Professor Pat Utomi, a renowned political economist and management expert, has expressed deep concerns about Nigeria’s current state of affairs, urging citizens to take action to prevent the country’s slide into economic abyss. Utomi, currently on a Woodrow Wilson fellowship in the United States, shared his insights.
Utomi described the current situation as “distressing” and “disconcerting,” citing the prioritization of politicians’ interests over the people’s needs. He emphasized that policies are not well thought-out, serving only to gain international legitimacy rather than address the nation’s problems.
Utomi referenced his book, “Why Not?: Citizenship, State Capture, Creeping Fascism and Criminal Hijack of Politics in Nigeria,” written during the 2019 elections, where he warned about the dangers of state capture and creeping fascism. He drew parallels between Bola Tinubu’s rise to power and Hitler’s ascendancy in Germany.
Utomi criticized the removal of fuel subsidies, arguing that it encourages consumption rather than production. He advocated for subsidizing production to stimulate economic growth. Nigeria’s economy has shown signs of recovery, exiting recession in 2017 with a 0.5% growth rate, driven by improvements in oil prices and production.
Utomi emphasized the need for an indigenous intellectual class to drive reforms, focusing on production rather than consumption. He cautioned that the country’s recovery will take time, potentially worsening if not addressed properly.
Utomi’s expertise offers valuable insights into the country’s path to recovery. He stressed that Nigerians must take ownership of reform processes, engaging critical stakeholders to drive meaningful change.
In his words, “We need to rethink how we reform, we need to give ownership of reform processes to critical stakeholders who will sit down and look at it critically.” Utomi’s call to action underscores the urgency for collective responsibility in addressing Nigeria’s economic challenges.
