Industrialist Dr. Chike Obidigbo has called on President Bola Tinubu to consider appointing new advisors to assist in revitalizing Nigeria’s struggling economy.
Acknowledging that Tinubu inherited a challenging economic landscape, Obidigbo expressed concerns that some of the President’s current aides have failed to deliver effective solutions.
“Nigeria is in a dire situation, hemorrhaging economically, yet it feels as though there are no skilled individuals available to staunch the flow,” Obidigbo stated. He clarified that while the socio-economic turmoil predates Tinubu, it is disheartening that his team has not successfully redirected the nation’s trajectory.
Undoubtedly, Tinubu has inherited a plethora of crises stemming from the previous administration’s severe incompetence and the corrupt practices of those in power, which have significantly depleted the country’s resources.
However, Obidigbo criticized Tinubu for aligning himself with individuals who have not demonstrated the capability to aid in the nation’s recovery.
He emphasized the urgency for the President to remove ineffective aides who have failed to contribute positively to Nigeria’s once-thriving economy. “By not communicating the economic conditions he encountered upon taking office, Tinubu risks becoming complicit in the previous administration’s failures,” he remarked.
Highlighting the need for diverse perspectives, Obidigbo noted that Nigeria’s complexities may be too vast for any single leader to navigate effectively. “We pride ourselves on our wisdom, yet we often overlook our limitations,” he said.
He suggested that the ongoing economic crisis might necessitate exploring the option of dividing the country into smaller, more manageable regions to foster effective governance.
The industrialist also criticized the idea of a sudden minimum wage increase that lacks a direct correlation to productivity, likening it to a fragile flame in a storm. He warned that such actions could lead to rampant inflation in both the short and long term.
Furthermore, Obidigbo advocated for significant reductions in governance costs across all sectors. He urged the government to declare a state of emergency in the productive sectors of the economy, emphasizing the need for stricter regulations on imported goods and services.
“It is clear that without a measurable boost in productivity, abrupt wage hikes will only exacerbate existing inflation, further deteriorating the quality of life for the average citizen,” he argued.
He predicted that the implementation of new wage policies would lead to increased production and service costs, making essential goods and services unaffordable. This, he cautioned, could result in widespread job losses and heightened security concerns, perpetuating a cycle of economic hardship.
