By Chief Reagan Ufomba
Remember when we had Nigeria Airways as the only airline in Nigeria, when Nigerians travelled in turns?
Remember when we queued to make calls within and outside the country at NITEL?
Remember, import license racketeering, when cronies benefited, who resold to friends, who then resold to real importers, that was the era of the command economy?
We have often used the word “IBBnomics” in our political evangelism.
What then is IBBnomics?
IBBnomics refers to the visionary economic reforms and policies implemented by General Ibrahim Badamasi Babangida (IBB) during his tenure as Nigeria’s leader (1985–1993).
His administration laid the foundation for modernizing the Nigerian economy and fostering long-term growth. Below are the key highlights of its positive impacts:
1. Economic Liberalization & Promotion of Free Markets: IBB’s policies opened up the Nigerian economy, reducing excessive government control and encouraging private-sector participation.
2. Foreign Investment: By creating a more business-friendly environment, IBB attracted foreign investors and promoted Nigeria as a key player in global trade, with Africa as the cornerstone of its foreign policy.
3. Structural Adjustment Program (SAP) & Goals Diversification: IBB emphasized reducing Nigeria’s dependence on oil, encouraging growth in agriculture, manufacturing, and services.
4. Export Promotion: His administration introduced incentives to boost non-oil exports, improving Nigeria’s trade balance. Established such export-oriented agencies as NEPZA, NEPC, and DFRRI, among others.
5. Banking Revolution, The People’s Bank and Community Banks: IBB established financial institutions to empower small-scale businesses and rural communities, increasing financial inclusion. His reforms stimulated growth in Nigeria’s banking and finance sector, laying the groundwork for a robust financial system.
6. Privatization and Deregulation: IBB spearheaded privatization efforts, leading to more efficient management of previously state-controlled enterprises. Deregulation of critical sectors like telecommunications, aviation, transportation, and abolition of import license racketeering enhanced competitiveness and innovation.
7. Social Investments and Women Empowerment: Programs like the Better Life for Rural Women provided opportunities for rural women to improve their livelihoods through education, credit access, and entrepreneurship.
8. Infrastructure Development: IBB’s administration focused on constructing roads, bridges, and communication networks, improving connectivity across Nigeria.
9. Global Integration: IBB’s administration strengthened Nigeria’s participation in global economic affairs, including trade agreements and partnerships that showcased Nigeria’s potential on the international stage.
10. Visionary Governance and Institution Building: The establishment of new institutions under IBB provided the framework for long-term economic planning and governance, pioneering Policy Thinking. His administration’s economic policies inspired subsequent reforms in Nigeria’s transition to a market driven economy.
IBBnomics remains a legacy of bold reforms that modernized Nigeria’s economic structure, empowered individuals and communities, and positioned the nation for future growth.
Chief Reagan Ufomba is the Interim National Convener, The Nigerian Project.
He writes in from Abuja
