By Adisa Adeleye
AS expected, the aim of any nation is to be great through political and economic developments. Thus the goal of balanced development has been the inordinate ambition of all leaders of many developing (poor) countries after obtaining freedom from colonialism.  Nigeria is not an exception to the vision of greatness which today has become an illusion.

One of the drawbacks of balanced development has been identified as lack of vision or inability to embrace continuity as a principle.  My late father lived in a peaceful small running town called Jos (now capital of turbulent Plateau State) with his friend named OBIORA, who was a trader in Palm Wine brewed in Onitsha (now in Anambra State).  In the 1930s and early 1940s, both friends discovered a profitable trade in Kerosine lanterns manufactured in Awka.  Obiora would bring Palmwine and lanterns from the East and my father would distribute the crude lanterns around the surrounding villages.  The partnership was successful and the venture was profitable.

The story is that my father died more than sixty years ago and Obiora could no longer be traced in Jos.  If Awka had maintained its old industrial base, the crude lantern of the 1930s and 1940s would have been finely refined by now to challenge the mere inferior imported lanterns and lamps that dominate our markets unchallenged in an atmosphere of total darkness in our cities.

The story of Abia (Abia State) is pitiable.  The city grew out of the Civil War to become a manufacturing and great commercial centre.  Traders flocked from many parts of Nigeria and West Africa to sample and purchase Aba_made plastic shoes, bags and fine textiles (apparently smuggled from the Cameroons).  Today, Aba‘s image seems to have been dented by series of kidnappings and political thuggeries.

The decayed infrastructures have brought economic stagnation and unemployment, especially among the youths, had resulted in poverty and crime.  The politicians suddenly turned apologists and rascals, exhibiting the traits of visionless leaders.

The scenario painted above is a recapture of the panoramic view of a country that has lost its sense of value, and the leadership that is visionless.  In almost all parts of the country, the groundnut pyramids of Kano, the Cocoa Plantations of old Western Region and the luscious oil plantations of the East had all disappeared, leaving the fields to be ravaged by political locusts.

Many commentators have ascribed Nigeria‘s lack of economic development to the discovery of Oil in commercial quantity over fifty years ago.  The suggestion seems a sad reflection of poor leadership and the terrible followership that thrives on such condition.  In a situation where oil money is consumed or stolen (by some leaders), it may be difficult to control pen or armed robberies among the restless citizens.

Oil money should be the pivot or engine of economic growth, providing enough capital for industrial growth, employment and prosperity.  Instead, we are faced with a dismal picture of a divided nation – The Rich and The Poor.

Many patriotic Nigerians have pointed to the unfairness and inequality in the distribution of national resources (income) and wages as sources of present economic instability and future distress.  The problem is the fact that those who should improve the situation are themselves parts of the problems.  Some of them seem blind, oblivious of the danger ahead or deaf; could not hear the drum of disaster.

The pity is that majority of our self appointed leaders are blind and deaf, and the possibility of their being dumb could not be entirely ruled out.

The emphasis of turning oil revenue into an engine of growth instead of its being used as a consumable commodity is a constitutional matter which is yet to catch the roving and romantic eyes of our opulent legislators and the warped minds of the wretched masses.  When there is evidence of similarity of minds and purpose of the rulers and the ruled, then the sound of the bells of joy and prosperity would be audible.

This brings to mind the cry of Professor Soludo (former Governor of Central Bank) against the 2011 Federal Budget sent to the Legislature recently by President Jonathan.  According to the erudite Professor, ‘The 2011 Budget calls for serious concern, because, not a kobo of the oil proceeds is going to be spent on infrastructure and capacity building.

Every kobo to be spent on infrastructure and capacity building will be borrowed this year‘.  The important question being asked by Soludo and re_echoed by Atiku (both influential members of the ruling party) is why should we borrow (at a price) when the oil money is there?

The question is baffling as the answer should be intriguing.  The President is the head of the ruling party and the legislature is dominated by members of the ruling party whose patriotism would be put to test.

My problem with past Central Bank Governors including Soludo and the present one, Sanusi is their negative attitude towards Budget Deficit (spending more than income) anytime it is being introduced.  Their old fear is Inflation, which if not properly managed could be disastrous.  However, in a dormant economy, it may be necessary to encourage lavish expenditure by the government to stimulate demand and encourage investments.

It may also be desirable to ‘fructify‘ the pockets of individuals to activate effective demands for locally produced goods.  Everything depends on the intention of the government, whether its expenditure is on conspicuous consumption of imported items or its expenditure would be directed towards employment and wealth creating ventures.  It is the sole responsibility of the Central Bank to direct excess funds towards productive projects and not mapped into a cooler.

It should be recognized that Sanusi‘s Central Bank has been moving from cynical conservatism in economic policy towards liberalism that favours growth.  The Central Bank‘s bailout of seemingly distressed banks and its N500 billion injected into the real sector of the economy in the face of apathy of the commercial banks, could be viewed as a welcomed rarity.

The problem is that the gesture could only be enjoyed under a vastly improved infrastructures‘ condition, otherwise, the necessary funds would go into solving infrastructural problems of individual concern like cost of power, cost of imported raw materials, equipment and marketing and distribution.  It may now be a question of which agency is better suited to promote vast infrastructural development, government or private sector?

The economic development of the country rests on the shoulders of the Central Bank and the Ministry of Finance in assisting the government to be innovative in the desired policy of macro_economic stability with full employment.