By Abbati Bako,psc,bsis,Kent-alumni,UK, Political Strategy Consultant
During the swearing in ceremony of President Ahmed Bola Tinubu on May 29, 2023 the few words within minutes that ended the debate on fuel subsidy and changed the economic policy of Nigeria but Plunged the country's economic interplay into precarity.
Tax reforms, privatization, intellectual property and other 10 prescriptions of WB/IMF designed for the world's economic emerging nations of the world; especially in the South South part of the world, have created pains in the minds of people. The reforms may negatively affect the political popularity of a leader not only in emerging nations but even in advanced countries. Economic Reforms make citizens accumulate anger especially in Africa or Nigeria with 2 and ½ of the global population; meaning 227m population.
In Nigeria the removal of subsidies such as fuel, gas, kerosene and electricity energy tariffs has changed the lifestyle of Nigerians; be it rich or poor. The policy resulted in critical economic confusion, lamentations, stagflation and triggered the escalations of security challenges in both urban and rural areas of the country. The current kidnapping of school children in Kaduna, Borno and Sokoto states has to be connected to the current economic hardship in the country. Unemployment among the youths, especially the unproductive population in the country, is the root cause of insecurity in the country. There is no aorta of doubt that economic stability is an essential part of human life. Where there is no economic stability, it is hard to get a peaceful and stable life.
Global Economic Reforms are not for Nigeria alone in the world. The system has affected all parts of global emerging economies. The system is an essential part of globalization policy. And globalization policy is a bandwagon, hence, Nigeria can't be different. North Korea, Venezuela and Cuba are in an unbearable economic hardship that their citizens cannot bear. The pain is accomodative.
Some of the global South nations have succeeded, particularly countries with low population density. Saudi Arabia, Malaysia, South Africa and Ghana are an excellent example. Countries like Brazil, India with high density populations succeeded (also) and their economies are greatly appreciated and growing rapidly. Generally, the Asian Tigers succeeded economically and their economies cannot be compared with some countries in Africa such as Nigeria. According to the United Nations “human development index” Nigeria is still among the 100 poorer nations and average life expectancy is 52.
*Why President Ahmed Bola Tinubu may fail or succeed.
To be continued InshaAllah---------
Abbati Bako,psc,bsis,Kent-alumni,and Researcher in International Politics and PhD scholar on Globalization Policy @Skyline University Kano, Nigeria. [email protected]
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