Chukwuma Soludo’s Emergence: A Breath of Fresh Air

By Handel Okoli


The All Progressives Grand Alliance, APGA, has set the pace in the current gubernatorial contest in Anambra State by choosing a world renowned economist, Prof Chukwuma Soludo, to fly the party’s flag. Every right thinking indigene of Anambra State and indeed Nigerian progressive, should be relieved, that in the midst of economic woes, crippling unemployment, insecurity and general feeling of despondency in Nigeria, a man of high intellect and proven track record, has just emerged from one of the frontline parties in Anambra State. Indeed, a powerful thinker has just acquired a platform to aspire for higher service.

Soludo’s resumé no matter how summarized should intimidate other candidates other than those with clear vision and verifiable public and private sector credentials. A homegrown scholar and intellectual, he graduated with a first class degree in Economics from the University of Nigeria, Nsukka, UNN, in 1984. And between 1985 when he completed his mandatory National Youth Service Corps, NYSC and 1989, he earned his masters and doctorate degrees. He was a serial prize winner, besting existing records in the institution and garnering awards and distinctions for scholarship on the way.

He was head-hunted by the administration of former President Olusegun Obasanjo in 2003 to serve as Economic Adviser and Chairman of the National Planning Commission, NPC. About a year into this assignment, Soludo in 2004 was re-designated Governor of the Central Bank of Nigeria, CBN, by the President. He would subsequently engineer landmark changes in the nation’s banking, including the consolidation of banks. This revolutionary move, reduced the number of banks in the country to about a quarter of what it was before. Indeed by this masterstroke, a number of Nigerian banks were listed among the top banks in the African continent and beyond.

This move, boosted investor confidence in the banking system, a situation which subsequently engendered increases in the capitalisation of banks, their stability and their lending capacity to boost local productivity. Just two years ago, Soludo was appointed Member of the Economic Advisory Council, EAC, by President Muhammadu Buhari. This was without regard to his political inclination in recent years.

Soludo is not a newcomer to the politics of Anambra State. Back in 2009, he was the consensus candidate of the Peoples Democratic Party, PDP, for the governorship election of February 2010. He lost to Peter Obi who was then a member of the All Progressives Grand Alliance, APGA. He bided his time and took another shot at the Anambra governorship in 2013 under his new political party, but was disqualified by the APGA Screening Committee, alongside five other aspirants.

Soludo’s emergence is significant for many reasons. First, it rekindles hope amongst people of Old Aguata Union, OAU, who have been clamouring to occupy the coveted governorship seat since Dr Chukwuemeka Ezeife’s tenure was truncated in November 1993. Ezeife, a Harvard trained economist could not settle down to the job before the military led by Gen Sani Abacha, ousted that regime. OAU had yet another chance via Andy Uba’s governorship in 2007, but like a flash in the pan, that hope also lasted for a little over two weeks. The brevity of the tenure of that government, makes it perhaps the shortest stint by a governor in any government house in Nigeria.

But one point must be quickly made. As a man with a cocktail of human capacities and distinctions, Soludo’s relevance goes way beyond his local constituency. In his acceptance speech he confirmed that in a wider context he is also a pan-Africanist. Soludo’s emergence as flagbearer of APGA, throws a big challenge to the All Progressive Congress, APC, which desires to extend its tentacles in the South East. Whether his challengers are either of Dr Chidozie Nwankwo whose hurricane campaigns have significantly energized a comatose APC in Anambra State, or Andy Uba an old fox in the game, how they fare in a free and fair contest against Soludo, will be decided at the polls.

Indeed, it will therefore be a very costly mistake if Peoples’ Democratic Party, PDP, does not nominate a candidate of commensurate stature, from Anambra South, for the exalted seat. In Anambra today, popular opinion favour the emergence of a candidate from Anambra South. This is against the backdrop that that former Governor Peter Obi from the Central senatorial district, was succeeded by Willie Obiano from the North. It therefore appeals to common sense that PDP now led by the same Peter Obi should nominate a candidate of Anambra South extraction, if that segment of the state will have any chance of producing the next governor.

But is Soludo stoppable? We have a clear four-month period of campaigns to prove this point either way. However, one thing is sure. By his emergence Soludo instantly becomes the man to beat, at least for now. Other parties must therefore recalibrate and recalculate their strategies or be rejected by the people.

For Ndi Anambra, Soludo raises the bar of pragmatic political governance and excellent representation in the affairs of the South East and Nigeria. The average Anambra person, nay Igbo man, can now go to sleep as he looks forward to a more purposeful and creative representation in the National Council Of States, NCS; National Economic Council, NEC; and the Governors’ Forum. The people of Anambra State can also be sure that with Soludo, the voice of the people of the South East, will be heard in their engagement with other geopolitical zones like the South South, South West and Middle Belt groupings.

Odenigbo Aguata, as he is known, understands the intricacies of the current national question and the place of Ndi Igbo in the future of Nigeria. Soludo has been part and parcel of the Igbo Think Tank and a frontline national and international figure. Anambra can hope to have a Governor with the requisite reach and expertise to attract foreign direct investments. Soludo potentially, is someone who can redirect Anambra economy to explore alternative measures of internal revenue generation and wealth creation. This is fundamentally important in an oil economy that is fast disappearing and giving way to clean energy and digital age. Anambra under a Soludo governorship, will become fiercely competitive and responsive to the demands and challenges of youth unemployment and middle class growth.

For the avoidance of doubt, the volume of funds in circulation in Anambra State requires an economist with a proven track record of strategic thinking and a radical departure from primordial, unproductive and outdated business modules, to convert this cash to capital and hold it captive for long term investments in Anambra state. This is where Soludo’s stellar performance as the best African Central Bank Governor will be replicated.

For Nigeria, Soludo will be both a governor and an adviser on macroeconomics, another Lee Kuan Yew personified. As a governor, his contributions will be of immense benefit to the National Economic Council and other such bodies. His knowledge and expertise will give Anambra unquantifiable mileage of political access in Aso villa. Loved and highly respected by Presidents, we can not forget how Obasanjo advised his successor Umaru Yar’Adua, to always consult and listen to Soludo because Soludo was one of the secrets of his regime’s success.

Soludo is indeed a needed breath of fresh air and an aroma diffuser of sorts in a political contest infested by impostors and predators who have little or nothing to offer. Anambra must be guided not to produce a Frankenstein, who will devour resources without any plans for regeneration.

Without doubt, Candidate Soludo sets the pace and raises the bar of this gubernatorial contest. He offers hope to his immediate constituency which has long been neglected and brings competence and capacity to the ring. Nothing can be more refreshing than to have an altruist ic leader as one of the main gladiators in the coming contest in Anambra. Nothing can be more reassuring when you have a candidate from the politically correct constituency, who is competent and ready to serve.

▪︎ Okoli is a former presidential aide and chieftain of the PDP.