The comment about the cows reminds me of Ajaokuta and Ovwian-Aladja steel. We dithered about which method to use and in the end settled for both options because we had more money than sense. Failure was the end result in both places.
I totally agree that the government is simply waiting for the oil price to bounce back. It is all very well talking about growing revenue by promoting manufacturing and God knows what else but structural changes take time and these guys aren’t even at the starting line! Hello GMB there is a global cocoa shortage coming up. Any chance we can get on the bandwagon? No? Thought not.
How many of these shiny new ministers actually have a clue? a friend of mine tried to engage one of these newly minted chaps (they are friends) in a policy discussion recently and offered some free, expert advice. The outcome? Our minister didn’t want to hear from anyone else. He was far too pleased to be where he was and thought he knew everything.
The idea that the government has some magic beans to sort everything out out is laughable. They haven’t got a scooby-doo. If they did, they’d have a word in Emefiele’s ear and make some sensible policy decisions. Instead you’ve got Adeosun and Buhari supporting him wholeheartedly like a pack of lemmings.
Adeosun is off to the IMF and AfDB for some short term loans to plug the gap and expects the international bond markets to provide longer term finance. Really? Well, let’s just remember that borrowing comes at a cost. In any case, this will all work for the short term. Remember that oil is what fills the coffers to the tune of 70–90% of foreign earnings and then ask yourself how we will make the country attractive the bond markets talk less of how we repay our lenders.
Feyi, you do indeed know your people.