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By John Omoile

Very intriguing reply by Pat Utomi to Sunday Dare, particularly for agreeing to amend the mistakes of SAP. It was a neocolonial tactic aimed at keeping Africa impoverished.

The question arises as to why the Asian tigers rejected SAP, while individuals like Pat Utomi failed to recognize that our economy was not robust enough to meet the conditionalities of that period. The import substitution strategy was effective, and it was the execution of that strategy that faltered when SAP was introduced.

As an econometrician during that era, I opposed SAP because it was clear that Nigeria had been targeted since 1974. Who could forget the decisive action to nationalize Agip and other oil companies during the fight against apartheid in the 1970s and 1980s? The white man never forgets, and Nigeria was aimed at never rising again to confront Western and U.S. foreign policies. The Asian tigers thrived because they disregarded the West and the U.S., understanding, particularly Lee Kuan Yew of Singapore, that the IMF and World Bank were remnants of Western imperialist institutions designed to under develop nations.

Pat Utomi provided a solid response to Sunday Dare, but he must be held accountable for supporting SAP, and that concludes the matter. Subsequent attempts to alter the narrative regarding the failure of Volkswagen of Nigeria and the banking issues are akin to Monday morning quarterbacking, as we say in America… Facts that overlook the actual damage caused by SAP.

My reflections on the impact of Structural Adjustment Programs (SAP) on Nigeria resonate deeply with the historical context of economic policies that have often perpetuated neocolonial dynamics. It is crucial to recognize that the imposition of these programs can be seen as a continuation of colonial exploitation, where external forces dictate terms that undermine local governance and economic sovereignty. This legacy continues to shape the challenges faced by Nigeria today, particularly when contrasting our experience with that of the Asian Tigers, who strategically rejected SAP in favor of policies that prioritized domestic interests and innovation.

While individuals like Pat Utomi may have seen merit in SAP, the push for austerity measures led to significant reductions in public spending on critical services such as healthcare and education, exacerbating poverty and inequality. This deterioration of social infrastructure created a cycle of underdevelopment that is difficult to break and has left lasting scars on the Nigerian populace.

In contrast, the experiences of the Asian Tigers provide valuable lessons. Their success can be attributed to tailored economic strategies that prioritized domestic industries and innovation, rather than acquiescing to external pressures. Leaders like Lee Kuan Yew of Singapore understood the necessity of investing in education, technology, and strategic government intervention to foster growth. Nigeria, too, had a promising trajectory with its import substitution strategy, which, if effectively executed, could have led to sustainable development instead of the setbacks faced under SAP.

It is also vital to hold leaders accountable for their roles in adopting policies that have had detrimental effects on the populace. While Pat Utomi has provided thoughtful responses, there must be a recognition of the consequences of supporting SAP and an acknowledgment of the need for a new economic paradigm. This paradigm should prioritize local needs and capacities, drawing upon indigenous knowledge that has historically supported community resilience and economic stability.

In the light of these points, it becomes clear that the focus should not only be on amending past mistakes but also on forging a path forward that genuinely reflects the aspirations and realities of Nigerians. By critically evaluating past policies and embracing innovative, context-specific solutions, Nigeria can work towards a more equitable and prosperous future. This comprehensive approach is vital for ensuring that the lessons learned from our past inform a more resilient economic strategy moving forward. Unfortunately, Tinubu has repeated the mistake by accepting World Bank loans since May 2023, and the pain continues.