tag:blogger.com,1999:blog-38570204724198380892023-11-15T09:40:07.221-08:00Nigeria EconomyTopeohttp://www.blogger.com/profile/03986491806177972604noreply@blogger.comBlogger11125tag:blogger.com,1999:blog-3857020472419838089.post-48174780454356934442016-05-14T18:59:00.003-07:002016-05-14T18:59:45.536-07:00Pathways to Shared Prosperity in Nigeria: Making Market and Government Work in a Global Context<br />
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<br />Topeohttp://www.blogger.com/profile/03986491806177972604noreply@blogger.com0tag:blogger.com,1999:blog-3857020472419838089.post-67287262139742703942016-05-14T18:56:00.001-07:002016-05-14T18:56:18.487-07:00The Art of Central Banking in Nigeria: Managing Exchange Rate, Interest Rate, Capital Flows and Reserves<div>
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Topeohttp://www.blogger.com/profile/03986491806177972604noreply@blogger.com0tag:blogger.com,1999:blog-3857020472419838089.post-58533766130400900722016-05-14T18:48:00.001-07:002016-05-14T19:02:36.604-07:00The Nigerian Economy: A Macroeconometric and Input-Output Model<div>
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<span lang="EN-US" style="font-family: "garamond" , serif; font-size: 14.0pt;"><span style="color: black;">This book combines descriptive, technical, empirical, policy evaluation, and forecasting methodologies to provide a systematic analysis of the Nigerian economy--the largest and most dominant economy in Africa</span></span><span style="font-family: "garamond" , serif; font-size: 14.0pt;"><span style="color: black;">.</span></span></div>
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Topeohttp://www.blogger.com/profile/03986491806177972604noreply@blogger.com0tag:blogger.com,1999:blog-3857020472419838089.post-6621078386385842922016-04-01T02:37:00.001-07:002016-04-01T02:37:38.173-07:00The Next CBN Governor<a href="http://www.myfinancialintelligence.com/banking-and-finance/next-cbn-governor#sthash.WDCO4rhT.cmfs">The Next CBN Governor</a>Topeohttp://www.blogger.com/profile/03986491806177972604noreply@blogger.com0tag:blogger.com,1999:blog-3857020472419838089.post-60430284950811933842015-11-05T04:14:00.001-08:002015-11-05T04:14:36.469-08:00Of Ministers, Clowns, Hazards, and Lazard
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Calibri;"><o:p><a href="http://theatlanticreporter.com/index.php/2015/10/26/of-ministers-clowns-hazards-and-lazard/">http://theatlanticreporter.com/index.php/2015/10/26/of-ministers-clowns-hazards-and-lazard/</a></o:p></span></span></b><br />
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<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Calibri;"><a href="http://www.ngrguardiannews.com/2015/10/of-ministers-clowns-hazards-and-lazard/">http://www.ngrguardiannews.com/2015/10/of-ministers-clowns-hazards-and-lazard/</a></span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12pt; line-height: 115%;"><a href="http://www.proshareng.com/news/Nigeria%20Economy/Nigeria:-Of-Ministers,-Clowns,-Hazards,-and-Lazard-Proshare/28923">http://www.proshareng.com/news/Nigeria%20Economy/Nigeria:-Of-Ministers,-Clowns,-Hazards,-and-Lazard-Proshare/28923</a></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Calibri;">26th October, 2015</span></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Calibri;">Temitope Oshikoya**<o:p></o:p></span></span></b></div>
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<span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Calibri;">After a
four-month hiatus, the ministerial orchestral band of thirty seven noisemakers
finally arrives on the stage. The Ministerial list is a mix of professionals
and politicians; party loyalists and non-party members. There are eleven
lawyers, 5 former governors, three medical doctors, and three academicians. In
the context of the President’s campaign platform of security, economy, and
corruption (SEC), the issue of the economy appears to be the least favoured on
the ministerial band. <o:p></o:p></span></span></div>
<span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Calibri;">What lessons
can the fresh noisemakers on the musical stage learn from the previous noise
makers of the immediate erstwhile administration? First, the new noisemakers should
avoid serenading us with their ministerial megaphone melodramatic melody. The
clowns or leading lights of the previous administration, especially the
handlers of the economy certainly enjoyed running a circus. <span style="mso-spacerun: yes;"> </span>They serenaded us with outlandish claims about
the economy and inputs, never mind that under their watch the domestic debt
quadrupled to 11 trillion naira. But their outputs clearly showed tangible
deliverables in growing the misery, poverty and unemployment indices for the
vast majority of Nigerians. <o:p></o:p></span></span><br />
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<span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Calibri;">Second, the
new noisemakers must avoid waxing us with the lyrics of blissful ignorance. With
their mastery of colourful graphic and gimmick presentations, the previous
clowns were very adept at hiding the icebergs that the economic titanic was
heading towards. This much was exposed in January of this Year in an article
titled: <i style="mso-bidi-font-style: normal;">How not to manage the economy</i>.
Standards & Poor’s ratings, JP Morgan Index, and international media, which
they initially carefully cultivated, later revealed their folly and economic
ignoramus.<o:p></o:p></span></span></div>
<span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Calibri;">Third and more
importantly, the new noisemakers must play their melody with a somber tune. The
previous clowns were not only blissfully ignorant, they were absurdly arrogant.
As Tony Marinho wrote in The Nation, they displayed the disease of “Ministerial
Arrogance and Delusions of Grandiosity.” They certainly like to go about
blowing their trumpets as the self-acclaimed “leading lights” of the previous
administration. <o:p></o:p></span></span><br />
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<span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Calibri;">Nigeria has
several heroes at home and in the Diaspora in various professional fields in international
public institutions and in the private sector. In particular, there have been
Nigerians who have served as Head of the Commonwealth, Under Secretary General
of the United Nations (UN), Head of the UN Economic Commission for Africa, Head
of IFAD, Executive Director of UNFPA, and Secretary General of OPEC. There are
others in the private sector, including a Nigerian serving on the board of
Goldman Sachs. <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></span></div>
<span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Calibri;">Unlike these
silent heroes, the clowns like to go the extra miles to convince us that they
are the greatest things ever since sliced bread. <span style="mso-spacerun: yes;"> </span>They want us to believe that the former
Director General (DG) of Budget has been appointed by the African Development
Bank (AfDB) because of his performance in that prior role. Hogwash, we all know
how far Nigeria’s budget, especially 2015 budget, has been widely off the mark
and how fiscal leakages are now being plugged. This appears to be simply part
of the attempts by the former Minister of Finance, who nominated the DG to
serve as Nigeria’s executive director, ambassador or representative to the AfDB,
to provide a soft landing to cronies just before a new administration was set
to take over. <o:p></o:p></span></span><br />
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<span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Calibri;">They also want
us to believe that the current AfDB’s President got the position solely on the
strengths of his expertise, experience, and exposure as a Minister of
Agriculture in the previous administration. As this writer has noted in an
article in the Guardian in April, 2015 on <i style="mso-bidi-font-style: normal;">The
Race for the AfDB Presidency</i>,”more importantly, and beyond professional
expertise, experience, and vision statement, the election of the AfDB’s
President is a high-powered political affair reflecting an extension of
countries’ foreign policy and commercial interest and sub-regional rotation.” <o:p></o:p></span></span></div>
<span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Calibri;">For instance,
there was no way Nigeria’s candidate who was head of OPEC in 1995 would have
been allowed to take up the headship of the AfDB under former Head of State,
General Sanni Abacha. By the same token, if the March 2015 democratic elections
had gone awry or the current Nigerian President did not come out to support Nigeria’s
candidate, the Presidency of the AfDB would have eluded us!<o:p></o:p></span></span><br />
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<span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Calibri;">Fourth, the
new orchestra band noisemakers must avoid the revolving doors of the vaudeville
theater hall. Some have raised concerns about former government officials being
connected with their new employers. Some have been asking what role Lazard and
its subsidiary played during Nigeria’s debt negotiations with the Paris Club. <span style="mso-spacerun: yes;"> </span>In the USA, a prominent Senator has being
championing the case against revolving doors by Wall Street bankers into
government and vice versa. Specifically, earlier this year, the appointment of
a former Lazard’s banker into a high profile US Treasury position was blocked
as part of efforts to control the use of revolving doors. <o:p></o:p></span></span></div>
<span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Calibri;">All of which
brings us to issues of moral hazards, which in economics imply people making
the decision about taking risks knowing that others will bear the costs and
burden of those risks. In this context, is it the case that the clowns and merchants
of misery are bailing out after leaving majority of Nigerians with rotten
apples of misery deriving from their economic mismanagement? <o:p></o:p></span></span><br />
<br />
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Finally, the new noisemakers must avoid the antics
of the clowns and their town criers who think their clowns are meant to serve
only their clans. With these musical musings, we wish the new noisemakers well
in their new roles as Ministers of the Federal Republic of Nigeria.<o:p></o:p></span><br />
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"></span><br />
<span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">**Dr. Temitope Oshikoya, an economist, writes
from Lagos.</span><br />
