Ohanaeze Ndigbo, Afenifere and Pan Niger Delta Forum (PANDEF) on Tuesday agreed with influential Financial Times of London that the spate of insecurity in the country showed that “the Nigerian government is no longer in control,” noting that Nigeria was at risk of becoming a failed state.
This came as President Muhammadu Buhari, yesterday, conceded that only God could effectively supervise the 1,400 kilometers border between Nigeria and Republic of Niger.
Meanwhile, Nigeria Employers’ Consultative Association (NECA), the umbrella body for Organised Private Sector (OPS) and Voice of Business in Nigeria, has expressed concern over the state of the Nigerian economy, warning that the realities on ground were frightening.
The report is right, Nigeria is sinking fast — Ohanaeze
Ohanaeze Ndigbo, which spoke through Emeka Attamah, the Media Adviser to the President General, Chief Nnia Nwodo, agreed with the position of the Financial Times of London that Nigeria is heading to a failed state, saying all indices of a failed state are currently manifesting in the country.
He said: “Financial Times is a reputable magazine and before they write anything, they must have their facts. It is an incontrovertible reality that the nation is sinking fast.
“The wheel of governance is grinding to a halt and we are still chasing shadows. All indices of a failing state stare everybody in the face, a terribly insecure country, a bleeding economy, a bludgeoning corruption level, a convoluted political system where courts have become electoral umpires and a faceless Presidency.
“Whatever are we getting right in this country? Let us not continue to deceive ourselves. Until states or geopolitical zones are allowed to harness and develop their natural endowments for the good of all, until this country undergoes restructuring, it will continue to sink deeper and deeper into quicksand.”
Nigeria is in a mess — Afenifere
A leader of the pan-Yoruba socio-political organization, Afenifere, Chief Ayo Adebanjo aligned himself with the Financial Times editorial adding that Nigeria is in a mess.
Adebanjo said: “All the perimeters are there, you don’t need a crystal ball to tell you that. Lai Mohammed and Femi Adesina can use any propaganda but we all know what is going on. Law and order has completely broken down in this country.
“Which day don’t you hear that somebody is killed in Nigeria? But all you hear from the Federal Government is that they are doing something. We are in a mess and nobody is in charge. We are in the hand of God.”
Also, Afenifere National Publicity Secretary, Yinka Odumakin said: “Financial Times is not making news as Nigeria has tottered on the brink of failure for a long time. There is total dearth of leadership to put the country back. All the ingredients of failure abide with us permanently.”
Insecurity has become unbearable — PANDEF
Deputy National Chairman, Pan Niger Delta Forum, PANDEF, Chief Thompson Okorotie, said: “There are problems all over the country and insecurity has reached a level that it has become unbearable.
“The #EndSars protests and its effect on the economy, the way appointments and development projects are distributed are lopsided and concentrated in a particular section of the country.
“All the indices are showing that we have entered another recession. So, when there is recession, it shows you have already failed even though the government is struggling to cover up it up.
“The only way out for the country is restructuring otherwise the country will die.”
OPS expresses grave concerns over Nigerian economy
NECA in a statement, yesterday, contended there were indices that the Nigerian economy was facing a grave risk of hedging into a deeper challenge if drastic and immediate economic transformation, focused and strategic engagement were not implemented.
NECA Director-General, Dr Timothy Olawale, in a statement, said “The economy is currently grabbling with the worst recession twice in five years, coupled with skyrocketing inflation rate (nearing 15 percent mark), high unemployment and underemployment rate (about 57 percent), unstable crude oil prices in the global market and effect of the global pandemic, which portends danger for the economy, businesses and individuals.
“Of concern is the second wave of the Covid-19 that is ravaging Europe with consequential effect on the nation’s economic recovery efforts. As there is no one-size-fit-all approach in salvaging an economy faced with multi-faceted challenges like ours, we suggest a mix of fiscal, monetary and trade policies with political will in delivery the necessary actions.
“With the unpredictable nature of global oil prices and developments in usage of alternative sources of fuel and modern technology, it is more appropriate to hasten the process of diversification of the non-oil economy to expand the revenue sources, which is currently crude oil-based. It is obvious that revenue from non-oil sector is more feasible and less volatile than the oil revenue. This will facilitate a buoyant and robust economy, which will reduce the need for external debt to the barest minimum. Exploration of the various natural mineral deposits in the country for processing and exportation should be explored.”
“Our analysis of debt servicing provisions to revenue projections in the yearly budget over a 5-year period revealed that in 2016, 38.34 percent of the year’s budget was earmarked for debt servicing. Similarly, in 2017 (36.2 percent; 2018 (30.7 percent); 2019 (32.14 percent); and 2020 (35.6 percent). This is not only worrisome but alarming. We believe that the growth of external debt stock and debt service payments is becoming a clog in the wheel of national economic growth efforts. Once an initial stock of debt grows to certain threshold, servicing them becomes a burden with debt crowding out investment and growth.
“It is obvious that, if the growing trend is unabated, Nigeria could face the gory experience of Greece (Euro-zone crisis of 2015). The country failed to pay the sum of 1.5billion Euros to the International Monetary Fund, when it was due. The long-running debt debacle left Greece on the brink of financial collapse, worsening recent years of wrenching austerity, and represented a historic blow to Europe to irreversibility of the 16-year old single currency.
“Some of the drivers that exacerbated the problem of Greece were budget and trade deficits. Both trade and budget deficit grew from below five per cent of Gross Domestic Product by 1999 to about 15 per cent of GDP by 2009, which compounded Greece’s economic challenges.” – Vanguard.