Tinubu Needs Backing For Economic Recovery, Says Obidigbo

Tinubu Needs Backing For Economic Recovery, Says Obidigbo

Industrialist Dr. Chike Obidigbo has urged President Bola Tinubu to engage new hands to rebuild the economy.

Obidigbo admitted that Tinubu inherited a bad economy but argued some of the aides the President engaged to help him rebuild the economy have not performed.

He stated: “Nigeria is bleeding profusely, and there seems to be no doctors around to control the loss. Although the current socio-economic chaos in Nigeria were not entirely caused by Tinubu, it is surprising that his foot soldiers cannot help him out in redirecting the country.

“No doubt, Tinubu inherited most of these crises from Buhari’s crass incompetence and ferociously corrupt crew of kleptomaniacs who surrounded him and drained the country’s resources to the point of near depletion. But, Tinubu’s calculations for power lured him onto an infested throne.

“The President should urgently weed out incompetent aides that have not made any appreciable effort to revive Nigeria’s once robust economy. Tinubu’s failure to inform Nigeria about the status of the economy he met on ground at his inauguration makes him an accessory to Buhari’s years of the locust.”

While reminding Tinubu that there are a lot of Nigerians with good heads to help him navigate the ship of state, he noted that the country “seems far too large for one black head to exclusively manage successfully.

“We claim to be wise people, but fail to recognise our shortcomings and limitations. At any event, this bleeding economy could make it imperative to consider the peaceful Balkanisation of the country into smaller, more efficiently manageable units rather than continue this unending brotherly schism,” he said.

The industrialist maintained that a sudden increase in minimum wage that has no relationship or bearing on productivity was akin to a mere candle in the wind, stressing that it will, in both short and long term, automatically translate into uncontrollable inflation.

He also called for a reduction in the cost of governance across board.

Obidigbo also urged the government to declare a state of emergency in the productive sector of the economy, with stress on stricter control on the infiltration of goods and services produced outside Nigeria.

He added: “It is certain that without a corresponding and measurable increase in productivity, sudden wage increases will tilt to only one direction, which includes higher inflation, reduction in the quality and standard of living of the general populace.

“Upon full implementation of the new wage arrangement, the net effect will be a massive rise in production and service costs alongside price increases that will place goods and services beyond the reach of the common man. This, in turn, will lead to mass layoffs and increased security challenges, thereby sustaining the vicious cycle ad infinitum.”