The former Minister of Education said this today at The Platform, a yearly public policy forum. Her words: “During the first coming of this our new president, in the 80s, a command and control economic system was adopted. During that era, inflation spiralled.
During that era, jobs were lost. During that era, the economic growth level dipped. That era wasn’t the best of eras in economic progress. What did not work in 1984 cannot possibly be a solution in a global economy that’s much more integrated. In over one year, the president is still holding to the premise that command and control is the only way out.
In a year we have lost the single digits inflation status we maintained in past administrations. The president comes into this economic philosophy on the premise that he does not want the poor to suffer. I can relate to that, a leader must, especially a leader who knows that most of his votes came not from the elite but from the poor.
The problem though is that the intention and the outcome are diverged. The weakest and the most vulnerable suffer the impact of inflation the most. Enormous power is being abused as a result of opaque economic policies. Companies are suddenly finding themselves unable to produce because they’re unable to access foreign exchange.
Mr. President should sit with his team and look at the economic evidence that speaks loudly. It’s time to sit back and review the well-intended idea of command and control economic principle. He should do what the Americans say that if it ain’t broken, don’t fix it.”…. or in D’banj’s voice, “leave it!”….
