Sani Abacha was an elevated dictator. But if you look at some of his economic policies, they were better than some we have seen in some of the democratic regimes since 1999. Abacha did not allow the dollarization of Nigeria as he pushed for all federal contracts to be in Naira. I know that it is hard for anyone to find something nice to say about Abacha; I understand that but remember: Naira was largely stable during his time.
As I point out the Abacha playbook, I take you to IBB’s liberalization policy of the early 1990s. Without that, we might not have GTBank, Zenith Bank, Access Bank, etc and indeed the new generation banks we use today. Possibly, without those policies, we will still be left with Union Bank, First Bank, and Wema.
Where am I going? I want you to understand that these leaders actually matter. One decision can change the destiny of a people. That we have no jobs today is not because of a curse on Nigeria but because of decisions men and women are making in Abuja and state capitals. That our local government general hospitals have all collapsed is not because they have no customers. Rather, we ran them dry due to lack of funding support, preferring London and New York. And the biggest one: we killed post offices and unbundled rural and urban Nigeria, and in the process put Nigeria into economic coma.
But we can recover and that will require us voting for the right people. I ask you to go and get your PVC card. Begin here (INEC needs to improve its servers; the website keeps getting slower)
Tekedia Mini-MBA edition 13 (Feb 5 - May 4, 2024) has started, join Prof Ndubuisi Ekekwe and our global faculty here.