From Donald Nduka, Owerri
Senior Advocate of Nigeria (SAN) and public affairs analyst, Barr Ngozi Olehi, SAN, has observed that Nigeria’s persistent governance failures and chronic leadership deficits have validated the conclusion of a 2004 IMF publication which stated that Nigeria is suffering from a natural resource curse which long term growth and poor revenue management the IMF has no specific policy for preventing or addressing the curse.
Addressing journalists in Owerri on Thursday on Nigeria’s post 66th Independence anniversary, Olehi said that the International Monetary Fund (IMF) publication quoted two experts, a Professor of Economics at Columbia University Xavier Salai-I-Martins and Arvind Subramanian, a Division Chief of IMF Research Department.
He quoted the duo as saying that oil and the institutional deterioration has perhaps been the single most important cause of Nigeria’s economic and political problems.
The Learned Silk expressed regret that those who claim to be the nation’s leaders have unfortunately failed to learn from oil producing nations like Norway, Kuwait, Quarta, United Arab Emirate who have applied the fruits of their natural endowments to public good.
He lamented that Nigeria has produced shameless leaders who pride themselves with their unbridled capacity to loot public wealth, pocket institutions they should have strengthened, and unleash the gullible as their propaganda rats to misinform the ignorant.
According to him, the consequence of the paradox is that Nigeria, 15th Richest country in the world with an estimated $8 trillion in total natural resource value and sits comfortably in the global top tier for hydrocarbons, holds the 10th largest proven oil reserves globally, approximately 37 billion barrels and the 8th largest natural gas reserves globally, approximately 209 trillion cubic feet has 164million of its 237million population in the multidimensional poverty bracket.
Olehi said the tragedy of recurrent leadership failures has made Nigeria one of the worst governed countries in the world with bare foolery to show for its 66 years of political independence.
He added, “Seychelles and Mauritius both of which are not as naturally endowed as Nigeria lead Africa in individual living standards and wealth per person with Ethiopia projected to have the highest real GDP growth rate in 2026, exceeding 9%, as Nigeria celebrates purported 4% GDP growth rate.
”But in Nigeria, kidnappers, terrorists and hooligans are having their field day in every nook and cranny of the country without significant challenge from Nigerian authorities.”
The legal luminary said that good governance is the foundation of nations with accelerated development who focus on rule of law, human capital development and strong institutions to unlock development potentials as the prerequisites for achieving sustainable development.
”As Nigerians were eagerly awaiting the exit of Buhari in May 2023 as the worst President, the devastating performance of Tinubu since 2023, his disdain for all transformative leadership, his dismal level of incompetence, worst tribal bigotry and the hardship, insecurity and economic woes that confront Nigeria presently have multiplied jungle governance that eat up the prosperity of Nigeria.
”By 2015, Nigeria was the third fastest growing economy in the world next to China and India but somersaulted to the gutters immediately after the swearing in of Mohammad Buhari as President of Nigeria and since then, instead of recovering, the country has kept degenerating with the intentional acts of its leaders to destroy whatsoever could resuscitate the giant and enable her people to breathe,” the SAN said.
He warned of Impending doom with the non-responsiveness of political leaders to challenges that are worsening Nigeria’s predicament pointing out that it will be unconscionable for millions professionals to feel unconcerned about the disturbing predicament of Nigerians.