Why some Nigerians are against restructuring – Ekweremadu

Photo Credits: The Nation Newspaper

The fear of the unknown, especially when oil revenue dries up, accounts for why some Nigerians are against restructuring, Deputy Senate President, Ike Ekweremadu, has said.

Mr. Ekweremadu described this situation as ironic as the same product was fast losing its value in global economy as many nations were already phasing out petrol and diesel-powered cars.

He made these remarks at an event organised by Association of Nsukka professors at the University of Nigeria, Nsukka, where he delivered the Third Adada Lecture titled “Restructuring and the Nigerian Youth.”

The content of his speech was made available in a statement by his Special Adviser on Media, Uche Anichukwu, on Sunday.

The Deputy Senate President warned against over-reliance on oil which, according to him, has continued to lose its market value.

The statement quoted him as saying, “Above all, there is the fear of survival under fiscal federalism. Some feel they are better off with free monies from Abuja, which could actually be pittances compared to what they could generate if they begin to access the bountiful wealth, such as solid minerals buried in their soils.

“Ironically, oil is fast going out of fashion. Many countries have found oil in large quantities, including those that used to patronise our oil.

“Importantly, it should worry us that many countries are already phasing out petrol and diesel engines. In July 2017, the United Kingdom announced plans to stop the production of petrol and gas-powered cars from 2040. As a champion of the efforts to preserve the earth, France has also unveiled plans to ban the sale of petrol and diesel cars from 2040. Norway has what its former Minister of Climate and environment, Vidar Helgeson, called strong policy actions to ensure that zero fossil fuel cars is sold in the Nordic country by 2025.

“With the second highest concentration of electric cars in Europe, Netherlands is already targeting an emissions-free environment by 2030, which automatically rules out petrol and diesel-powered cars. In fact, it wants at least 200,000 electric cars on her roads by year 2020, which is only two years from now.

“The German Parliament, the Bundesrat, passed a resolution in 2016 seeking a ban on such engines starting from 2030. Although the resolution is not legally binding, Germany already had a policy to put at least 1million electric cars on her roads by year 2020. India plans to sell only electric cars by 2030, which is about the next 13 years. Air pollution causes about 1.2 million deaths annually in the Asian country and costs her economy about 3 per cent of GDP. Denmark, Spain, South Korea, Ireland, Austria, and Japan are also in the race to phase-out petrol and diesel cars.”

Mr. Ekweremadu urged Nigerian youth not to allow themselves to be divided on the subject of restructuring, but instead deploy their energies and social media skills to fight for their future.

He advised them to channel their energy to promoting a restructuring of the country, which he said would promote good governance, employment opportunities, among others.

“The youth should have a patriotic mind of their own to fix a broken federal system. The hardship, poverty, and retrogression, which our disjointed federal system imposes on Nigerians, have no tribal or regional marks.

The man from Jigawa bears the brunt of the failures of the past 50 years just like his counterparts from Enugu, Oyo, Bayelsa, and Gombe.

“Just like cobwebs, errors, injustice, and socio-economic woes make progress due to the inattention of the occupants of the home. And unless Nigeria does something drastic and substantial to address its problems, the ensuing damage may be generational.”


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  • Du Covenant

    What a shallow opinion from a man in his position.My fellow citizens, oil will continue to be relevant for a very long time to come. All these organized countries will be offering in the near future will be alternatives and oil will continue to be used. The lesson for our country is to wake up and prepare for these alternatives as opposed to solely depending as our major export commodity. I had a quick chat this week with a European friend whose company designs engines that will use compressed natural gas as a very clean option compared to LNG. Instead of wasting what we currrently have, what are the senators proposing for Nigeria to prepare for upcoming alternative sources of energy?, restructuring will certainly not help because the same greedy will continue to steal no matter how many times you restructure Nigeria. We need good governance, sincerity of purpose from our elected officials and be better organized as a people and not the current chaos we are in.

    • Biafran 1967

      You’re quite clearly myopic and of low intelligence. Ekweremadu’s reasoning is too advanced and intellectual or your likes. The only shallow thinking is yours. You have no concern with an address aimed at igbos. Go away.