By Bianca Iboma-Emefu
Prophet Godwin Bola Shonekan is the Chairman of GBS- Alliance for Africa Economic Development Initiative, a research project he worked on for 44 years and obtained a copyright licence from the United States government to implement it in any part of Africa.
In this interview, he talked about needs to solve economic problems in Nigeria just as he implored President Bola Ahmed Tinubu’s administration to stop borrowing money but emulate the Chinese who prioritized using national resources to develop local industries that foster sustainable economic growth.
How can the Federal Government address Nigeria’s current challenges, to enable the country to overcome economic woes?
The Federal Government can leverage on various initiatives to address the country’s challenges. It should implement more robust e-government services, to streamline processes, reduce corruption, and enhance efficiency. This includes digitizing tax collection, land registration, and public service delivery.
Also, government can create programmes that provide financial assistance, training, and resources to small to medium scale enterprises (SMEs). This includes access to micro-loans, grants, and ensuring a supportive regulatory environment. Investing in critical infrastructure such as roads, electricity, and internet connectivity can stimulate economic growth. Given Nigeria’s significant agricultural potential, investing in technology, research, and subsidies for farmers can increase productivity, improve food security, and reduce imports.
Moreso, engaging the private sector in infrastructure and service delivery can reduce the financial burden on the government. This could range from transportation to healthcare and education. Establishing policies that encourage exports, including tax incentives for exporters and support for navigating international markets, can help diversify the economy. However, reforming the education system to focus on skills development, vocational training, and STEM education can prepare the workforce for the demands of a modern economy. Addressing the challenges in the energy sector, including increasing investment in renewable energy, can enhance power supply and ensure a more stable economic environment. Additionally, implementing sound fiscal policies, including prudent budgeting and reducing wasteful spending, can create a more stable economic environment for investment. Promoting access to financial services for underserved populations can drive entrepreneurship and economic growth. This includes mobile banking and microfinance options. Furthermore, utilizing data analytics to inform policy decisions can enhance government effectiveness and accountability. Collecting and analysing economic data can help identify priority areas for intervention. Developing and promoting Nigeria’s tourism sector can attract foreign investment and create jobs, thereby contributing to economic revival.
In summary, the government can implement a multi-faceted approach that incorporates technology, infrastructure development, support for SMEs, and effective policy reforms to help stabilize and grow the Nigerian economy. Collaborating with international organizations, NGOs, and the private sector can also enhance the effectiveness of these initiatives.
I understand that you acquired a patent in the United States on an initiative. Please enlighten on that initiative?
Actually, I have an initiative that would bring Nigeria and Africa out of the present economic woes and challenges. It is a system that lifted America out of depression in 1929. I have been working on the capital market system for the past 44 years. I have copyrights on those documents from the United States Elaborate Right Congress. The document is elaborate but I have been able to compress it for the sake of clarity. I have the conventional license to implement the programme in this country and any African country of my choice but I been held bound in breaking forth into the corridor of power and get the message across to the government here in Nigeria. If the government can listen, the programme is so unique and we would as a nation stop borrowing money from anyone. America does not borrow money from anyone. Except for anyone who wants to buy their Treasury instruments, they sell to the person. America does not borrow money from any other country. The banking system in America works. They make use of the capital market system which we can emulate.
Moreso, without the capital market system that is well regulated, you can never get out of the economic mess. Our banking system is not even structured properly. In the United States they have a federal system of banking regarded as the Federal Reserve Bank. They don’t take money from people rather they regulate the system. The bank is not government-owned. It is actually owned by participating banks. And they get involved to make things work.
What is your assessment of President Tinubu ‘s administration?
The only reason we have been so backward is because of the rot in the system, that is why our economy is in a mess. You have a lot of corrupt practices in government. I mean. let’s look at it this way: when the President was sworn in, the naira value was different from what it is today. They wanted to bring the parallel market and the official market at the same level. Instead of bringing the parallel market down to the same level with the official, the black market has dominated. The black market is illegal. Then why are we encouraging black market which is illegal? Before the president came into power, I told them what they needed to do to restructure those parallel market issues. You cannot have a two-tier system, where some persons sell the dollar. The only place you can sell and buy the dollar on the street is Nigeria. Any other country you have to go to the bank and get the dollar. I have a system that will set the tune for the parallel market people, and they can still make money out of it. The parallel market is not supposed to determine the economy of this country. They are not regulated.
Why did it take you 44 years before coming forward with the initiative, something that can bring Nigeria out of poverty?