Topeohttp://www.blogger.com/profile/03986491806177972604noreply@blogger.com0tag:blogger.com,1999:blog-3857020472419838089.post-58438430018690414442015-05-31T14:11:00.003-07:002015-05-31T14:14:12.439-07:00Expert Puts Cost of Buhari’s Economic Blueprint at N60 Trillion<br />
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<b><span style="font-family: "Times New Roman","serif"; font-size: 18pt; mso-fareast-font-family: "Times New Roman";">Expert
Puts Cost of Buhari’s Economic Blueprint at N60 Trillion</span></b><br />
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<b><span style="font-family: "Times New Roman","serif"; font-size: 18pt; mso-fareast-font-family: "Times New Roman";"><a href="http://www.thisdaylive.com/articles/expert-puts-cost-of-buhari-s-economic-blueprint-at-n60-trillion/210744/">http://www.thisdaylive.com/articles/expert-puts-cost-of-buhari-s-economic-blueprint-at-n60-trillion/210744/</a></span></b><br />
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<span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">31 May 2015</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">Views: 4,626</span><br />
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<b><i>• Calls for prioritisation of policies, programmes</i></b></span><br />
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<span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">By
Kunle Aderinokun</span><br />
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<span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">It
has been estimated that it would cost the President Muhammadu Buhari-led
administration a total of about N60 trillion ($300 billion) to implement its
economic blueprint.</span><br />
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<span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">A
former Chief Economist of African Finance Corporation and former Director of
Research at the African Development Bank, Dr. Temitope Oshikoya, gave this
estimate in his report (made available to THISDAY), based on the analysis of
the economic blueprint by BudgiT at the recent policy dialogue on APC
manifesto.</span><br />
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<span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">In
view of the enormous cost of implementing the economic blueprint, which
represents 60 per cent of the nation’s GDP, Oshikoya advised the new
administration to prioritise and sequence its policies and programmes.</span><br />
<br /></div>
<br />
<div style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">He
noted that the economic blueprint, which he termed ‘Buharinomics’, “faces a
quadrilemma in trying to achieve equity, efficiency and effectiveness in a
slowing economy.”</span><br />
<span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><br />
According to him, “as the administration faces difficult short-to-medium term
policy choices and opportunity costs requiring trade-offs with long-term
consequences, prioritisation and sequencing of its policies and programmes are
in order.”</span><br />
<br /></div>
<br />
<div style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">Oshikoya,
who explained that the equity portion accounts for a fifth of the total cost of
the blueprint, noted that the efficiency portion represents 38 per cent
while guarantees are 42 per cent.</span><br />
<br /></div>
<br />
<div style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">While
also pointing out that the equity portion alone requires an annual expenditure
of about N12 trillion, he said the total annual revenue for the Federation
account is less than N10 trillion.</span><br />
<br /></div>
<br />
<div style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">He
therefore expressed belief that “from reducing the cost of governance, the
effectiveness pillar could yield N1trillion.” The extra burden, according to
him, will then “fall on the economy pillar with efforts made to plug the
fiscal leakages from oil revenue and more non-oil revenue will need to be
raised from increasing the tax rate, broadening the tax base, and increasing
collection efficiency.”</span><br />
<br /></div>
<br />
<div style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">Essentially,
Oshikoya, who is the chief executive officer of Nextnomics Advisory, noted that
“the vision of a social-democratic welfare state with a dynamic market economy
is a noble one.”</span></div>
<br />
<div style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">“The
immediate social inclusion equity programmes for achieving it partly work
through fiscal stimulus to consumption and aggregate demand, Keynesian
economics style. On the other hand, the efficiency related programmes are
geared towards removing long-term supply side constraints to the economy
through structural reforms for competitiveness and enhancing infrastructure
investment-led productive growth,” he added.</span><br />
<br /></div>
<br />
<div style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">Oshikoya
noted that “the envisaged social democratic welfare state aims to tackle the
vicious circle of poverty and high misery index, and inequality in social
mobility, income, wealth and economic opportunity.</span><br />
<br /></div>
<br />
<div style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">“The
new administration plans to create a social welfare programme to provide N5,000
monthly for the 25 million poorest Nigerians. It will provide unemployment
allowances for unemployed Youth Corps graduates for twelve months; one meal a
day for all primary school pupils; a national identity scheme--NIS and a
regional growth fund—RGF.”</span><br />
<br /></div>
<br />
<div style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">“According
to BudgiT, the total cost of implementing these direct equity programmes is
N2.15 trillion or $10.8 billion.”</span><br />
<br /></div>
<br />
<div style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">“Closely
related to the direct equity programmes are the education and healthcare
programmes to enhance the productive capacities of citizens, costing another
N662 billion or $3.31 billion. These programmes include new vocational schools;
new six universities of science and technology; and world class hospitals. In
addition, BudgiT estimates suggest that N8.8 trillion or $44 billion per year
will be required as national health expenditure,” he added.</span><br />
<br /></div>
<br />
<div style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">He
reasoned that prioritisation of all the equity programmes would be necessary,
giving the total costing of N11.5 trillion or $58 billion.</span><br />
<br /></div>
<br />
<div style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">“While
the core social welfare programme could be initially scaled down by
half”, the economist posited that “establishing six new universities or
new world class hospitals cannot be of immediate main priorities.”</span><br />
<br /></div>
<br />
<div style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">He
added: “It is also difficult to meet over the medium term the targets of
increasing by two-half times the number of physicians per 1,000 population from
19 to 50, and increasing national expenditure per person per annum five times
to N50,000. The RGF may be targeted initially as a Marshall Plan for the
North-east, as the NDDC is essentially a RGF for the South-South.”</span><br />
<br /></div>
<br />
<div style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">Besides,
Oshikoya also said: “While the NIS is crucial to the effectiveness of the
social inclusion programme, it should build on the ongoing biometric programmes
at the CBN, INEC, and NIMC and the e-wallet programme in the agriculture
sector.”</span><br />
<br /></div>
<br />
<div style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">Oshikoya
advised that, “the expenditure on social inclusive equity programme should
initially be targeted at N5 trillion or about 5 per cent of GDP, and half of
the current projected estimated spending. This benchmark, according to him, is
in line with cost of social protection programmes in Ethiopia, Kenya, and
Tanzania.</span><br />
<br /></div>
<br />
<div style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">“According
to Cash Transfers Evidence Paper by DfID, the cost of Ethiopia’s Productive
Safety Net Programme is estimated at 5.3 per cent of GDP. Large middle-income
countries spend less per GDP. India’s National Rural Employment Guarantee is
estimated to cost 2.2 per cent of GDP; Indonesia’s Safety Net Scheme, which
covers 84 million people or a third of the population, is estimated to cost 0.7
per cent of GDP.</span><br />
<br /></div>
<br />
<div style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">“Brazil’s
Bolsa Familia programme created in 2003 cost 0.36 per cent of GDP and covers 46
million people or a quarter of the population and has lifted million of
families from poverty. The Brasil sem Miséria established in 2011 has a fiscal
cost of less than 0.6 per cent of GDP at an average of $65 per family according
to the IMF,” he added.</span></div>
Topeohttp://www.blogger.com/profile/03986491806177972604noreply@blogger.com0tag:blogger.com,1999:blog-3857020472419838089.post-41089744762125123182015-04-22T12:00:00.003-07:002015-04-22T12:01:42.953-07:00Race for the AfDB Presidency<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;">
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 18.0pt;">This article has
been published by The Guardian on 22 April 2015 and Newsdiary Online on 14
April 2015</span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;">
<b><span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 18.0pt;"><a href="http://allafrica.com/stories/201504221100.html"><span style="color: #10579f;">http://allafrica.com/stories/201504221100.html</span></a><o:p></o:p></span></b></div>
<b><span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 18.0pt;"><a href="http://updates.hopefornigeriaonline.com/race-for-the-afdb-presidency/">http://updates.hopefornigeriaonline.com/race-for-the-afdb-presidency/</a></span></b><br />
<b><span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 18.0pt;"><o:p></o:p></span></b><br />
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">THE
election to replace Dr. Donald Kaberuka from Rwanda as the President of the
African Development Bank (AfDB) will take place in Abidjan during its yearly
meetings next month. Eight candidates are vying for the prestigious position of
Africa's premier multi-lateral development bank, which turned 50 in 2014.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">Based
on depth of professional qualifications and breadth of experiences, Dr.
