Wednesday, January 26, 2011

Nigeria – The Economic Giant?


Beyond the rhetorics of President Barrack Obama State of the Union Address Yesterday, I was stirred into deep reflections by the candid and true statement The President made while commenting on the economy and competitiveness of the US as a nation.
"…Meanwhile, nations like China and India realized that with some changes of their own, they could compete in this new world. And so they started educating their children earlier and longer, with greater emphasis on math and science. They're investing in research and new technologies. Just recently, China became home to the world's largest private solar research facility, and the world's fastest computer…"
The achievements of India and China in the global economic landscape have been highly impressive. Specifically, China had transformed itself into a behemoth in the world political and economic landscape, wielding great influences on the macroeconomic stability of United State and the world, in addition to being the factory for the world's production.
These facts, as emphasized by President Obama in his State of the Union Address, stimulated a deluge of questions in my mind about my dear country, Nigeria.
  • What is our long term strategy for future national advantage?
  • Does the Vision 2020 blueprint show us the way to achieving the target of becoming a part of N-11 as forecasted by Goldman Sacchs in their highly publicised paper of December 12, 2005.
  • Even if the vision is clear and assuming the strategy can become a national compass, are they going to be trapped in the document as mere statements that never get translated into reality? How do we implement the strategy amidst inconsistent policies that fluctuates with political dynamics of our nation? Are we going to remain sedated in the barrage of repeated political promises that are so short-lived to fade into the thin-air immediately the mouths are shut?
  • How do we even get the fundamentals right before driving to achieve this lofty ambition? How do we achieve The Millennium Development Goals (MDGs) as 2015 closes up on us?
  • Are we making the right investments in education, research and other areas where we can develop core competences as a nation?
The questions are many, but the answers…
The natural thing for us is to point our hands at the Government for answers. As much as I agree with that notion, I believe the real answers to achieving our true potential as nation lie in the hands of multiple stakeholders that span across our national political and socioeconomic spectrum to include us? We are the capitalists with a heart; the brave and relentless entrepreneurs who will build a great institution in spite of the infrastructural challenges; the social entrepreneurs who are focused on empowering the social and economic-disadvantaged while losing the sight of profitability, the leaders, politicians and visionary who will inspire a great army of achievers to pursue the Greater Nigeria Dream and the social advocate who will pressure the government and businesses into doing what is right.
I am too convinced that Nigeria is endowed with the potential to move from "zero to hero." I am desperately waiting for that day when leaders of the United States, China, Japan and EU will tremble at the thuds of Nigeria as an economic giant and Fortune Global 500 will have at least 20 names of Nigerian companies sitting on the top quartile of the list. I believe in Nigeria and the future.

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