An article by Reno Omokri, Special Assistant on New Media to President Jonathan
The attempts by some individuals to deemphasize the recent rebasing of the Nigerian economy as something that should not be celebrated is most unfortunate as this is a feat that adds value to every Nigerian irrespective of religion, region or political persuasion.
President Jonathan once said “I am loyal to Nigeria’s economy. I don’t have accounts or property abroad. All my children live and school in Nigeria”.
Never
mind that a Chief Economist of the World Bank, Francisco Ferreira, has
said that the rebasing "had exposed sectors where Nigeria’s economy was
recording dynamic growth, and therefore would be areas of attraction for
investment inflows", unpatriotic politicians would want us to jettison
this expert opinion for their negative inexpert opinion.
The
thing that they fail to understand is that any Nigerian who discredits
the rebasing of Nigeria's economy is discrediting himself. It was
Nigeria's value that was rebased not the government's value.
But why should I even be surprised? Many
of those who have been debased politically would not want Nigeria to be
rebased economically. It is a classic case of misery wanting company.
There
is really very little you can do for such folk other than prescribe
psychiatric therapy for the management of their inferiority complex
because I am not sure that anything is
as damaging to their reputation as their attempt to spite their country
even as they think they are spitting its leaders.
Nations, institutions and individuals are more likely to perform at their best if you commend them when they do well.
Unfortunately,
many of these people will ignore rather than reward good behavior and
performance and find ways to spin good news into bad in order to
condemn.
To these people, I would recommend a
principle I use in raising my kids. I praise them publicly and scold
them privately ensuring that they grow up having a sense of personal
value even as they adjust their behavior.
The
reason I do this is because I have noticed from experience that when a
child is scolded publicly, bystanders remember the negative thing the
child did and they never forget it even when the child has matured
beyond that deficiency and even when you as a parent have forgotten it.
People tend to look on themselves and their children with rose colored
glasses and on others with magnifying glasses.
Similarly,
when we condemn Nigeria to the outside world on Traditional and New
Media platforms, that condemnation sticks to the minds of foreigners and
the foreign media and they don't see Nigeria as government and
opposition, they just see Nigeria.
Nigerians are irrevocably tied to the value of Nigeria.
And
it is obvious that these nay sayers are confused because in one breath
they claim that the rebasing of our economy is fiction while in another
they claim that our economic growth is not a result of any deliberate
government policy.
Now let's get technical.
When
Forbes named the Nigerian Minister of Agriculture, Dr. Akinwumi
Adesina as its African Person of the Year 2013, it was in recognition of
his efforts of reducing Nigeria's food import bill by $6 billion
annually.
This $6 billion which used to go
overseas now circulates within Nigeria adding to our Gross Domestic
Product and lubricating other sectors of our economy.
Nigeria
is now near self sufficient in rice, wheat and poultry production as a
result of the deliberate action of the government in eliminating the
corruption in the fertilizer procurement and distribution system, free
distribution of high yield seedlings to farmers and extension of
agricultural loans to small and medium scale farmers.
That
agriculture is now big business in Nigeria was recently demonstrated
when D'Banj, one of Nigeria's biggest pop stars, bought into the
agriculture business with the launch of 'Koko Gari'.
Farmers,
are making more money and this did not happen by chance. It is a
deliberate policy of the Federal Government and it is leading to one of
the greatest wealth transfers in Nigeria's history.
Another
deliberate policy that is ensuring wealth transfer is the
liberalization and privatization policy of the Federal Government. For
example, the recent privatization of the Power Holding Company of
Nigeria, PHCN, achieved two objectives.
The
first objective is wealth repatriation. Nigerians who had billions of
dollars sitting idle in their foreign accounts repatriated those funds
back to Nigeria to purchase the Transmission and Distribution companies
that were sold ensuring that those billions now circulate within Nigeria
adding to our Gross Domestic Product.
The
second objective achieved is that government funds which used to be
budgeted annually to those firms are now freed up since they have been
sold and can now be spent on other priority sectors of the economy
further expanding our GDP.
Moreover, the
Backward Integration Policy on cement by the Federal Government has
ensured that Nigeria has moved from being a net importer of cement to a
net exporter of the product.
Billions of
dollars that were used to import cement before 2009 are now retained in
Nigeria as well as billions from the sale of Nigerian cement abroad.
These are deliberate policies for which the government should be applauded for.
They
are the basic principles of elementary economics that some opposition
politicians can not grasp, yet they want to dislodge President Jonathan
and return Nigeria back to the status quo. God forbid!
Another
example of a deliberate policy contributing to the expansion of
Nigeria's GDP is the Local Content Bill signed into law by President
Jonathan on April 25, 2010.
As a direct
consequence of this law, the oil majors have been forced to reserve for
Nigerian engineers and technicians jobs that had hitherto been the
reserve of expatriates workers.
They have also
been mandated to award contracts to Nigerian firms that would have gone
to foreign companies prior to the signing of the Local Content Law.
For
example, as a direct consequence of this law, Royal Dutch Shell PLC
awarded a 7.8 billion-naira ($49 million) natural-gas pipeline contract
to a local manufacturer, S.C.C. Nigeria Ltd. This is the first time such
has been awarded to a Nigerian company.
Also, Mobil
Producing Nigeria unlimited, as a direct result of the Local Content
Law, awarded a multi million dollar contract to Niger Dock Nigeria PLC
to build wellhead platforms. This is the first time such a contract has
been awarded to a Nigerian firm.
The effect of
the Local Content Law is that hundreds of millions of dollars that would
have hitherto left Nigeria is now retained in Nigeria swelling our
GDP.
Years
ago, South Africa was the number one recipient of Foreign Direct
Investment in Africa but she has since been overtaken by Nigeria under
President Jonathan which according to the United Nations Conference on
Trade and Development (UNCTAD) has been the number one recipient of FDI
in Africa for the past two years.
Can such a feat happen by accident?
Since
the advent of the Jonathan administration, the education sector has
consistently had the highest sectoral allocation in the Federal Budget.
Nigerians now have access to education in record numbers (though more still needs to be done).
Twelve new universities have been built in fulfillment of what President Jonathan said that "crude oil is not out "Black Gold". The real "Black Gold" of Nigeria are her people and they can grow in value via education".
This
is why Nigerians pay very affordable tuition fees at Federal
Universities when compared to the exorbitant fees charged by state
universities in the opposition controlled APC states.
How sad that those who enjoyed free education have now become purveyors of expensive education.
It
is this focus on education and industry that has increased the capacity
of the average Nigerian for enterprise and thrift which has resulted in
the expansion of our economy.
The President's
daughter recently got married to her hearth throb and everything about
the marriage was done in Nigeria. It is such patriotic actions of
Nigerians spending their money in Nigeria that makes Nigeria grow.
But of course, people who travel abroad to celebrate even their birthdays will not know that our economy is expanding.
How
could they, when their children, accounts, property and minds are
overseas. It then become easy for them to overlook what is happening in
Nigeria.
Reno,
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