Political landmines and Nigeria’s business environment
A recent poll of 219 CEOs, (drawn from banking/finance, construction, manufacturing, IT and Telecoms) in a survey conducted by BusinessDay Research and Intelligence Unit shows that while 80% of these CEOs were optimistic over the fortunes of business in 2014, 60% of them expressed trepidation over the likelihood of a threat to business due to possible political upheavals.
We are concerned about this expression of fear over political developments in the country in the run up to 2015 elections. This fear of political disruption of livelihoods has been gaining momentum not merely as a bandwagon attitude but as a reflection of the emerging political and security realities in the country.
Nigerians have been witnesses to the negative impact of the Boko Haram insurgence in the North eastern parts on the economy and businesses in the region, the increasing spate of violence and bloodletting in the area and the increasing difficulty encountered by official forces in checkmating this killing spree and wanton dislocation of lives.
In the last few months, Rivers state, a major oil producing area, has joined the league of politically volatile states in the country with unfolding cat and mouse conflict between the governing apparatus and the Police in the state.
The sweeping defections from the ruling party to the rising opposition party, APC, and the evolving arm twisting tactics of the opposition, in addition to the do-or die attitude of the entire political class points to a likely stormy political ride towards 2015.
While we are not in any way carried away by the predictions over the break- up of Nigeria in the course of the struggle for political largesse by the political elite in, we are nonetheless concerned that in the emerging struggle between PDP and APC politicians especially in highly contested territories, the selfish and acrimonious conduct of politicians do not create a basis for violent eruptions that will threaten peace, stability and livelihoods.
No economy can record sustainable growth in an environment where peace, harmony, free movement of persons and goods are threatened. Whatever impressive economic growth Nigeria has recorded in the last few years has been achieved because of a good measure of stability that created a congenial environment for business to thrive.
We cannot afford to retrogress now that the country is on the verge of reaping benefits attendant with the emerging stability of the Naira, power sector overhaul, availability of soft funds for small and medium scale businesses and agriculture, and visible improvement in foreign direct investments (FDI).
To reap the benefits that go with these unfolding positive developments, the political leadership at all levels must continue to focus on governance even as they politick for political positions in 2015. It will be a disservice to themselves and to Nigerians to run down the gains of these reforms or allows these benefits to wither away on the altar of political bickering, pussy-footing and brigandage.
The lull in the economy of the North-eastern region should be instructive to the political class of the likely deleterious impact of insecurity and violence on livelihoods and economies.
We urge all political stakeholders to ensure that no form of dislocation should occur in any other part of this country on account of any parochial political pursuit, while efforts should be intensified to bring normalcy into the troubled North eastern region.