Buhari Should Hire a Chief Economic Adviser, If He’s Serious about the Economy via thisdaylive
Just one month into the second term of President Muhammadu Buhari, issues in the economy are once again on the front burners. A former managing director of Asset Management Corporation of Nigeria and Managing Partner, Alpha African Advisory, Mr. Mustafa Chike-Obi, takes a critical look at the economy, highlights its challenges and proffers solutions. Specifically, Chike-Obi faulted the Economic Recovery and Growth Plan , the economic blueprint of the government.
So, a tight fiscal policy would clash with a loose monetary policy and also a tight monetary policy may clash with a loose fiscal policy. All those things can be assembled and the only person who can assemble them is the president. But the president, l’m tired of saying this, does not have a chief economic adviser. Mr. Dipeolu, as competent as he may be, is the chief economic adviser to the Vice President.
You have alleged that the government does not have any economic vision. What’s your take on the ERGP, which this government says is its own economic blueprint? It’s a way to start. We can decide we want to be the sewing capital of Africa. We can easily become that in the next three years. We can employ two million people in sewing easily, but we have to learn skills. After that I’m going to furniture making. Import the woods if you want. But the furniture that we use in this country, especially in government offices should be made in Nigeria. It does not require that much infrastructure. We can go from soft skills to harder ones.
So, l don’t see how the oil benchmark price comes into it. Rather than use the oil benchmark, you can call up today the Chicago Mercantile Exchange and they can give you a price that we can sell our daily oil production every three months because there is a forward price for oil. If we want to sell 500million barrels in the next12 months we can have a fixed price. As you make the money, you deliver to pay.
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