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Economic policies as disincentives to investors 

By Steve Obum Orajiaku
09 November 2021   |   3:48 am
Sir: Over time, what has proved to be a destabilising factor and a cog in the wheel of national and regional progress, is the government’s non-diligent disposition to and making of investor unfriendly economic policies.

Sir: Over time, what has proved to be a destabilising factor and a cog in the wheel of national and regional progress, is the government’s non-diligent disposition to and making of investor unfriendly economic policies.

A typical incidence is the social media giant company, Twitter ban by the government of Nigeria and the ugly circumstances raised. It only goes to corroborate that this administration finds a lot of comfort in being reactionary than proactive in their handling of the nation’s affairs. What about the banking sector existing structures, how healthy and investor friendly are their available practices as government regulations so far permits them especially with regards to interest rate limits.

In his concise, constructive critique of the reprehensible Nigeria political, economic and social systems which is still operative in the country, Prof. Pat Utomi in the book titled: ‘‘Why Not? Citizenship, State Capture, Creeping Fascism and Criminal Hijack of Politics in Nigeria’’ elucidate the loopholes, defects and inadequacies inherent in Nigeria current institutional reality. Several references are made across the pages to other pundits of nation building and their classics such as Thomas Sowell’s Wealth, Poverty and Politics; Adam Smith’s The Wealth of Nations; David Landes’s The Wealth and Poverty of Nations.

The prophet Hosea in chapter 4 verse 6 loudly cries out thus ‘‘My people are destroyed for lack of knowledge: because thou hast rejected knowledge, I will also reject thee..,’’ seems to have Nigerians who are reading-phobic in mind. Strategic knowledge acquisition and the profitable deployment of its rewards are non transferable, just as most Nigeria political figures erroneously think it can be purchased from the physical commodity shelves in the public market stand. 

It is even made worse when you give cursory thoughts to the horrific rate at which eminent fellows and prominent intellectuals are being hacked to death across the country.

In conclusion, national policies ought to serve as bulwark of the entire activities, a threshold by which transactions are gauged and function as dynamic standard via which significant actions are weighed and controlled. It builds confidence among respective stakeholders that orderliness is upheld and a known policy structure is conscientiously and painstakingly observed in the running of either local or international public affairs. Policies are subject to review as events and human experience evolve with time. Policies are said to be fortuitous and efficient when rancorous exchanges amongst the internal and external players and participants are known to be absent.

When and where the occurrence of discordant development is inevitable, inherent in the installed policy structures is the diplomatic capacity that facilitates readjustment which ultimately preempts chaos and damage. Truth is that we can do better and we do have intelligent manpower and resources, only that they are sidelined, neglected or ignored.

Steve Obum Orajiaku is a freelance journalist and social activist. 

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