Vultures feed on carrions. They are always ready to swoop in to take control only when they are assured of rewards (legitimate and even dishonestly). Vultures and scavengers can be extremely possessive with their prize and will defend it against sound reasoning. They are cunning, always careful not to risk injury, and will take flight if the situation becomes volatile. Vultures and scavengers are economic foragers who always scheme to take advantage of an environment that is in a very bad situation. They descend speedily and hungrily on situations and circumstances from parochial viewpoint of benefiting from other’s misfortune. Unfortunately they are hardly satisfied because they have large pouches where they store ill-gotten, most times rotten, carrions and adapting like chameleons in their offensive lifestyles. From socio-spiritual observation, they represent fouled environment, death and the need for urgent rebirth. Their presence conveys a signal to the discerning to understand that it is time to let go of things that no longer serve any positive or progress purpose and embrace change. So many vultures and scavengers are occupying Nigeria’s economic and political landscape.
The kind of games currently being played with the provision of energy (a basic necessity) in Nigeria (and for Nigerians) are not funny a bit; and the people holding the levers that are singing discordant tunes should not think they can continue to play this monopoly and oligopoly game. The doublespeak, especially the approbating and reprobating coming from the oil sector, the sudden upward review of pump price by NNPC the day Dangote Refinery said it is ready to release from its platform and cacophony of contradicting statements as well as turning of PMS to a political product are all pointers that those benefiting from the product’s scarcity are not ready to let Nigerians heave a sigh of relieve and breathe well. When Nigerians are hopeful that it is time to overcome PMS scarcity, words and body languages from the regulators and NNPCL is saying otherwise. One is quick to draw a conclusion that Nigeria, the people and the businesses therein have become playthings in the hands of these guys at a time we all need to concertedly fight industrial backwardness in the country. To all discerning minds, Nigeria’s economy is passing through a pandemic, in the shape similar to COVID-19. This being the situation, it is expected that the industry regulators and market players will not permit jobbers and rent seekers since it is expected that they know the effects of this on quality of services and oversight functions.
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Borrowing from history, the countries that had overcome industrial regression at the end of the Second World War, those that saw the need to embark on rapid industrial development, have been following strategies similar to those used by Japan to promote their industries. What did Japan do towards achieving industrial development? Japan’s Industrial development was placed upon the shoulder of the country’s Ministry of International Trade and Industry (MITI) which orchestrated an industrial development programme that forcefully controlled imports through government control over foreign exchange. Exports were promoted in order to maximize the supply of foreign currency needed to buy machinery or pay for technology. The special industrial development interventions involved direct and indirect export subsidies as well as information and marketing help from the country’s External Trade Organisation (JETRO). Japan took other actions to create space necessary for the buildup of new productive capabilities by young and relaunched industries. The country’s government directed subsidised credits into key sectors through ‘directed credit programmes’. It also heavily regulated foreign investments. Foreign investments into some key industries were banned, and where allowed there were strict ceilings on foreign ownership (maximum of 49%). Foreign companies were required and mandated to transfer technology and buy at least specified proportions of their inputs locally. Even the inflow of technologies were regulated by the Japanese government to ensure that old, outdated or overpriced technologies were not imported into the country.
The above specific and time-bound strategies are the kind of what Nigerians want to see and feel for the much-hyped renewed hope to reduce pressures on FX demands, to solve long-standing economic growth issues and ensure Nigerians are benefitting from the multiplier effects of the economy’s revitalisation. Now, who are those vultures and scavengers that are making necessary reforms impossible? The task of taming them must be accomplished now.
Ola Emmanuel is a business planning consultant
