Professor Pat Utomi, a former presidential aspirant and professor of political economy, has raised concerns over Nigeria’s worsening economic and political situation. In an exclusive interview, Utomi, who is currently on a Woodrow Wilson fellowship in the United States until May 2025, warned that urgent measures are
needed to prevent the country from descending into economic and social collapse.Speaking to Vanguard from the U.S., he shared his thoughts on Nigeria’s challenges, the role of politicians in worsening the crisis, and the steps needed to transform the nation from a consumption-driven to a production-based economy.
“Nigeria Heading for Economic Abyss”
Utomi expressed frustration with the current state of affairs, criticizing policymakers for prioritizing political gains over the welfare of Nigerians. According to him, the country’s problems are compounded by ill-conceived policies that lack public input and clear objectives.
“It is distressing to see the political elite make decisions that sacrifice the country on the altar of ego and political games, chasing international approval while ignoring the struggles of ordinary Nigerians,” Utomi stated.
He further emphasized that the failure to shift the economy from consumption to production will only worsen Nigeria’s challenges. “We need intellectual leadership to design policies that focus on production, not just consumption. Removing fuel subsidies without preparing for the fallout only compounds the problems,” he said.
Tinubu Not Absolved of Responsibility
Addressing President Bola Tinubu’s administration, Utomi dismissed attempts by Tinubu’s supporters to excuse him from the country’s hardship, saying the current administration bears responsibility.
“Tinubu was aware of Nigeria’s trajectory long before becoming president. I personally warned him in 2019 that former President Buhari’s policies would lead the country to crisis, but he chose to remain silent,” Utomi revealed. “I can’t absolve any politician. They all saw it coming and failed to act.”
Politicians Cannot Save Nigeria
Utomi strongly criticized the political class, describing the Nigerian political system as a “criminal enterprise.” He stressed that politicians are too focused on personal interests to drive meaningful reforms.
“The electoral system, judiciary, police, and military are compromised. Nigerians are in a situation where it feels like they are trapped, with the only options being violent revolt or civil resistance similar to what happened in Sri Lanka and Bangladesh,” he warned.
A Call for Citizens to Take Back Their Country
Utomi urged Nigerians to stop relying on politicians to solve the country’s problems, insisting that citizens must take back their country. He referenced comments by former Governor Kayode Fayemi, who admitted that the way the system is structured makes it nearly impossible for politicians to deliver change.
“The people must ensure elections count and take legal actions domestically and internationally to hold leaders accountable. It is time to force these individuals out through peaceful but decisive means,” Utomi stressed.
Moving from Consumption to Production
Utomi also emphasized the need to diversify the economy and reduce reliance on oil revenues. He criticized past and present governments for policies that encourage consumption over production.
“We’ve relied too much on rent-seeking from oil, rather than building a productive economy. The future of Nigeria depends on producing goods and services rather than consuming imported products,” he stated.
The Way Forward
Reflecting on lessons from Malaysia’s New Economic Policy and his observations in South Africa, Utomi advised that reform processes in Nigeria must involve all stakeholders, including civil society and business leaders. “Without broad participation, reforms will continue to fail,” he warned.
Conclusion
Utomi’s message is a sobering reminder of the challenges facing Nigeria. As he prepares to remain abroad until May 2025, the professor emphasized that the window for turning things around is narrowing, urging Nigerians to act before it’s too late.
Stay tuned to VOP News for more insights and updates on Nigeria’s political and economic developments.