Admin I Tuesday, August 27, 2024
LAGOS, Nigeria – Director General of World Trade Organisation, Dr. Ngozi Okonjo-Iweala, has proposed a cross-party agreement to safeguard certain integral aspects of governance in order to accelerate Nigeria’s economic growth and development.
The former Minister of Finance who was speaking at the ongoing Nigeria Bar Association Conference in Lagos said the concept of a social contract is not novel, tracing its roots to ancient philosophical discourse, adding that its modern adaptation holds the potential to revolutionize Nigeria’s economic paradigm, fostering much-needed unity and consistency in policy implementation.
Dr. Okonjo-Iweala, an esteemed economist with a wealth of political experience, underscores the imperative of prioritizing security and national assets protection as the foundational pillar of this social contract. She highlighted the detrimental impact of political weaponization of security, which has plagued the nation for years. She advocated for a non-partisan approach to ensuring the safety and well-being of citizens.
Furthermore, she noted that safeguarding of national assets, particularly in the face of rampant theft and vandalism, is imperative. The Central Bank, a critical economic organ, she noted must be allowed to function independently, free from political interference, to ensure stable monetary policies. Fiscal disciplines, such as adhering to budget deficits and debt limitations, should be upheld to maintain economic stability.
The former minister emphasized the necessity of a sustainable macroeconomic framework, learning from the successful experiences of nations like Peru, despite their political turmoil. Consistency in economic policies across successive administrations, free from the ‘not-made-in-my-administration’ syndrome, is crucial for fostering investor confidence and long-term growth.
A crucial aspect of the proposed social contract focuses on infrastructure development and essential services. Ensuring access to quality education, healthcare, and viable transportation networks is pivotal in enhancing the well-being of Nigerians and attracting investments.
The private sector and civil society, including influential organizations like the Nigerian Bar Association (NBA), have a significant role in fostering this social contract. They can act as vigilant guardians, holding political leaders accountable and ensuring the agreement’s longevity.
Nigeria’s current economic challenges provide an opportune moment to initiate this discourse. By embracing this concept, the nation has the potential to unleash a virtuous cycle of reforms, propelling it towards a brighter and more prosperous future.
Dr. Okonjo-Iweala’s proposal serves as a thought-provoking catalyst for change, urging Nigerians to rise above political differences and embrace a unified vision for the country’s progress. The ball is now in the court of the nation’s leaders and citizens alike, to translate these suggestions into actionable policies.
