Bola Ahmed Tinubu

WHERE WE ARE GOING

In relative short order, the Buhari administration has done what the prior government seem unable to do. With the courage and dedication of the military, Boko Haram has been subdued. Also, notable and significant progress is being made against corruption. Press freedoms and civil liberties are protected, putting to lie those who cried that President Buhari would not respect democracy and rule of law. To move closer to the overarching vision I outlined, we now have to shift primary focus to the economic front. The decline of high oil prices threatens to be a long-term phenomenon. It placed the nation in recession last year and revealed the structural weaknesses of our national economy. Strategic objectives during this period of economic uncertainty must be to re-engineer the economy bottom up, diversify the economic base, strengthen our industrial base, modernize infrastructure, enhance agriculture, and provide employment. And of course, ease of doing business must not be overlooked in order to attract foreign investment. The lower oil prices also reduced hard currency earnings. This undermined the naira, causing a steep rise in the cost of imports. The higher prices have suppressed aggregate demand, causing a decline in business activity. The challenge before us is a difficult but not impossible one.

If we stick to the progressive beliefs of the APC, we shall overcome these difficulties to place the economy on surer permanent footing. Government has shown its commitment to these ideals via its budget for this year and by the strong help it is giving state governments to meet their budgetary requirements. The unprecedented stipend program for the poorest highlights the government’s concern for those who have been left unattended by the dynamics of the marketplace. Achieve the desired economic restructuring will require a change in economic mindset and strategy. We must avoid the nostrums of mainstream orthodoxy that say government deficits are always bad. In the situation we face, deficit spending is essential to bolster aggregate demand and direct funds to projects that build infrastructure and bolster employment. We must better harmonize monetary policy with fiscal policy. It undercuts our goals if monetary policy is unduly tight at a time fiscal policy begets deficit spending. We must also realign trade policy with our need to create a meaningful industrial base and more potent agricultural sector. We can no longer allow cheap imports to preclude the development of industries and sectors strategic to our enduring economic future.

CONCLUSION

My public life spans over three decades. I have had my share of triumphs. I have felt the sting of setback. Through it all, I have tried to keep faith with the overarching vision I earlier set forth – of a more democratic Nigeria with a robust economy that provides sufficiently for all-. Throughout most of this time span, the strategic focus has been on politics, free enterprise and assuring democracy. I believe the toil and sacrifice has been worthwhile. We have secured democracy in Nigeria. Now, our strategic leadership must focus on realizing the second part of that vision, the economic component. It was first necessary to getting the political equation right. From this platform, we can then better reform the economic side. The profound lesson my experiences as a political leader has taught me is the need to remain faithful to an achievable, well-articulated vision. Then develop practical strategies and tactics to progress toward that vision. The vision is the unchangeable lodestar. Strategies and tactics may change as events unfold. One must be intellectually vigilant, inquisitive and always examining the utility of strategy and tactics. Always guarding against muddled thinking or allowing emotions to blind you. You make sure, as a leader, that you do not commit the grave error of giving primacy to transient strategies or tactics, over the permanent goal. If you adhere to these leadership principles, you give yourself the best chance of progress toward your desired goals. In the imperfect world of human endeavour, no one can ask for more than this.

– Asiwaju Tinubu delivered this address on 25 January 2017 at the National Defence College and you (fot Course 25).