A foray into the realm of management, takes me to one of its techniques, the management by objectives (MBO), which, is not just a technique, but scour approach to practical management. The world leaders will do well to inculcate this topical issue to the consciousness of their subjects.
It is instructive to set individual goals, work diligently towards achievement and ultimately contribute to the growth of a country’s GDP.
Taking Nigeria as a reference case, power shortage is known to be clogging her wheel of progress. The objective of the minister of power is, to light up the entire country 24/7. Having said this, it behooves him to do a comparative study of a country where power is constant, buy the technology there from, and adapt it into the system.
Nigerian President, too, has the four-legged objectives amongst others, are (1) to secure the State from external/internal aggression (2) put smile on the face of the common man (3) t build a solid economy by way of sustaining the 7 per cent growth or possibly improve it thereupon; and (4) make his country, a tourists haven.
On the issue of security, Nigeria has technically abated the war on insurgency but Buhari must end the war in totality, using the combination of military intelligence, forensic intelligence, intellectual counseling.
We, in recent time, observe the restfulness of OPC members in their southwest catchments, the Niger Delta militants in the creeks; and pro Biafra agitators in the southeast. It is advisable the President speaks his Fulfulde language to the obnoxious AK47-bearing Fulani herdsmen to understand why they should allow peace to reign. The former President, Dr. Goodluck Jonathan GCFR, covertly adopted this nepotic, asymmetry style to capitulate the militants throughout his stay in Aso Rock. Not speaking this native language to the herdsmen, would be deciphered as obtrusive application of stick/carrot methodology to steering the ship of State.
To achieve the second objective, the President should not agree less that the bank executives, whom economists would describe as rent seekers, are milking Nigerians dry by selling forex with about 100 per cent mark-up.
Government should task the CBN with the followings – (I) to ascertain the exact value of the local currency using the contemporary economic variables (ii) begin to sell forex directly to end-users and collect a token for administrative fee; and (iii) abolish FEM. This was the practice in 1984/85 during the first shot of Buhari as Nigeria’s military head of state before IMF unwholesome incursion into her money market in 1986.
The US effort in growing African economies through AGOA is not unnoticed but the policies of Brettonwood institutions on Africa have hindered full scale development on the continent.
It is notable also, that the British model of stimulus to workers by adjusting income concomitant with the elasticity in consumer price index, is not known to work well in Africa. But research effort suggests we take a cue from modern medical practice, whereby a pathologist would decisively attack the virus or bacteria that caused the disease before treating it. The point here is, “the organised labour should prevail on the bankers’ bank to peg forex at 2 digits as against 3 to sterling and dollar.
The third objective is herculean. Yes, fuel queue must disappear from the streets, we are not afraid of government deregulating the downstream sub-sector of the nation’s economy, but first thing first. Before deregulation, local currency revaluation is key as no consumer would buy fuel at N150/litre with minimum wage still fixed at N18, 000/month.
The CBN and other banks would assist the economy if they perform banking duties professionally. There is no business you do in Nigeria that will earn over 200 per cent mark-up on capital employed aside from government contract, so, for 25 Nigerian banks netting about N870 billion profit in a year, is questionably prohibitive, inflationary, arm-twisting and unpatriotic.
In furtherance to building a solid economy, Nigeria would stop paying lip service to diversification. In this circumstance, Buhari will give a marching order to his minister of solid minerals. It is a delight, the afenifere minister is not known to be an armchair administrator, yet Nigerians yearn for substantial growth from his stable, ditto minister of agriculture.
Nigeria needs to be safe, secure and environment-friendly to attract tourists. This objective, the last for this exercise, will surely contribute its quota to building the economy through foreign direct investments.
Coming thus far, therefore, this piece in summation, stays on the same page with, and endorses the position of ITEL for adoption by all leaders in both public and private sectors that, “nations will be on the trajectory to achievement of ultimate developmental objectives when leaders provide enabling facilities, enabling environment and enabling motivation.
Folorunsho Saburi Bello is the Director (Admin/Finance), Pebble Hills University, Delaware, USA.