In the past three months that Nigeria was the subject of ‘survival’ debate, arguments raged over the credibility of the Independent National Electoral Commission’s (INEC), the continuity of the country as one, the sustainability of the economy-endless lists of issues on the debate table.
It is one day after. So now it is over. If you like, it was very successful or very disgraceful. But it was an election in which we cast our votes. Nigerians and foreigners as well, certainly are all now reflecting with a combination of nostalgia, resentment and indifference on this election and equally looking forward to the future with a mixture of foreboding and hope: will this government hit the ground running, or will it continue with business as usual? With so much riding on the state of the economy, the bad news is that everybody showed very little understanding before the election of what ails the country.
But we all know now, that the often heated debates, and the election itself were indeed central to keeping the country together stronger.
The broader ramifications, I am certain will begin to sink in shortly.
But there is work to be done. So it is not just enough to have an election, an unprecedented type at that, or just enough to be elected as the next president of Nigeria. A little humility today will be in order. That will send a reassuring message to those voters who voted that they did not make another big mistake. Remember, the investing communities move up and down in happy union with a body language that is unambiguously welcoming. So today, show them love too.
The verdict of the investors is likely to be swayed by that, don’t forget that their verdict is less straightforward and often, they do need convincing. That body language will be closely watched in the first hour of the presidency. It will mean different things to different people. It will illuminate the new government’s primary goal. It could also make or break the government.
So taking the first step right will be tricky. It has to be that step that underscores the route chosen to go and it must be that which will signal intentions to ride the rough roads with partners with the right tools to fill up the potholes ahead.
Don’t forget that everything still ails the country as I suggested earlier. Public finances are still hopelessly squeezed, oil prices still hasn’t shown signs of recovery, so the country have nothing to fall back on for now. The foreign reserves is still bleeding, even though the finance minister is convinced it’s okay for the reserves to be drifting downwards. The Naira is still stroke stricken. We are still borrowing heavily both within and from outside. Even our billionaires are losing their wealth to the sick Naira. The big one: corruption still hovers around like a permanent plague.
Like I mentioned in my earlier write up, the intensification of the pressure on the currency presents the country, particularly the manufacturing sector with stark choices. Growth in the sector slowed to 19. 2 percent on electricity sector woes and high input cost in the third quarter of 2014. That is the sector that could lead the revival if primary focus is channeled towards reengaging it for the good of all.
So it should be simple strategic thinking from today to set the stage for a revival that the country so badly needs. In other words, pressing forward from today with needed structural reforms, from freeing up the petroleum sector to stimulus, whether short or medium term, delivered via effective monetary policy as well as incentives for consumers to spend and businesses to invest, which could help the effort and help lift growth.
So go to work!
Charles Ike-Okoh
