Coming from Indonesia, there are many similarities between Indonesia and Nigeria… in the short term, ensuring macro stability, be it the exchange rate or the removal of gasoline subsidies… Nigeria has a large number of out-of-school children as well as what we call learning poverty…. Mari Pangestu (Managing Director of the World Bank)
For Indonesian women, after childbirth, a woman would put a bag of salt in her vagina supposedly to restore firmness… for African women it was: why would a woman inflict pain on herself? Look for a taller man!… Obama’s mother An Durham in A Singular Woman
Husband, an Indonesian, the country with the highest number of Muslims in the world over 200 million with a population of around 273.5 million and they don’t fare as well compared to Nigeria as they have also a large part of their population living below poverty level. Nigeria and Indonesia could equally well be considered home to the highest number of children classified in the learning poverty group, she said. the observation of Indonesian mothers as well as that of the inaugural lesson delivered by Professor Olufemi Muibi Saibu of the Department of Economics at the University of Lagos.
This conference was entitled “Rethinking the Development Process in Nigeria: A Choice between LAMBORGHINI AND AJAGBE-EJO”. It is like: why choose to reduce the size of your economy so that few people enjoy the luxury car LAMBORGHINI instead of making more vehicle type AJAGBE-EJO available to accommodate more people for the same purpose of ‘arrive at the same destination. According to him, it is difficult for anyone knowledgeable about the economic reality of Nigeria like him to advocate the devaluation of the Naira, the removal of oil subsidies and the adoption of labor-saving technologies as the best strategy. development for a Nigeria which has more than its entire working population unemployed, three quarters of its population are poor and import more than 90% of its manufactured consumer goods. Indeed, the Managing Director of the World Bank is rehashing what put Nigeria in difficulty during the SAP era of BWI. It is therefore one more way to exacerbate Nigeria’s financial problems and is never useful for macroeconomic stability, as World Bank Managing Director Mari believes.
Again, the contradiction enters here because the Ajagbe-Ejo type (long vehicle, like a snake type vehicle) seen in the rail mode of transport in Nigeria, currently performed by Amaechi, is even more expensive to drive than ride in a small vehicle to any destination in Nigeria. It is therefore quite difficult to also think of the Ajagbe-Ejo model that the elite could easily sabotage by founding its functioning if it is considered odious to their interest as the administration of the PDP building almajiri schools which are, today , rendered inoperative because, according to MD Mari, more than 10 million children already aged 10 in the North, for the most part, are out of school and are classified in the group of learning poverty. And 3.5 million young workers cannot find a job.
Comparatively, Indonesia is believed to be more affected than Nigeria with a higher population figure than Nigeria and as Scott’s book learned, as a detailed account of Obama’s mother’s experience in as an anthropologist in Indonesia.
However, the Indonesian effectively exploits the Ajagbe-Ejo model, as Saibu explains in adopting “following the path from comparative advantage to development which Lin and Rosenblait see as relying primarily on natural endowment or staffing structure using excess labor in areas like light industry and mining. .
As a result, as the economy grows and most of the young unemployed laid off are engaged and empowered, the competitive sector may become increasingly capital intensive and as capital accumulates the natural endowment becomes abstract for a new leveraged endowment structure not dependent on natural endowment. longer. Either way, it is conceivable in what cost accountants call cost erasure when marginal cost tends towards average cost to the extent that the optimum capacity of a system is reached and the abundance follows. Check out the Facebook or Google models which appear to be free services but generate huge profits; models worn by a reasonable elite unlike the Nigerian elite who fear competition from the talakawas or almajiri.
Saibu insists that as many people are left uneducated and as many are left behind (by implementing the removal of fuel subsidies in order to obey World Bank and IMF prescriptions, the inclusive model Ajagbe-Ejo who could make development work for Nigeria The Mari model is absolutely non-inclusive and could generate GDP growth without making possible the development or collective well-being of Nigerians.
According to him, Ajagbe-Ejo results in positive changes and growth that spills over to all components of the system and remains sustainable without hampering the survival of future generations. It is different from the Lamborghini model, relying on excessive access to foreign goods, foreign programs and turnkey and turnkey projects transposed in Nigeria that hamper the development of local alternatives, the development of comparative advantages and improving the productive capacity of local options.
The Ajagbe-ejo model appears to be what works for Indonesia where the Managing Director of the World Bank is from and should also be implemented in Nigeria over the type of debt trap model currently being reviewed by the World Bank, insisting that Nigeria’s GDP-to-DEBT ratio is very low at 33.3% and with another side of mouth acknowledging that debt transparency is not entirely evident in Nigeria because 37% remains the ratio of interest payments to receipts. Like the Minister of Finance who always goes on and on without seeing that something is wrong with the loan when the economy’s repayment capacity is weak; that is, having an engine that runs at 50% because it consumes much more fuel than when it is allowed to run at full capacity, pressing the accelerator, to reduce fuel consumption. It is as if the Nigerian government is afraid to seek out “the bigger man” to run the economy to its full capacity like Ajagbe-Ejo and prefers to shrink it, like Indonesian women.
Whichever way you see it, for every hundred naira that Nigeria earns, it is required to set aside 37 naira for its debtors and it could rise as the value of the naira goes south. And on the whole, the elites seem better off because they go back and forth with the dollar or outwit the majority of the poor by making fictitious gains on rentier businesses.
This happened in 1789 in France when the king and his vassals hijacked France’s treasury and agricultural product silos, leaving the poor peasants who made up nearly 90% of the population to cry out for the release of cheaper bread. and this was never directed to, hence the French Revolution which beheaded the king and freed the silos for the poor. For now, as mentioned, the fallen Emir of Kano, the political elite serving as vassals gobble up around 25% of the recurrent budget and they are not 1 million, as the remaining 200 million Nigerians are clamoring for a better life.
The Minister of Finance must be aware that he is not the Queen of France who watched from the palace windows and mockingly asked the gathered France’s hungry peasants to ask for cake instead of bread instead, as the minister considers spending a trillion naira is also expensive for Nigerian education. And it is here that the Managing Director of the World Bank of Indonesia should let his colleague know that more than 50 million students are actually taken care of in Indonesia with more than 300,000 teachers and that this avoids the revolution because young people are indeed busy.
Ariole, Ph.D is Professor of French and Francophone Studies, University of Lagos.