Economic Hardship: Obasanjo’s Zimbabwe Prescription Worse Than Atiku’s

Economic Hardship: Obasanjo’s Zimbabwe Prescription Worse Than Atiku’s

  • Ex-President Olusegun Obasanjo has been berated for suggesting the Zimbabwe economic model for Nigeria
  • The Tinubu Media Support Group (TMSG) said Atiku Abubakar suggested adopting the Argentine economic model, which was far better
  • The group urged Nigeria to look to countries with effective economic reforms for guidance rather than adopting flawed models journalist Segun Adeyemi has over 9 years of experience covering political events, civil societies, courts, and metro

FCT, Abuja - The Tinubu Media Support Group (TMSG) has rejected former President Olusegun Obasanjo's proposal for Nigeria to adopt a Zimbabwean economic model, considering it even more unfavourable than the Argentina approach suggested by his former deputy, Atiku Abubakar.

TMSG, in a statement released in Abuja and signed by its Chairman, Jesutega Onokpasa, criticised Obasanjo's suggestion, stating that it lacked thorough consideration and should not be considered.

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Obasanjo has always been outspoken about Nigeria's economy since he left office in 2007
Olusegun Obasanjo speaks at The 2017 Concordia Annual Summit at Grand Hyatt, New York, on September 19, 2017. Photo Credit: Riccardo Savi
Source: Getty Images

The statement reads:

"...we reject his advice for Nigeria to adopt the Zimbabwe model of economic reforms.
"We admit that unlike his former Vice President Atiku Abubakar, who recommended Argentina's Shock Therapy, which the Abuja-based Independent Media & Policy Initiative (IMPI) aptly described as a "poison chalice", the former President seems to be sincerely interested in pontificating a way forward for the nation in his own suggestion.
"Unfortunately, his counsel and prescription are not measurable on the proverbial scale of foresight and wisdom."

Zimbabwe's economic struggles

The group highlighted Zimbabwe's struggling economy, attributing its poor performance to political instability and ineffective monetary policies during the late President Robert Mugabe's tenure and under his successor, Emmerson Mnangagwa.

They emphasised the importance of Nigeria seeking inspiration from countries with successful economic reforms, suggesting that adopting the US Dollar as Zimbabwe did could discourage foreign investment.

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The group asserted that Zimbabwe's economy, especially during the reigns of Robert Mugabe and later Emmerson Mnangagwa, faced significant challenges due to political instability and ineffective monetary policies.

They argued that Nigeria should seek inspiration from nations with successful economic reforms rather than following flawed models.

They highlighted Zimbabwe's adoption of the US Dollar as its official currency after Mugabe's era, which they deemed a deterrent to foreign investment.

It argued that:

"Economic reforms in Zimbabwe have not yielded any tangible or enviable result that could have warranted Nigeria, under the able, focused and promising leadership of President Bola Tinubu to look towards it as an economic role model and for this reason, Chief Olusegun Obasanjo's advice is not acceptable."

Obasanjo's advisory to Tinubu's govt

Meanwhile, ex-president Obasanjo has revealed what President Bola Tinubu's administration needs to alleviate the ongoing economic hardship.

Obasanjo said the economic hardship is caused by the mismanagement of resources and lack of productivity among Nigerians.

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Tinubu's reforms will unlock Nigeria's fortune, says policy think-tank

He said Tinubu's administration should devolve power and resources from the federal government to state and local governments.


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