In the Lunar Gregorian calendar, the double-digit month of October is significant. It is a month of preparation for the winter in the Northern Hemisphere. Annually, it is always an eventful month for me on a personal level. I was born at the end of September and often use the start of the tenth month as a period for reflection and deep introspection. So, when October arrives, my new year energy thermometer goes high. Permit me to appeal to you my dear readers, not to come auditing my energy thermometer readings by June, July the following year because your guess is as good as mine. In the last three weeks, I wrote two articles which were widely read and circulated across blogs. First, was - The Lion in Winter and the second was, Father Time is Undefeated. Feedback have been pouring in copiously from readers across a wide spectrum.
For the latter piece, came a response from one of Nigeria’s literary polyglot and juggernaut; “Well researched with cerebral imputations and fecund delivery. More grease to your flawless pen…”. In his own reaction, Stanley Onyemah adduced, “What a powerful and thought-provoking article! "Father Time is Undefeated" is a poignant reminder that our time on this earth is limited, and no amount of power, wealth, or status can change that. I appreciate how you shift the focus from the fleeting nature of human life to the importance of leaving a lasting legacy. The question "where are we leaving our footprints?" resonates deeply. It is a call to action to prioritize positive impact, selflessness, and service to others. The references to historical and inspirational figures demonstrate that it is possible to defy time by leaving an indelible mark on the hearts and souls of those around us. Overall, this article is a masterful reflection on the human condition, urging us to re-evaluate our priorities and strive for a lasting legacy that transcends our mortal existence”.
Inspiring comments like these above and others not so like them, remain my key drivers in the literary stratosphere. So early this week, I was sifting through some archived literature, and journal articles when I was struck by the impressive, extensive studies done by Georg Franck, renowned Austrian Emeritus Professor of Digital Methods in Architecture and Planning at the Vienna University of Technology. One of his works in the Journal of Sociology outlines the theory of the Economy of Attention. Amongst other thematic postulations, the paper focused on the logic of the accumulation of ‘attention capital’. It explained how the mass media exchange information and entertainment for attention, which is in turn monetised via advertising. He argued that we are living in an era of ‘mental capitalism’ in which the relations of production themselves have inverted the relationship between the material and mental worlds, so that the realm of ideas is now the driving economic force.
The sequence of events detailed above is the premise on which this piece is based within the context of the Nigerian eco-system. Last week, the Nigeria National Bureau of Statistics, (NBS) released some startling data. Nigeria’s headline inflation rate rose to 32.7% in September 2024, up from 32.2% in the previous month. Contributing factors include the depreciation of the naira and the increase in transportation prices, following another hike in fuel prices since early September. Additionally, food inflation which accounts for the bulk of Nigeria's inflation basket rose to 37.8%. Analyst would say that beyond these statistics, the real-life impact is hitting harder than what the documented data on paper stacked on non-living tables and cabinets suggests. Data abounds of how Nigeria is Africa`s largest producer of crude oil and how as of August 2024, Nigeria's average daily production was 1.448 million barrels per day. Angola and Libya are second and third respectively in the production line. Nigeria is the 12th largest crude oil producer nation in the world with a production capacity of about 2.19 million barrels per day and proven reserves of 37.5 billion barrels. It is also the second largest African country for oil reserves and the eighth largest in the world. Nigeria's oil and gas sector are a major contributor to the country's economy, accounting for over 85% of total exports and about 65% of government revenue. To us Nigerians, all these quoted data above for the ‘black gold’ deposit we possess, can be likened to jargons describing a mirage or an exorcist’s exhuming of ghost stories long dead, forgotten and buried because prices of fuel, food and services sky rocketing daily is our reality.
