From Professor Charles SOLUDO.
“I’d disappoint many who would expect me to comment harshly on the economy or offer yet another blueprint for economic reforms.
“I’m not shy to say this: the audacious structural reforms embarked upon by the current administration of President Bola Tinubu have rescued the economy from the tipping point.
“The endorsement by the World Bank, the IMF, the London Financial Times, and more in Nigeria is well deserved.
“On the matter of the trajectory of the current economic reforms, the World Bank and others, in my view, are largely right. When these institutions criticise the government, some people use them as validation of their own criticism. But when the same institutions give a positive report, they are derided as ‘neoliberal, out-of-touch’ institutions. We can’t have it both ways.
“If we didn’t do the kind of subsidy removal and deal with the exchange rate issues, we would have reached a point where the economy was just standing still. We couldn’t move any further. We needed fundamental rejigging for it to begin to breathe again — and thank God, at least, we are here.
“There is still a lot more to do, but I urge the President and his team to steer the course. Many analysts have interesting opinions and quotes, but I urge them to go deeper, with rigorous, factual analysis, and to provide credible alternatives. The past is always easy, especially if you are not the one doing it.”
- Soludo
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