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
Time and Season Can Tell
Opinion
Why Adaeze Deserves A Second Chance
Opinion
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
