FWPI Editorial: The Upcoming Costly Hyper-Inflation And Its Prevention

 FWPI Editorial: The Upcoming Costly Hyper-Inflation And Its Prevention

Late Michael Iheonukara Okpara,  premier of the old Eastern region of Nigeria, during the first republic, had the oversight function of the economy that witnessed rapid growth and was ranked amongst the world's best. He had a strong belief in "agricultural reform as being crucial to the ultimate success". That particular historical era was a period of confederacy. Some have honestly adjudged that period as an era of regional patriotism. The Eastern, Western and Northern regions were just working fine. Many countries particularly from the Asian continent, visited the Eastern region, to study its outstanding economic activities. Regrettably, an unfortunate military disruption of the then democracy, crept in, orchestrating an avoidable war. A war that claimed over three million Biafrans. This is where the sun got set over the economy of Nigeria.

Oil and gas then happened. As hostilities eventually ended, General Yakubu Gowon introduced a policy codenamed: "Reconciliation, Rehabilitation and Reconstruction (3R). At a very young age and possessing only military experience, the oil boom of the 1970s, grossly distracted him from focus. Some yet insist he was not in charge but under the influencing control of external forces. The accumulation of easy and overwhelming financial windfall on the young soldiers welding sophiscated weapons and power, chatted the path and with such, came Nigeria's seeming endemic nosedive. The nineteen seventies, eighties and nineties, witnessed more unpatriotic, power grabbing coup d'etat, motivated only by corruption and total disregard for infrastructural development.

By the year 2000, it was already thirty (30) years, after the civil war and the nascent democratic dispensation was just a year old. The young soldiers and their civilian accomplices had grown old enough. Many of the soldiers transformed into civilian life, becoming part of the political establishment. They moved on to "business as usual". None stopped to question about the abandoned policy of the 3R (Reconciliation, Rehabilitation and Reconstruction), earlier promised by Yakubu Gowon. By the year 2015, the children born during the civil war,  had clocked at least, forty five (45) years. They would no longer accept what Senator Ben Murray Bruce called "Supression of Talents". They have become vocal and their leader is Mazi Nnamdi Kanu.

Muhammadu Buhari, the man currently in power as the Nigerian President, has totally not shown that he assumed power to humanely govern the country. But rather, the opposite has become the case. Critics say he is displaying his unhidden hatred just as he arrogantly did, as a young military Head of State. He committed enormous acts of genocide while others argue that his old age, terminal illness and clannish advisors surrounding him, are to be blamed. Still, with dwindling oil price, historical borrowing, poor fiscal behavior and external infrastructural development mindset, precisely in Niger Republic, the future most definitely, looks bleak for the country. And this is compounded by the extraordinary rendition of Mazi Nnamdi Kanu, the leader of the Indigenous People of Biafra (IPOB), from Kenya, which is threatening to tear into shreds, the country. It is understandable that any government would want to keep the country together, people with knowledge of such a complex issue, have explained that involvement in illegality does not in anyway, prevent a breakup.

Here are however, outlined ways of preventing such an experience:

1) Mazi Nnamdi Kanu, is the most essential Eastern Economy and by extension, Nigeria. Releasing him unconditionally from detention, rather than the present court case of total display of hate, will definitely pull Nigeria out from the brink.

2) Unconditional release should also be given to Sunday Igboho and other prisoners of conscience, wasting away in detention cells, through unethical methods in the hands of the agents of different Secret Security Services. This gesture will pave the way for a true national dialogue.

3) Security and National inclusiveness should be encouraged. Genuine effort should be made to seek a third best alternative. A win-win position is the only solution. Life should not be a zero-sum game. The Nigerian President must be encouraged to understand that no one tribe has to suffer or be taken undue advantage of. If the present hate/oppressive atmosphere is sustained, what happens when he eventually vacates office? Referendum is a democratic way of settling disagreements. No one has to be killed for rightly placing a demand for that. 

4) Agro-driven economy and economic diversification must have to be pursued as a life saving policy. It is not hidden to anyone that the impact would not be felt immediately but the genuineness of effort would certainly produce national cohesion, leading to willing short term endurance.

5) Chukwuemeka Odimegwu Ojukwu of blessed memory, made it emphatically clear that Yakubu Jack Gowon, was not the problem though. The problem was and still is, the unelected, non-citizen bureaucrats/technocrats at Number 10 Downing Street, London and beyond. We can and must stop allowing these people to meddle in our domestic affairs. If we must survive as a people, Africa must have to be truly independent.

Written by Chibueze Daniel

Editor, Family Writers Press International