…Oil Will Not Save Nigeria, Says Peter Obi
By Uzoma Akobundu
Dr. John Dramani Mahama, former President of Ghana has told the Nigerian government to reconsider reopening its land borders to its neighbours as border closure will not solve Nigeria’s weak institutional problems.
Mahama made the comment in Lagos on Tuesday at the 7th Anniversary lecture of Realnews, an online magazine as the guest speaker. He spoke on the topic: Beyond Politics: An Economic Narrative for West Africa.
Mahama said it is worrisome that the borders of the country to other neighbours had been shut since August, noting that theb action even hurts the whole essence of the ECOWAS sub-region.
“Of course, one can understand the harmful effects of unbridled smuggling goods on the growth of local production. But it is problematic that sub-regional economic activity and trade should suffer because of domestic institutional weaknesses. Nigeria must invest in strengthening its institutions and systems that are responsible for preventing the importation of illegal or prohibited goods,” he said.
Citing the Benin border in particular, Mahama said it was having a great toll on many small and medium businesses in Togo, Ghana and Cote D’Ivoire, all of who rely on that corridor for inter-country trade.
His words: “I am sure that businesses in Nigeria that rely on supplies from these countries are also suffering.
“With the signing of the joint border task force agreement between Nigeria and her neighbours, I would like to take this opportunity to appeal to Nigeria to open up her border so that economic activities can resume.
“As the largest economy in West Africa, I believe it is not by accident that Nigeria is home to the headquarters of the Economic Community of West Africa States. The import of the following quote from the objective principles for the establishment of ECOWAS cannot be lost on us. ‘ECOWAS was set up to foster the ideal of collective self-sufficiency for its member states. As a trading union, it is also meant to create a single, large trading bloc through economic cooperation.’”
Speaking on trade in Africa as compared to other parts of the globe, the former president said actions often taken by the African leaders like the border closure by Nigerian government and the festering of xenophobic attacks in south Africa end up hurting economic activities in the continent and region than improving them.
Mahama said: “Trade between African countries, reports say, stands at about 11 per cent. Comparable statistics with other regions are:- the Americas at 47 per cent, Asia 61 per cent, Europe 67 per cent and Oceania 7 per cent.
“Intra African trade will staunch the current outflows that leave the continent yearly and result in recirculation of wealth within the Continent.”
On the xenophobic attacks which many Africans suffer in South Africa, Mahama said it is a setback on intra African trade.
Hear him: “Africa stood in solidarity with South Africa in the struggle against apartheid. It is a slap in the face to see the lynching of fellow Africans as a result of the recent waves of xenophobia in that country.
“Of course, one does not advocate that foreigners engaged in criminal activity must be entertained in any country. Such persons must be arrested, prosecuted and deported by the security enforcement agencies. But where the presence of such persons is legal and are based on positive investment in the economy, they must not be persecuted and killed on any basis.
“South Africa must take aggressive steps to improve the circumstances of its excluded black population to remove the negative emotions that prompt such unfortunate xenophobic attacks.”
The event had vice president of the Islamic Development Bank and former Nigeria’s minister of finance, Dr. Mansur Muhtar as the chairman.
Muhtar in his remarks said Nigeria must look beyond oil as the resource has not helped the country despite her big player notion in the global oil industry.
He agreed with the view of some commentators like the former governor of Anambra State, and 2019 vice presidential candidate of the People’s Democratic Party (PDP), Peter Obi, that the government should invest in her abundant human capital.
Specifically, Obi said oil will not save Nigeria as it has never saved any country before and therefore challenged the government on investment in education which is the new oil.
Obi said: “It hasn’t saved Venezuela that has 10 times more oil than Nigeria. The world is moving away from oil. We need to invest in the future.
“In 2010, we have the same literacy rate with Ghana. Ghana is now 76 per cent. We are at 61 per cent.”
“You cannot compete in Formula One with untrained drivers. You are giving people guns to win the election. When will you retrieve those guns? ” he asked, in apparent reference to the recent Bayelsa and Kogi states governorship elections that were violence ridden.