The oligarchy versus Soludo
Nigeria has been an
independent state
since 1960 yet, it is still being referred to as a developing nation owing to our rulers’ greed and self-centredness. It would be recalled that Malaysia came to Nigeria to learn how to grow palm trees about two decades ago. Today, that country is one of the world’s largest exporters of palm produce. It can also be recalled that in 1981, one US dollar was exchanged for only 45 kobo. Before we knew it, in 1986, the same one US dollar was being exchanged for about one naira.
On the other hand, the IBB Structural Adjustment Prog-ramme (SAP) had led to galloping inflation in the market; with a large amount of money running after few goods.
Things cannot be allowed to go on like this hence, the Central Bank of Nigeria (CBN) governor, Professor Chukwuma Soludo’s decision to introduce the new monetary policy. But it is unfortunate that the elite kicked against it. This is a policy trying to redenominate the naira and make it stronger .
My respect for President Umaru Yar’Adua knows no bound.This is due to his political leaning with Talakawas under Malam Aminu Kano, the sage. When I became aware that Yar’Adua had won the presidential election, I heaved a sigh of relief believing that the nation’s dwindling economy is about to be jump-started .
There is no doubt about the fact that the money launderers in our midst are not comfortable with Soludo’s policy because it would expose them to odium.
The question is, how can President Yar’ Adua allow a few rogues in our midst to continue troubling the multitude? I have really have no doubt in the president’s ability. He should allow the CBN new monetary policy to sail through uninhibited, if he still has the love of the masses at heart.
I am still a layman in economics but I am fully aware that production is stagnant due to the inflationary trend in Nigeria. Most factories have closed down and there’s no hope for their resuscitation. This is why unemployment stares school leavers and graduates in the face.
The masses are yearning for a messiah to rescue them from extinction.
For an individual to stash billions of naira in foreign accounts is sheer madness. Which is what the CBN is trying to nip in the bud. What lessons are such individuals trying to impart to the youth?
If the monetary policy is properly examined, what Professor Soludo has in mind is, the globalisation of Nigerian banks, leading to more branch networks,the setting up of subsidiaries in London , getting banks listed on the London Stock Exchange, reforming the exchange rate management system., adopting Wholesale Dutch Auction System (WDAS) and increased liberalisation of the forex market.
If we are to achieve a robust economic ranking with the developed world, President Yar’Adua, an academic, should not brush aside the CBN governor’s policy. We need it to make up quickly.
The downtrodden of the society are dying gradually and something must be done to rescue them. Which is what Professor Soludo is trying to do by the naira redenomination.
Silas B. Ajagun,
Veteran journalist,
Ilorin.
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