More on the Economic Vision of Nigeria’s All Progressives Congress

As observers try to anticipate the economic policies of Nigeria’s President-elect Muhammadu Buhari and his All Progressives Congress (APC), I’ve repeatedly mentioned APC bigwig Bola Tinubu’s November 2014 op-ed “Slump in Oil Prices: A Progressive Way Out.” That piece advocates running deficits and decoupling the naira from the dollar in order to fund massive, job-creating infrastructure projects. I don’t want to naively assume that an op-ed will become a blueprint for policy once the messiness of governing begins, but I wanted to flag a recent speech by Tinubu where he reiterated many of the same ideas. In a convocation address last week, Tinubu said:

A progressive government must turn its face from the austerity policies of the outgoing administrative that tried to manage poverty, but not end it. Such policies serve only to deepen and prolong the hardship of the average person. Such policies would lock us in a room without hope or safe exit. We dare not go in.

In response to the downturn in private sector activity, a progressive government must exercise the creative boldness to generate economic growth, productive and equal opportunity. Under the circumstances that now confront us, government must use fiscal and monetary policy to enlarge the economic space by embarking on ambitious infrastructural development, housing and agricultural programs.

These programs will provide jobs directly. Moreover, the enhancement of our infrastructural base and sharpening of our productive capacity that results from these programs will initiate multiple rounds of job creation. This is how economic growth and employment are sustained over the long term.

This is what the APC manifesto pledged to you. This is what an APC government will seek to deliver.

So again, Tinubu comes out against austerity and in favor of using infrastructure projects to create jobs. The APC’s political survival may ultimately depend on its ability to alleviate poverty, so it will important to see whether and how these ideas translate into policies and projects after Buhari’s inauguration on May 29.

The speech, and the reference to the manifesto, bring up another important point. The trope of “African politics is not about issues” is so deeply entrenched in international media coverage that you can frequently watch Western journalists reflexively assume that Buhari and the APC have only vague policies, despite evidence to the contrary. Thus, at the link above, we read that “in lieu of a detailed policy platform from Mr. Buhari, who was short on specifics during his campaign, his vow to defeat Boko Haram amounts to a national security strategy, while fighting corruption has become an economic one.” Tinubu’s speeches and op-eds could of course include more details (as could all pronouncements by politicians!), and the manifesto is by turns general and specific, but the idea that Buhari has no economic vision beyond fighting corruption is demonstrably false.

One thought on “More on the Economic Vision of Nigeria’s All Progressives Congress

  1. Pingback: The Sahel Blog on a possible shift in Nigeria's economic policy - Continent of Riches

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