The art of effective communication lies in the use of phraseology or soundbites that leave a lasting impact on citizens. It is commendable how leaders can convey their message in a crisp and resonating manner. President Franklin Roosevelt set the precedent with the New Deal during the collapse of the American economy in the 1930s. Subsequently, other US presidents followed suit with Reaganomics and Bidenomics under President Joe Biden.
As President Tinubu assembles his full economic team, it is advised that he establishes his own economic policy mantra, known as TINUBUNOMICS. This comprehensive policy will encompass fiscal, monetary, and all aspects of government economic strategies. By owning this unique approach, President Tinubu can leave a lasting impression on the Nigerian people.
Furthermore, it is crucial to align the economic policy with foreign affairs. This synergy can be achieved through the implementation of ECONOMIC DIPLOMACY. This approach will prioritize Nigeria's existing ties with Africa, recognizing the continent as the center of our diplomatic efforts. However, we must not limit ourselves to this region alone.
While South Africa holds the position of the second-largest economy in terms of GDP and is a member of BRICS, Nigeria should remain non-aligned. We should not be confined to a bloc with Russia, especially at this time. Instead, we should maintain open relations with the USA, UK, Europe, and Asia. As the leading economic power in Africa, we have a larger market to export our products to these continents.
It is important to note that the majority of our diaspora, whose remittances surpass revenue from oil, reside in the USA, UK, and Europe, rather than within the BRICS union. Therefore, joining BRICS should not be contemplated, at least not now. Our economic and foreign policies must be intertwined to ensure the prosperity of our nation.
In conclusion, TINUBUNOMICS offers a fresh approach to economic policy and diplomacy. By establishing our own unique economic strategy and maintaining open relations with key global players, we can solidify Nigeria's position as a leading economic power in Africa. Let us not be overshadowed by South Africa and instead forge our own path towards success.
Sonny Iroche, is an Investment Banker and a 2022-2023 Senior Academic Visitor at the African Studies Centre of University of Oxford. UK