Opinion
Task Before Jonathan’s Economic Team
Nigerians are hoping for the best from the 24-man National Economic Management Team (NEMT) inaugurated last week by President Goodluck Ebele Jonathan to drive his transformation agenda for the nation. The membership of the team which has President Jonathan, himself, as chairman, Vice-President Namadi Sambo as Vice-chairman, and the Minister of Finance, and coordinating minister for the economy, Ngozi Okonjo-Iweala as coordinator is drawn from both the public and private sectors.
The members of the team include Minister of National Planning, Shamsudeen Usman, Minister of Trade and Investment, Olusegun Aganga, Minister of Power, Barth Nnaji, Minister of Petroleum Resources, Diezani Madueke, governor of the Central Bank of Nigeria, Lamido Sanusi, the Adamawa State Governor, Murtala Nyanko, the Anambra State Governor, Peter Obi, and the President, Nigerian Economic Society, Atedo Peterside. Others are Minister of Agriculture, Minister of Works, Minister of Education, Minister of Health, Minister of State, Finance, and Minister of state Health. The Chief Economic Adviser to the President, the Special Adviser to the President (Monitoring and Evaluation) the Director-General of the Budget Office, the Director General of the Bureau of Public Enterprise, Director General, Debt Management Office, Director General, Bureau for Public Procurement and Director General, Infrastructure Concession Regulatory commission are also members.
Apparently, to doubly ensure the effectiveness and efficiency of the team, President Jonathan co-opted into it the country’s foremost business mogul, Aliko Dangote, the chairman, Federal Inland Revenue Service, Ifueko Omoigui-Okauru, the Managing Director, Access Bank, Aigboje Imoukhuede, and the President, Manufacturers Association of Nigeria, Kola Jamodu and constituted a 15 – member implementation team headed by Ngozi Okonjo-Iweala.
It goes without saying that even with its abundant natural resources, Nigeria is characterised by mass poverty, low level of productivity, high and rising level of unemployment and underemployment, inadequate housing, poor health, limited education, insecurity, violence, and corruption.
So the task before President Jonathan’s National Economic Management Team is to extricate the country from its socio-economic quagmire and place it on the path of growth and development. As noted by President Jonathan in his address to the team: “our people want to see improvement, not only in terms of reduced inflation, higher economic growth and economic diversification, but also in job creation, better school enrolment, improved access to health care and a more sustainable environment. They want regular and sustainable electricity supply, higher purchasing power, and social infrastructure”.
And in line with the UN Millennium Development Goals (MDGS), Nigerians also want to see the eradication of extreme poverty and hunger, achievement of universal primary education for our children and youths, promotion of gender equality and women empowerment, reduction in child mortality, improvement in maternal health, and effective measures against HIV/AIDs, malaria, and other diseases.
Considering the inability or out right failure of previous similar bodies to reverse the dispiriting fortunes of the Nigerian state, the people are anxiously waiting to see the value of the new team to the country.
It would not be enough for the economic team to set goals like the previous ones. No. It would be necessary to reduce the goals to measurable functions against which the success of its plans or blueprint can be objectively determined. The team must therefore translate the aspirations of the Nigerian people into measurable goals, and the goals into targets.
And fundamentally, the team must undertake a cost-benefit analysis of every project to be recommended to government for execution. This would involve carrying out investigations to determine the economic viability, social desirability, technical practicability, financial justification, and the degree of probability of success or failure of the projects.
The need for cost-benefit analysis for public projects cannot be over-emphasised. But surprisingly, only a few public projects are subjected to cost-benefit analysis in Nigeria. And the result is that public projects are usually revalued again and again making the completion costs higher than the estimates which are often conjectured. This explains why a lot of public projects in the country are abandoned regardless of their completion stage.
One major factor that undermines cost-benefit analysis in public business is primacy of politics. In the words of Patrick E. Olawa in his book Participatory Democracy in Zambia: The Political Economy of National Development: “The primacy of politics exists in the process of policy and decision-making when political considerations outweigh rational technical question of selecting alternatives which have the greatest ability of affecting the most efficient allocation of scare resources”.
Yes, politicians may deliver political addresses and declaration to satisfy often divergent psychological needs and expectations of the times without first operationalising them within research context. They may prefer dramatic short term goals that deal with immediate pressing problems, to long-range programmes designed to tackle the various aspects of development. And they may make major policy decisions without considering the repercussions on long-term planning. But as on advisory body, it would be the responsibility of the economic team to articulate and present to government the costs and benefits of their decisions and non-decisions to the country and its people.
Finally, this formidable team should bear in mind that as they would be aiming for specific economic ideals for the country, enemies of progress would be doing their best to frustrate them. May God Almighty grant them the strength and wisdom to meet the challenges of this great task with utmost effectiveness and efficiency.
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Empowering Youth Through Agriculture
Quote:”While job seeking youths should continuously acquire skills and explore opportunities within their immediate environment as well as in the global space through the use of digital platforms, government, corporate/ multinational organizations or the organised private sector should generate skills and provide the enabling environment for skills acquisition, through adequate funding and resettlement packages that will provide sustainable economic life for beneficiaries”.
