Op-Ed for the Wall Street Journal - June 13, 2016
http://www.wsj.com/articles/the-three-changes-nigeria-needs-1465842888

Nigeria is at a crossroads. Just over a year ago, people voted in a historic democratic election to end corruption and business as usual, opting instead to build an economy that delivers for all Nigerians.

The old order was based on an unsustainable commodities supercycle. While the boom had many positives and contributed to Nigeria becoming Africa’s largest economy, it fostered an epidemic of corruption and inefficiency. Foreign businesses and financial institutions also benefited as some people spent and sometimes hid huge sums abroad, lifted by the rising tide of oil exports and dollar revenues.

Now we are living in a new world of low energy prices. The economy has slowed while unemployment and inflation have jumped. Longstanding structural imbalances and overdependence on imports have been cruelly exposed. We are an oil-rich nation that imports most of our gasoline. We are a farming nation that imports most of our basic food staples. This is simply not acceptable or sustainable.

Our solutions must be in proportion to the challenges. Fundamental change takes time and we are driving not one but three changes to reposition Nigeria for inclusive growth.

• Restore trust

We have begun to tackle the endemic corruption and mismanagement that is crippling our economy and corroding trust in our institutions. The anticorruption fight is at the heart of combating poverty and improving security. We have stepped up enforcement and new prosecutions to get our house in order, and I have called for foreign governments to work with us to identify where funds stolen during previous administrations are lodged and for multistate cooperation to combat oil theft.

Fighting corruption is not enough. We need accountable government and a public sector that can do more with less. We have already taken initial steps by bringing all government finances into a single treasury account where we can monitor spending and impose discipline, implementing zero-based budgets and benchmarks targeted at waste and fraud, and establishing electronic platforms for government agency interface.

• Rebalance our economy

In a world of lower oil prices and dollar revenues, the only sustainable path is to reduce Nigerians’ overreliance on imports. We must rebalance our economy by empowering entrepreneurs and producers, big and small, to create more of what their fellow Nigerians demand. The supply of foreign exchange to the economy must be increased. This requires radically increasing exports and productivity and improving the investment climate and ease of doing business.

Nigeria’s growth and job creation will be led by the private sector. We are a young, entrepreneurial society with vibrant success stories in new industries such as telecommunications, technology and entertainment. Government is doing its part to lower taxes on small businesses, eliminate bureaucracy to bring the informal economy out of the shadows and provide development funding for priority sectors such as agriculture. The central bank has moved to introduce greater flexibility in our exchange-rate policy. These actions are a downpayment on our people’s ability to succeed.

• Regenerate growth

We must reposition our economy by attracting investment in domestic industries and infrastructure. Nigeria has huge untapped gas reserves and also a critical shortage of electricity. Our private sector loses too much of its revenue due to brownouts and power outages. Half of my fellow Nigerians have no access to the power grid. Investment in our power infrastructure, restructuring of the state-run oil-and-gas sector and development of other industries such as solid minerals, metals and petrochemicals will help to create a virtuous circle of growth and exports while creating jobs and reducing poverty.

I am optimistic that our actions are providing the breathing room Nigeria needs during this period of fundamental change. But we cannot improve living conditions and restore fiscal health without making people feel safe and secure—just as we cannot defeat militancy without reducing poverty and dislocation.

One of our main achievements this past year has been to unite regional and global allies to push back Boko Haram. What we do in the next three years to build an economic bridge to Nigeria’s future will be just as important for bringing lasting peace and prosperity.

Mr. Buhari is the president of Nigeria.

"While the boom had many positives and contributed to Nigeria becoming Africa’s largest economy, it fostered an epidemic of corruption and inefficiency. Foreign businesses and financial institutions also benefited as some people spent and sometimes hid huge sums abroad, lifted by the rising tide of oil exports and dollar revenues"

Some time I ask whether oil was a curse or blessing. Other nations use theirs to expand and develop their economy, rather we choose to impoverish our people, simply because we are closer to the power that be.

Mr President your good intentions will come true.

God bless Nigeria!

While these steps are comendable and needed, they have to be done in the shortest possible time else people will lose faith and the strenght and will to see them to the end will lost

This is a laudable solution, But Nigeria has never been known to be a country without solutions to its malady , everyday brand new solutions are suggested from brilliant minds, but the problem always ends at implementation... Do implement. Walk the talk the citizens are "Belle filled" with all the incecent talking and little implementation...

Mr. Thirdwrist : just a concerned citizen.

Mynd44:
While these steps are comendable and needed, they have to be done in the shortest possible time else people will lose faith and the strenght and will to see them to the end will lost

The op is the Presidency official nairaland account.

Ehn, we agree.

But baba, is there no way you can be working at this goal while the economy is still very okay?

Baba, the country isn't smiling o. As I dey so, I never make one kobo since January this year and my savings is depleted almost completely because the economy isn't favorable at all.

All the companies I provide annual services for just dey give excuses based on the failing economy.

We know you wish us wel, but baba, biko do something o.

Baba we need change of President, change of nepa and change of mtn

Changer change yourself first

Change na Change !

I think we should encourage our president to travel more, he only speaks to us when he's not in Nigeria

Waiting for dividends of democracy from time imoriver.

Anyways don't come back and say "you were saying rubbish" again. Cos it seems that's your easy way out when things don't go your way.

Meanwhile, this government is getting used to topping their achievements with the fight against insurgency. Always saving it for last. It's becoming boring Mr. P

If only they and their immediate family can just switch place with th average Nigerian, they will really understand how bad the economy is, and make swift decisions.

I don't blame them sha. When it's 24hrs power with them, kingly breakfast is served, heavenly lunch and superfluous dinner. Travel round in first class/presidential jets....trust me, they really don't know how it is. They are working on hearsay

Make I drop my pen here...anger is already building up

We should move beyond the rhetorics. We should start seeing results soon.

eheheh, who told you those are the changes we need? who even told you that the changes we need are three in number? If i begin dey list the changes we need ehn,........

Click like if u believe we will actualize this change under this administration


Share, if its juz going to design the template for change

Reading to identify weak points

Mental Readjustment that fosters Patriotism beyond Ethinic lines.



Nigeria should go and borrow a leaf from the Canadians..

Their system of Government is best suited to us.

who e EP?

Speed and accuracy=competence
Baba abeg step up your game

God bless PMB

Lemme read

DesChyko:
Reading to identify weak points

What have you found so far?

God bless Mr President
God bless Nigerians and Nigeria

We are waiting

Baba don go seek for solution from UK.

Change is here.
Igbos go and die.

Am still trying to fault the article


Let's just say I don't enough time to read thoroughly so I pretend it's good







In other news, just got a new job and left during training, they want me to sign a commitment bond, if I leave before 6months, I would pay a huge sum.

If only our government can begin working instead of all solutions n no implementation.

A hungry mind doesn't listen to long epistles

Nigeria has never lacked good action plans; the snag has always been implementation. Things really have to be revved up if smiles are to return to grim faces soon.

Buhari do something

BDS

This is regular but implementation is the most important. 1yr is already gone and we have moved further into backwardness. Baba, wake up

#waiting