Opinion: Flattening the Curve Of Our Economy’s Ailment, By Uddin Ifeanyi
I must confess that my worst fears about the new coronavirus pandemic have not been borne out. We, clearly, came to the lockdown reluctantly. When, finally, we agreed to it, went about it as perfunctorily as it was possible to without looking collectively stupid. Two weeks ago, the lockdown was lifted with a celebration of crowds that I was so sure we were in for a second round of infections. Unarguably, the trajectory of infections and deaths are still steep.
Add to the fact that there are no conditions native to the African that make her a lot more immune from the virus than other ethnic groups, the fact that our healthcare facilities were far from capable of dealing with the pandemic when it broke out, and you have a riot of questions in search of answers. There is no gainsaying the fact that we have undercounted both infections and deaths from the virus.
Whatever is responsible for our coming off this pandemic in fairly decent fettle so far , the worst response will be to squander this new lease of life. But over the years, our policy preferences have been to drive foreign exchange-oriented activity, either by selling more crude oil, or restricting the demand for foreign exchange. Indeed, the underlying arguments about the need to diversify the economy was never about diversifying economic activity. No. it was always about diversifying the sources of foreign exchange earnings.
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