Akinwumi Adesina, Nigeria's Minister of Agriculture, is one of the
front-runners. He has international development and in-country experience
spread across 14 other Anglophone and Francophone countries in West, East and
Southern Africa.<o:p></o:p></span></div>
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">Dr.
Kamara of Sierra Leone, an economist, should also be a strong contender having
served as Governor of Central Bank, Minister of Finance and Economic Planning
and Minister of Foreign Affairs of Sierra Leone in addition to having worked at
the IMF and the Commonwealth. Mr. Sufian Ahmed has a long-standing public
sector experience; he has been Ethiopia's Minister for Finance and Economic Development
for two decades at a time when his country became one of the darlings of the
international donor community.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">Mrs.
Cristina Duarte has private sector experience at Citibank and serves as
Minister for Finance and Planning for Cape Verde. The Tunisian candidate, Mr.
Jaloul Ayul is also a Minister of Finance with private sector experience as
former Citi banker and Managing Director of a commercial bank in Tunisia. There
are three former AfDB's staff members.<o:p></o:p></span></div>
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">Mr.
Kodje Bedoumra, an engineer, brings with him experience of managing
infrastructure projects at the AfDB, which is now the institution's largest
portfolio, and as its former Vice President. He has also served as the
Secretary to the Government within Chad's Presidency, as well as Minister for
Economic Planning, and Minister for Finance.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">Mr.
Birama Sidibe, a Malian is now Vice President for Operations at Islamic Development
Bank (IsDB). Mr. Thomas Sakala from Zimbabwe is a veteran and former AfDB's
Vice President for Country and Regional Programming.<o:p></o:p></span></div>
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">There
are three key issues that the AfDB needs to address going forward. First, how
many countries will graduate from its soft lending window of African
Development Fund (ADF) in five to 10 years' time? The ADF lends to poor and
low-income 35 countries - two-thirds of 54 African countries, many of which
cannot borrow from the AfDB window. Graduating from the ADF-window implies that
a country has raised its per capita income to become a middle-income country
and successfully lifted a majority of its people out of poverty.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">Second,
what will the AfDB do differently that the World Bank cannot do? The World
Bank's strength, arguably, lies not only with its financial lending (it
provides three times what AfDB provides to some African countries), but also
with its ability to drive and shape the development agenda and in-country
priorities with its policy and knowledge capital.<o:p></o:p></span></div>
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">Third,
why should non-African countries provide additional finance either through the
capital markets or donor funding to the AfDB and ADF and not to the World Bank
or their own respective bilateral development agencies? In essence, what would
be the value-added of a marginal increase in funding to the AfDB? On the other
hand, why should African countries trust the AfDB if they feel that they need
greater voice at the institution?<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";"><span style="mso-spacerun: yes;"> </span>In addressing these fundamental issues, the
vision statement of Ethiopia's Suffian Ahmed stands shoulder and head above
others, as recently posted on the AfDB's website. His statement is on three
core tasks: "First, focus on our financing on what we are best at and what
will make the biggest difference in Africa... .Second, bringing world class
advisory capacity to the table in support of the countries we work with...
.Third, invest in high quality management and operations---with the whole bank
focused on effectiveness value for money and minimizing costs."<o:p></o:p></span></div>
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">His
statement then addresses four priority areas--infrastructure, agriculture, the
private sector, and supporting fragile states. In each area, he has only three
short paragraphs covering Africa's challenges, his in-country experience in
tackling those challenges, and what he plans to do at the AfDB. The next vision
statement that comes close is that of Dr. Kamara of Sierra Leone, especially in
terms of packaging and presentation. Surprisingly, the vision statements of the
other six candidates read more like mid-term research papers; writing as
technical experts is quite different from writing a vision statement as
presidential candidates for a continental organization.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">More
importantly, and beyond professional expertise, experience and vision statement,
the election of the AfDB's president is a high-powered political affair
reflecting an extension of countries' foreign policy and commercial interest
and sub-regional rotation. While Eastern Africa and North Africa produced the
two most recent presidents, Central Africa may claim that it is now its turn.<o:p></o:p></span></div>
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">Being
the largest shareholder and with a positive image from its successful
elections, Nigeria could also note that it is also its own turn, especially
with a South African now head of the African Union, which breaks a
long-standing unwritten rule that the SANE countries - South Africa, Algeria,
Nigeria, and Egypt with a combined GDP of over half of Africa's - should not be
the head of continental organizations.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">The
AfDB's president is elected with a double, but simple majority of both African
votes and total votes. In the earlier rounds of voting usually based on country
and sub-regional voting shares and linguistic affiliations, the candidates with
the least vote, possibly from Eastern and Southern Africa (17% of total vote),
West Africa (3.7%) ex-Nigeria, and Francophone blocs (11% of total votes) who
may fully support Mali or Chad, will drop out if North Africa with about 19% of
total vote support for Tunisia.<o:p></o:p></span></div>
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">During
these earlier rounds, Nigeria's Adesina will scale through and possibly to the
final rounds given the country's 9.3% total shareholding (16% of Africa's 60%
vote). Non-African western countries generally prefer candidates from
relatively smaller or low-income African countries with heavy reliance on
official development assistance.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">France
may initially team up with Mali or Chad; Arab/Gulf countries with either
Tunisia or Mali given the connection with IsDB; and China with Nigeria.
Zimbabwe's candidate may be handicapped by perception of his country's image with
the western countries, which may support Cape Verde, Sierra Leone or Ethiopia.<o:p></o:p></span></div>
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">However,
if the western countries with about 36% of total votes feel that their
preferred candidate may drop out too quickly because of low votes, they will
most likely coalesce around that candidate very early in the voting rounds to
propel the candidate to the final round.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">Dr.
