Globalisation as We Know It May Be Dead Says Godwin Emefiele

• Globalisation as We Know It May Be Dead Says Godwin Emefiele

Godwin Emefiele, the Governor, Central Bank of Nigeria, on Wednesday said COVID-19 has changed the way the world operates, interacts and thrives.

In his statement titled ‘Turning the COVID-19 Tragedy into an Opportunity for a new Nigeria‘ that was released on the apex bank website, Emefile explained that nations are now adjusting their policies to accommodate present realities with several restrictions placed on exports as they strive to ensure they have enough supplies for domestic consumption.

He said: “Around the world, countries have moved away from multilateralism and responded by fighting for themselves with several measures to protect their own people and economies, regardless of the spillover effects on the rest of the world.

“According to the World Customs Organization, a total of 32 countries and territories, adopted stringent and immediate export restrictions on critical medical supplies and drugs that were specifically meant to respond to COVID-19. As of 10 April 2020, an updated count of total export restrictions by the  Global Trade Alert Team at the University of St. Gallen, Switzerland suggest a total of 102 restrictions by 75 countries.”

In an attempt to communicate the imperative of self-sufficient and inclusive economy, he explained that “fears of a long global recession have also led to worries about unprecedented global food insecurity, with concerns that agricultural production may be dislocated by containment measures that constrain workers from planting, managing and harvesting critical crops. Rather than seek cooperative and global solutions, several countries have resorted to export restrictions of critical agricultural produce.”

Speaking further, the governor said while many may see the restrictions as temporary, the question is “what if it becomes the new normal? What if the COVID-19 pandemic continues in a second wave or another pandemic occurs in which all borders are shut and food imports are significantly restricted? What if we cannot seek medical care outside Nigeria and must rely on local hospitals and medical professionals? For how long shall we continue to rely on the world for anything and everything at every time?

Countries may continue to look inwards and globalization as we know it today may be dead for a generation.

“We do not know what the world will look like after this pandemic. Countries may continue to look inwards and globalization as we know it today may be dead for a generation. Therefore, as a nation, we cannot afford to continue relying on the world for our food, education and healthcare. The time has come to fully transform Nigeria into a modern, sophisticated and inclusive economy that is self-sufficient, rewards the hardworking, protects the poor and vulnerable, and can compete internationally across a range of strategic sectors.”