, therefore, no gain saying the fact that the best and most fuel-economical cars, engines and power generators are from Japan. The Hondas, Suzukis, Kawazakis, Mazdas, and Toyotas are Japanese. Incredibly, the Americans now import Japanese cars.
In one of his pieces: “Sweating Before Soaring”, Dr. Chris E Kwakpovwe, a publisher and writer, explained that the Japanese decision to ban importation of goods into the country subjected the citizens into economic suffering.They all resorted to the use of crude automobile and probably became a laughing stock before other countries.
Like every other growing economy, Japan’s bid to reposition itself in the global economic map, was not without challenges. Policymakers, no doubt, may have had to contend with issues on low growth, deflation, unemployment, and a debilitating amount of non performing debt.
When leaders outline lofty visions, it is for patriotic citizens and their corporate entities to key in. The determination of the present administration of President Muhammadu Buhari to change Nigeria from an import dependent country to a producing nation can only be feasible if we all pledge to be on the same page.
The bourgeoisie and the talakawas bear the brunt of every transformation endeavour and are expected to believe in its workability irrespective of the reactional realities. It is on this premise that Thomas Woodrow Wilson, the 28th president of the United States of America, declared “ I would rather fail in a cause that will ultimately succeed”.
Ninety per cent of failures today result from people refusing to endure pressure and giving up so soon. But those who understand the gains of transformation, would always undermine the pains.
What Japan’s experience demonstrated with great clarity is that problems arising from efforts geared at fixing cracked or dilapidated system should rather propel us to greatness instead of deterring us.
Again, indecision and inaction must not characterize the government’s response. Thus, a vibrant, responsive and proactive government is all that is needed in any transformative agenda.
Sylvia ThankGod-Amadi
Opinion
Poor Federal Roads: The Oshiomhole’s Outburst
Quote:”Although the Federal
The recent outburst by the
The senator also alleged
They connect ports, airports,
To address these challenges,
Rwanda and Morocco, for
FERMA should also prioritize
Many Nigerians have asked
Opinion
Sacrificing Humanity for Politics?
“Politics is temporary, but
Every election season leaves
It was never intended to
Such behaviour weakens not
Democracy flourishes when
Judge individuals by their
Every post, comment, and
The greatest victory in
By: Michael T. Abraham
Opinion
Making the Out-of-School Children Survey Count
Quote: “Reliable data may
The Minister of Education, Dr.
The nation’s actual
However, beyond the good
Equally important are
The recurring challenge has
Insecurity has also led to
By: Calista Ezeaku
-
News2 days agoSoldier, Police Officer Killed As Army Rescues Nine Abductees In Zamfara
-
News2 days agoFubara Reaffirms Commitment To Creating Conducive Environment For Business Growth …Commissions Paint Manufacturing Plant
-
Sports2 days agoFifa Scraps Controversial World Cup in Plan
-
News2 days agoPH NBA Election: Committee Uncovers Over 500 Padded Names On Voters’ Register
-
Business2 days agoFG Grants Customs Duty, VAT Exemptions On Imported Electric, Gas Vehicles
-
Business2 days agoVet Doctors Vow Support To Check Rabies Spread In Rivers
-
Politics2 days ago
COUNCIL BOSS RECEIVES RETURNING STAKEHOLDERS TO RAINBOW COALITION IN RIVERS LGA
-
Oil & Energy2 days agoRenewable Energy’s Indispensable To Nigeria’s Future – REAN
