in a very few days’ time, the Almighty shall be ushering all the nations of the world where the Gregorian calendar is operational into year 2025 AD. Depending on the individuals’ experience, it has really been a year of the good, the bad and the ugly. Contrary to the principles at work in creation, some folks are already hoping that the New Year shall bring into their lives new hopes and greater accomplishments ahead. In contrast, man is expected to re-strategise and bring his “reconfigured” attitude into the year in earnest positive expectations of the benefits of being alive.
An American literary giant, Peggy Toney Horton once said; “As the year comes to a close, it is a time for reflection – a time to release old thoughts and beliefs and forgive old hurts. Whatever has happened in the past year, the New Year brings fresh beginnings. Exciting new experiences and relationships await. Let us be thankful for the blessings of the past and the promise of the future.”
It behooves individuals, especially in Nigeria to begin to chart new cause with a view to changing the ugly narratives in the country, one person at a time.
Time has come for all to identify their own areas of mistakes, correct them and forge ahead. It is no longer time to place all blames on government. The people that are viewed as “government” were once “ordinary” members of the society. And past leaders are currently back to the same society that made them while future leadership ‘recruitment agents’ are already beaming their search lights on the same society that produced the past and present crop of leaders. Great care must therefore be taken by all to avoid the ugly results of the past and the present.
To begin with the federal government must holistically re-examine most of its policies. Let changes that are necessary be made, especially in line with expert opinions. If a policy pronouncement brought the country to her present state, it can only be logical to expect another to reverse the trend. It will be a mirage to begin to alter the prices of goods and services by executive fiat. They will never fall until factors that gave rise to them are tamed.
Floating of the exchange rate has done more harms than the good it was intended to usher-in. There is no amount of trial-and-error economic principles that can restore the value of the naira to a level of fair competition with other nations’ currencies without a complete modification of Nigeria’s approach towards the use of foreign media of exchange. The modification can be mild. It can be radical.
Mild approach will require the reversal to the methods of obtaining foreign currencies from banks before the introduction of the “Dutch auction” system by former military president, General Ibrahim Badamosi Babaginda or something near to the former style. Once the exchange rate debacle is normalized, prices of goods, including those of petroleum products will crash.
If for example, the nation’s currency begins to exchange for N500 to $1, the cost of buying fuel from US will automatically reduce by about N1200. So, if landing cost becomes N550 per litre or something close to this, pump price of the product will equally hover around this amount. When imported products become cheap, locally produced ones have no choice other than dropping to competitive level. Other prices will follow the same trend.
On the other hand, radical approach may result into the country completely changing her currency as was done in 1973 with new value attached to it. Another option will be for Nigerian leaders to swallow their pride along with citizens and adopt another country’s currency such as the American dollars or British pounds.
Once the problem of inflation is resolved, the nation will be in a better position to tackle other challenges like insecurity, corruption, tribalism and indiscipline.
Meanwhile, as the government fights her battle against self-inflicted economic attacks, the citizens too owe themselves obligations to take advantage of the financial discipline that has accompanied President Bola Tinubu’s economic reforms. They must abandon the culture of extravagance and embrace prudence in spending. The New Year must be seen as an opportunity offered by God for all Nigerians to recreate their world.
In the light of this, late William Arthur Ward (1921-1994) an American motivational writer offered a guide when he said; “Before you act, listen. Before you react, think. Before you spend, earn. Before you criticize, wait. Before you quit, try.”
