How Tinubu Can Solve Nigerians Problems: Insights from Obidigbo
Labour Missed the Chance to Redirect the Nation’s Economy
Dr. Chike Obidigbo, a respected elder statesman and prominent industrialist, has voiced deep concern over Nigeria’s severe socio-economic challenges, asserting that the nation is in a dire state with no immediate remedy in sight. He emphasized that President Bola Ahmed Tinubu faces a daunting situation, exacerbated by the ineffectiveness of his advisors, who have failed to identify and address the underlying issues.
In a recent statement, Obidigbo, who leads the Osisioma Foundation, urged President Tinubu to acknowledge the problematic legacy of corruption and incompetence left by former President Muhammad Buhari’s administration. He suggested a comprehensive cabinet overhaul to eliminate ineffective aides.
“Nigeria is hemorrhaging, and there are no competent ‘doctors’ to stem the flow. Although Tinubu is not the root cause of all the current chaos, it is disheartening that his team cannot assist in redirecting the country,” Obidigbo remarked. He pointed out that Tinubu inherited a government plagued by corruption and mismanagement, which has left the nation’s resources nearly depleted.
Obidigbo advised President Tinubu to dismiss incompetent aides and inform the public about the economic state he inherited. He stressed that the nation requires skilled individuals to help navigate through these turbulent times and suggested that the country’s size and complexity might necessitate considering its peaceful division into smaller, more manageable units to avoid ongoing internal conflicts.
Reflecting on the minimum wage debate, Obidigbo warned against hasty economic policies, such as the recent minimum wage increase to N70,000, which he believes could exacerbate inflation and economic instability. He criticized both the government’s and Labour’s approach to resolving economic challenges through wage adjustments without corresponding productivity increases.
Obidigbo highlighted that historical economic advice from entities like the World Bank and IMF has often hindered rather than helped developing economies. He stressed that true economic improvement comes from enhancing productivity, not merely increasing wages.
He proposed several measures to address Nigeria’s economic woes:
– Significant reductions in governance costs.
– A vigorous and comprehensive campaign against corruption, especially within the corridors of power.
– A focus on boosting productivity across all sectors.
– Strict control over imports to support local production.
Obidigbo lamented that Labour missed a crucial opportunity to demand strategies that would genuinely boost the nation’s productivity, thereby creating jobs and improving living standards. He concluded by emphasizing that without a focus on productivity, wage increases alone would lead to higher inflation, job losses, and further economic decline.
“Nigeria’s middle class is disappearing, and even the lower upper class is under threat. We must prioritize what money can purchase, not just the amount in our pockets,” Obidigbo declared.
