By Dr. Nkemakonam Chukwukaodinaka Okeke, PhD, FNSE
The conclusion of the 2023 general elections and the emergence of President-elect Bola Ahmed Tinubu as the winner signals another phase in the growth and solidification of our burgeoning democracy
As someone who has participated in elections in the past, I must commend all the participants, the administration of President Muhammadu Buhari, the Independent National Electoral Commission (INEC) the entire electorate as well as our party,the All Progressives Congress (APC). Yes, there were challenges, but there were more positives than negatives.
More importantly, it is now time for us as a country to move forward with the very serious business of nation-building and economic prosperity.
The last few years have seen the country and the world navigate through unprecedented developments including recessions, a global pandemic, international diplomacy fractures as well as a looming threat of a World War on the back of the Russian/Ukrainian conflict and its impact on the global economy.
The inescapable effect of these developments, especially on an emerging economy like ours with legacy infrastructure and policy deficits and challenges is tighter constraints on our economic well-being and prospects.
This period has affected the whole world and Nigeria is no exception even though the Buhari administration has done well in building a more diversified economy than the one he inherited. Inflation had continued a steady march despite all efforts to tame it, the Naira sunk to record lows at the FX market and even our GDP declined.
All these were despite the valiant efforts of the outgoing administration in infrastructure revamping, policy harmonization, people-centric support initiatives and stronger national security infrastructures. The efforts of this administration are so immense that the IMF in a recent report declared Nigeria as the most stable economy in Sub-Saharan Africa over the last 8 years!
Now, we must move on to the next chapter of our national evolution. The President-elect is renowned for his astute statesmanship, progressive public policies and pragmatic economic ideas. This he demonstrated during his time as the Governor of Lagos State from 1999 to 2007.
His legacy since then has been enduring and sustained by subsequent administrations so much so that Lagos is now the 5th biggest economy in Africa! His administration introduced several innovative policies and initiatives that have been studied and replicated all over the country with astounding successes.
To bring this to focus, we must ask, what are the key issues bedevilling our country at this point in time and which are of the utmost concern to the citizens? I daresay the top 3 interwoven priorities are (1) the economy especially in terms of revenue for projects and developments, policy development and improved productivity (2) insecurity, and (3) fostering a unified national identity.
As a former 2-term Deputy Governor and economic academic of several decades, I can appreciate the magnitude of the challenges ahead for the incoming administration as well as understand the size of the opportunity also presented.
In my estimation, and with the knowledge I have of presidential team of President-elect Tinubu and Vice President-elect Kashim Shettima (himself a former distinguished 2-term governor of Borno State), I believe these issues are already being strategically put in focus and solutions and initiatives being developed for immediate implementation on assuming office.
The incoming team has demonstrated key successes in tackling economic and security challenges whilst in office and both bestowed enduring and sustainable legacies in the states.
In fact, I am sure that within the term of this administration, Nigeria will be inducted into the folds of the emerging BRICS economic stronghold given our population, regional foothold, economic potential and progressive leadership.
Critically, for this team to bring to bear the wealth of their intelligence and successes, the foundation of a united national front becomes imperative. Comedian Dave Chappelle once said the key to China’s success and strength is that all the people are ‘Chinese’. Thus, all Nigerians must be ‘Nigerians’
The task at hand at the moment is for the people to join hands together and work with the incoming administration to ensure a successful transition and progressive positioning for a collectively beneficial economic prosperity going forward.
God bless the Federal Republic of Nigeria!
_Dr. Nkemakonam Chukwukaodinaka Okeke is a professor of Economics, a 2-term Deputy Governor of Anambra State and Vice Chairman, APC Professionals forum
