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Should Nigeria embrace Capitalism? Is what’s good for the merchants good for Nigeria?

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Indian merchants who knew Sheikn Rashid recall that his favourite saying was,

“What’s good for the merchants is good for Dubai.”

– Sheikn Rashid

The motto famous in Dubai as the philosophy behind the Making of the Megapolis. They also recall what a thrill it was for Emiratis each time a new merchant arrived to set up shop. Just sixty years ago Dubai’s population scraped a living by picking dates, diving for pearls, or sailing in wooden dhows to trade with Iran and India.

Dubai’s waterways: Dhows pictured on the city’s creek was once the centre of Dubai’s pearl trade

The emirate went from desert backwater to the Manhattan of the Middle East in just 50 years

But today, Dubai is everything the rest of the Arab world is not, with its unfathomably high skyscrapers, matched only in size by its vast, sprawling shopping malls and its residents’ bulging bank balances. As at 2013, the UAE’s per capita income of $48,000 was one of the highest in the world. A robust economy with perhaps the best infrastructures on the planet, one of the safest place to live or do business in the middle east, and generally, one of the safest sanctuaries of global capital. Achieved simply on the back of sound reasoning by good leadership, with a focus on establishing an economy beyond petroleum exports: using their oil wealth to invest in trade and industry for profit in accordance with basic principles of capitalism.

Dubai City

Like Dubai sixty years ago, the economic setbacks of Nigeria can still be addressed if Nigerians can look beyond cheap petrodollar and its criminal enterprise of bribery and corruption, as the nation’s main source of wealth creation. For which the consequence of this chronic condition has over the years impeded the incentives for creativity and the diversification of the Nigerian economy, which otherwise by now should have resulted in the economic independence from petroleum exports, and could have provided revenue generation in multiple growth sectors.

It remains shocking but not surprising that even amongst many of Nigeria’s enlightened youths and elites, a lack of the will or capacity to aspire beyond oil revenue and the followership of the downline of corrupt element still strives. However, from the leadership perspective, the main perpetrators have been myopic leaders whose years of leading with extreme incompetence, gross lack of commercial awareness and arrogance have not allowed for any well-grounded vision beyond the petrodollar.

Indeed, like Muhammadu Buhari, the quality of being perceived, to be honest, or having strong moral principles: integrity, is an attractive attribute of a leader. However, for the President of a country like Nigeria, with severe economic challenges and a rapidly growing youth population, a lot more substance is required for progressive leadership. Until Nigerians elect leaders that could radically embrace policies that promote commercial growth and create business-friendly environments with conditions suitable for domestic and international businesses alike, Nigeria would remain drowned in acute economic ignorance.

Only capitalism can save Nigerians

Undoubtedly, It is absolutely essential to plug the notoriously occurring leakages in the economy, however, with a population of 180 million people with a youth unemployment rate of 13.41% as at 2017 and increasing, a focus on revenue creation to stimulate growth is critically essential. But to date, efforts towards the regime’s myopic economic policy of simply fighting corruption, and its unstructured attempt to overhaul weak institutions have been largely diluted by nepotism and lopsided political prejudice, and as a result, has failed to produce any tangible outcome to count towards poverty reduction.

Sadly, after 4years of expectations, Nigerians are back to the choice of the same narrow mission that has proven to have little or no significant impact on the advancement of the common man in Nigeria. Generally, the efforts of Buhari’s 2015 -2019 regime simply lacked the prerequisite qualities needed to improve the welfare of Nigerians: an unsatisfactory outcome.

As Nigeria heads towards the general elections on February 16th 2019, where Nigerians would be faced with a binary choice, between the incumbent President Muhammadu Buhari and Atiku Abubakar, a Former Vice President of Nigeria, considered to be an advocate of Capitalism, I close by borrowing a famous quote from Shakespeare.

“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 in miseries. On such a full sea are we now afloat. And we must take the current when it serves, or lose our ventures.”

– William Shakespeare.

Should Nigeria embrace Capitalism? Like Dubai, is what’s good for the merchants also good for Nigeria?

