Behind every crisis and the negative feelings it usually evokes, are limitless opportunities, which if taken advantage of, becomes a blessing of some sort. That is the way, in the opinion of this newspaper, Mr Godwin Emefiele perceives the Coronavirus (Covid-19) crisis. Since assuming office as the Governor of Central Bank of Nigeria (CBN), even his critics will give him the credit that he has left no one in doubt about his determination to refocus the economy into one that is not only self- reliant but also self-sustaining.
Discerning followers of activities in the apex bank know that he has continued to nudge the country in the direction of guaranteed food security, high quality and affordable healthcare, and cutting-edge education for the people. In the pursuit of these goals, he has applied himself with perceptible missionary zeal to that policy shift that favours the diversification of the economy.
We are already familiar with the Central Bank’s interventions in virtually all the sectors of the economy. But the emergence of Coronavirus (Covid-19) is re-emphasising the determination of the Governor of the apex bank to leave a legacy of a country that can hold her own in all facets of the economy.
From our understanding of his recent plans, actions and utterances, he is working and looking beyond Covid-19. As we see it, the apex bank on his watch, is beginning to position the country in such a manner that will enable her to forge ahead even stronger when this whole crisis is over. Already, he is spearheading the provision of a combined stimulus package of about N3.5 trillion intended to strengthen the Nigerian economy. Some of the ways that this stimulus package will function include giving boost to households, businesses, manufacturers and healthcare providers.
His drive is a reflection of what is going on in the international marketplace where economic and political experts are predicting that the world, as we know it today, may be different post-Covid-19. The thinking among these experts of whom he is one, is that the virus and its effect will, in many ways, shake up everyone from complacency if not lethargy.
The effect of the pandemic will certainly introduce new thinking and new ways of doing things. One issue that is prominent as the virus continues to ravage nations and peoples is the realisation that globalization – that economic system that was the singsong of the so called developed nations, may have seen its active days. With international borders shut and movement of persons, goods and services suspended, the pandemic has revealed how undeveloped the world actually is. Even after the virus has been subdued, it will take quite some time for nations to regain their vigour.
That is the post-Covid-19 world Emefiele is seeing and he has continued to stress that Nigeria as a country cannot afford to continue relying on other people for essentials of life such as food, education and healthcare. We agree that it is time for Nigeria and Nigerians to begin to put in place structures and services that will benefit from the lessons of Covid-19. The governor projects that after Covid-19, Nigeria will transform into a modern, sophisticated and inclusive economy that is self-sufficient, rewards the hardworking, protects the poor and vulnerable, and can compete internationally across a range of strategic sectors.
However, in our considered opinion, it is pertinent to understand that this can only be possible if the nation appreciates the urgency of building a base of high quality infrastructure, including reliable power that can engender industrial activity; support both smallholder and large scale agriculture production in select staple and cash crops; create an ecosystem of factories, storages, logistics companies that move raw materials for value-added production, finished goods to markets; use fiscal priorities to create a robust educational system that enables critical thinking and creativity, which would better prepare upcoming generations for the world of tomorrow as well as develop a healthcare system that is trusted to keep all Nigerians healthy, irrespective of social class.
Similarly, he also thinks that the nation must facilitate access to cheap and long-term credit for Small and Medium-Scale Enterprises (SMEs) and large corporates; develop and strengthen pro-poor policies that bring financial services and security to the poor and the vulnerable; and expedite the development of venture capitalists for nurturing new ideas and engendering Nigerian businesses to compete globally.
What the CBN under Emefiele has, we posit, is a vision that requires the cooperation of government at all levels as well as groups and individuals. It stands to reason, therefore, that he is developing a Policy Response Timeline to guide not just the Covid-19 crisis management practices but also the orderly reboot of the Nigerian economy.
The Immediate-Term Policies of 0-3 Months will be a phase that reflects the government’s efforts at containment and mitigation; The Short-Term Policy Priorities of 0 – 12 months will be the phase for repositioning the Nigerian economic space. In the Medium-Term Policy Priorities of 0 -3 years, it is envisaged that during this phase the nation will act quickly to enable faster recovery of the economy by targeted measures towards particular sectors that are able to support mass employment and wealth creation. Emefiele’s vision is attainable. We urge that all hands must be on deck.(Leadership).
