Enters Kpakol As Chief Economic Adviser
By
The creation of the office of the Chief Economic Adviser to the president at the inception of the present administration was initially thought to be a special invention of president Olusegun Obasanjo to pacify political faithfuls, who had worked for his election into office. This suspicion was further strengthened by the fact,that the choice of a special adviser fell on Chief Philip Asiodu, a PDP stalwart who commands respect in the politics of the Niger-Delta region, and Nigeria at large.
This is more so as there was already, a minister for economic matter together with that of finance and other that bear direct relevance on the economy. But way into the present administration, it became clear that whatever informed the decision of the president to create the office, was will placed, as the economy required more than a few good heads to turn around. Not only that, but that the office of the Chief economic adviser to the president, involves more than crafting a patio for political settlement, as it became clear that, serving as the number one consultant to the president on issues concerning economy, is a no-mean-task, not to talk of the added responsibility of the National Planning Commission which is responsible for the environment of the National Roving plan, which serves as a guideline for the capital development of the economy.
Little wonder, the chief economic adviser to the president found himself at the receiving end whenever the economy behaved a little funny for the people to understand, For Chief Asiodu therefore, between government's resolve to increase the price of petroleum products in the country, and the result plummeting of the country's currency by major currencies of the world, there was no escape, route as all indices pointed to a failing of economy. Instructively, Asiodu who had argued in favour of the hike in the price of fuel, non-implementation of the proposed 25 per cent increase in the wages of civil servants, had to go. When the window was provided for the Delta Chief to bolt therefore, the overwhelming emotion had been that of relief on the part of the populace. But in providing the relief meant, government had also inadvertently boxed itself into a corner as it further dawned on the government that showing Asiodu the way out of the government, was not the only feat required to elicit grand applause. What was needed was evidence that the government had not only made a mistake in the past but that it has the capacity to correct it.
To show that it is well prepared for this challenge would reflect in the choice of the government over the replace to chief Asiodu, as the character of the person to man the sensitive position would in more ways than one reflect the kind of initiative the government intends to take on the economy, half way into the present tenure. After several weeks of waiting, Nigerians were slapped with the rather surprising news that a replacement for chief Asiodu had been found in the person of one Dr. Magnus L.K. Kpakol who is from the area recognised as the South-South part of the country where his predecessor, Asiodu hails from. But the initiative shock had been that rather settle for some of the known voices on the economy, the government went for a relatively obscure person, whose antecedents are hardly known. But according to the release which announced his appointment, Dr. Kpakol holds a Ph.D in political economy with specialty in international economics and economic developments from the University of Texas at Dallas, where he also earned a Master of Arts degree in political economy.
Aside that however, little is known about the man who will have the president's ear on the economy for processing the remaining part of the present governments tenure. It was probably in recognition of that that the man wasted no time in introducing himself immediately after he was sworn in last Wednesday at the villa. While briefing the press immediately after he was sworn in, in his office in Abuja, Dr. Kpakol who spoke with a measure of identifiable humility thanked the president for the appointment saying it portrays the confidence placed on him to serve. "It is with humility that I thank the president for the confidence he is placing in me to serve in this very important sensitive and strategic position. I commend the president greatly for the direction he is taking this country and the effort he is putting to provide for the welfare of all Nigerians," he had stated. Yet the curious question has remained what Dr. Kpakol intends to do on the economy which seemed to have defied all economic strategies. To this, Dr. Kpakol has ready answer which he did not waste time to declare. Said he: "Turning to the economy, all I want to say at this time is that I have come with a purpose. I am determined to help our president strengthen and invigorate this economy. His strategy he declared is to employ market incentives to create sustainable jobs, increase food production as well as stabilise food prices. Added Kpakol: "The importance of increased agriculture output cannot be over emphasised. Every family should be able to put food in the table and have a decent place to live. He assured that his appointment now would focus on helping the president achieve his vision of providing jobs, food, shelters and prosperity for all Nigerians. How he intends to do this Dr. Kpakol stated would involve coming up with market incentives for expanding the country's wide range of production of exportables which according to him, will allow the country to be able to import even more of the foods and services truly needed in the country, without putting stress on the exchange rate.
Finally, Dr. Kpakol's priorities, will be the
development and maintenance of the country's
infrastructure and the provision of enabling
environment for the growth of the nation's private
sector. These in a nutshell seem to define the agenda
of the new chief economic adviser which when placed
side by side with that of his predecessor, offers a
definitely more refreshing solution to the economy of
the country.
This is because the inclusion of a policy food production in the country but also to ensure
stabilising the price of food, comes as a ready
solution to the present problem affecting the country
and goes to say much about how close Kpakol is to the
problems of the farmer in the country.
The same can also be said about the preparedness of
Kpakol to develop and maintain the infrastructure, as
well as providing the enabling environment for the
growth of the private sector.
But even at this stage, Dr. Kpakol's preference for
employing market incentives to source economic
problems is noticeable. He for example relies on it,
for creating sustainable jobs and for expansion of
products for exports.
What this may imply is the reflation of the economy
through the use of bank instruments as a way of
encouraging investments in both sections by the
populace. If this is resorted to, apart from its well
recognised weaknesses in the country, the disadvantage
is that it may not offer a fresh angle to the economic
problem of the country. But it seems wiser to allow
the man, commit himself before venturing into
analysis.
Dr. Magnus Kpakol was born on October 6,
1959 at B-dere, Gokana, local government of Rivers
state.
Married with two children, Kpakol is the president and
principal consultant of VIJONS international. He is
also a visiting professor of economics at the
university of Dallas, in Irving Texas in Denton,
Texas, where he also teaches international economic
and economic development.
Kpakol served as a consultant with the United Nations Development Programme (UNDP) while he is also a member of the board of trustees at St. Brown university in Sichoam Spring, Arkansas.