Boyoism and the musings of a patriotic economist  

ANTHONY KILA

Anthony Kila is a Jean Monnet professor of Strategy and Development. He is currently Institute Director at the Commonwealth Institute of Advanced and Professional Studies, CIAPS, Lagos, Nigeria. He is a regular commentator on the BBC and he works with various organisations on International Development projects across Europe, Africa and the USA. He tweets @anthonykila, and can be reached at anthonykila@ciaps.org 

Anthony Kila reviews Sir Henry Boyo’s compendium of economic essays.

There is a new book in town — better to say two books — consisting of 340 essays compiled in two volumes, written by Sir Henry Olujimi Boyo. These are two books that every educated reader who wishes to be seen as informed should have in their library and hopefully find time to read. 

The book’s title is “Memoirs of a Renowned Economist: Nigeria’s Road Towards Economic Prosperity.” It gives a privileged and insightful overview of the man and his thoughts on Nigeria’s problems and possible solutions to such issues. Let’s be clear: The essays that became books were written with Nigeria in mind, but the language, thoughts, and method of analysis are to be considered precious contributions to humanity as a whole, and they form what we can now describe as Boyoism. 

As these books will show us, the essence of Boyoism is that if you can save the Naira, you can rescue Nigeria from poverty, underdevelopment, and a series of abnormalities. By doing so, you are on the path to moving the country toward economic and social prosperity. Boyoism advocates for a strong currency (the Naira), low inflation, and investment in human capital development and infrastructure as the best ways to foster growth. 

In essay after essay, Henry Boyo reveals the country’s abnormalities, identifies their root causes, warns of the consequences, and then offers solutions while illustrating the extraordinary and uplifting prospects that can emerge from applying Boyoism. Emblematic of such benefits include the prospect of the Naira having a value of N10 to 1 USD. 

Understanding who Henry Boyo was fosters a deeper appreciation of the essence of Boyoism and the logic behind its method. Henry Boyo was an economist and not simply a man of ideas or theory; he was an inventor, innovator, industrialist, manager, writer, leading columnist, community figure, philanthropist, and a founding member of the prestigious League of Nigerian Columnists. The young Henry Boyo attended the best available schools, from his private boarding primary school in Ibadan to the esteemed secondary school, Igbobi College Yaba in Lagos, and universities in London, where he excelled as a student. Later, as an adult, he worked in prominent corporations until he founded and led his own organisations, where he excelled as a manager and entrepreneur. This background, laced with a culture and life of excellence, will be invaluable for readers and scholars in understanding why the man Henry Boyo and his Boyosim are allergic to haphazardness, shallowness, and lack of rigour that seem to shape policies in his Nigeria.

In essays composed in natty and unambiguous language and directed at economists and non-economists alike, Henry Boyo denounces the abnormalities of a system where it is more profitable to invest in nearly risk-free government bonds than in the stock exchange, which funds risky yet productive ventures that create jobs and wealth. He identifies and indicts the government, along with its main monetary agency, the central bank, as agents of backwardness for operating at rates that hinder free enterprise from flourishing and prevent the middle class from consuming and investing by stifling the credit process essential to an industrialised system characterised by mass production and mass consumption.

Poverty and scarcity are not the only issues that Boyoism deals with. It also takes time to express positions on abundance and bumper harvest matters, such as excess crude oil revenues that come when crude oil prices grow to unanticipated levels. Though a prudent man in all his ideas, the principle of saving for rainy days by a poor man is not a principle that Boyoism accepts; the ideal for Henry Boyo is to invest in people and infrastructure so that any excess fund will generate higher returns.

Essay after essay, Henry Boyo condemns the management of revenues generated from the sale of crude oil in the country. He warns that the government is operating a flawed and aberrant system that uses the foreign exchange earned to undermine the national currency and create inflation. With both literal and literary examples, he shows how the government earns and shares huge quantities of money earned from crude oil between the tiers of government, then moves through the central bank to mop up the enormous amounts of money after it has caused inflation in the system. Henry Boyo’s solution is to issue USD certificates that will grow foreign reserves and protect the system and country from the debilitating claws of inflation. 

Like most economists deserving of such a title, Henry Boyo is, without any doubt, a captivating storyteller. In these essays turned books, he does not disappoint. He employs engaging language and relatable stories to expose the weaknesses of Nigerian elites and the ruling class: entrepreneurs and industrialists who lack the opportunity, desire, or courage to confront the abuse, mischief, and incompetence of the government, public officials who lack the knowledge, courage or interest to speak the truth to power.

At some points, however, he seriously calls out the media and intelligentsia, who seem to forget their role, and he warns everyone that: “The hopes of millions of Nigerians for the good life will remain compromised so long as both the media and the intelligentsia consciously or unconsciously collude with government to prey on the gullibility of and apparent helplessness of the masses. The role of the media is to inform and, by extension, act as watchdog and protector of our civil liberties against oppressors in government. The extent of success in these roles will be determined by the sincerity and level of knowledge which are brought to bear in their functions.” Here you have another essential element of Boyoism.

As mentioned earlier, there are certain books that any educated and informed person, or anyone who wishes to be considered educated and informed, should at least have in their library and hopefully read. Henry Boyo’s essays are among such books, and this is regardless of whether you agree with Boyoism or otherwise. 

Join me @anthonykila, if you can, to continue these conversations. 

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