Despite being a major player in global oil production, Nigeria is the only oil producing country in the world without a functional refinery and it is the reason country has been an importer of refined petroleum products for more than a decade. This unfortunate development has accentuated an unbelievable level of sleaze. The importation of petroleum products has put enormous pressure on the country’s foreign exchange (FX). That the pump price of petrol can soar above N1000 per litre was unthinkable a couple of years ago. Successive governments in the country have failed to resuscitate the moribund refineries in Warri, Kaduna and Port Harcourt back to life. They have failed to provide 24/7 uninterrupted electricity supply in the country. This week the national grid collapsed yet again. It is the 105th time in the last ten years despite an estimated $1.4b worth of serial loans (Punch Newspaper, 21st Oct. 2024) pumped into the power sector.
The recent grid collapse is one too many and is symptomatic of a failed energy sector. The pseudo privatisation in 2013 seems not to have had the desired bounce as witnessed in the telecommunications sector with the advent of the global system for mobile telecoms, GSM. As with the petroleum sector, successive governments in Nigeria have not been able to confront the monster of smuggling of petroleum products to neighbouring African countries. It has been one of the rationales for several increases in the price of the product over the years, and many wonders why ordinary citizens must bear the brunt and pay the price for the inefficiency of government and its security apparatus in effectively policing the borders. Everyone knows that ordinary citizens do not have the capacity to smuggle petroleum products outside our borders. Those involved in these economic crimes are ostensibly well connected, high network individuals who collude with security agencies and officials. Furthermore, what is responsible for the porous security architecture other than corruption in our land? In other climes, trackers are used to monitor collection and delivery points in the transport and supply of this essential product. Why then, does Nigeria have such an attention deficit for a product that is the engine of our national economy.
The many faces of corruption in virtually all sectors of the Nigerian eco-system are responsible for the myriads of the social, economic and political challenges in the country. According to former United States Secretary of State, John Kerry; "Corruption is a social danger because it feeds organised crime. It destroys nation states. It impairs opportunities. It facilitates environmental degradation. It contributes to human trafficking and undermines whole communities and destroys the future. Corruption is a radicalizer because it destroys faith in legitimate authority. It opens up a vacuum which allows the predators to move in. Corruption is an opportunity destroyer because it discourages honest and accountable investment. It makes business more expensive to operate. It turns a nation's entire budget into a feeding trough for a privileged few". In her `magnum opus` book, Atlas Shrugged, published in 1957, Ayn Rand wrote, “When you see that in order to produce, you need to obtain permission from men who produce nothing. When you see, that money is flowing to those who deal, not in goods, but in favours. When you see that men get richer by graft and by pull than by work, and your laws do not protect you against them, but protect them against you. When you see corruption being rewarded and honesty becoming a self-sacrifice, you may know that your society is doomed.”
In the marketing discipline, attention economy refers to the way humans manage the wealth of information at their disposal, referencing the competition for our eyes and ears as attention becomes an increasingly scarce commodity. Attention economy explains the way advertisers help customers discover new brands. The ultimate outcome is increasing revenue and profitability for the brand. If Nigeria is to delve into its economy of attention and develop, the ruling class needs to take a step back and do a 360-degree reset. Nigerians deserve attention and a productive economy that caters for the well-being of all, and not just a tiny minority of people within the political and business elite. The economic reforms embarked on by the current administration as desirable as it appears requires an application of the carrot and stick approach.
Within the ambit of social cohesion, no nation can survive if the quantitative spectrum of its `have nots` surpasses its elastic bandwidth. A combined mass of an angry and hungry population is a recipe for disaster. The question we must ask ourselves is why our rulers suffer attention deficit. True leaders, who understand that they are accountable to the people, look out proactively for the people. Think about the age-old phrase of how `a stitch in time saves nine`. Then juxtapose this against the fact that our rulers of Nigeria over the years, have not noticed how torn the very fabric of our national existence is because they have been very economical with their attention. At the rate we are going, our stitch is well out of time and may not mend us. The Nigeria of our dream should be one where majority of citizens are happy. May Nigeria Succeed.
Dr Agbons is Lead, Institute of Good Governance and Leadership @www.twin2.org