Chinedu Asadu



Chukwuma Soludo, former governor of Central Bank of Nigeria (CBN), has disclosed how one of his friends asked him to reject the appointment into the economic advisory council.

President Muhammadu Buhari unveiled an 8-man economic council on September 16.

Some economic experts had commended the president for the decision, saying it is capable of yielding fruits.

But speaking at The Platform, an annual conference organised by Covenant Christian Centre in Lagos, on Tuesday, Soludo faulted the thought pattern of some Nigerians.

“When I was named as member of the Economic Advisory Council, a friend called me, spoke in Igbo: ‘leave their job for them’, I asked why, he said ‘but there’s no money there now, just a Committee… that’s how we reason in Nigeria,” he said.

The economist said the constitution is not sustainable and cannot carry Nigeria and its citizens for long.

Soludo further likened Nigeria’s current reality to the “foundation of an old bungalow”, saying the country needs to among other things change its economic institutions.

He said: “Our constitution, together with its command and control institutions concentrated at Abuja, was designed for and around the sharing and consumption of the oil rent. It is largely obsolete for the demands of a production economy without oil rent which requires competitive and flexible rather than unitary federalism.

“As the oil rent is tapping off, its internal contradictions have burst open, requiring a lot of survival mechanisms to keep the system afloat. But for how long?

“You cannot build a 100-storey building upon a foundation of an old bungalow. The new economy we need to build is a 100-storey building and we cannot put a 100-storey building on this foundation that has been laid for a bungalow.

“A post-oil economy requires that agents maximise their fullest potentials which would require a national rather than a federal response. You can’t clap with one hand.

“What we need is a new national business model. You are designing good ideas and good plans without the underlying infrastructure to carry those ideas forward.”

Soludo added that although Nigeria’s greatest resources is its population, adequate measures have not been put in place to secure the future of the young generation.

He charged the elite to agree on a goal to give the Nigerian child “what we enjoyed.”

He said: “This children in the next 30 years will be youth, they need jobs, they need education, they need water, they need housing. Twenty years time, the oil will be history. I want to ask whether we are actually prepared enough to welcome the 400 million Nigerians in 30 years time.

“Since 1992, we have implemented all kinds of plans all designed to diversify the economy but we are still tied to the life support of the oil sector. If you want to change a persistent economic structure, you have to change the underlying economic institution.

“Our greatest resource is human beings, but we are not going to export illiterates. The easiest way to waste the future is to continue to churn out illiterates and largely unemployed persons must of whom see criminality as the only way to escape.”

But speaking at The Platform, an annual conference organised by Covenant Christian Centre in Lagos, on Tuesday, Soludo faulted the thought pattern of some Nigerians.

“When I was named as member of the Economic Advisory Council, a friend called me, spoke in Igbo: ‘leave their job for them’, I asked why, he said ‘but there’s no money there now, just a Committee… that’s how we reason in Nigeria,” he said.

Simplyleo:
[b][/b]
Even this igbo man that called the prof knows buhari doesn't dish out money lavishly as everything must be accounted for. The man actually called to discredit buhari but unconsciously uncovered some facts.

Yet some social media goats prefer telling themselves lies and believing same about some imaginary cabals packing Nigerian's money in aso rock.

A clown up there is already screaming "but money available for cabals", lol. Are these not the same people shouting up and down the other time that buhari gave the chairmanship of this committee to his brother or close ally? So he gave his brother/ally such a "lucrative" position, yet deny it funding. Meanwhile, the igbo man called to simply intimate the prof that, hmm, this man no dey throwey money anyhow o, so take a decision.

omenka:
There you have it folks, onenote the root causes of our problem in this country.

Besides what soludo said, I believe the caller said what he said because Soludo accepting such an appointment could potentially poke holes at the usual sing song of those who despise the government of the day (MARGINALIZATION).

We have an huge problem in this country. Too many evil men desperately working day and night to ensure there exists no peace in Nigeria.

By God, they will all fail!

neoclassical:
Soludo, Nigerian best Economist alive. This man is economically sound. As a Development Economist, I have reservations about someone like Soludo making great impact in Buhari's government. Soludo is an expansionary Economist, whereas Buhari believes in contractionary economic policies. What Nigeria needs now is "Soludo Model" in other to keep the economy in liquidity and ultimately achieve rapid growth in the real sector of the economy. There is liquidity trap in the country, which has contributed to stagnation in the real sector. For us to redeem the country and its citizens from the vicious circle of poverty, we need heavy investment in social overhead capital through lopsided economic model, in that, the economy will diversify itself naturally. When business environment becomes conducive, small and medium scale enterprises will thrive, income of the people will increase, leading to high standard of living.

Afamed:
It's well

ChoCho54:
Soludo should shut up and do the work he's appointmented for. Obono obla said worse things.

neoclassical:
Soludo, Nigerian best Economist alive. This man is economically sound. As a Development Economist, I have reservations about someone like Soludo making great impact in Buhari's government. Soludo is an expansionary Economist, whereas Buhari believes in contractionary economic policies. What Nigeria needs now is "Soludo Model" in other to keep the economy in liquidity and ultimately achieve rapid growth in the real sector of the economy. There is liquidity trap in the country, which has contributed to stagnation in the real sector. For us to redeem the country and its citizens from the vicious circle of poverty, we need heavy investment in social overhead capital through lopsided economic model, in that, the economy will diversify itself naturally. When business environment becomes conducive, small and medium scale enterprises will thrive, income of the people will increase, leading to high standard of living.

pmc01:


Chai!

Soludo was brilliant today and even wise, while at it.

Yet, all you come up with is this?

Gracealone:
You are not just taking the job. You are crossing to APC.

One thing to set up a committee, another thing is to listen to then.

Abacha still holds the record of bringing bright minds together for brainstorming.

Pusyiter:

It is not to bring bright minds to brainstorm but to implement the outcome of their brainstorming.

Pusyiter:
Let's get it
A one million Soludos can not bring the needed economic Eldorado because of the faulty socioeconomic and political structure

pmc01:


What Nigeria needs is a collaborative effort, not all these usual individual hailing. Even Prof Soludo stressed this much.