Kaberuka of Rwanda, now with less than 0.2% vote, benefitted from this strategy
in 2005. Ethiopia, Sierra Leone, or Cape Verde may likely benefit from this
networking effect this year.<o:p></o:p></span></div>
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">In
this regard, Cristina Duarte is probably one to watch as the undeclared and
anointed candidate of the non-African western countries partly for being the
only female and a Luso-phone candidate, with both private and public sector
experiences from a country with low voting shares (0.09%). <o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">The
2015 election for AfDB's presidency is indeed getting very interesting and the
best counsel during the campaign process: Trust, but verify. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span> </div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<o:p><span style="font-family: Calibri;"> </span></o:p></div>
Topeohttp://www.blogger.com/profile/03986491806177972604noreply@blogger.com0tag:blogger.com,1999:blog-3857020472419838089.post-50718650610467970942015-03-02T04:47:00.005-08:002015-03-02T13:47:30.808-08:00Adebayo Adedeji: A Distinguished Scholar and Public Servant<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";">By Temitope Oshikoya</span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";"><span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";"><span style="font-family: "Times New Roman","serif"; font-size: 11pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"></span></span><br />
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";"><span style="font-family: "Times New Roman","serif"; font-size: 11pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">This article has been published by ThisDay on 01 March 25</span></span><br />
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";"><span style="font-family: "Times New Roman","serif"; font-size: 11pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"><a href="http://www.thisdaylive.com/articles/adebayo-adedeji-a-distinguished-scholar">http://www.thisdaylive.com/articles/adebayo-adedeji-a-distinguished-scholar</a></span></span><br />
<o:p></o:p></span> </div>
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";">“This book, written to honor Adebayo
Adedeji, the intellectual leader of Africa’s quest for home-grown approaches to
development and good governance, sheds light on many of the difficult policy
challenges that Adedeji tackled during his career. His capacity and commitment
to speak for Africa and on African issues remains unmatched, especially when he
was Executive Secretary of the United Nations Economic Commission for Africa
(UNECA). He has been a brilliant, confident and tenacious proponent of African
development.” </span><br />
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";"></span><br />
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";"></span><span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";">–– Joaquim Alberto Chissano, Former
President of Mozambique, in a Foreword to African Development in the 21st
Century: Adebayo Adedeji’s theories and contributions.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";"><br />
The diverse contributions of Professor Adebayo Adedeji as a scholar,
practitioner, and international civil servant to Africa’s development
perspectives and processes are the subject matter of this recently released
book edited by Amos Sawyer, Afeikhena Jerome and Ejeviome Eloho Otobo. The
216-page book, published by Africa World Press, has contributions from mostly
African scholars, policy-makers, former and current senior officials of the
United Nations, leaders of civil society organizations and think-thanks. Two
common threads emerge from the diverse authors. First is the distilling of the
contributions of Adedeji during his distinguished career of four decades and
across national, continental and international levels. Second is the critical
diagnosis of Africa’s past challenges, present trends, and future prospects.<o:p></o:p></span></div>
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";">The book, with nine chapters, is
divided into four thematic parts, which contextualize Adedeji’s rich
contributions to Africa’s economic development process drawing from leading
documents especially the Lagos Plan of Action (LPA) and the African Alternative
Framework to Structural Adjustment Programmes for Socio-Economic Recovery and
Transformation (AAF-SAP). These two documents are as relevant today as they
were three decades ago when they were first developed. In both the LPA and
AAF-SAP, Adedeji has provided the necessary framework for scholars and
practitioners in academia, the public sector, the private sector, international
institutions and civil society organizations to build upon and chart out a new
path for Africa’s sustainable and shared prosperity.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";">Part 1 presents reflections on the
policies and strategies for Africa’s development since 1976. In this context,
Adedeji used his pivotal position as head of United Nations Economic Commission
for Africa (UNECA) to build a distinctive African Voice on developmental issues
of great significance to the continent by strengthening the research
capability, policy advocacy, and human capacity of the institution; and by
serving as trusted adviser to African leaders on economic issues. Part 2
focuses on Adedeji’s efforts to use regional integration and cooperation to overcome
the challenges of small market sizes and land-locked countries, economies of
scale and scope and galvanize the continent’s economic development into a
vibrant and globally competitive African economy. Part 3 is dedicated to
examining the institutional deficits that continued to plague Africa’s
development. Part 4 presents in-depth analyses of conflicts and development in
Africa.<o:p></o:p></span></div>
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";">For those familiar with the
development debate of the 1980s and 1990s between the World Bank and UNECA,
much of the materials in this book are available in various publications of the
two institutions. There are also a lot of repetitive materials across chapters
in the book. However, I found fresh insights, ideas and interpretations in the
chapters by four authors: Richard Jolly, Ali Ali, Adekeye Adebajo, and Otobo.
The remaining five chapters essentially revolve around the insights and ideas
provided by what I will call the four core chapters.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";">From my perspective, the leading
chapter after the introductory chapter should have been Chapter 4 by Adekeye
Adebajo on “A Tale of Two Prophets: Jean Monnet and Adebayo Adedeji.” This
chapter provides a biographical sketch of Adedeji as an erudite scholar, a
foremost development planner and practitioner, and the father of African integration.
A product of universities of Leicester, Harvard, and London, Adedeji became a
full Professor of Economics and Public Administration at the age of 36. Four
years later at the age of 40, in 1971, he was appointed Nigeria’s Minister of
Economic Reconstruction and Development under the military regime of General
Yakubu Gowon. His Ministry would oversee the post-war, peace-building and
reconstruction efforts. Several of the country’s infrastructure base, dual
carriageways, flyovers and electricity pylons were conceived under successive
five-year national development plans crafted by Adedeji and his cabinet
colleagues.<o:p></o:p></span></div>
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";">Turning his scholarly insights into
practice, Adedeji championed regional integration as an instrument for
promoting peace and socio-economic development in Africa. As a Minister of
Economic Development, he worked with General Gowon to convince other 15 West
African Heads of States to create Economic Community of West African States
(ECOWAS). He carried this mission to the UNECA when he was appointed in 1975 to
lead the institution and facilitated the creation of Common Market of Eastern
and Southern Africa (COMESA) in 1981 and Economic Community of Central African
States (ECCAS) in 1983. His far-sighted vision and skillful efforts to
transform the UNECA into a Pan-African platform to promote economic integration
across Africa is comparable to Europe’s political visionary—Jean Monnet who was
very instrumental as a French technocrat in the establishment of the European
Community. Yousif Suliman in Chapter 5 on “African Integration and Development”
further elucidates Adedeji’s vision and framework for regional integration; the
record of achievements and shortcomings of the various regional economic
communities; and the way forward for revitalizing the regional integration
process.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";">Richard Jolly, a former Deputy
Executive Secretary of UNICEF when Adedeji was Executive Secretary of UNECA,
draws on his personal experiences and interactions with Professor Adedeji,
which illuminates the points in his chapter on “Contemporary Perspectives on
the LPA and Structural Adjustment in the 1980s.” He recalls how Adedeji was
aware of the “battles for the African mind.” In challenging the perspectives of
the Washington Consensus, “Adedeji was at his best and his most loyal to
Africa.” In spite of political battering and attacks from the Breton Wood
Institutions, “Adedeji stood up for Africa and presented an authentic African
vision of independent economic advancement.”<o:p></o:p></span></div>
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";">Although Adedeji did not initially
succeed in many of these battles, over time some of the priorities for which he
argued have been mainstreamed and accepted. This is the main theme of Ali Abdel
Gadir Ali’s contribution on “The Rediscovery of the African Alternative
Framework to Structural Adjustment Programmes,” which contextualized later
policy developments and situated them with Adedeji’s foresights. Ali notes that
following the failure of SAPs to achieve their growth objectives, most of the
current ideas on promoting development in Africa involve the rediscovery of
ideas that had been previously articulated by African policy makers and
scholars; foremost among which is Adedeji. In response to and in an attempt to
accommodate the issues earlier raised in AAFSAP, Ali traces the evolution of
international development partners’ policy engagement with Africa starting with
the Comprehensive Development Framework (CDF), Poverty Reduction Strategies
Papers (PRSP), and the Millennium Development Goals (MDGs). Jerome
et.al<http://et.al> in Chapter 8 further extend this evolution to include
the Highly Indebted Poor Countries (HIPCs), New Partnership for African
Development (NEPAD), the Inclusive Growth Agenda and the Developmental State
mantra, which gained firmer ground after the 2008 global financial crisis.<o:p></o:p></span><br />
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";"></span><br />
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";">More tellingly, Adedeji’s positions
and ‘lost decades’ proposition have been further validated by the Commission
for Africa, whose 2005 Report (p.30) notes that “decades in which Asia was
investing, the 1970s and 1980s, were the years of crisis when African governments
slashing the budgets of both clinics and schools at the behest of the
IMF. Evidence shows that IMF and the World Bank economic policy in the
1980s and early 1990s took little account of how these policies would
potentially impact on the poor in Africa.” In Chapter 3, Ademola Ariyo and
Babajide Fowowe provided statistical and empirical analysis that corroborated
these policy insights and concluded that SAPs have not been able to
structurally transform African economies and production systems.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";">Ejeviome Eloho Otobo’s Chapter 6 on
“African Countries: Three Deficits and Three Futures” builds on Adedeji’s work
in the area of scenario analysis for the continent. While acknowledging recent
improvements in economic performance in Africa, Otobo highlights the structural
constraints impeding Africa’s long-term development prospects as stability
deficit, the organizational deficits, and the scientific deficits. The
stability deficits are manifested in coups, conflicts and crimes which together
prevent development from taking root. In Chapter 9, James Katorobo provides a
detailed analysis of the ten root causes of conflicts in Africa and examined
the framework that Adedeji had provided for managing and controlling conflicts.<o:p></o:p></span></div>
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";">The organizational deficits
encapsulate institutional weaknesses and capacity deficiencies for economic
management and political governance. These deficiencies have hampered the
public sector in its role of delivering on the basic social contract between
government and its people in areas such as security, safety, social services,
property and contract rights, markets and competition regulation. As a result,
in conflict-affected countries, dependency on foreign technical assistance and
aids constitute over 90% share of national budget. Building and strengthening
of the capacity of African institutions to achieve accelerated development has
been central to Adedeji’s work; Hesphina Rukato examines this aspect in detail
in Chapter 7.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";">The third deficit identified by
Otobo is the scientific and technological deficit. Scientific and technological
progress has enabled other societies to transform from agricultural age through
industrial age and now to knowledge-based information age. African economies
remain natural resources based partly because of lack of adaptation through
inventions, innovation and imitation. According to Otobo, African countries
face three distinct futures depending on their position on the combination of
political stability, organizational competence, and technological prowess tripod.