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Politics

PDP allays defection fears

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The Peoples Democratic Party (PDP) Thursday ruled out any mass defections in the party due to the outcome of the Supreme Court judgment that dismissed the party’s presidential election petition against the victory of President Muhammadu Buhari.

The party also raised the alarm over plans by the ruling All Progressives Congress (APC) and the Independent National Electoral Commission (INEC) to manipulate the outcome of the party’s governorship primary elections in Kogi State with a spurious allegation that the commission did not monitor the primary election, thus questioning its credibility.

Addressing journalists Thursday at the party’s secretariat in Abuja, the National Publicity Secretary, Mr. Kola Ologbondiyan, said the party was strong, adding that the Supreme Court’s decision will not in any way affect it.

He said: “If for anything, the Supreme Court’s dismissal of our presidential petition will make the party stronger. This is because Nigerians perceived the judgment as anti-people. Indeed, the judgment will make Nigerians see PDP as a rallying ground because the party is always the champion of the people’s interest.

“It will not cause any mass defections; rather, it will make Nigerians who are suffering from bad government policies to see PDP much more as people-oriented party. Mark my words, PDP will rebound and the chances are brighter.”

The main opposition party also condemned and cautioned INEC and APC not to, in anyway, attempt to alter INEC’s monitoring report on the governorship primary in Kogi State or attempt to tamper with the record of submission of candidate for the November 16 governorship election.

Ologbondiyan said PDP’s warning was predicated on intelligence available to its national secretariat of plots by known INEC officers and certain APC leaders to alter INEC’s monitoring report and delist the PDP candidate in a bid to make Governor Yahaya Bello the only strong candidate and deny the people of Kogi State their desire to vote in its candidate, Musa Wada, as their next governor.

“Of course, this plot is dead on arrival, as our candidate, Musa Wada, remains duly nominated through the statutory processes of our primary, which was well covered in the monitoring report released by INEC. The PDP cautions that any attempt to tamper with his candidature will trigger the wrath of the people,” he added.

According to him, the party is already aware of every stage in this conspiracy against the Kogi State as well as the actors involved.

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ASUU insists on strike over IPPIS

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The Academic Staff Union of Universities (ASUU), Wednesday insisted on embarking on industrial action if the federal government stops the payment of their salaries for their refusal to enroll in the Integrated Payroll and Personnel Information System (IPPIS).

The Benin, Sokoto and Ilorin zonal branches of the union said yesterday that their members would resort to their “no pay, no work” policy if the federal government carry out its threat to stop their salaries.
The Benin Zonal Coordinator of ASUU, Mr. Fred Esumen, said during an enlarged meeting of the Benin Zone of the union, held at the Ugbowo campus of University of Benin, in Benin City, that if the federal government sanctions its members, who do not enroll for the IPPIS on the October 31, 2019 deadline, ASUU will embark on “no pay, no work.”

The ASUU membership in the zone comprises University of Benin, Ambrose Alli University (AAU), Ekpoma both in Edo State; Adekunle Ajasin University (Akungba, Akoko), University of Science and Technology (Okitipupa) both in Ondo State; Delta State University (Abraka) and the Federal University of Petroleum Resources (FUPRE) both in Delta State.

Esumen who addressed journalists, declared that the IPPIS policy being championed by the Office of the Accountant-General of the Federation (OAGF) was a mere directive, which cannot and should not take precedence over the law.

The directive, he said, violates the agreement ASUU had reached with the government in the past and the laws establishing universities via the miscellaneous act as amended in 2003 that vested powers in the Governing Councils to take control and manage funds of the universities including staff recruitment and promotion.”

The ASUU coordinator however, ruled out legal option in the pursuit of justice, saying that government does not honour agreement.
The Sokoto Zonal Coordinator of the union, Mr. Jamilu Shehu, said wednesday at a press conference held at the Umaru Musa Yar’Adua University, Katsina, that the attempt by federal government to “forcefully” enroll staff of universities in the IPPIS was not only an illegality, but total violation of university autonomy.

According to him, the IPPIS also violates university autonomy and FGN/ASUU agreement and did not tackle the peculiarity inherent in the nature and structure of universities.

