How outcome of 2023 elections will reshape Nigeria’s future- Teriba

Dr Ayo Teriba, Chief Executive Officer, Economic Associates, says the 2023 general elections will redefine Nigeria’s political dynamics and deliver expected effectiveness in achieving its economic outcomes.

Teriba said this while speaking on the expected outcomes of the 2023 elections on the Nigeria’s economic and political climate in reshaping the country’s future at the Nigerian Institute of Management Chartered(NIM) 2023 Corporate Members Forum in Lagos.

The theme of the forum is: “Nigeria’s Post-Election Economic Outlook”.

The economist explained that last general elections showed that there was real democratic consensus, away from the usual former military heads and handpicked successors.

Teriba listed some of the outcomes the last election to include stronger sense of responsibility towards the electorate and institutional capacity building in the presidency and the parliament.

“Power should become the means to ends, as leaders of the democratic struggle are most likely to show stronger sense of responsibility that should lead to the creation of United States-style Council of Economic Advisers (CEA) to boost President’s capability to deliver.

“It should also lead to the creation of United States-style Joint Committees or the United Kingdom-style Select Committees such as bicameral, bi-partisan, committees that have no legislation drafting responsibilities.

“They help the committee systems get better grip on technical issues ranging from economy, finance, technology, national security to boost capability of legislators to deliver,” he said.

He added that the electoral outcomes would result in issue-based engagement between parties, parliament, president, and the people with stronger accountability levels to attain desired economic outcomes.

“Nigeria would also expect security of lives and livelihoods, and adequate supply of energy-fuel and power and clear sense of direction on adequate external and internal liquidity thresholds that will underpin exchange rate stability, growth, and harmony.

“We must not forget institutional reforms to ensure harmonious, predictable, accountable, responsive, lawful, and humane design, coordination or execution of fiscal, financial, macro-prudential, micro-prudential, monetary, and payments policies.

“As democrats get the first bite at power in 2023, we should also expect sectoral reforms such as infrastructure which include oil, gas, power, road, rail, air and water transport as well as government real estate portfolio, and State-Owned Enterprises (SOEs).

“Nigeria must enjoy reduced uncertainties around revenue, debt, tax, subsidy, currency notes, foreign exchange, and exchange rates,” he said.
In her remarks, Dr Christiana Atako, President, NIM, noted that while the general elections might have come and gone, the after effect still reverberates on the nation’s economy.

Atako stressed that for a stable post-election economy and to quickly set the nation on the path of development and growth, government at all levels must ensure deliberate policies on good governance at the disposal of the electorate.

She explained that this would mean embarking on socio-economic programmes that would improve the standard of living of many Nigerians.

Atako also said that the electorate had long yearned for good governance and imperative that the government ensures that Nigerians enjoy the benefits from democracy.

“The dividends of democracy can only trickle down to the electorate, not just by putting the people-friendly policies in place, but also by ensuring that they are implemented to the letter for the benefit of the common man whom they are targeted.

“Provision of basic infrastructure as well as institution of programmes aimed at empowering the masses, especially in the area of entrepreneurship.

“This will not only help to drive the economy, but are also at the root of genuine efforts by any government to foster good governance.

“The Institute believes that if deliberate effort by the government towards providing good governance and the positioning of leaders with the right qualities in appointed offices, the post-election economic outlook of the nation will be favourable and the nation would have strengthened the belief of the citizenry in electoral processes,” she said.