At the upper-end will be a handful of countries with the attributes to be
competitive both continentally and globally. At the middle will be countries
that will rely more cooperation to forge ahead, while at the lower end are
countries bedeviled by conflicts and not able to make much headway.<o:p></o:p></span></div>
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";">As an economist and scholar, Adedeji
espouses development of Africans for Africans and by Africans. He favors using
superior arguments to make his points rather than condescension and resort to
calling others pseudo-intellectuals. As a practitioner, he has fought with
passion and rigor for ‘adjustment with a human face’, and against austerity
measures and the misery that the merchants of misery are now inflicting on all
of us, except the ultra-rich oligarchs. Without parading himself with
meaningless self-serving titles, his record as a Minister between 1971 and 1975
will be viewed as a golden era for Nigeria’s economic management with
relatively stable Naira exchange rate, low inflation rate, and respectable
foreign reserves to GDP ratio. His era witnessed orderly crafting and
implementation of development plans and execution of infrastructure development
across the country. He practiced indigenization unlike those who pay lip
service to developing local content and could not find capable Nigerian and
African firms to undertake advisory services for the public sector except using
non-indigenous and non-local firms for such services.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";">As an international civil servant,
he has been insistent on the development and implementation of African-centered
development policies and programs at a time when the Washington Consensus was
the dominant paradigm for development imposed on African countries. This is in
sharp contrast to the economic refugees of more than two decades at Breton Wood
institutions, who like to parade themselves as reformers, but are now worse
than the un-reformables. He believes in developing the capacity of
Africans to master development process, unlike those who are more in tune with
outsourcing thought leadership on the economy to non-Africans. His constituency
is Africa unlike those more interested in playing to the gallery of the
international development community. As a diplomat, Professor Adebayo Adedeji
is in the league of Chief Emeka Anyaoku, former Secretary-General of the
Commonwealth; both made Nigeria and Africa proud at the continental and global
scenes. To reiterate the words of President Chissano, this book is indeed a
fitting tribute to a man of grand stature and a role model for many yet to come.<o:p></o:p></span></div>
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";">–– Oshikoya, an economist, chartered
banker, and public affairs analyst, writes from Lagos</span><br />
<span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span><br />
<span style="font-family: "Times New Roman","serif"; font-size: 11pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">http://www.thisdaylive.com/articles/adebayo-adedeji-a-distinguished-scholar</span>Topeohttp://www.blogger.com/profile/03986491806177972604noreply@blogger.com0tag:blogger.com,1999:blog-3857020472419838089.post-23920149970225996952015-02-01T05:37:00.001-08:002015-03-02T13:21:56.342-08:00African Development in the 21st CenturyAfrican Development in the 21st Century: A scholar’s theories and contributions<br />
<br />
This book review was published by Nigerian Tribune Newspaper on 29 January, 2015<br />
<br />
<a href="http://www.tribune.com.ng/arts-review/item/27942-african-development-in-the-21st-century-a-scholar-s-theories-and-contributions/27942-african-development-in-the-21st-century-a-scholar-s-theories-and-contributions">http://www.tribune.com.ng/arts-review/item/27942-african-development-in-the-21st-century-a-scholar-s-theories-and-contributions/27942-african-development-in-the-21st-century-a-scholar-s-theories-and-contributions</a><br />
<br />
<span lang="EN-GB" style="color: #333333; font-family: "Helvetica","sans-serif"; font-size: 8pt; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">The
diverse contributions of Professor Adebayo Adedeji as a scholar, practitioner,
and international civil servant to Africa’s development perspectives and
processes are the subject matter of this recently released book, with
contributions from mostly African scholars, policy-makers, former and current
senior officials of the United Nations, leaders of civil society organisations
and think-tank. Two common threads emerge from the diverse authors. First is
the distilling of the contributions of Adedeji during his distinguished career
of four decades and across national, continental and international levels.
Second is the critical diagnosis of Africa’s past challenges, present trends,
and future prospects.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="line-height: 11.5pt; margin: 0in 0in 5.75pt;">
<span lang="EN-GB" style="color: #333333; font-family: "Helvetica","sans-serif"; font-size: 8pt; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">The
book, with nine chapters, is divided into four thematic parts, which
contextualise Adedeji’s rich contributions to Africa’s economic development
process drawing from leading documents especially the Lagos Plan of Action
(LPA) and the African Alternative Framework to Structural Adjustment Programmes
for Socio-Economic Recovery and Transformation (AAF-SAP). These two documents
are as relevant today as they were three decades ago when they were first
developed. Part 1 presents reflections on the policies and strategies for
Africa’s development since 1976. In this context, Adedeji used his pivotal
position as head of United Nations Economic Commission for Africa (UNECA) to
build a distinctive African voice on developmental issues of great significance
to the continent by strengthening the research capability, policy advocacy, and
human capacity of the institution; and by serving as trusted adviser to African
leaders on economic issues. Part two focuses on Adedeji’s efforts to use
regional integration and cooperation to overcome the challenges of small market
sizes and land-locked countries, economies of scale and scope and galvanize the
continent’s economic development into a vibrant and globally competitive
African economy. Part three is dedicated to examining the institutional
deficits that continued to plague Africa’s development. Part 4 presents
in-depth analyses of conflicts and development in Africa.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: 11.5pt; margin: 0in 0in 5.75pt;">
<span lang="EN-GB" style="color: #333333; font-family: "Helvetica","sans-serif"; font-size: 8pt; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">For
those familiar with the development debate of the 1980s and 1990s between the
World Bank and UNECA, much of the materials in this book are available in
various publications of the two institutions. There are also a lot of
repetitive materials across chapters in the book. However, I found fresh
insights, ideas and interpretations in the chapters by four authors: Richard
Jolly, Ali Ali, Adekeye Adebajo, and Otobo. The remaining five chapters
essentially revolve around the insights and ideas provided by what I will call
the four core chapters.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: 11.5pt; margin: 0in 0in 5.75pt;">
<span lang="EN-GB" style="color: #333333; font-family: "Helvetica","sans-serif"; font-size: 8pt; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">From
my perspective, the leading chapter after the introductory chapter should have
been Chapter four by Adekeye Adebajo on “A Tale of Two Prophets: Jean Monnet
and Adebayo Adedeji.” This chapter provides a biographical sketch of Adedeji as
an erudite scholar, a foremost development planner and practitioner, and the
father of African integration. His vision for African integration was initially
outlined in an article on “Prospects for Regional Economic Integration in West
Africa,” published in 1970 in the Journal of Modern African Studies. Turning
his scholarly insights into practice, Adedeji championed regional integration
as an instrument for promoting peace and socio-economic development in Africa.
