I may not be an expert in numbers or economic indices or analysis,
but I certainly know how to add one plus one and get two. So when I see a good
number that adds I know and when they number doesn’t seem to add I also know.
I stumbled upon an article on the internet about the secrete of China
and India’s economic growth, I read it and liked the information contained
hence my resolve to share it for the benefit of my African continent, peradventure someone close to the authorities would read and advice accordingly.
Successive governments in Africa, Nigeria as case in point have
always articulated an economic reformed policy geared toward future
development of the nation state that are tagged vision this or vision that. But
so far none to the best of my knowledge has been realized or half achieved.
late military head of state Sani Abacha articulated vision 2010 which
was never to become. Followed by President Olusegun Obasanjo’s vision 2020,
which also was a failed vision as we are yet to attain that by any economic yardstick those visions. The vision 2020 which simply means to ensure that
Nigeria belongs to the top 20 global economy by the year 2020 also gave strength to President Jonathan’s transformation agenda.
In developing these economic agenda’s and reforms, successive governments
have always involved economic experts and technocrats to make it all
encompassing.
The President Buhari led APC government has been faulted by both
local and international financial analysts and observers for lack of vision, including former CBN
governor professor Soludo.
According to Soludo, the country was dealing with political, economic
and social shocks. He said: “Nigeria is facing unprecedented and tremendous
political and economical challenges with global and local dynamics.
“Regardless of these challenges, opportunities and possibilities abound
if we address some fundamental issues. The key to achieving this is to have a
development plan that is anchored on realizing inclusive and sustainable
growth.
“Inclusive and sustainable growth cannot be achieved without
conscious efforts to deconstruct the dynasties of poverty and maximize states
and Nigeria’s comparative and competitive advantage
according to the article on China and Indians economic growth system, the
secrete is in state investment; yes you heard me right, state investment.
State investment is the secrete behind China and Indian’s growth,
this is against the backdrop of declining private investment, and against such practice in the west.
China and India are both committed to stimulating their countries
economic activities not solely by providing public infrastructure but also competing in the abundant investment opportunities that abound in their
country.
Like China and India, Nigeria can do same, especially in the face of declining
oil price and high exchange rate
If the federal government can get involved in investment opportunities that abound in Nigeria today, like Professor Soludo said about the
possibilities and opportunities that abound in the face of the harsh economic realities
by dealing with some fundamental issues plaguing Nigeria. Like investing in
local manufacturing, real estates, transportation, power and energy,
entertainment, agriculture etc.
Nigeria can borrow a leaf from India, who appointed as her economic
adviser an expert in China’s economy, who upon assuming office in 2014 declared
that state investment is the key to Indians economic growth, a statement that
was supported by Indians economic minister and series of Indians financial
thinkers.
While this ‘state investment’ may not work for the west,
understandably so because of the absence of high investment opportunities that abounds in developing countries like India and Nigeria.
Some observers may argue against this economic policy, drawing strength from past experiences of government involvement in investment
opportunities that either never yielded interest or were considered bad
investment largely because of mismanagement.
That Nitel, NEPA, F.H.A, NIPOST, NRC etc were liquidated for non
performance reasons does not make state investment bad for a developing economy
like Nigeria, it simply points to our defects as a people.
The failure of these government establishments mentioned above were
all cultural. The culture of mismanagement and corruption that is common to the
Nigerian society is the key to failure of these state investment, and the
ability of this government or any coming government to tackle and address
effectively this wrong culture will be the key to Nigerians economic growth.
President Buhari’s style of fighting corruption will not address this
issue. What will truly address the issue of corruption will be a government that will
lead in the forefront of doing business the acceptable way, a government that
will muster the political will power to ensure that the state wrestle from
those so called Cabal the power to run and control the Nigerian economy. Until this
government is able to take charge of sectors like oil, transportation, real
estate from certain powerful influences that seems to dictate and determines
what happens in those sectors, Nigeria's’ vision of been among the best 20
economic powers by 2020 may remain a mirage.
A starting point will be the revitalizing of the Ajaokute steel
company, massive support and incentive to the textile and shoe making
industries in Aba, revitalizing of the national railroads, and federal housing
authority and others.
Like Pro. Soludo said, there are opportunities and possibilities in
Nigeria against the harsh economic realities, and in them lies our economic future if only we maximize them.
My layman advice to the President Buhari led APC government for change.
An alumni of the school of media and communication Pan Atlantic University (formerly Pan African University Lagos), a political enthusiast, keenly interested in the Nigeria and American politics. A social entrepreneur, and founder/coordinator Ambassadors for social change organization. An author and fitness freak.
