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You are here:Home>>Strategic Research & Analysis>>Vincent Ogboi>>Soludo: Bold Monetary-Banking visionary and giant thinker
Thursday, 24 June 2010 21:08

Soludo: Bold Monetary-Banking visionary and giant thinker

Written by Vincent Ogboi
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In order for a Nation to realize her dreams for greatness, there must be committed men and brave but fearless men who have vision and passion and above all must be very intelligent and great thinkers. Unfortunately Nigerian past  have lacked most of the critical attributes listed. We have possessed mediocrity in abundance and that is the main reason why Nigeria has remained stagnant in the comity of Nations or what I call arrested development. Lack of basic infrastructures, a comatose education system, and top heavy leadership selected with the only qualification of ethnic bias, pervasive corruption, thieves in high places.

Well, finally there is a glimmer of light and hope at the end of the tunnel for Nigeria, thanks to the likes of Soludo, Iweala, Ribadu and El-Rufai. They have brought hope and a strong believe of the great things than can be achieved other than massive looting of the treasury by our thieving past leaders whose day of judgment is still ahead of them.

Professor Chukwuma Soludo, the Executive Governor of Central Bank of Nigeria
first bold move that really propelled him to the forefront of his peers was his decision during the President Obasanjo government was to restructure the Nigerian banking sector which has brought immense respect and succor to the Nigerian economy and earned him great accolades around the world. Because he is a bold and brave man who knows his salt, he stepped outside the boundaries/box where non before him had been and made a great and positive impact even when many so-called experts were telling us that he would fail woefully. Those are the kinds of qualities that sets visionaries apart for their peers. 

Without a doubt, Soludo’s latest move on the Naira currency (strategic redenomination of the currency from August 2008, so that 100 old naira will become one naira) would certainly achieve the same positive effect that the banking policies he promulgated is doing to the Nigeria economic landscapes today. This development will appreciate Naira affirmatively against dollar and makes its easier for Naira to be convertible. Simultaneously it will encourage investment and increasingly the supply of regulated money into Nigerian banking system. A bulwark to inflation.

Just for the fact that we have a brave and bold thinker who is ready to revolutionize the Nigeria economic landscape is enough to applaud him and let us not be discouraged by the nay Sayers who are already picking holes in his latest attempt/vision and are already predicting doom for his attempt to reinvent the Naira which right now is just as good as the paper it is printed on. That is just another reason why we should all believe that this too will succeed and this too shall pass. My litmus test that it will succeed was when I first read that World Bank had no comment and was numb, made me aware that just the psychological effect of his latest move will be good for Nigeria’s economy as it will strengthen the Naira against the Dollar and also bring Nigeria single digit inflation. Even when Bill Gates first unveiled his vision to put a computer in every home, many said he will never succeed because that was too ambitious and bold for a man of his statue at the time, but today not just that almost every home has a computer, many have more than one and maybe that explains why he is one of the richest men on earth today. Even when Ford first rolled out his first car many said that was too bold and that he will never succeed, but he proceeded and look at history today. If he has listened to the nay Sayers then, maybe we will still be riding on horses and buggies instead of cars..

More power to you Soludo, Nigeria’s greatest thinker and visionary, an icon on his own strength. I am certain that your vision will revolutionize our economic landscape and your success will shock the nay sayers once again!!! More power to you to dare to step and go where many before you have never been or are too timid to go. History will be kind to you.
Vincent Ogboi - Senior fellow, economic and financial analyst on African affairs at Afripol organization.    This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Last modified on Sunday, 18 July 2010 20:49

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