As a Minister of Economic Development, he was instrumental in the creation in
1975 of the Economic Community of West African States (ECOWAS). At UNECA, he
facilitated the creation of Common Market of Eastern and Southern Africa (COMESA)
in 1981 and Economic Community of Central African States (ECCAS) in 1983. His
far-sighted vision and skillful efforts to transform the UNECA into a
Pan-African platform to promote economic integration across Africa is
comparable to Europe’s political visionary—Jean Monnet who was very
instrumental as a French technocrat in the establishment of the European
Community.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: 11.5pt; margin: 0in 0in 5.75pt;">
<span lang="EN-GB" style="color: #333333; font-family: "Helvetica","sans-serif"; font-size: 8pt; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">Most
readers of this book, edited by Amos Sawyer, Afeikhena Jerome and Ejeviome
Eloho Otobo, will agree with the following statement in the Foreword by
President Joaquim Alberto Chissano, former President of Mozambique: “This book,
written to honour Adebayo Adedeji, the intellectual leader of Africa’s quest
for home-grown approaches to development and good governance, sheds light on
many of the difficult policy challenges that Adedeji tackled during his career.
His capacity and commitment to speak for Africa and on African issues remains
unmatched.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: 11.5pt; margin: 0in 0in 5.75pt;">
<span lang="EN-GB" style="color: #333333; font-family: "Helvetica","sans-serif"; font-size: 8pt; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">•Dr
Oshikoya is an economist and public affairs analyst.<o:p></o:p></span></div>
Topeohttp://www.blogger.com/profile/03986491806177972604noreply@blogger.com0tag:blogger.com,1999:blog-3857020472419838089.post-22111311311759614442014-12-19T07:31:00.001-08:002016-04-02T14:27:03.927-07:00Red Herrings of Okonjo-Iweala’s Sycophant <strong>By Temitope Oshikoya </strong><br />
This piece was first written on Saturday, 27 September 2014 before the drastic decline in oil prices and its severe impact on the Nigerian economy, which has exposed the underbelly of Okonjonomics. As the tide ebbs, now we know those who have been swimming naked! Enjoy the article.<br />
<br />
<a href="http://www.elombah.com/index.php/articles-mainmenu/25989-red-herrings-of-okonjo-iweala-s-sycophant">http://www.elombah.com/index.php/articles-mainmenu/25989-red-herrings-of-okonjo-iweala-s-sycophant</a><br />
<o:p><a href="http://www.nigerianews24.com/articles/red-herrings-of-okonjoiwealas-sycophant">http://www.nigerianews24.com/articles/red-herrings-of-okonjoiwealas-sycophant</a></o:p><br />
<o:p><span style="color: #0066cc;"><a href="https://groups.yahoo.com/neo/groups/NIgerianWorldForum/conversations/topics/429194">https://groups.yahoo.com/neo/groups/NIgerianWorldForum/conversations/topics/429194</a><span style="color: black; font-family: "arial";"></span><br />
<span class="ygrps-yiv-2069088743" id="yui_3_15_0_1_1425332372566_695" style="font-size: 14pt;"><a class="ygrps-yiv-2069088743" data-rapid_p="5" href="http://www.globalreportersvienna.com/2014/09/red-herrings-of-okonjo-iwealas-sycophant.html" id="yui_3_15_0_1_1425332372566_694" rel="nofollow" target="_blank">http://www.globalreportersvienna.com/2014/09/red-herrings-of-okonjo-iwealas-sycophant.html</a></span><br />
</span></o:p><br />
<div class="ygrps-yiv-2069088743" id="yui_3_15_0_1_1425332372566_692">
</div>
<span style="color: #0066cc;">
</span><span lang="EN-GB" style="font-family: "helvetica" , "sans-serif"; font-size: 7.5pt;">I feel honoured that Mr Paul C. Nwabuikwu, the media adviser to Dr. Ngozi
Okonjo Iweala (NOI), Minister of Finance and Coordinating Minister for the
Economy, considered my article important enough to merit a rejoinder. My
article can be located <span style="mso-spacerun: yes;"> </span>here </span><span lang="EN" style="color: #333333; font-family: "arial" , "sans-serif"; font-size: 9pt;"><a href="http://allafrica.com/stories/201409081894.html"><span style="color: #10579f;">http://allafrica.com/stories/201409081894.html</span></a>
or below<o:p></o:p></span><br />
<br />
<div style="background: white;">
<span lang="EN-GB" style="font-family: "helvetica" , "sans-serif"; font-size: 7.5pt;">However, in his piece “Temitope
Oshikoya: The Lies of a Disappointed Man,” Paul conveniently side-tracked the
issues raised in my article, and instead went on vicious and vitriolic attacks
that would appear to impugn on my integrity and professional standing. Paul’s
cheap attempt to wish away the poignant message, and then try to impugn the
character of the messenger is a despicable display of his moral bankruptcy. I
will address his key points on: ethnic bigot, pseudo-intellectual, NMRC, and
ADB. <o:p></o:p></span></div>
<br />
<div style="background: white;">
<span lang="EN-GB" style="font-family: "helvetica" , "sans-serif"; font-size: 7.5pt;">The piece written by Paul Nwabuikwu
simply confirmed the key theme of my article that our Golden Girl, NOI has been
hijacked by sycophants like him, deluding her with flattery and adulation. As I
noted, all the media image laundering and gymnastics are happening at a time
when energy should be focused in helping the Government and the President to
tackle unemployment crisis, especially among the youth of over 50%; reduce
Nigeria’s Misery Index of 48, the third rank among 90 countries; and attenuate
the deepening socio-economic inequality. As a professional economist and
intellectual, it is my humble conviction that it is far better to let her
realize the blinding effects of these sycophants from realties on Nigeria’s
weighty economic matters.<o:p></o:p></span></div>
<br />
<div style="background: white;">
<span lang="EN-GB" style="font-family: "helvetica" , "sans-serif"; font-size: 7.5pt;">First, in his characteristic sycophantic
element, Nwabuikwu’s most egregious form of moral turpitude and dishonesty
displayed throughout his piece with the words “ethnic bigot.” He insulted my
Igbo wife from Abia State, my children with Igbo names, my Igbo in-laws,
friends and colleagues. People know me as somebody who transcends ethnic
boundaries, marrying from the South East; I attended a University in the North.
With faith in the Nigeria project, I appreciate the sensitivity, sensibility
and understanding of the different parts of the country. These traits, at the
barest minimum, ought to inform the disposition of all Nigerians: to be
broad-minded and to put the Nigeria project and our collective good ahead of
individual, regional, and ethnic selfish interest. You cannot lay claim
to being broad-minded about the Nigeria project, when a preponderance of the
country’s economic managers are either from your home state and your husband
home state. <o:p></o:p></span></div>
<br />
<div style="background: white;">
<span lang="EN-GB" style="font-family: "helvetica" , "sans-serif"; font-size: 7.5pt;">Second, Paul Nwabuikwu’s egregious
charge of “pseudo-intellectual”, I am afraid, says more about him than about
me. Curious to find out what this character is made of as displayed by his
warped mind, I explored the Internet to know more about his credentials. To my
utter disappointment, I discovered that all search for his intellectual
scholarship showed nothing of value. If anyone has the temerity to label me a
‘pseudo-intellectual’ they had better do their homework properly. <o:p></o:p></span></div>
<br />
<div style="background: white;">
<span lang="EN-GB" style="font-family: "helvetica" , "sans-serif"; font-size: 7.5pt;">For the avoidance of doubt, I am
compelled to put to him a summation of my own record. Like many Nigerians, I
grew up from a humble background, with the painful memory of parents who could
hardly afford to send me through primary and secondary schools. But thanks to
God’s Providence and with dint of hard work, I obtained a bachelor’s degree
with first class honours, and best graduating student in Department of
Economics and Faculty of Social Sciences at ABU, Zaria. I won a national essay
competition and a Commonwealth Scholarship for my Masters and Doctorate degrees
in economics at McMaster University in Canada. <o:p></o:p></span></div>
<br />
<div style="background: white;">
<span lang="EN-GB" style="font-family: "helvetica" , "sans-serif"; font-size: 7.5pt;">I am a qualified chartered banker, with
FCIB, certified management accountant (CMA), and an MBA holder. In addition, I
have gained leadership, strategic, policy, and operational experience in
development finance, central, investment and commercial banking through keen
competitive processes. I have served as the Director General of an international organization; my appointment was by the authority of six Presidents and Heads of State following a rigorous competitive recruitment process conducted by KPMG and interviewed by Governors of Central banks. With my economics, banking and finance background, independent
analysts had shortlisted my name on the list of potential CBN Governorship candidates.
