By Joseph Edgar… With the ongoing beating of the Naira at the exchange market and its apparent devaluation, I have come to the sane conclusion that what we mostly have in Nigeria today are Jankara economists. This is because at the onset of this administration, they were all clamoring for the devaluation of the Naira. Their position still resonates in my ear.
The Naira was overvalued, it had to be brought down to its true value so that Nigerian exports can compete favorably. The devaluation will miraculously lead to a massive inflow of foreign investments and the economy will be stabilized. They even went on to push for a removal of subsidy on petrol, stating that the free interplay of demand and supply would ensure the freeing up of much needed funds which would now be pushed into other areas of need like infrastructural development, amongst others.
Fast forward, the Naira has been devalued even beyond their wildest dream. Subsidy has been largely removed and fuel prices jacked up, with a possible increase in the near future. What is now missing is the eldorado. Where are all the goodies they promised now.
Instead what we are witnessing is the kind of inflation we have not seen in years. From a single digit position, we are now looking at a rate of 17% and still going. The Naira has crossed the N400 mark with no plans of easing up. Record job losses and a recession with a negative GDP position. We have been killed by Jankara economists o.
Instead of covering their head in shame, they are still coming out with blurry positions, pushing for more of their Jankara policies to be implemented. How do we save the economy and by extension our lives from the clutches of these Jankara economist who seem to have held hostage a government led by headless technocrats. The answer is very simple. Ignore them
Yes, my plea to the Federal Government is to ignore these talking heads. Can I mention their names? Will I enter trouble if I did, and do I care? I guess not. People like Bismark Rewane, I think, have passed their sell by dates. He should go concentrate on other venture like coaching a kiddie football team for his theories and postulations are now outdated and cannot be used at this time.
We should simply go back to the basics. We should start producing. Simple! Let’s change our lifestyles and take advantage of the huge market place that presents itself with a vibrant but dying middle class. The government should start talking to operators in the real sector. These are the people who have their feet in the mud, who understand what it means to do business, create wealth under these harsh climate. Aggregate their challenges especially in funding, distribution and power and you will begin to see clear pathway to solving these issues .
The talking heads who are very versatile with their big mouths in front of TV sets adorning designer suits and who have never been involved in the production of goods and services have continually led us astray becuase they do not really have the practical experience. They are experts at best in the financial markets where we get a lot of buy and sell of currency without any real motivation to contribute meaningfully and practically to the economy. They hubnob in the guided conference centers of the world and talking what they don’t know. They are the ones who have continually misled us, misled the government and brazenly put us in this quagmire.
Genuine players and their platforms like the Manufacturers Association, the Chambers of commerce and Industry and real life entrepreneurs who are diversifying into cassava production are the ones who really understand what is going on and how their issues can be solved. They are the ones we should turn to and not these suit-wearing clowns.
Enough of the Jankara economist. Let us regain our sanity.
Ripples Nigeria…without borders, without fears