Former Governor of Imo State, Ikedi Ohakim, has called for political restructuring in Nigeria, asserting that the nation’s economic woes are rooted in its faulty political structure.
Speaking at a synod lecture at St Mary’s Anglican Church, Amandugba in Isu Local Government Area, he stressed the need for a new governance framework to address the nation’s challenges effectively.
“What we should be more interested in is not just the ‘economy’ but the ‘political economy’ of Nigeria,”
“At the root of our economic problems is a faulty political structure. Efforts to solve these issues will continue to fail unless we restructure politically.” Ohakim said.
The former governor criticized past administrations for adopting “quick fixes” that merely masked underlying economic issues, labeling such actions as populism.
He, however, commended President Bola Ahmed Tinubu’s administration for taking steps to address these structural challenges.
“At the risk of sounding patronizing, I must say that it is only in the last two years of the Tinubu administration that we are beginning to address the root cause of our economic problems,”
“The measures, though painful, have clearly prevented the national economy from deteriorating beyond repair.” he noted.
Highlighting Tinubu’s policies, Ohakim described the removal of fuel subsidies as a pivotal move.
“Initially, Premium Motor Spirit (PMS) sold for over N1,500 per liter; today, it sells at about N900. The removal of the subsidy has eliminated the black market and freed up funds that are now being used by the government for critical projects,” he explained.
He also praised Governor Hope Uzodimma of Imo State for utilizing increased federal allocations to transform the state.
“The road revolution in Imo speaks for itself. What used to take over an hour from Orlu to Owerri now takes less than 30 minutes,” .
“Beyond roads, the Orashi Electricity Project aims to ensure 24-hour power supply across all 27 LGAs by 2027. When completed, this will revolutionize our state’s economy.”
Ohakim recalled his tenure as governor, expressing disappointment that his 10,000 Jobs Initiative for graduates was scrapped by his successor.
“Those youths were thrown back into the streets for political reasons. Over 70 percent of them are still unemployed today. That is what happens when politics is played with the future of our youth,” he lamented.
Speaking on rural development, Ohakim presented a model for leveraging agriculture to revitalize local economies.
“With 10,000 hectares of palm plantations, we can generate over N6 billion annually, create 6,000 direct jobs, and establish 15 small-scale processing factories. This approach can be replicated in rice, cassava, and maize production,” he explained.
Citing Chinua Achebe’s book There Was A Country, Ohakim drew parallels with the era of true federalism, which he described as a time of peace and prosperity.
“Achebe spoke about the days when nature smiled on Nigeria. We need to return to that system to achieve lasting progress,” he said.
Ohakim emphasized that political restructuring is not just an ideal but a necessity.
“President Tinubu has the courage to undertake this critical task. The time to start is now,” he urged.
Quoting the Financial Times of London, he highlighted Tinubu’s achievements: “The Financial Times observed, ‘Tinubu has stabilized the economy and laid the groundwork for recovery. While the benefits are not yet felt by most Nigerians, the foundation for growth is undeniable.’”
He called for decisive action and collaboration.
“The solution lies in shunning populism and embracing policies that secure the future of our youth and economy. Let us act now to reshape Nigeria’s destiny,” Ohakim affirmed.