(<a href="http://www.myfinancialintelligence.com/banking-and-finance/next-cbn-governor">http://www.myfinancialintelligence.com/banking-and-finance/next-cbn-governor</a>).
</span><br />
<span lang="EN-GB" style="font-family: "helvetica" , "sans-serif"; font-size: 7.5pt;"><br /></span></div>
<div style="background: white;">
</div>
<div style="background: white;">
<span lang="EN-GB" style="font-family: "helvetica" , "sans-serif"; font-size: 7.5pt;">I have authored and co-authored refereed articles severally in international
scholarly journals, which have been widely cited as part of research and
teaching instructions in leading universities world-wide, including at Harvard, Yale and Columbia Universities amongst others. </span><span lang="EN-GB" style="font-family: "helvetica" , "sans-serif"; font-size: 7.5pt;">It is ironic that Ngozi, who had published only one article--an adaptation from her PhD Thesis, in an international peer-review journal, will be calling others "pseudo-intellectual. " For the record, I have published over 50 articles in leading international development economics peer-review journals including Economic Development and Cultural Change published by University of Chicago Press, Journal of African Economies, published by Oxford University Press, World Development, Journal of Policy Modelling, Nigerian Journal of Economics and Social Sciences, and African Development Review.</span><br />
<span lang="EN-GB" style="font-family: "helvetica" , "sans-serif"; font-size: 7.5pt;"><br /></span>
<span lang="EN-GB" style="font-family: "helvetica" , "sans-serif"; font-size: 7.5pt;">In addition, my doctoral dissertation on Nigerian Economy: A Macroeconomic and Input-Output Model has been published as a book by Greenwich/Praeger in the USA. (http://www.amazon.com/Nigerian-Economy-Macroeconometric-Input-Output-Model/dp/0275934179/ref=la_B001HPKEQC_1_1?s=books&ie=UTF8&qid=1459630936&sr=1-1). </span><br />
<span lang="EN-GB" style="font-family: "helvetica" , "sans-serif"; font-size: 7.5pt;"><br /></span>
<span lang="EN-GB" style="font-family: "helvetica" , "sans-serif"; font-size: 7.5pt;">I have served as an editor and member of
editorial boards of Journals published by Oxford University Press and
Blackwell. </span><span style="font-family: helvetica, sans-serif; font-size: 7.5pt;"> l have served as Joint Coordinatir and Team Lead of African Competititveness Report of AFDB, World Economic Forum, and the World Bank; and African Economic Outlook of OECD, UNDP, and AFDB. </span></div>
<div style="background: white;">
<span style="font-family: helvetica, sans-serif; font-size: 7.5pt;"><br /></span>
<span style="font-family: helvetica, sans-serif; font-size: 7.5pt;">I have also been contributing to public policy discourse on Nigerian
economic issues in reputable leading national dailies including The Guardian, ThisDay, and BusinessDay, which appears to irritate sycophantic associates of NOI such as Paul
Nwabuikwu. As I tell the truth dispassionately about our economy in those
articles, these sycophants feel intellectually challenged. They think no
Nigerian economist can and should challenge her intellectually on Nigeria’s
economy, while thought leadership on our economy has been outsourced to
non-Nigerians. .</span></div>
<br />
<div style="background: white;">
<span lang="EN-GB" style="font-family: "helvetica" , "sans-serif"; font-size: 7.5pt;">Third, Paul Nwabuikwu obviously lacks
knowledge of how professional search firms work. His allusion to the three
professional firms headed by people from the South West was an attempt to cover
up the regional selfish agenda. I have the highest respect for the names and
search firms mentioned in Nwabuikwu’s rebuttal. But that is beside the point.
Somehow, only sponsored regional candidates always finally emerge. <o:p></o:p></span></div>
<br />
<div style="background: white;">
<span lang="EN-GB" style="font-family: "helvetica" , "sans-serif"; font-size: 7.5pt;">From experience, a search firm sources
out candidates and submits a shortlist list to the prospective employer,
including names proposed by the latter. From thereon, the employer is in charge
and control of the process going forward, including interviews, while the firm
simply now plays a more supportive role, for example, in contacting candidates
for the interview and looking after the paper work. <o:p></o:p></span></div>
<br />
<div style="background: white;">
<span lang="EN-GB" style="font-family: "helvetica" , "sans-serif"; font-size: 7.5pt;">In the case of the NMRC CEO, the firm
has done its professional part and submitted names of short-listed candidates,
and interviews were expected to be completed in January, 2014. From then on,
this is where the selfish agenda sets in! NOI kept delaying the process and
finally acceded to a meeting in June 2014, then postponed it again for another three
weeks in July. The start of the scheduled interview meeting was further delayed
for more than three hours on the scheduled date of Sunday afternoon. <o:p></o:p></span></div>
<br />
<div style="background: white;">
<span lang="EN-GB" style="font-family: "helvetica" , "sans-serif"; font-size: 7.5pt;">I have had opportunities during my
career of over two decades to meet with Presidents and Ministers in Nigeria and
in some other African countries. Once there is a scheduled appointment, they
will never delay you beyond thirty minutes. IFC, DFID, ADB and World Bank will
not delay recruitment process by 8 months and scheduled interview appointments
by three hours. This is the crux of the matter: impunity and unprofessional
lack of respect to others were displayed. The interview meeting provided me
with the platform to challenge this impunity of not putting the collective good
ahead of individual and regional selfish interest! It is a shame that
somebody who sees herself as a global celebrity and who aspires to the
Presidency of the World Bank will behave just like another local warlord and show
no respect for time, efficiency, and productivity. <span style="mso-spacerun: yes;"> </span>Talk about a reformer, who has not only join
the un-reformables, but even worse than them!<o:p></o:p></span></div>
<br />
<div style="background: white;">
<span lang="EN-GB" style="font-family: "helvetica" , "sans-serif"; font-size: 7.5pt;">Fourth, it looks like Nwabuikwu does not
seem to know the politics of the ADB and the World Bank and did not realize
that I was an insider in the campaign for the Nigerian candidate in 2005.
Another form of Nwabuikwu’s dishonesty: NOI was not the Finance Minister when
the Nigerian Executive Director of the ADB was initially appointed. <o:p></o:p></span></div>
<br />
<div style="background: white;">
<span lang="EN-GB" style="font-family: "helvetica" , "sans-serif"; font-size: 7.5pt;">In conclusion, I wish to leave readers
with quotes from an article in Africa Watch based on an interview of NOI by Ty
McCormick: “As the full scale of Nigeria’s internal woes is laid bare, however,
she (Ngozi Okonjo-Iweala) is increasingly at risk of being left with no
clothes……In a way, the hype over the Nigerian economy mirrors the hype about
Ngozi. Both are based on very little substance.” <o:p></o:p></span></div>
<br />
<div style="background: white;">
<span lang="EN-GB" style="font-family: "helvetica" , "sans-serif"; font-size: 7.5pt;">Need I say more? We need to save our Golden Girl from sycophants such as Mr Paul C.
