By Adisa Adeleye
IT looks delightful that the apostles of zoning and some Northern leaders of the ruling party (PDP) have announced their candidate – the former Vice President of Nigeria, Alhaji Abubakar Atiku to challenge the incumbent President, Dr. Goodluck Jonathan.

The beauty of Nigerian democracy is that it could accommodate many nuances, not because they are crazy, but because they could be devilish.  The beauty of it is that every section of the society is given chance to practice what is regarded as practical politics.

For decades, the programme of every political party is based on a united country with political and economical stability, even if the prevailing conditions would not support such hope.  However, efforts continued to be made by concerned Nigerians to point the way towards the path of progress and prosperity.

Many believe that political stability would certainly follow economic prosperity.

The problems of 2011 are more than the issues of fair elections but greatly on the subsequent economic dislocation that could follow from lack of understandings of important issues.  The elections would be conducted under an atmosphere of mass unemployment and dislocated economic infrastructures.

No developed country would tolerate a situation with unemployment of more than 5 per cent as 3 per cent seems ideal after the depressions of the 1930s and 1940s.

It is a pity that in the present economic debate, none of the prospective candidates has discussed positively on practical measures to increase employment level and reduce poverty.  The problem becomes more complex when it is realized that Nigeria is not a manufacturing nation (as G20 countries) but a terrible import dependent nation.

The little wealth that is internally generated is frittered on import of goods, some of which are luxury items.
No nation with endowed national resources could survive economically in a modern world when its resources are poorly developed and it has to rely solely on the production of other nations.  Japan and China are classical examples of less endowed nations which have risen to dazzling economic heights through exports of home produced goods.  China has already overtaken Germany in the export of capital and electronic goods to the expanding markets of Asia and Africa.

Nigeria could only be a great economic nation if its manufacturing industry is refurbished and helped to grow and expand fast.  This could be achieved through subtle hidden allowances that would not disturb the minds of free trade adherents.  Surely, no serious government willing to sustain the motor industry would support the import of used vehicles in any form.  It is of no use to think that the texture industry could expand under a policy of unrestricted import of cheap textile goods.

Many Nigerians are worried about lack of effective policies to expand both the manufacturing and agricultural industries.  The policies are there on paper, but the realities on ground are the opposite.  More manufacturing plants are closing down for lack of power supply and increasing cost of products, aided by the known fact of foreign competition.

No presidential candidate has come out boldly to state clearly that the government would subsidise food production and aid domestic manufacturing industry.

Nigeria is blessed with oil and gas whose revenue provides the country‘s main export proceeds and highest contributions to the national budget.  The revenue derived from oil and gas is shared and lavishly consumed with little left for capital development of the nation.  There is no doubt that oil money accounts for more than 80 per cent of the annual budget of the 36 states and also fund Abuja, the Federal Capital.

A serious nation would regard oil revenue as an engine of economic growth and not an item for conspicuous consumption, as it is the prevailing practice.  Unless a serious attempt is made to redirect the utilization of oil revenue to more productive projects, poverty will continue to persist.  It is a foolish policy to subsidise the price of an imported product which is produced abundantly at home.

American Secretary of State, Mrs. Hilary Clinton wondered why a country like Nigeria (one of the eight large oil producers in the world) could still be importing a commodity which it produces in abundance.

A serious government would ensure that Nigeria earns foreign exchange from sale of crude oil and export of refined oil and gas.  It would also encourage and promote petro_chemical industries instead of relying on cheap but inferior goods that flood our markets.

Though it may appear politically unwise to stop fuel importation without adequate refining capacity, especially at the approach of crucial elections, the more the delay of a radical policy, the less the chance of achieving economic prosperity.

It is gratifying that the government has introduced a monthly minimum pay of N18,000 as against the demand of N50,000 by the workers.

Though a sum of N30,000 would have been fair, considering the high cost of living in many areas without adequate social services, some economists believe that more money in the pockets of workers, whose propensity to consume home goods is high, is better for economic growth than millions of naira pumped into wasteful projects.

Some also support the idea of raising the pay packets of lowly paid workers as a necessary tool for reducing inequality in general income, which is a terrible cause of social instability.

As the year 2011 is drawing near with its uncertainties, it is necessary to begin to sing another song which will usher in an atmosphere of not only political stability but also economic prosperity which will sustain it.  The candidates for all positions should unfold their agenda and show how to fund their economic projects.  We should not be left in utter darkness
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