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Wednesday, November 6, 2024

Nigeria is a ‘Tragic Failure,’ Laments Economist Pat Utomi

Political capture and lack of alternative thinking blamed for deepening national crisis

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Renowned economist and political thinker, Professor Pat Utomi, has delivered a scathing critique of Nigeria’s current state, describing the country as a tragic failure marred by political and institutional capture. Utomi’s comments come as the nation grapples with deepening economic challenges and a political system he says is increasingly self-serving.

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In an interview with The PUNCH, Utomi did not hold back in his assessment of the National Assembly, which he labelled “the worst thing that has happened to the country.” He argued that the legislature, which should be a forum for open debate and creative solutions to Nigeria’s problems, has instead been “captured” by political elites focused on personal gain rather than the common good.

“Nigeria is a failure right now; democracy is not working. We all know that; anybody who does not know that is fooling himself,” Utomi stated. He argued that both the judiciary and legislature have been co-opted, resulting in a lack of “alternative thinking” necessary to navigate the country’s worsening crisis.

The absence of a united national response to what Utomi describes as a state of “moral war” is, he says, reflective of a political class that has failed to grasp the severity of the moment. He pointed to the need for a “war cabinet” and a national consensus, where all sectors pull together to address the country’s challenges. Instead, he claimed, politicians continue to act as if they are on a “binge,” focused more on accumulating resources for future electioneering than on solving Nigeria’s urgent economic and social issues.

“It is baffling that the political class has not recognised that the nation is presently at war, requiring a war cabinet where almost everybody pulls together to fix the nation’s problems,” he said. “The political actors are on a binge, running in different directions, and nobody is sitting down to forge a national consensus.”

Utomi also addressed concerns about the adherence to International Monetary Fund (IMF) and World Bank policies, which have long been seen as influencing Nigeria’s economic direction. While acknowledging that these international bodies often provide templates for reform, Utomi stressed that it is up to national leadership to critically assess such advice and adapt it to local needs.

“The IMF can have a template, but what is responsible for the outcome is not their template; it is how local actors politically live their way through doing the right things for growth and development for their country,” Utomi explained. He added that Nigeria’s failure lies in the inability of its elites, particularly in the legal profession, to act in the national interest.

He warned that without a major shift in mindset and a concerted political will to address the root causes of Nigeria’s dysfunction, the country’s trajectory would remain grim. For Utomi, the responsibility lies squarely with the leadership: “You cannot save an economy when the political actors are on a binge, and you will not have the kind of consequences that you have today for the economy.”

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