Although most American voters may be romanticizing with the idea of socialism, in practice, it is anathema to the US which is the leader of the democratic world and the citadel of capitalism.
Even then, capitalism is not doing any better in terms of popularity. A Harvard Business Review report of 2012 reinforced that belief when it argued that “While the global financial meltdown and the aftershocks have unleashed a flood of indignation, condemnation, and protests upon Wall Street, the crisis has exposed a deeper distrust and implacable resentment of capitalism itself.”
Curiously, even Jesus Christ was a socialist, and so also was Prophet Muhammad (Peace Be Unto Him), because they both shunned accumulation of wealth by a few, which capitalism is all about, and preached the doctrines of caring for your fellow man and public ownership of resources and assets which socialism is all about.
Given the scenario above, is anybody still wondering why PMB is reluctant to end fuel subsidy without finding solution to the havoc the discontinuation of the policy could wreak on the poor, and he is also unwilling to further sell off government utilities, like the refineries as being clamoured for in some quarters, until he is convinced that long-suffering Nigerian masses will be secured without public ownership of such infrastructure? Wonder no more because by all indications, PMB is frugal and pro-poor. At least his assets declaration form suggests he does not engage in primitive acquisition – considering the high profile public offices he has occupied. And what’s more, PMB is a big fan of late Aminu Kano, the pre-eminent leader of the talakawas in Northern Nigeria. And one more thing: Vice President Yemi Osinbajo is also a protégé of late Obafemi Awolowo, acclaimed for his frugal lifestyle. Osinbajo married Awo’s granddaughter. So both PMB and Osinbajo are, so to speak, cut from the same cloth of frugality and austere lifestyle. Another innocuous and quaint evidence of this regime’s preference for simplicity as opposed to opulence is the fact that, upon resumption of office, Buhari reportedly rejected the purchase of five new armoured Mercedes Benz S-600 (V222) cars at the cost of N400 million for his official use.
Incidentally, the duo of PMB and Osinbajo are not lone travellers on the route of Spartan governance as frugality is proving to be the new fad across the world, both in the public and private spheres. This assertion is supported by a report contained in the University of Cambridge Research Bulletin of October 16, 2015, tilted “A Touch Of Genius”, where it was observed that a “gutsy” Indian approach to innovation is being echoed worldwide by multinational companies adopting “frugal” approaches that help them do business faster, better and cheaper. That Indian approach goes by the name of JUGAAD, which means finding practical solutions, being enterprising with resources, and learning from the principles of flexibility and frugality.
Amongst early private sector JUGAAD adopters are Tata, GE Healthcare, American Express, Marks & Spenser, Siemens and Ford Motors. Countries such as India, China, Brazil and Kenya are some of the emerging economies also experimenting with the JUGAAD philosophy.
As the authors of the fascinating book ‘JUGAAD Innovation: How to do Better with Less’, Navi Radjou, Jaideep Prabhu and Simone Ahuja, contended: “Ultimately, frugal innovations is about people. It is human ingenuity that drives innovation – seeking opportunity in adversity, doing more with less, being flexible and simple, and following your heart.”
In my judgment, practical solutions to governance through less-costs approach is simply what the PMB administration is so far applying in the management of Nigeria’s economy. In plain language, that means right-sizing or down-sizing government operations. That makes this regime look like a potential inductee of JUGAAD ideology, which is welcome.
The only challenge now, and which is the reason for this intervention, is that the PMB administration seems not to have put this regime’s policies in a framework for easy understanding and perhaps assimilation by Nigerians, and particularly foreign investors who seem to be scratching their heads as they try to make sense of the socioeconomic direction of government. Without branding or packaging of a country’s economic policy, most investors are often at a loss on what to make of the economy and how to get involved.
James Entwistle, the US Ambassador to Nigeria, said that much when he visited the Lagos State governor recently and informed him that the US government was waiting to see the policy direction of PMB to determine how the biggest economy in the world could get involved.
Nigerians should not yet chant eureka because they feel their current leaders seem to be taking them to the proverbial Promised Land (as there are still many rivers to cross). However, it appears we are headed for an Eldorado if JUGAAD-type policies are consistently and diligently pursued by Nigeria’s new leadership for positive outcome. According to Prabhu, who is the Jawaharlal Nehru Professor of Indian Business at Cambridge Judge Business School, “JUGAAD innovation is the one reason why, despite a scarcity of food, water and energy and limited healthcare and education, India has been one of the fastest-growing economies in the world.”
Against the backdrop of the professor’s enthusiasm and optimism, you can decide whether the envisaged transition from doom and gloom (that Nigerians have become so accustomed to) – compared to the bright development outlook currently beckoning on the horizon – is not the CHANGE Nigerians were seeking when they voted for PMB as president and APC as governing party back in March.
Magnus Onyibe
