At the moment, the three tiers of governance, out of greed and selfishness, collaborate with the banks, stock exchange, and the other financial institutions, to paint a rosy and robust image of the economy. This, they do by trapping every drop that flows from the oil sector, and announcing to unsuspecting Nigerians that he is better-off today than yesterday, because when he looks around him there is evidence of a higher standard of living as evidenced by the cars which drive past him, the foreign trips, which people undertake, the new universities that come on stream yearly, the houses we live in, the clothes we wear, the festivals we organise, etc. Yet, the false image of the above picture stares one in the face as soon as we look at the faces of those who do not enjoy these facilities. The truth is that only a small percentage of Nigerians have access to the kind of lifestyle mentioned above, as the majority of the people barely live above the poverty line.
Why are we closing more factories and industries than setting up new ones if the huge profits, which are often declared by the banks and financial institutions, are genuine and a reflection of true growth? The truth in my mind, is that there is a disconnect between the figures which are dished out to be read and the reality of the economy as people on the streets feel it.
This probably explains why, despite the seeming plenty, the life expectancy rate in Nigeria is very low, while insecurity is ever on the increase. So long as the managers of our resources depend on one source of revenue, we will always have an economy which is working below capacity.
Let it be known also that so long as the money from oil continues to flow and unproductive hands keep on being fed, we will always have a poorly managed economy. The managers of our resources should resist the temptation of unwittingly measuring the profile and success of our economy with the GDP which is on the rise, courtesy of the windfall from the oil sector. For posterity to be fair to them, they must act now, knowing that even the days of the windfall from the oil sector are numbered. In a robust economy, there is no food for the indolent and unproductive worker.
Finally, on privatization, we concur with you. From what we have seen and heard about privatization, government’s action in this direction has consistently served only as a platform for rewarding party loyalists. It is a conduit for siphoning public funds into personal hands thereby enriching the operators, their friends, associates and relations, old boys and other non productive and dysfunctional relationships. It is aimed only at milking the system dry. People must voice out to support voices such as yours and the nation would be on the right course.
