Shock as Former CBN governor replies The Economist

By Post Nigeria January 29, 2016 18:50

Shock as Former CBN governor replies The Economist

As Nigerians continue to react over the controversial article published by The Economist which picked holes in President Muhammadu Buhari’s economic policies and also tagged the former President, Goodluck Jonathan “An Ineffectual Buffoon”, the debate about the timing and reason for the attack continues to fume.

The UK based financial magazine in an article titled “Nigeria’s economy, Crude tactics” took a swipe at Buhari as it insisted that his policies are making Nigeria’s economic situation to get worst.

“More than 30 years ago, a young general swept into power in the fifth of Nigeria’s military coups since independence in 1960. The country he inherited was a mess: bled dry by pilfering politicians within and hammered by falling oil prices without.

“Last year that general, Muhammadu Buhari, became president again this time in a democratic vote. The problems he has inherited are almost identical. So are many of his responses.

“In the eight months since Mr Buhari arrived at Aso Rock, the presidential digs, the homicidal jihadists of Boko Haram have been pushed back into the bush along Nigeria’s borders. The government has cracked down on corruption, which had flourished under the previous president, Goodluck Jonathan, an ineffectual buffoon who let politicians and their cronies fill their pockets with impunity” the article stated.

See: Buhari is making a bad situation worse – The Economist

Reacting to this, a former Deputy Governor of the Central Bank of Nigeria, CBN, Obadiah Mailafia during an Interview aired on AIT’s “Money Show” and monitored by Post-Nigeria, criticized the The Economist over what he called “very insulting language” used in the article.

He however, maintained that Buhari must be open to criticisms, adding that the current economic team are not capable of stirring the ship of the Nigerian economy.

“The words used in the article are unacceptable and are very provocative. The language is very insulting, they insulted president Buhari and former president Jonathan but they do have a point.

“The point is that we are facing a big crisis and i don’t think that we have the economic team to really drive our country.

“Economic policies in Nigeria are being made in an adhoc and fire fighting approach, it may have worked in the 1980’s but we live in the 21st century and investors know that we are struggling with the naira.

“The Financial Times and The Economist are actually one organisation just they specialize in different things. The Economist is arguable the most influential magazine in the world and sometimes they write in a very provocative way.

He went further to say that they have a style, adding that a lot of the people who write for the economist studied Politics, Philosophy and Economics, PPE..

“The first instruction given to them is for them to write as if they are God, so they write with that height of condescending arrogance and they try to be provocative but unfortunately they carry it too far and i think on this occasion, they carried it too far and it is becoming too repetitive.

“You cannot mess up the whole country in this manner and i think they owe an apology to Nigeria on this matter.

“One of the signs of maturity and leadership is to have a good listening ear and as a leader you must listen to all shades of criticisms. We need to discount the nonsense and concentrate on the sense and even react positively to some of the criticisms pointed out.

“The economist, the financial times stand for the interest of the western countries and their multinational corporations. He added.

See: Corruption: Can Buhari bite the finger that fed him? – Former CBN Governor