Professor Binta Tijjani Jibril is a Professor of Economics and Director of the International Institute of Islamic Banking and Finance at the Bayero University Kano (BUK). She is also the Chairman of Daily Trust Board of Economists. In this interview, she speaks on strategies that the Nigerian government must adopt for citizens to reap the growth in the Gross Domestic Product (GDP).
You have just chaired the first meeting of the Daily Trust Board of Economists, what is your view about it?
I enjoyed the meeting. There were robust discussions from members regarding issues relating to the development of the Nigerian economy and very powerful inputs were given. The participants were quite knowledgeable about the issues at stake. At the end of the day, I am quite confident that the resolutions and the inputs given by the board will add value to the discussions on policy as far as the economy is concerned.
What would you be offering as chairman of the Daily Trust Board of Economists?
My work has already been laid down for me by the erstwhile chairman and his predecessor. So I am going to continue in that line; I am going to continue with what the board has been doing to give input to policy through the Daily Trust medium.
How would you assess the Nigerian economy at present, given the third-quarter GDP growth?
From what we have seen, particularly the third quarter of the year, clearly, there is growth. Growth in economics is usually measured by growth in the Gross Domestic Product (GDP) which has risen by 4.03 per cent. But the question we always ask as economists is, whether this growth is translated into fruits that the common man can actually enjoy.
Growth in GDP does not necessarily mean development; it does not mean more schools, more hospitals, more food or better food on the table of the common man and that is what we are experiencing at present in Nigeria. GDP is growing but the fruits are not quite trickling down appropriately to the citizens because of various challenges which the board discussed. Some of these challenges are, for example, the rising food inflation.
Even though the rate of inflation is declining, in absolute terms, it is still growing and what is driving that growth is the growing food inflation. Food is becoming more costly by the day and that is impacting the general welfare of the common person.
In addition to that, there is growing insecurity, not only in terms of quantum but also in terms of the depth of the insecurity and the special spread. All these are affecting the lives of people in Nigeria.
Unemployment, especially youth unemployment, is not abating; it is intensifying. These are issues that contradict and dampen the effects of the growth in GDP and which we hope to see concrete actions by the government in order to mitigate them so that the citizens of the country may begin to enjoy the fruits of the growth in the economy.
What is your outlook on the Nigerian economy for next year?
My assessment as far as the growth outlook for Nigeria is concerned is that it may not change significantly. And the notional growth, meaning the growth in GDP, may still continue. But I am more concerned about the development of the country.
The removal of petrol subsidy in the short term; of course we are all going to feel the pinch necessarily but if robust policies are put in place to alleviate some of these sufferings that the common man may face, most certainly, in the long run, this will be something we will look back on and say the government has done well.
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