Olisa Agbakoba (SAN) is a former president of the Nigerian Bar Association (NBA). In this interview with TheCable’s TEMIDAYO AKINSUYI, he speaks on the current economic challenges in the country and offers solutions on the way forward.

TheCable: Nigeria is currently facing serious economic challenges with the naira, which is on a free fall. The Central Bank of Nigeria (CBN) has been making efforts to address the situation, but it appears to be getting worse. How best do you think this can be addressed?

Agbakoba: We need a solid economic plan, which must come from ideas that the government is providing. It is the job of the government to think through very clear monetary, fiscal, and trade policies. I do not see an alignment between these three policies. Once these policies are not aligned, then there will be problems.

I see the CBN trying very hard to control the slide of the naira, but I think it is all wrong because what the CBN is doing is simply issuing circulars. Circulars will not cause the naira-dollar disparity to be corrected. What will make it right is economic activity in the country. That is the only way.

I am not an expert, but if you ask experts what the level of economic activity in the country is, it is probably five per cent. Let me also remind you that it is not really important to discuss the naira-dollar parity so that people should not get worried if the exchange rate is N3,000 to one dollar. It is not important because the Japanese Yen has a very big gap. What is important is not the numeric value of the exchange rate. What is important is the productive value of the naira. Currently, what is the naira producing? For instance, let me say I am a poultry farmer, and I have borrowed N100 million to pay the bank over the next three years. I have 100,000 chicken breeds. However, because of my inefficiency, I have only 2,000 chicken breeds, and the rest have died. So, as a result, I can’t meet my target.

TheCable: The president has also rolled out some measures aimed at rejuvenating the economy and cushioning the hardship experienced by Nigerians as a result of the subsidy removal. Do you think his approach is working?

Agbakoba: Nigeria’s problem is that it doesn’t have any idea about the economic problems or what ought to be done to increase its productive value. If you have a grave level of insecurity in the country, you can’t talk about the productive value of the naira or the issue of the economic production of the country.

So, everything points to a downward decline in terms of what the government is doing. To be quite honest with you, I’m very disappointed because I spoke with President Bola Tinubu at Senate President Godswill Akpabio’s birthday, and I pointed out what I thought needed to be done. I thought that what was most fundamental was the question that the late Bola Ige asked a long time ago before he was assassinated. The question is, ‘Do we wish to be Nigerians?’ That is a very critical question, and we shouldn’t take it for granted. If we don’t wish to be Nigerians, we can’t be a great country. It is not a question to be swept aside. If we answer ‘yes’ to the question, then the second question is, ‘How do we want to be Nigerians?’ I think that is our problem. Like Governor Charles Soludo of Anambra has said, ‘You cannot build a 20-storey building on the foundation of a bungalow’.

The government is missing the very fundamental question of governance. If the governance foundation is not there, such that the states do not see themselves as economic entities of production but as consumers who go to Abuja to share money, then the 36 states are useless. They are useless, even though we have about 46 major solid minerals. If the 36 states see themselves as always ready to go to Abuja and collect their allocations every month, then they will produce nothing. Virtually, all the states are unviable because they think that they want to go and take their share of the cake rather than bake the cake. It is such an easy problem that I don’t understand why nobody sees it.

Sometimes, I tell my wife that maybe there is something wrong with me. Maybe I’m getting mad. Why is it that I am the only one seeing what I’m seeing and people in government cannot see it? They just inaugurated a new constitution review committee in the national assembly. They have been doing that for 30 years. They kept doing the same thing again and again without results, and that consumes billions of naira. This money being wasted on constitution review can be channelled towards building schools, hospitals, and so on. So, if people ask me, why is Nigeria still like this? This is the answer. We have a government that needs to do more thinking.
https://www.thecable.ng/interview-fg-needs-to-think-more-circulars-wont-solve-naira-dollar-disparity-says-agbakoba

Our leaders are left unaccountable because masses are busy fighting themselves.

30 unproductive states trying to hide resources and take from fed govt. Why wont the system go down.

One fundamental fact i have taken time to see is that the government of the day is a propaganda fulltime government.

Ok

Tinubu's economic team are bereft of ideas

How many cases has this man won in court?, what does he knows about microeconomics? everyone has an opinion but if you put them on the seat, they start to melt. Someone is putting out corrective measures to sanitize the financial system, but an arm chair expert is talking bullshit.

AllTheWayUp:
Tell them
Tinubu and his Economic team are becoming more nd more confused everyday as their so called TRY YOUR LUCK Aand KALO KALO policies keep backfiring

Exactly the opposite of what he is saying, but you are proving his point when he reiterated that lazy people should find a way to be more productive, instead of waiting for government.

Go and find a way to make foreign exchange and add value to society, instead of waiting on government magic for a miracle.

Kaycee9242:
Tinubu's economic team are bereft of ideas

Like he said it is not about Tinubu and his team, the problem is that we have so many lazy people like you who are not productive, that add no value to society, all you do is complain, yet you produce nothing to add any value to society.

Have you sold anything in your life before, & got paid in foreign exchange?

Yet you have the audacity to call others bereft? Others should go & work to bring inflow of forex into Nigeria for you to benefit abi?

This government knows how to cure problem symptoms rather than to cure the root problem. This government will still remain a failure untill we start to see, feel and experience positive changes that is general. Lord have mercy.



Tinubu, a bad man with good intentions.

ShobayoEmma:
This government knows how to cure problem symptoms rather than to cure the root problem. This government will still remain a failure untill we start to see, feel and experience positive changes that is general. Lord have mercy.



Tinubu, a bad man with good intentions.

Typical Almijiri lamentations, If you like, don’t go and help yourself, be waiting for government be it Federal, State or Local Government to come & give you positive vibrations.

I think the basic economic plans & directions of this administration is clear enough for all to see and understand.

All to see. Who are the all?

richiemcgold:
I think the basic economic plans & directions of this administration is clear enough for all to see and understand.