Nwabuikwu, who will rather attack Nigerians who make efforts to contribute to
public discourse on Nigeria’s economy. <o:p></o:p></span></div>
Topeohttp://www.blogger.com/profile/03986491806177972604noreply@blogger.com0tag:blogger.com,1999:blog-3857020472419838089.post-48619817900323580082014-12-19T06:26:00.000-08:002015-03-02T13:44:09.922-08:00Golden Girl and the Icarus Paradox<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 9pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 18.0pt;">By Temitope Oshikoya</span><br />
<br />
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 9pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 18.0pt;"><strong>This article was published by The Guardian of Nigeria on 8 September, 2014</strong></span><span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 7.5pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 7.5pt; mso-ansi-language: EN; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";"><o:p> </o:p></span><b><span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 9pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 18.0pt;"><a href="http://allafrica.com/stories/201409081894.html"><span style="color: #10579f;">http://allafrica.com/stories/201409081894.html</span></a></span></b><br />
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 9pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 18.0pt;">This piece was first written on Saturday, 27 September 2014 before the drastic decline in oil prices and its severe impact on the Nigerian economy, which has exposed the underbelly of Okonjonomics. As the tide ebbs, now we know those who have been swimming naked! Enjoy the article.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
<b><span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 9pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 18.0pt;"><o:p> </o:p></span></b><i><span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 7.5pt; mso-ansi-language: EN; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">ICARUS of Greek mythology was the son of
Daedalus. They both escaped from the Island of Crete, flying with wings made of
wax and feathers. Ignoring his father's warnings, Icarus flew too near the Sun
and melted his own wings, fell in the sea and drowned. Paradoxically, his
greatest assets, the wings that enabled him to fly in the first place turned
into his liabilities and, as he ignored sound advice, led to his demise. Danny
Miller's book "Icarus Paradox" drew an analogy of businesses and CEOs
that failed abruptly after a period of apparent success, due to the blinding
effects of arrogance, overconfidence, exaggeration, and hubris. With flattery
from close associates, they are blinded to reality leading to their downfall as
their greatest assets paradoxically turn into liabilities.</span></i><span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 7.5pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 7.5pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">To
many of us, Ngozi Okonjo-Iwaela (NOI) is Nigeria's golden girl. After a stint
learning the politics and ropes of the World Bank, NOI rose to the position of
one of its Managing Directors. Before then, she had served as a Vice President
at the World Bank and as Nigeria's Minister of Finance, and briefly as Minister
of Foreign Affairs. Her first home coming as a Minister of Finance had a lot to
write about: for one, NOI played a role in obtaining Nigeria's debt write-off.
NOI became not only Nigeria's golden girl, but a global celebrity.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 7.5pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">The
first sign of the Icarus Paradox: success tends to get to people's head. In
2006, NOI left the Government abruptly thinking she was indispensable with her
new found celebrity status. The Financial Times of London in its editorial
remarked essentially that NOI was not the only economic star in the debt relief
firmament. It was a team work, with the then Nigerian President providing
political cover. Unfortunately, even with the second home-coming of NOI, she
has not learnt to swim in an ocean of humility. For a start, it is difficult to
understand why NOI prefers to be called Minister of Finance and Coordinating
Minister for the Economy (CEM), treating herself as a Prime Minister and an
economic octopus with tentacles everywhere, except for ego pursuit and hubris.
It appears that the golden girl enjoys the title of CEM, but tries to avoid
accepting responsibilities for failures arising thereof. She became a
polarizing figure to the Nigerian Economic Society in an attempt to be awarded
its Fellowship. Eventually, she was given the award.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 7.5pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">The
second sign of the Icarus Paradox: over-exaggeration of her self-importance. We
already have a Chief Economic Adviser to the President, who should actually be
the CEM, coordinating inputs from different economic ministries (including the
Ministry of Finance, Planning, Trade and Industry, Agriculture, etc.) and
distilling them to provide thought leadership and unbiased professional
economic advice to the President on the economy, while ensuring awareness among
Nigerians on key economic issues; much the same as the National Security
Adviser on security issues. To discerning observers, it is clear that the
National Security Adviser has been, at least, trying to articulate national
security issues, and ensuring awareness among Nigerians, and engaging key
stakeholders about the cocktail of possible national security policy menu
including socio-economic development software coupled with military hardware
infrastructure needed to resolve our current complex security dilemma,
especially on Boko Haram, and even on Ebola. In contrast, and very
unfortunately, NOI has rendered the position of the Chief Economic Adviser to
the President irrelevant; making it an appendage of her Ministry and her
speech-writer on nothing to write about on pertinent economic issues facing the
country.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 7.5pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">The
third sign of the Icarus Paradox: the blinding impacts of adulation and
flattery to reality on the ground. NOI has not only lost her own professional
economics edge, she has succeeded in outsourcing externally economic thought
leadership on our economy to non-Nigerians, as for instance, during the
national subsidy issue, for which her professional credibility was severely
dented. The subsidy episode backfired badly for her. Recently, a McKinsey
Report and an op-ed on Nigeria in Project Syndicate, distribute commentaries
worldwide. Unfortunately, from a professional economics perspective, the
Mckinsey's Report is at best methodologically flawed and, at worst, reads like
using cooked data to drive a particular perspective to favour the minister.
This is the same McKinsey that was busy dishing out strategic advice to some
Nigerian banks that later failed spectacularly during the banking crisis of
2009. Witness also the latest attempt by the staff of the World Bank trying to
prop-up the image of its former Managing Director. All of a sudden, according
to the World Bank's staff Report, Nigeria's unemployment rate has magically
dropped by more than half to 10%; against the stack reality on the ground.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 7.5pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">The
fourth sign of the Icarus Paradox: complacency. All these image laundering and
gymnastics are happening at a time when NOI should be focusing her energy in
helping the Government and the President to tackle unemployment crisis,
especially among the youth; reduce Nigeria's Misery Index of 48, the third rank
among 90 countries; and attenuate the deepening socio-economic inequality.
Rather, NOI spent too much space and time hobnobbing with the ultra-rich
oligarchs, who have no business being on Nigeria's Economic Management Team,
except to further their own interest and to ensure that key appointments to
government economic agencies are to their favour. This particular disturbing
trend has already been observed by some public analysts noting that NOI appears
to think that the best economic policy and regulatory managers are bred only
from her geo-ethnic circles. This is self-evident from the headships of key
economic and financial related agencies: AMCON, CBN, SEC, NSE, DMO, BPE, NSIA,
NMRC, FRC, Pension, Budget, Procurement Regulation, Performance Monitoring, and
Chief Economic Adviser, to mention a few.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 7.5pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">The
fifth sign of the Icarus Paradox: arrogance and lack of respect for others. One
of the tactics NOI has deployed is to pretend that she is using professional
search firms to recruit for some of these positions. But discerning Nigerians
have seen through the smokescreen and her systematic efforts to favour only
people within her regional circle. It was significant that the National
Assembly refused to play ball with the position of the Executive Chairman of
the FIRS, which remains in an acting capacity for more than two years. NOI has
been trying to use the same tactics with the headship position of another
institution under her purview. The process of selecting for this position began
in earnest in the third quarter of 2013, with the expectation that by January
2014, it would have been completed. She finally acceded to a meeting in June
2014, then postponed it again for another three weeks in July, and further
delayed the process for more than three hours on the scheduled date of Sunday
afternoon, and when some people were fasting. She is still sitting on the
process.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 7.5pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">In
2005, some of us had also witnessed first-hand how NOI, out of self-interest,
practically frustrated the candidacy of a Nigerian to the position of the
Presidency of the African Development Bank (ADB). The same argument that she
deployed against the Nigerian was, with the twist of fate, turned against her
in her quest to become the President of the World Bank; after more than two
decades at the World Bank, she does not have any new and fresh ideas to bring
to the institution. Thanks to NOI, Nigeria has not only lost influence and
pivotal position at the ADB; the potential candidacy of Nigeria's Minister of
Agriculture to the Presidency of this continental organization may be equally
frustrated if adequate care is not taken. On the other hand, NOI would readily
support people from her region to positions at the IMF and the African Capacity
Building Foundation.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 7.5pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">Judging
by Nigeria's high misery index, unemployment crisis, and a job-less growth in a
period of high oil prices, NOI, as the Minister of Finance and CEM, has either
simply been taking Nigerians for a ride on the economy or blindsided to the
economic realities on the ground. Unlike those deluding her with adulation and
flattery, it is far better to openly let her realize the blinding effects of
her own Icarus Paradox of overconfidence, exaggeration, ego trip and hubris on
Nigeria's weighty economic matters. We appeal to the goodwill of President
Goodluck Jonathan, our own Daedalus and father figures to all Nigerians, to
curb the un-golden practices of the golden girl, Ngozi Okonjo-Iweala, so that
she can avoid the Icarus paradox.<o:p></o:p></span></div>
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<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 7.5pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">-
Dr. Oshikoya is an economist and chartered banker.<o:p></o:p></span></div>
<br />
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<b><span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 9pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 18.0pt;"><a href="http://allafrica.com/stories/201409081894.html"><span style="color: #10579f;">http://allafrica.com/stories/201409081894.html</span></a><o:p></o:p></span></b></div>
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<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; font-size: 7.5pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";"><o:p> </o:p></span></div>
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<o:p><span style="font-family: Calibri;"> </span></o:p></div>
Topeohttp://www.blogger.com/profile/03986491806177972604noreply@blogger.com0