Nigeria, Africa’s largest and most important economy just held presidential and parliamentary elections over the weekend.
Beyond the euphoria of victors that were elected at all levels, the stark reality is that these are not the best of times for the country.
The persistent slide in oil prices has led to economic dislocation although it also presents an opportunity to diversify the oil dependent economy.
Nigeria failed to save for the rainy day because most Governors from the 36 states insisted the rains were already falling and were all too willing to share the Excess Crude Account (ECA) reserves.
This mentality behind this lack of long term planning must be put to a stop.
The Sovereign Wealth Fund (SWF) must be gradually built up and reforms to the gas sector, PIB, housing, Agriculture and efforts to bring about financial deepening must push forward.
Power reforms that have begun must be consolidated.
Unhelpful man made attempts at slowing down the nations progress such as the Geometric power and interstate electric imbroglio over the rightful owners of Aba disco should be resolved and never allowed to be repeated.
Nigerians are eager for serious committed leadership at all levels.
Investors are ready to pump in billions of dollars into the country as long as there is a private sector friendly business environment and a government that shows it means business.
It cannot continue to be business as usual.
PATRICK ATUANYA & BALA AUGIE
