Nigeria: Running The Economy Without Oil Wealth

By Banji Ojewale

THERE were two major national problems our military rulers managed poorly. First was the enormous wealth that came our way in the oil boom of the early 70s. One martial ruler said his headache wasn’t money: It was how to spend it. Whereupon the country under him took upon itself the Father Christmas role. We gave and gave to African countries that were not as oily endowed as we were. When we could no longer locate the needy in Africa we turned to shores outside the continent.

There was that distant Caribbean island. One of the reports on the matter said we paid the salaries of that country’s civil servants when the government couldn’t oblige their servants. Was it a loan? Was the money paid back with interest? Or we gave it to them not hoping it will be returned?

After that era, another military leader came into the scene. He also enjoyed economic prosperity, engendered by the then Persian Gulf War that made Nigeria’s crude oil much sought after. His own problem was that despite applying all the political and economic strategies that big money could afford, a socio-politically ailing Nigeria failed to stabilise. And so he threw up his arms in despair and said the country had defied every solution in the books. Many astute observers wondered what became of the wise counsel of the galactic cabinet of his junta.

Now in our day, in the period that would soon pass as the post-oil age, there is another challenge: what do we do without oil wealth? Can we manage the country and its teeming population with depleting wealth from crude? Is it possible to run this huge economy without the black gold?

Those who have a keen sense of history, those who know what played out in the days of the old Western Region under Chief Obafemi Awolowo wouldn’t beat about the bush to answer those questions in the positive. They would tell you offhand that if he and the premiers of the other two regions developed their areas without oil in their days, Nigeria today would also thrive without oil, if we had the right leaders with bold and resourceful ideas.