HOW AFRICA CAN LEARN FROM CHINA AND INDIA

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.