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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