The Great Depression, 1929–1941 was the longest and deepest economic downturn in the history of the United States and in the modern industrial economy.
“Regarding the Great Depression, we did it. We’re very sorry. … We won’t do it again.”
This was Ben Bernanke, in a speech on November 8, 2002. Ben Bernanke was then a member of the Federal Reserve Board of Governors. He then went on to serve as chairman of President George W. Bush’s Council of Economic Advisers before President Bush nominated him to succeed Alan Greenspan as chairman of the United States Federal Reserve. He acknowledged publicly what economists have long believed: The US Federal Reserve’s mistakes contributed to the “worst economic disaster in American history”. By “did it,” Bernanke meant that the leaders of the Federal Reserve Bank implemented policies decisions that hurt the economy. Other policies that would have helped were not adopted.
It rings true for Nigeria also in the last eight years.
Economic historians characterized the Great Depression as a disaster which it truly was. It was a disaster as industrial production plummeted; unemployment soared; families suffered immeasurably; marriage rates fell and social tension was raised. The economic downturn hit bottom. It took new President Franklin D. Roosevelt to introduce bold sweeping reforms of the financial system that brought the economic recovery.
Nigeria today finds itself in the same conundrum brought about by largely illiterate economic policies. The new national security adviser, Nuhu Ribadu and the new minister of finance Wale Edun have officially confirmed what Nigerians already knew that the Nigerian economy was run aground.
After taking power in 2015, the winning coalition was deliberately informally disbanded and an unknown tribal clique took over the political and economic policies of the government. Those with winning ideas were pushed aside and estranged.
Nigeria’s President Bola Tinubu on taking over on May 29, after being comprehensively briefed on the national economic malaise saw a sense of urgency to taking certain sweeping actions to set the general economic recovery into motion.
In his first Inaugural address on March 4, 1933, President Franklin D. Roosevelt identified the horror which the U.S. population faced, and pledged himself to “action, and action now.”
A lot has been written about Nigeria’s political system with a view to bettering things. Segun Adeniyi, ace columnist and former presidential aide once wrote that, ‘“Indeed, there is something about the nature of the process [or lack of] that throws up most of our leaders that demands interrogation if we must deepen our democracy…what the foregoing suggests clearly is that many Nigerian leaders almost always arrive their duty posts more by accident [and luck] than by any conscious dream nurtured by ideas or ideals.’’ The nation’s history is replete with those who were somewhat accidentally thrust into power and/or were thus ill-prepared.
The ace of Nigerian journalism, Dele Giwa wrote more than three decades ago in ‘Death and Destiny’ that, “Nigeria as a country has been unlucky. Those who desire to govern it, those who believe that they have what it takes, people of resolve and strength of character, hardly ever get a chance of making the nation’s leadership.’’
On Obafemi Awolowo, Dele Giwa wrote thus, “Obafemi Awolowo fought with all his energy, relinquishing power in the West in search of the real power in Lagos, but unfortunately for him and perhaps for Nigeria, he never got the chance.’’ The chief sought national power persistently and he certainly knew what he wanted to achieve with power. He had the ideas, the concrete plans for the millions of Nigerians.
A northern Nigerian politician once put it best, “Obviously you can become a president by accident or good fortune. But you do not govern a country by accident or luck. It is time to move beyond this luck thing.’’
President Bola Tinubu has spent the larger portion of his adult life seeking the presidency of Nigeria. The economy which he particularly seems interested in, affects people in many profound ways. As political head, he has given himself the job description to lead an economic revival as a CEO of the nation; someone to preside over and oversee the preparing of a comprehensive plan for resuscitating and ultimately growing the economy and leave no one guessing about the nation’s economic future.
The Chancellor of the Exchequer in Britain is the government’s chief financial man and is responsible for raising revenue and for controlling public spending. Think of a country’s president whose main preoccupation and obsession is increasing state wealth and spending its resources to sustain its economic growth. Here the president assigns himself as the points-man of the economy as FDR once did, to drive it forward and bring exhilaration and success. Such a role will take someone highly knowledgeable, having lots of international contact, a man who can find his way around leading political and economic figures around the world and will be comfortable in their company.
To be able to do both international and local economic deals, not to talk of actively engaging Corporate Nigeria and organized labour, this man will oil the wheel of governance.
President Bola Tinubu has taken it as his paramount duty to fix the Nigeria economic palaver with orthodox and unorthodox ideas. He seems ready to employ urgent measures; he has a clear and structured economic strategy. He is ready to deploy concrete steps and well thought through action plans, strategic imperatives. He has the foresight to finding the right men and women for the task and Nigeria does not lack for competent people.
With the all-business, all-efficiency man at the helm, to run things to economic profit with efficiency and competence, an ultimate embodiment of the tenacious instinct for which the quintessential successful Nigerian professional is known. Nigerians wants a performer to take them to this century’s level of infrastructural development, happiness, prosperity and, above all, sanctity of human life. A political figure with nationally-spread intimate friends, who can inspire the people to a rallying cry and improve their daily lives by empowering deeds.
The journey to recover the nation has just started.
- Barrister Chima is a chronicler and biographer. He writes via chimacliffchima@gmail.com
