A return to Peoples
Bank
By Brady Chijioke Nwosu
Saturday, August 11, 2007
There is this talk about students from Africa and Asian
countries studying economics that had just finished lectures on the merits of
certain issue on political economy.
The students were excited about the
topic after the lecture. The Professor asked if there was any question. None of
the students except the Nigerian raised his hand for question.
Guess his
question. He asked, sir: you have only told us the merits of this very important
topic, what of the demerits? Does it mean there are no disadvantages because in
The professor first expressed surprises and then, asked the student which
country he came from and when he told him that he is a Nigerian, this answer immediately
scarped the show of surprise on the professor’s face.
As he said,
“no wonder nothing works in your country, I have taught you that if, whole-heartedly
implemented will turn your country, and elevate the poor and position it on the
path of greatness and you are here looking for its failure”.
The above
scenario is just the conundrum of our beleaguered country. A country that is embellished
with natural and human resources; a country whose streets are literally paved
with gold to the envy of other countries is ironically one of the poorest.
Conversely,
the economic theories or packages that have been applied which in turn transformed
other countries could not work here.
The Peoples Bank of Nigeria which
was conceived by one of our few visionary leaders, Ibrahim Badamosi Babangida
in the late 80’s as a veritable tool to not only jump-start the economy
but to drive a larger percentage of the population out of the poverty level..
Professor Mohammed Yunus and his creation Grameen bank jointly won the 2006 Nobel
Peace Prize for their efforts to create economic and social development from below.Yunus
pioneered in Bangladesh, micro-credit scheme under which poor individuals obtain
very small loans based on mere face value and trust. The Grameen Bank which was
established in 1974 is supposed to be Nigeria’s equivalent of Peoples Bank..
.
As a foresighted leader, IBB believes that it is not only the giant companies
that can turn the nation’s economy around but the small innovative and dynamic
business enterprises that will play the needed fillip to position the country
on sound economic pedestal.
This led to the setting up of People’s
Bank, National Directorate of Employment and NERFUND agencies that will anchor
the ship of economic development. The sole purpose is for the masses to break
out of poverty. IBB has always believed that the nation can only move forward,
if economic security is tackled. With the high a pitch of poverty coupled with
high degree of youth empowerment, the road to development is imperiled. No sustainable
development can take place where these ugly indices hold sway. Micro finance is
one of the mechanisms for dealing with nagging poverty.
The solution for
poverty in essence is a secure and gainful employment including self-employment.
These were the premises PBN, NDE and NERFUND were conceived. While President Umaru
Musa Ya’adua is talking about 2020 when Nigeria will be a leading economy,
the foundation has not been laid. If the IBB’s vision of creating economic
and social development from below was conscientiously followed by successive governments,
invariably, Nigeria would have been a major global economic player.
Probably
like YUNUS, IBB would have won Nobel Peace Prize for his initiatives which would
have truly forced poverty to retreat
If the PBN had lived up to date, majority
of Nigerians would have been in a position to partake in the buying shares spree
in the financial sector. Because the masses in this country have been clubbed
out of existence, buying of shares is the exclusive reserve of the rich. |
