- Insecurity Has Been Weaponised By Politicians For Political Gains
- Policies Consistency Needed To Lead Nigeria To Progress
- Organised Crude Oil Theft Undermines Economic, Financial Health Of Nigeria
- Don’t Use CBN As Fiscal Agent, Printing Of Naira Beyond Agreed Ways And Means Limits Can Fuel Inflation
The various social, political and economic challenges bedeviling Nigeria has gotten the attention of the Director General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala.
Speaking while delivering the keynote address titled ‘A Social Contract For Nigeria’s Future’ during the opening ceremony of the 2024 Annual General Conference of the Nigerian Bar Association (NBA) on Sunday, the former Nigerian Finance Minister spoke on the way forward to the several challenges rocking the country.
The event themed ‘Pressing Forward; A National Posture to Rebuilding Nigeria’ had several big wigs in the country in attendance. President Bola Tinubu was represented by Vice President Kashim Shettima.
Former President of Ghana John Mahama and the President of the Court of Appeal of Nigeria, Justice Monica Dongban-Mensem, were physically at the event.
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Acting Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun; Senate President Godswill Akpabio and his counterpart in the lower chamber Tajudeen Abbas were also represented at the event.
Addressing the issue of rising insecurity, Okonjo-Iweala urged politicians in Nigeria to stop weaponising insecurity against their opposition in office.
“We cannot have socio-economic development without security. We certainly cannot have security without development,” the WTO chief said.
“We all know that security has been weaponised in our country for political purposes by political actors, leading partly to the situation we have now.
“We have politicians who believe that the best way to make their opponents look bad is to instigate insecurity making it look like they can’t govern, regardless of whether this leads to loss of lives and property of innocent Nigerians. This has to stop.”
On the menace of oil theft, she has this to say. She said there are enough technological innovations to track crude oil theft and bring those behind the act to justice in Nigeria while noting that those responsible for stopping the “intolerable” action of crude oil theft no longer have excuses.
“A second aspect of security relates to the security of national assets. Nigerians have seen for years how organised crude oil theft on a massive scale seriously undermines the economic and financial health of the country.
“All Nigerians must agree that stealing of our national assets of any type is intolerable and must be stopped.”
She said oil theft has hampered the strengthening of the foreign reserves.
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“There is so much technology available now to track such theft and there must be no more excuses for inaction.”
Continuing, she advocated policy consistency in Nigeria regardless of change from one administration to another as a bedrock of charting progress in the country.
“Maintaining good economic and social policies; maintaining policy consistency and adding more reforms on top of that will lead us along the path of good progress that we all desire”.
She further bemoaned a phenomenon she described as the “not-in-my-administration syndrome” in governance which she said has been responsible for the not-so-good economic performance of Nigeria.
She said Nigeria needs a social contract and that all Nigerians regardless of political or other affiliations should agree on a social contract.
The developmental economist said certain sacrosanct policies should not be changed whenever Nigeria witnesses administration changes.
She said some of these policies should be made into law after being scrutinised by the public.
Okonjo-Iweala said maintaining policy consistency and adding more reforms on top of that will along the path of good governance that we all desire.
According to her, the security of lives and national assets should be prioritised in the social contract, adding that basic organs of the economy should be left to work independently.
“No one should tamper with the Central Bank asking for the manipulation of interest rates or exchange rates. Do not use the Central Bank as a fiscal agent asking for the printing of naira beyond agreed Ways and Means limits as this can fuel inflation,” she added.
The former World Bank top executive said the provision of basic infrastructure should form the third element of the social contract. She said the crafting of social safety nets for the most vulnerable of society should be included in the social contract.
True independence of the judiciary should form the fourth element of the social contract, she said, while charging the NBA to hold the government accountable on all grounds.
She said a social contract will enable a strong and stable foundation for Nigeria upon which citizens and residents can thrive.
