Either at the individual or group level, the beginning of a new year is often heralded by a stream of expectations. “What are your new year resolutions?” is a popular refrain in our part of the world at this time of the year. The sentiment conveyed by such expressions is a valid one given that setting objectives against the background of prevailing reality is a more rational way of approaching the future. As a country, one would be right to describe our torrent of anticipations as more of anxieties. And the reason for this is obvious; the rapid decline in the price of crude oil has continued unabated with weighty implications for our fortunes.

Shortly after predicating the Federal Budget on $38 per barrel of crude oil, the country’s major export, the price of the commodity went even lower. The implication is that any decline in national revenue will adversely impact funding of Federal Government’s budget deficit as planned both through borrowing from domestic and foreign lenders. Government has said that tough decisions will be taken and Nigerians have rightly begun to imagine, albeit in fear, the negative ripple effects of an ailing national economy. These, indeed, are trying times!

Social commentators have blamed past economic and other policy decisions for our current predicament but, after all is said and done, there is certainly not much we can do about the past. It was George Bernard Shaw who said that “We are made wise not by the recollection of our past, but by the responsibility for our future.” The ability to solve our current economic problems will only derive from a collective realization that we have a responsibility to create the type of future we want for ourselves and our offspring yet unborn. This is no time to agonize; it is rather a time to have a full grasp of the situation and jointly confront it with the greatest sense of duty, responsibility and patriotism.

Another instructive appreciation of the current times is that most nations seem to be grappling with one form of national emergency or another. This essentially means that we may not be able to readily attract foreign aid and support as easily as before. Thus, no one but us will solve our problems; and the earlier we understand that the better for us. The glad thing, however, is that history clearly shows that such national problems are surmountable because evidences abound of countries that have had similar challenges but successfully navigated the ugly phase. That is the upside we must now embrace.

Propelled by the vision of its late charismatic leader, Lee Kuan Yew, city-state Singapore has been described as the 20th century’s most successful development story. After its independence from Malaysia in 1965, Singapore was a poor island country with no natural resources. Today, Singapore is a global financial hub and one of the most advanced countries in the world, populated by a people with one of the most enviable per-capita incomes in the world, and boasting state of the art infrastructure that compare with any other advanced nation of the world. This dramatic transformation took only a generation to occur. The popular aphorism says “where there is a will, there is a way”. Singapore is a concrete evidence of this timeless wisdom.

But Singapore was not suddenly transformed at the mention of the magic word abracadabra, it took a holistic understanding of the issues, a clear vision of the desirable future, proper delineation of the necessary steps to be taken, industry, tenacity and passion to build what has become a global reference point today. While the governance style of Lee Kuan Yew remains a matter of global debate, it cannot be disputed that he bequeathed to Singapore, an enviable institutional framework, efficient government structures, rule of law, a national consciousness against corruption and people-driven development philosophy. We can therefore conclude that when Singapore was faced with a national emergency in the wake of its independence, radicaldecisions were taken. There was a clear development agenda; necessary reforms were made; critical infrastructure was developed; institutions were strengthened; rule of law was basic societal norm; meritocracy became a national order; incentives were created to attract investment and there was massive investment in human capacity development.

Bringing it back home, the current economic predicament has telling stress signs: extremely low crude oil prices causing reduction in national income; lack of funds to develop and maintain critical infrastructure, declining Naira against leading global currencies due to our status as a net importer of goods & services; and mass unemployment owing to reduced business/commercial activities. In fact, media reports suggest that many states in Nigeria are technically bankrupt.

At first glance, the current challenges seem overwhelming but a more meticulous consideration will reveal that the problem suggests its own solutions, rather ironically. Taking a cue from the identified indicative points of the problem, we would notice that a careful breakdown and compartmentalization of the critical issues suggest that the following decisions become expedient: urgent steps must be taken to diversify government’s revenue base; critical reforms must be made to reduce cost of government; government must identify and prioritize critical infrastructure that needs to be developed; government must engage the private sector and offer incentives that will promote commercial activities, especially in agriculture and local manufacturing; government must remain resolute about the fight to eliminate graft and corrupt practices and government must craft and articulate a clear people development agenda with special focus on education and empowerment through job creation.

From the throes of desolation and despair, Singapore transitioned from a village setting into a highly developed and cosmopolitan global city and financial hub. We have legitimate reasons to entertain fears and anxieties going by the current situation but, by all means, we have what it takes to overcome our current challenges as a nation. The Federal Government, through its “change” mantra, has taken the right lead by conveying its intentions to take important decisions that will promote a new and more reformist approach to governance. The New Year thus presents us the opportunity, as a people, to reaffirm our commitment to a better and more prosperous Nigeria through a clear development vision, patriotism, hard work and the emotive will to make our nation great again. “Sweet are the uses of adversity”

We at Honeywell Group wish all Nigerians a happy and prosperous 2016.

LET US PRAY

Dear God, we thank You for upholding us with strength and fortitude even amidst the plethora of grave national concerns. We thank You also for the grace of a new year. We now seek that You empower us with divine wisdom to see the opportunities presented by the new year to improve our fortunes through collective effort, passion for our fatherland and mutual love for one another.