Ayade And The Framework That Creates A Future

By Eval Asikong

Normally, when the economy suffers recession, substantial fiscal adjustment or fiscal consolidation policies are expected to be triggered which are likely to raise inequality through various channels including their effects on unemployment. See Jaejoon Woo et al, (September, 2013). The distributional consequences of these fiscal consolidation policies are very harsh, mostly in societies dominated by bureaucrats, and any responsive administration must look away from such option to other alternatives with human face which is what Ayade is doing.

The economy of Cross River has, long, suffered under the crushing weight of unproductive bureaucrats’ reign which makes her to be seen as “a poor state” with a very weak market system whose viability is contingent on monthly civil/public servants’ salaries. With no enabling environment for the growth of investment, influx of external capital will only result in excess liquidity which is a negative fiscal situation and a downtime for investors who will have the money, but cannot invest in an over saturated economy.

It is only when attention is turned to investment, commerce and industry that “transducers of trust” (banks) can live up to their statutory lending obligations because, their benefits from interests will swell. This process is apt to reinforce a viable market system that will, predominantly, future market actors and players whose competitions and developments will be, naturally, leveraged by the market forces than government’s regulations. Yes!

It is in acknowledgement of these that Ayade negotiated with the Bank of Industry (BOI) to come down to Cross River and the sum of N500million equity contributions of N250million each between the Cross River State government and the BOI made available to be dragged down as loan facilities by SMEs with a considerably low interest rate of 8%, as against 10%; created Ministry of Commerce and Industry to boost the development of commercial activities as well as growth of industries; become more aggressive in attracting direct foreign investments to complement domestic investments and trades; created SPVs orderwise known as Bankruptcy Remote Entities etc. (Contact me for the complete list of the SPVs Ayade created). And with these realities, one word echoes into the future. Now, read below…

There are those who imagine the future and there are those who create it, are what makes Cross River a land booming with resourcefulness and skill; a hope boasting with outrageous innovations and entrepreneurial vibrancy of Nigeria’s power-house. So, when the world turns to Cross River, what does it hear? One word echoes across every inch of our staggeringly beautiful landscape. That one word is “opportunity” because, that’s what drives a people on the rise….Governor Ayade is creating a future.