I was advised not to bring out the information before the election that brought President Tinubu to power because he would not be allowed to become President. What I am impressed about is that the President is now tackling the cabals, the people who are now causing all these problems. We have not given any credit to President Bola Ahmed Tinubu. This man sticks his neck out, just like he did during the NADECO days. I have a record of his video where he said he was ready to dialogue. He wants to dialogue with the protesters who wanted to end bad governance. When I heard that I said it’s time, I have not heard the opportunity to sit with him so we can dialogue. I am being prevented yet I have the solution to the economic crisis Nigeria as a nation is facing. The President set up a good plan when he inaugurated the National Economic Council (NEC). Who runs NEC? The bureaucrats, they are not doing anything. If I am granted the opportunity to sit down with the National Economic Council, to dialogue. I will present the initiative, the blueprint of what will rescue the economy. I carried out the research for 44 years in a bid to find solution to the economic crisis of our nation and Africa. We have a situation in this country that a lot of people did not understand until during the Coronavirus pandemic, when they heard about stimulus package. People misunderstood what stimulus package is all about. Dangote, Otedola, Jim Ovia, Alakija and the likes who donated cash to stimulate the economy. President Bola Ahmed Tinubu is a lucky person, very fortunate. Why is it in his time we are now coming out. We have been on this project for the past 44 years. Let us be free economically just like American history shows. We need to stop those people who are indulging us. I have copyright to rules and regulations that govern the America capital system. The banking system we can use, what they can do to reverse this falling naira against the foreign currency. We can still go back. If I had the opportunity. then when I had a press briefing to speak about this, if what I intend to present to the President got to him and the message was well received, there would not be any need for protest. The message was not understood. We have what it takes to make Nigeria great again. American sells Treasury Bills that’s where everybody buys from. That is what supports their economy. This is a way we can get away from the economic mess. For instance, Russia doesn’t buy or sell anything without the rubble. They make use of their currency. Despite all the economic sanctions against Russia it is still surviving. What we are saying is we could re-introduce cowry as the country currency. You cannot just reverse the value of Naira. Naira has to die and new currency comes out. We need to go back to where we were on July 31, 1986. A day before structural adjustment programme, where we had one dollar equivalent to a Naira. What I am asking is for the Federal Government to give us a chance to prove ourselves.
Considering the current fuel situation and what is happening at the Nigeria National Petroleum Corporation Limited, what would you suggest to the president?
Nobody is calling for the removal of anyone but having a collaboration that would help transform the economy and equally rescue Nigeria from the energy crisis, inflation and food insecurity. We have to work with the procedure laid down by the President. What we need is working together to have an economic system that can work in Nigeria. We need to develop the private system for us to recover from the current economic woes. America developed her capital market, the country was able to sustain it using innovation. America has crude oil but never depended on it. We should start looking for ways that would help rescue Nigeria’s economy.
We need to develop the stock market, which has become volatile. When you have stock from Glasgow, you can sell it. When you have a flexible market system then you can thrive, but we don’t have that structure. America gave me copyrights to use the document so I can’t be stopped. The unprecedented fuel prices come amid the unification of the foreign exchange rates by the Tinubu administration as well as rising inflation rates which the National Bureau of Statistics said hit 22.79% in June from the 22.41% recorded from May 2023 to 19 July 2023. Using the Error Correction Mechanism approach, the study reveals that increase in PMS price had a negative significant impact on the Nigerian economy (Real GDP) at 5% level of significance. This indicates that 1% rise in PMS price of one year lag leads to 0.7% decrease in Real GDP. Someone once told me that Africans’ brain is not vital because our hair is short. So, I took it upon myself. I have a long hair because I had to keep hair to prove a point that our brain is better. I am comfortable in America where I spent 54 years, but I am not comfortable being a slave that’s why I came back to Nigeria. The Emir of Kano and former CBN Governor, Sanusi Lamido, had already told us that our system is not well structured. Someone is making money, he called it arbitrage when you sell at the official rate N300 to one dollar and black market is N600 to one dollar. Someone who is making a spread of 300 would never allow it to stop because they are making money. What we need to do is have a well-structured system. Who passed the bill to devalue the Naira. It was the regime head by the former military President, General Ibrahim Badamasi Babangida.
What is your view on the issue of protests, do you think the protests can bail the citizens out of bad governance?
When President Bola Ahmed said he wanted to meet with the protesters. I was happy because I have been trying to get access to the president to show him the initiative that can rescue Nigeria economy. I am impressed because I see that as an opportunity to equally reach out to the president.
The Tinubu administration should quit borrowing. We should emulate the Chinese who built their country’s economy with their own currency.
The increasing hardship and starvation need to end through strategic plan. But the only way out for Nigeria’s ailing economy is seeking solutions and not revolution.
If we emulate China’s approach to development, it will end the increasing hardship and starvation facing Nigerians. Debt dependency and policies makers have kept Nigeria in abject poverty. As a country endowed with abundant natural resources, we don’t need the Western world to determine the value of our currency. It’s deceptive to keep Nigerians, including other African countries in this bondage. We cannot continue to allow the White man to determine the amount to sell our product.
For us to have a successful economic growth and recovery plan, we need to spell out the solutions to our economy rather than fanning the fire for disaster leading to chaos, upheaval and other issues affecting the economy.
President Tinubu needs to implement policies that can prevent Nigeria from becoming a failed state. We must leverage on national resources and currency, quit borrowing and develop economic sovereignty. We need to utilize Nigeria’s abundant natural resources more effectively to benefit local economies. Implementing policies that encourage sustainable development rather than relying heavily on foreign investments and loans. I would like to work with the National Economic Council (NEC), so we can adopt the solutions to our economic challenges. The solution gives everyone a chance to contribute and help solve the process rather than fanning the fire of disaster.
