Trade Committee to Formulate National Economic Philosophy The Committee on Economy, Trade and Investment has commenced the process of formulating a core vision and economic philosophy for Nigeria in the hope that it will be a guiding principle for the Nigerian economy. The committee will also use the proposed philosophy as an introduction into the body of the main reports of the committee expected to be submitted to the national conference plenary for consideration. The deputy chairman of the committee, Mr. Fola Adeola set the ball rolling by proposing the following economic philosophy framework: 1. The welfare of the citizens will be central to the economy. In other words, the role of government will be evaluated from the perspective of the well-being of Nigerians. 2. Sound money. Nigeria will not spend money that it doesn’t have. However, this does not forestall borrowing; but it will be in synch – that is what is meant by sound money. 3. Nigeria will move towards full employment. 4. We want to eliminate the culture of all waste. 5. We must produce what we consume; and consume what we produce. 6. Total devotion to the education of our children. 7. Total devotion to the education of the girl child. Educating the girl child has so many consequences. 8. Whatever we do, it must be sustainable. Sustainability as an economic philosophy is recommended. 9. We must engender the environments of savings. 10. We must get in the forms of making (Industrialisation). 11. Consider and evaluate central planning vs decentralised planning. This is distinct from free and controlled market. 12. There must be cohesion between the fiscal, monetary, the foreign exchange, agric and manufacturing policies. 13. Establish accountability for the chapter two of the constitution. 14. Use of Tax revenue to run government while other revenue develops the infrastructure. 15. Examine the land tenure to ensure wealth is created and circulated. After tabling his proposed philosophical framework, Mr. Fola Adeola beckons on other committee members to make their inputs. Hajiya Aisha M. S. Isma’il brought the issue of free market vs controlled market and after extensive debates there was a general consensus that nowhere in the world is there free market or hundred percent controlled markets. The committee members postulate that the hybrid of both is essential. Senator (Chief) Felix Kolawole Bajomo wants very strong social safety nets to be embedded in the Nigerian economic philosophy. “Poverty of one person is the poverty of all. Poverty in one place is poverty for everyone in the land,” he posits. He argues for best practices in whatever economic philosophy that is adopted. He also urges that values and ethics should be emphasised in the economic philosophy. Mr. Hassan Rilwan argues for an economy that eradicates all poverty and waste. He advocates an economy that can thrive in the midst of peace. He argues for a strong institution that works for the people. He wants hard work to be rewarded in this economic philosophy being envisioned. In her contribution, Dr. (Mrs.) Onikepo Akande believes that Nigeria must build an economy that makes people opt for entrepreneurship. Also, Engineer Mustapha Bello suggests that government should review all the existing laws to make it at par with international best practices. He calls for a people-oriented economy. He harps on the need for this economy to provide finance, right support for job creation, skills development and wealth creation. He advocates the concept of Private Public Participation (PPP) using the Australian model. He calls for an economy that defends the intellectual property of an inventor. Hajiya Fati (Dogonyaro) Monguno starts her contribution with by posing a question, “what do we want as a country?” She recommends that whatever is decided, Nigeria must strengthen the SMEs and engender entrepreneurship. She encourages innovation to be the way of life of the Nigerian economy. Alhaji Ibrahim Waziri came up with two different methods: bottom up or top down. He said he has tried both and recommends a top down economic growth which will make the big companies employ lots of people. He recommends small government and a system “rule by law; not by men.” He wants guarantee for investors fund and investment. Dr. (Mrs.) Patricia Ogbonnaya uses the Ajaokuta Steel Company as a case study in her contribution. She calls for a mixed economy. She suggests a human resource interface in terms of skill improvement where the right candidate is selected to do the job. She points out that capacity can be acquired through training. Dr. Pius Tawo started by stating that market as a powerful instrument is the way to go despite its many weaknesses. However, he cautions that the economic manager must find antidote to those weaknesses of the market. He wants the market to perform its ideal role. He argues for a safety net in whatever economic model/philosophy adopted. He wants strategic support for the private sector and NGO and the distribution of national resources beyond the government. A delegate from the civil society calls for an economic vision and philosophy that satisfies the greater good for the greater number. He wants an economic philosophy that engenders growth saying that poverty in any part of the country is poverty to all. He wants chapter two of the Nigerian constitution justiciable and wants a fair distribution of wealth. He said the reason people don’t pay tax is because they don’t know what the government are doing with their taxes. Alhaji Tafilda Isah describes himself as a farmer from the north east. He wants Nigeria to examine the structure of its economy that will move the nation forward. He wants an economy that he describes as a value adding economy which will ensure that nothing raw leaves Nigerian shore again. He wants the Nigerian economy to be local driven. And if there is need for help from outside, it should be local driven. He calls for a sectorial skill enhancement which will enable the children of farmers in the north east to be trained along that line by creating modern abattoir. He also reasons that the people of the oil rich Niger Delta should be trained and equipped to make the most of the oil and gas value chain. At the end of deliberations on the shape of the Nigerian economic philosophy, the committee chairman, Hajiya Bola Shagaya called on the consultant to the committee, Prof. Oyinlola Olaniyi from the University of Abuja to harmonise all the views expressed by members and mould it into an economic philosophy that will be adopted by the committee.
Posted on: Wed, 07 May 2014 06:43:19 +0000
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