The Governor of Rivers State, Sir Siminalayi Fubara, recently urged youths in the Rivers State to take advantage of the vast opportunities available to become employers of labour and contribute meaningfully to the growth and development of the State. Governor Fubara noted that global trends increasingly favour entrepreneurship and innovation, and said that youths in Rivers State must not be left behind in harnessing these opportunities. The Governor, represented by the Secretary to the State Government, Dr Benibo Anabraba, made this known while declaring open the 2026 Job Fair organised by the Rivers State Government in partnership with the Nigeria Employers’ Consultative Association (NECA) in Port Harcourt. The Governor acknowledged the responsibility of government to create jobs for its teeming youth population but noted that it is unrealistic to absorb all job seekers into the civil service.
“As a government, we recognise our duty to provide employment opportunities for our teeming youths. However, we also understand that not all youths can be accommodated within the civil service. This underscores the need to encourage entrepreneurship across diverse sectors and to partner with other stakeholders, including the youths themselves, so they can transition from being job seekers to employers of labour,” he said. It is necessary to State that Governor Fubara has not only stated the obvious but was committed to drive youth entrepreneurship towards their self-reliance and the economic development of the State It is not news that developed economies of the world are skilled driven economies. The private sector also remains the highest employer of labour in private sector driven or capitalist economy though it is also the responsibility of government to create job opportunities for the teeming unemployed youth population in Nigeria which has the highest youth unemployed population in the subSahara Africa.
The lack of job opportunities, caused partly by the Federal Government’s apathy to job creation, the lack of adequate supervision of job opportunities economic programmes, lack of employable skills by many youths in the country have conspired to heighten the attendant challenges of unemployment. The challenges which include, “Japa” syndrome (travelling abroad for greener pastures), that characterises the labour market and poses threat to the nation’s critical sector, especially the health and medical sector; astronomical increase in the crime rate and a loss of interest in education. While job seeking youths should continuously acquire skills and explore opportunities within their immediate environment as well as in the global space through the use of digital platforms, government, corporate/ multinational organizations or the organised private sector should generate skills and provide the enabling environment for skills acquisition, through adequate funding and resettlement packages that will provide sustainable economic life for beneficiaries.
While commending the Rivers State Government led by the People First Governor, Sir Siminilayi Fubara for initiating “various training and capacity-building programmes in areas such as ICT and artificial intelligence, oil and gas, maritime, and the blue economy, among others”, it is note-worthy that the labour market is dynamic and shaped by industry-specific demands, technological advancements, management practices and other emerging factors. So another sector the Federal, State and Local Governments should encourage youths to explore and harness the abounding potentials, in my considered view, is Agriculture. Agriculture remains a veritable solution to hunger, inflation, and food Insecurity that ravages the country. No doubt, the Nigeria’s arable landmass is grossly under-utilised and under-exploited.
In recent times, Nigerians have voiced their concerns about the persistent challenges of hunger, inflation, and the general increase in prices of goods and commodities. These issues not only affect the livelihoods of individuals and families but also pose significant threats to food security and economic stability in the country. The United Nations estimated that more than 25 million people in Nigeria could face food insecurity this year—a 47% increase from the 17 million people already at risk of going hungry, mainly due to ongoing insecurity, protracted conflicts, and rising food prices. An estimated two million children under five are likely to be pushed into acute malnutrition. (Reliefweb ,2023). In response, Nigeria declared a state of emergency on food insecurity, recognizing the urgent need to tackle food shortages, stabilize rising prices, and protect farmers facing violence from armed groups. However, without addressing the insecurity challenges, farmers will continue to struggle to feed their families and boost food production.
In addition, parts of northwest and northeast Nigeria have experienced changes in rainfall patterns making less water available for crop production. These climate change events have resulted in droughts and land degradations; presenting challenges for local communities and leading to significant impact on food security. In light of these daunting challenges, it is imperative to address the intricate interplay between insecurity and agricultural productivity. Nigeria can work toward ensuring food security, reducing poverty, and fostering sustainable economic growth in its vital agricultural sector. In this article, I suggest solutions that could enhance agricultural production and ensure that every state scales its agricultural production to a level where it can cater to 60% of the population.
This is feasible and achievable if government at all levels are intentional driving the development of the agricultural sector which was the major economic mainstay of the Country before the crude oil was struck in commercial quantity and consequently became the nation’s monolithic revenue source. Government should revive the moribund Graduate Farmers Scheme and the Rivers State School-to-Land agricultural programmes to operate concurrently with other skills acquisition and development programmes. There should be a consideration for investment in mechanized farming and arable land allocation. State and local governments should play a pivotal role in promoting mechanized farming and providing arable land for farming in communities. Additionally, allocating arable land enables small holder farmers to expand their operations and contribute to food security at the grassroots level.
Nigeria can unlock the potential of its agricultural sector to address the pressing needs of its population and achieve sustainable development. Policymakers and stakeholders must heed Akande’s recommendations and take decisive action to ensure a food-secure future for all Nigerians.
By: Igbiki Benibo
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