Shehu explained that IPPIS does not capture the remuneration of staff on sabbatical, external examiners and assessors, earned academics allowances part time and consultancy services being rendered by lecturers across universities.

He stressed that the union viewed the claim by the Accountant-General of the Federation (OAGF) that ASUU’s position against IPPIS is an endorsement of corruption as cheap blackmail and calculated attempt to sabotage university autonomy.

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Atiku vows to keep fighting for Nigeria despite S’Court loss

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In a dramatic twist, the Supreme Court Wednesday affirmed President Muhammadu Buhari’s victory in the February 23 presidential election.

Atiku Abubakar Photographer: George Osodi/Bloomberg

A seven-man panel of the court, led by the Chief Justice of Nigeria, Justice Ibrahim Tanko Muhammad, described the appeal as lacking in merit.

“The panel has read all the documents and exhibits filed in the case for two weeks and found the appeal to be lacking in merit,” Muhammad said in a terse judgment.
But Atiku and the PDP expressed deep reservation, with the candidate calling the judgment part of the challenges of democracy in the country.

“It is said that the Supreme Court is not final because it is infallible, but that it is infallible because it is final. While I believe that only God is infallible everywhere, and only Nigerians are infallible in our democracy, I must accept that the judicial route I chose to take, as a democrat, has come to a conclusion,” Atiku said in a statement, adding: “Whether justice was done, is left to the Nigerian people to decide. As a democrat, I fought a good fight for the Nigerian people. I will keep on fighting for Nigeria and for democracy, and also for justice.”
“One man, one woman, one youth, one vote, should be the only way to make gains in a democracy. And when that is thwarted, the clock starts to tick. Two and a half millennia ago, Sophocles said, ‘If we are to keep our democracy, there must be one commandment: ‘Thou shalt not ration justice.’ Nigeria will do well to observe this warning.

“This is not a time for too many words. It will suffice for me to remind Nigeria of this – we are an independent nation and we are the architects of our fate. If we do not build a free Nigeria, we may end up destroying her, and God forbid that that should be the case.”
Atiku warned that the nation might implode unless it embraces the principles of freedom. In a statement, he regretted: “The Nigerian judiciary, just like every estate of our realm, has been sabotaged and undermined by an overreaching and dictatorial cabal, who have undone almost all the democratic progress the Peoples Democratic Party and its administrations nurtured for 16 years, up until 2015.”He said: “To those who think they have broken my spirit, I am sorry to disappoint you. I am too focused on Nigeria to think about myself. I gave up that luxury 20 years ago. The question is not if I am broken. The question is if Nigeria is whole.

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How immunity saved Yahaya Bello from prosecution

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The Independent National Electoral Commission (INEC) wednesday said that it could not prosecute the Kogi State governor, Yahaya Bello, for double registration because he has immunity.

He also said that the commission could not enforce his disqualification for double registration because double registration is not an offence under the Electoral Act.
The INEC Chairman, Prof. Mahmood Yakubu, who made the clarification, also called on the Peoples Democratic Party (PDP) to provide evidence that the commission collected a list of partisan ad-hoc staff from the All Progressives Congress (APC). Speaking yesterday at a quarterly media meeting with journalists, the INEC chairman said, “On the issue of double registration, there is nothing INEC can do with someone who has a constitutional immunity. The governor in question has a guaranteed constitutional immunity.

“We disciplined our staff that were involved because it is within our reach to take administrative action against them. Moreover, the Electoral Act does not permit us to disqualify any one based on the account of double registration. This is our handicap”.
On the allegation of receiving a prepared list from the APC, the INEC chairman challenged the PDP to provide actionable evidence as it is not enough to make frivolous allegations.

He said that it is common to hear from politicians make unsubstantiated allegations, citing the case of a politician in Anambra State who claimed that INEC had stocked two-lorry loads of ballot boxes to rig the elections against his party but after the elections, he sang another song.

“By and large, all we have to say is to ask those making these allegations to provide to INEC actionable evidence and we will move into action. Give us evidence and INEC will act swiftly”, Yakubu said.

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