The God(win) of Small Things

Central Bank governor Godwin Emefiele has been in the news, facing challenges occasioned by his partisanship and involvement in politics. The overlying challenge moving forward is not only finding a less political replacement but also salvaging the independence of the central bank in an overtly political landscape.

Written by Afolabi Adekaiyaoja

Jan 23, 2023

Photography by IMF Staff Photo / Stephen Jaffe

Editor’s note: This essay is available in our print issue, Godfathers: An Introduction. Buy the issue here.

Alegacy of extended military rule in Nigeria is the often incessant fawning over the president that government officials do. Appointees were careful to ensure that senior leadership did not suspect disloyalty and plot their removal in the politically charged environment that multiple coups left. It gave rise to an intense cult of personality, where appointees began to ‘serve at the pleasure of the president’. The transition to democracy did little to change that, especially as appointments to public positions—partisan or independent—often come with the need to stay on the individual’s good side to remain in office.

This is the challenge that Godwin Emefiele faced when, little than a year after being appointed governor of the Central Bank of Nigeria, he had to work with President Muhammadu Buhari; the man who had defeated his initial appointer at the polls, then-president Goodluck Jonathan. Emefiele’s ability to develop ties with the new government, assert himself over a more pliant finance minister and eventually attempt to run for president speaks volumes to his capacity to play politics from a position that should be fairly insulated from it.

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About the Author

Afolabi Adekaiyaoja

is a research analyst and a writer on the politics of policy, institutions, and governance.

Websiteafolabiadekaiyaoja.com

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The God(win) of Small Things