Obiageli Ezekwesili, former World Bank vice president for Africa, said most Nigerian politicians lack basic knowledge of economics.
Naija News Mrs. Ezevicily reportedly said that the country’s economic crisis was a product of bad economic policies for Nigerian politicians.
In an interview with News Central, the former World Bank’s vice president of Africa condemned political leaders for not considering the implications of their policies before they were implemented.
Ezekwesili, an economic policy expert, explained that Nigerian political leaders took the time to plan for the next election, rather than implementing economic policies to improve citizens.
“Listen, I would be surprised if up to 40% of our politics understand basic economics. If they do, you won’t see something we see in this country. You’ll just see what people scratch their heads and say, let’s do it. It will work. No. What economic evidence does your policy choice have? I’ve looked at some missed, and we’ve had major misses in the past.
“I see people say, for example, we will make sure we solve the problem of subsidies for oil. But what they don’t realize is that raising the price of products in a single industry does not allow the basic principle of allowing demand and supply without being hampered by various forms of regulatory backlash, it’s just a psychology,She said.
The former Minerals Minister noted that Nigeria’s oil and gas sector could change the game for the country’s economy if leaders allow transparency in the industry.
She stressed that most Nigerian leaders viewed the oil and gas sector as a cash cow, adding that the sector had been hijacked by the political class. She said the oil and gas sector needs the same reforms as the telecommunications sector.
“So you look at the oil and oil industry in our country. What do you see happening? There is a political hijacking in this space. If the political class does not see that sector as a department where the leader wants to stick to their hearts, then the opportunities for that sector will be completely different. It does not allow for originality, innovation, creativity and tremendous opportunities in this field that are similar to the telecom industry.She said.
