State of Nigerian Economy is Chaotic-Okumagba
President Goodluck Jonathan
Pastor, (Comrade) Lucky Okumagba, former National vice -President of PENGASSAN, was a manager in the Corporate Affairs department of Oando Plc. He was also at a time, producer and presenter of Labour Watch TV, Chief Operating Officer of Brubar Nig. Ltd,; a consultant on media communications, Labour/Industrial relations and marketing and one time candidate for Federal House of Representatives. In this interview with Saturday Vanguard Business he reveals reasons why unemployment continues to bite harder as corruption takes centre stage in Nigeria. But even with that, he believes all hope is not lost if only government could be serious enough to mon
EXCERPT
How would you describe the state of the economy, is it promising?
Hum! it’s chaotic, terrible, injured and bleeding profusely from all sides. It has been in the Economic Revival Emergency Ward for recovery. The doctors of the economy have been battling to save it.
Diagnoses which you call “probes”, have revealed the degree of injury inflicted on the health of the economy and that is why I described it the way I did. I’m happy that some of the so-called business and political moguls or do I say rogues are going through legal frog jumps and I believe sooner or later others would take their turn.
It is my expectation that these economic leakages will be closed soonest and the probes (whether that of Federal, House of Reps or Senate, Presidential committee such as the Aigboje Aig-Imoukhuede, Ribadu would be used to bring respite/meaning to the economy and can make it functional again.
So, if you ask me, if it is promising, I’ll say ‘Yes’. When one is sick or attacked by enemy, and an appropriate diagnoses and treatment are done and there is positive response to treatment, then there is a promise or hope for life.
The fact that government and people ofNigeriaallowed these financial probes to come on board is a pointer. The calibre of people that chaired, especially the presidential committee such as Aigboje Aig-Imoukhuede, Nuhu Ribadu, are men of impeccable characters and I’m seriously excited about the revelations of their committee. They are bold and courageous in their reports.
Aig-Imoukhuede is the GMD of Access Bank, is impacting positively on employment of youths and the economy. We have an array of great economic human resources such as Mallam Sanusi, finance minister etc. let’s allow them to work.
Our foreign reserves is well up and our foreign debt is well managed, though the local debt is high at the moment and the Finance Minister has actually addressed the governors on that.
Some of the governors, Adams Oshiomhole, Godswill Akpabio, Babatunde Fashola etc. are giving a new face to the economy in their states. The Federal Government’s Sovereign Trust Fund is quite innovative.
The daily oil productions have moved from 700,00bpd to 2.7 mbpd. Are these not promising enough? Tell the evil men and women to allow the people of goodwill for this country to work for her growth and development, otherwise very soon, nemesis would disgrace them.
The increasing rate of unemployment especially among our youths and poverty in the land show that little or nothing has taken place to arrest this situation, what’s your take?
I don’t want to take or accept it as something normal;being reminded of this makes me angry. But, I’ll answer you.
Bribery and corruption, the desire or urge for what I called Crazy Olympic High Profit (COHP), poor regulations and monitoring of government agencies etc, have caused this country a lot of unemployment.
Let me give you a few instances. Why would government at any level for example,fail to intervene, in a pharmaceutical marketing company that imports genuine drugs for a period of 5-10 years and found to be consistent in profit making and effective in operations, to help it in setting up factories that would make employment viable.
Construction companies cough out so much bribe to be able to access contracts, which would certainly lower their capacity to employ. What about the actions of our economic looters that make it impossible to pay local contractors ?
Does that not tell you that the small and medium enterprises may not give their best as regards employment. Maybe, you have forgotten the electricity problem and its effect on industries/SMEs and the multiplier effects on employment.
What about poor negotiations clauses on employment strategy or government investment policies. It is nonsensical. Let me tell you this, maybe, it will make you understand me better.
Some years ago, I had an opportunity to be a guest to oil workers’ union in one of these Scandinavian countries.
And when I got talking about employment strategy, the officials of the union told me that their government allows them to have discussions with all investors in Oil and Gas on how the employment strategy and format should be.
Culled from Vanguard
