We were foolish as a country.

Copied From Eng. Adamu Amako a Political Activist FCT Abuja.

Our leaders were foolish. Terribly foolish and unreliable.

Before the Structural Adjustment Programme (SAP) of 1986, Nigeria was a decent place to live in.

At an average $1 to N2.02, the Nigerian Naira was big and strong. Enough for the majority of Nigerians to afford most of the important, basic things of life. The socioeconomy indices were mainly positive: less crime, less corruption, less indiscipline, less greed, less fear of the unknown, less stress on the family, more contentment, more discipline, more honesty and truth, and hard work, more employment, and jobs, more industries, more happy and prosperous people, etc. Nigeria was a good place to live in!

We had our challenges but the majority of our people still happy and prosperous.

But some advanced countries and international organizations were not happy. Our happiness was a sort of disadvantage to them, economically. They needed to come in and turn thing around, in their favor, for their economy advantage

Suddenly, there was an opening. An opening created by a regime who came in by way of a coup and needed to legitimize its existence through international support.

The IMF came in, as a weapon of socio-economic destruction. We were so foolish, we didn't realize this. Our leaders and the regime of IBB were more interested in legitimizing its existence and willing to do everything and anything to achieve this.

Of course, the IMF did thorough homework. It understood the IBB regime's desperation and sold us a bait - the Structural Adjustment Programme (SAP). The bait was a lie from the pit of hell! IMF gave us loans and conditions that would be too tough to pay and fulfilled.

IMF sold us a lie.

The IMF knew that for SAP to be accepted by the majority of the people, there was the need to get Nigerians involved in the final decisionmaking to accept or reject the loans. IMF understood that for its lies to be successfully sold, the marketers and the salespeople must be Nigerians. So the IMF gathered a few IMF-trained Nigerian experts. Their job was simple - convince the government and the people that SAP will solve their socio-economic challenges. So, they sold us lies.

We were told that we need to devalue the Naira to discourage to boost local production and consumption and enhance exports. We were told that SAP will help us concentrate on trade and production to boost the economy. We were told to open up our economy to foreign goods and services. How can you boost local production when you open up your economy to foreign goods and services? How can an economy that has a trade deficit and consumes mostly foreign goods and services be boosted if it opens its borders and economy to foreign goods and services?

We were told to debate. And we did! We were told that the positives of SAP were much more than its negative. And we believed! We were told that the suffering was for a while. And we believed. We were too foolish to understand that a neo-liberal policy like SAP portends doom for the country. We implemented the SAP with its conditions religiously. So we debated until the IBB regime had enough of it and said the country has accepted IMF's SAP and its conditions!

So we devalued the Naira, opened our economy to all kinds of goods and services - pencil, toothpick, matches, palm oil, frozen chickens, petrol, garments, rice, meat, and even garri and pizza! We were so foolish!

Since 1986, when we started devaluing the Naira, the country and the economy were never the same again. It was the beginning of our doom.

The more we follow IMF policies religiously, the worse our economy became, the more excuses the IMF gave. The more we devalue, the more stress we put on the social sector. The cost of goods and services went skyrocketed and out of reach of the majority of the citizens, unemployment went up, the government unable to fund critical projects, poverty increases, crime increases, corruption increases, purchasing power became weakened, local companies began to experience poor sales under stressed and unbearable economic conditions. Many folded up. Foreign companies were not left out. Many couldn't cope, and packed their "Kaya" and took a capital flight to neighbouring countries with more favourable economic and business conditions. And millions of Nigerians lost their jobs!

The impact of SAP on the economy of Nigeria was crises of poverty, inequality, unemployment, corruption, and violence that we all witness today.

Not until recently that the IMF apologized for giving Nigeria and other developing countries wrong economic advice.

But who IMF apology epp? The irreparable damage has long be done.

Not long ago, the IMF sold us another lie. It said for us to come out of our present economic challenge, Nigeria must focus more on Human Capital Development. As usual, in our foolishness, some of us said, "Eureka!"

When will we stop believing in the IMF and their Nigerian agents? When will Nigeria stop following the IMF and its neo-liberal economic policies? Our mumu never do? (apologies to Charlie Boy)

I am a strong believer in Nigeria, its potentials and in its ability to come out of any problems if the right things are done. First things first.

One: We need a dictator with a benevolent heart at the helm of affairs! A leader who isn't afraid to take big decisions for the sake of the country. The genuine love for the country and the people as the ultimate driving force! Examples abound. Many nations have been rescued by such leaders. From Singapore to Malaysia, to the US, to China, to Japan, to Ghana, and recently Sudan!

Two: We must look at the IMF and its agents in the eyes and tell them that devaluation of the Naira has not worked for us instead it has given our government, our people and our economy unbearable pains and hardship and we need to undo our mistake. Get the Naira back to its original value pre-1986! A bold decision to make. I know many people will disagree with me on this. And they will quote theories and books that are practically unworkable. The same books and theories we have be quoting and adopting since 1960. Smh!

Three: Fight corruption and all its ramifications without caring whose ox is gored. We have no other choice than to kill it. Capital punishment for offenders is a sure way out. China and North Korea are doing it. If we can pronounce the death penalty on a man who steals goat in the market, why not do the same to people who not only steal from a nation but also kill the citizens and destroy the country? Heaven will not fall.

Every other good thing can follow. Like Human Capital Development, ensures fiscal discipline, focus on agriculture and sports development, focus on entrepreneurship and financial literacy, encourage local production, infrastructural development with education, healthcare and housing as priority needs, implementing social investment programs, implementing macroeconomic policies that help raise the value of the Naira, etc.

We must also encourage patience, contentment, unity, patriotism, discipline and hard work, especially among young ones. They are too much in a hurry to make this money. The loud message of money and prosperity has not helped. Our religious leaders, opinion leaders, and parents have a big role to play in de-emphasizing the role of money in our society. The message of prosperity and money has been too tempting for our young population to bear. It is the reason for the high rates of crimes and other evils among our youths.

We must also find a solution to our population growth that puts further stress on existing social infrastructure!

But all these are dependent on the first recommendation - Leaders with big balls! But do we have them?

Tough question!

God bless Nigeria.

Beautiful piece.

Though, not much is done in providing workable solutions to quagmire we've found ourselves.

both foreign & internal powers led Nigeria to its current mess.

they did it to Libya, Syria, etc whether military or economic instruments.

our goal must be to settle our debts so in that way these foreign powers will stop using us to play ludo

Niggers are not on this thread!

The low IQ people of Nigeria, the irredeemable wailers and the Konji-obsessed overpopulator of the country are not here!

Damn!

So IMF is now the problem?
IMF is now the bokoharam.
IMF is now the herdsmen.
IMF produced the almjiris.
IMF is the reason why so many of you are religious extremists.
IMF is the reason why you all refused to obey court order.

Common local man go and sit at the back.let those who have more important thing raise their hands.

you really are.