The National President, Igbo Stakeholders Forum, Prince Nixon Okwara, has said that the reason why Nigeria is still struggling economically as a nation is because previous heads of state in the country had been playing to the gallery by shying away from taking tough and lasting decisions that would revamp the economy and put Nigeria on the path of progress.

Prince Okwara who was also a member of the defunct All Progressives Congress, Presidential Campaign Council (APC PCC), said that for over 40 years, Nigeria?s economic policies have been plagued by inefficiencies, poor planning, and a lack of decisive leadership which has contributed to the country?s current state of economic hardship.

He said that president Tinubu is dismantling the failed structures of the past administrations and reinventing a new Nigeria for a better tomorrow, adding that this is the kind of leadership we need to move the forward.

In the interview, he also spoke on other issues.

Excerpts:

Why are you supporting the floating of the naira upon all the hardship it has caused the Nigerian masses?

Yes. I firmly support the floating of the naira because I strongly believe that it would lead to sustainable growth of the economy as against the temporary fix that previous administrations in the country have adopted. In my previous interview with your newspaper, I also expressed my unflinching support for President Bola Ahmed Tinubu?s policies. I want to use this medium to address Peter Obi?s recent comment on what he would have done differently concerning Nigeria?s economic challenges. Obi had suggested that he would have devalued the naira and borrowed to defend it. While that might sound appealing to some, history has shown that the approach has been tried and failed. Several past administrations have adopted Peter Obi?s strategy of artificially defending the naira through borrowing. For instance, the administration of Good luck Jonathan resorted to a similar method, which only depleted our foreign reserves and increased national debt without addressing the underlying issues of corruption, poor productivity, and import dependency. The quick fixes of these past governments, including under Sani Abacha regime, gave the illusion of stability, but they only postponed the inevitable economic crash that came once the resources to defend naira were exhausted.

What do you think that President Tinubu is now doing differently?

Yes. That is a good question. What president Tinubu is doing differently is that his current approach has uprooted the deep-rooted problems rather than masking them. Floating the naira is not a short-term, populist solution, but rather a bold moved that is aimed at addressing fundamental economic distortions .By allowing market forces to determine the value of the naira. Tinubu?s administration is effectively dismantling the structures that have stifled growth for decades. This move encourages transparency and attracts foreign investment, which is vital for reviving Nigeria?s economy. The floating of the currency forces Nigeria to confront its productivity deficits, encouraging the country to focus on self-reliance, local production, and export growth, all of which are necessary for sustainable development. In contrast, Obi?s suggestion to devalue the currency and borrow money to prop it up would only postpone the country?s financial reckoning. Borrowing more at a time when Nigeria is already overburdened with debt would have been reckless. His approach would have drained Nigeria?s reserves further and kept the country locked in a cycle of debt and dependency, romanticizing Nigeria?s problems instead of fixing them. If Peter Obi had adopted this policy, his administration would have simply kicked the can down the road, leaving the next government with an even worse financial situation. I also call on Atiku Abubakar to clearly articulate his economic policies, had he won the 2023 election. Nigerians deserve to hear from those who aspire to lead, especially during these challenging times. It is essential to interrogate their ideas and policies, especially when some are attempting to exploit the current hardship to position themselves for the 2027 elections. It is not enough to criticize; Nigerians need to know what tangible solutions these leaders would offer. We must stop falling for populist rhetoric without asking the hard questions. Ultimately, I stand firmly behind the policies of President Tinubu?s administration. His decision to float the Naira, among other reforms, is a decisive and long-overdue move to reset Nigeria?s economy. While the transition may be painful in the short term, it is necessary for building a future based on self-sufficiency, innovation, and real economic growth. Unlike Peter Obi?s quick fixes, which would have only postponed our problems, President Tinubu is dismantling the failed structures of the past and reinventing Nigeria for a better tomorrow. This is the kind of leadership we need to move the nation forward.

But has his programmes eliminated corruption, which has become a major problem in the country?

President Tinubu recognizes that crime prevention is far more effective than the reactive strategies employed by previous administrations. A simple analogy clarifies this: just as rats avoid areas without leftover food, corruption thrives where institutions are weak and loopholes exist. Tinubu?s decisions to float the Naira, remove fuel subsidies, and let market forces regulate key services like electricity are proactive strategies aimed at eliminating systemic distortions that have long enabled corruption and inefficiency in Nigeria?s economy.

In contrast to earlier leaders who focused on devaluing the currency and borrowing excessively to prop up unsustainable systems, Tinubu?s approach addresses the root causes of economic instability. By allowing the Naira?s value to be determined by market forces, speculative attacks on the currency are reduced, trade imbalances are corrected, and foreign investment is encouraged. These structural changes foster transparency and create an environment where corruption is less likely to thrive.

Additionally, Tinubu?s administration has embraced technology as a key instrument for institutional reform, crucial to combating Nigeria?s entrenched corruption. By implementing digital financial systems and automated governance processes, the role of human interference is minimized, closing the gaps that have historically allowed exploitation. This technological shift represents a significant move away from reactive governance, making the system more resilient against corruption and inefficiency.

While concerns have been raised about borrowing under Tinubu?s administration, it is vital to distinguish between reckless borrowing and strategic investments. Unlike previous governments, Tinubu?s borrowing is focused on key infrastructure sectors such as energy, transportation, and technology, which are essential for long-term economic growth. This transparent approach is aimed at breaking the cycle of debt mismanagement that has previously stunted Nigeria?s development. Critics who focus on devaluation or borrowing without considering the broader reforms overlook the importance of these necessary measures. Though difficult in the short term, these reforms are vital for building a stronger, more resilient economy. Tinubu?s policies aim to dismantle structures that have perpetuated corruption and inefficiency, in stark contrast to the quick-fix approaches of the past that would only prolong Nigeria?s economic challenges. My support for President Tinubu?s policies is grounded in the belief that Nigeria must tackle its systemic problems now, rather than defer them. The time for superficial fixes has passed; we must commit to deep, structural reforms that will rebuild the nation?s economy from its foundations.

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