On May 29, 2015, a new chapter in Nigeria’s history was written. Against the backdrop of a sordid history of coups and counter coups, election annulments, election rigging and post-electoral violence, power changed hands via relatively peaceful, free and fair elections. “Change”, the hopeful mantra of General Buhari’s All Progressive Party was heralded as the newly inaugurated President Buhari took the oath of office.
Nigerians did not then, nor do they now expect transformation overnight after sixteen years of PDP rule. We elected a man, not a messiah after all. However, what we did expect, was that upon a successful bid for office and after three successive failed attempts, there would be a sense of urgency to realign the displaced keel of the Nigerian ship of state. That he would chomp at the bit to put long prepared policies into action.
The government did not come sprinting out of the gate. A cabinet which took four long months to form consisted of people whom while mostly qualified for their portfolios, are not at all new to the Nigerian polity. On the legislative side, the nation was treated to an unsavory spectacle of political childishness as metaphorical factions of Paul and Apollos fought for National Assembly leadership positions.
It would be uncharitably disingenuous to assert that President Buhari has done nothing since assuming office. His administration is living up to his pledge to fight corruption by prosecuting former high profile officials who engaged in graft. In addition, he declared a “technical” victory against Boko Haram after the recent military offensive. However, the economy is on tenterhooks. Eight months have passed since the President took office and Nigerians are yet to see evidence of strategic direction to tackle economic challenges under the context of historically low oil prices.
January 16 Brent Crude Price Per Barrel (Nasdaq)
In light of the downturn in the Oil and Gas sector, the government ought to focus on creating a climate that encourages more exports of Nigerian-made products via e-commerce. Here is the lengthy process required to export materials abroad courtesy of the Nigerian Export Promotion Council. The World Bank’s “Doing Business” ranking reports that it takes Botswana 8 hours at $317 to meet export border compliance terms and 24 hours to meet export documentary compliance terms. Nigeria in comparison takes 159 hours, $786 and 131 hours respectively (Full listing here). In two weeks, a pair of shoes I ordered online from a Madrid based store arrived at my door in the United States. Under Nigeria’s export guidelines, it would take far longer. “Objects of art” are also inexplicably on the list of items prohibited from export.
The Emefiele-led Central Bank has placed onerous restrictions (due to low reserves) on Forex transfers which frustrates the ability of legitimate businesses and individuals to fund purchases and conduct trades.
Meanwhile, the ubiquitous Mr. Aliko Dangote is assured of Forex to fund his refineries. Like President Buhari, Forex availability should belong to everybody and nobody, n’est-ce pas? As Saudi Arabia (with a less than $10 cost of production and higher reserves to weather the storm) and the rest of OPEC refuse to reduce production despite entreaties from Petroleum Minister Ibe Kachikwu, the price of oil per barrel continues to fall amidst high supply compared to demand. This results in reduced revenue in Nigeria’s national coffers. Valiant (yes I’m being sarcastic) efforts by the government to “defend the naira” with our already low reserves rather than submit to market devaluation are untenable.
In light of the aforementioned challenges, watching the Executive and Legislative arms of government recently play a game of blind man’s bluff with the budget is embarrassing in the best of times, but criminally negligent in the current climate. How in the name of Ares can the President with all pomp and circumstance submit a budget to the National Assembly and a Special Adviser reportedly submit another? We do not have time to play political games with lives and livelihoods at stake. I love all things Shakespeare, and so with the giddiness of a freckled faced debutante, I watched as President Buhari quoted Shakespeare to describe the precipice we stand before at the end of his inauguration speech. Mr. President, you would do well to remember what you said.
“Our situation somehow reminds one of a passage in Shakespeare’s Julius Ceasar: There is a tide in the affairs of men which taken at the flood, leads on to fortune; Omitted, all the voyage of their life, is bound in shallows and miseries. We have an opportunity. Let us take it.”
Mr. President, this is not it. We continue to support and root for you. I beseech you by the mercies of God not to enter into the bubble of tone deafness that was the undoing of your predecessor. Please do better.