By Abbati Bako,psc,bsis Kent-alumni,UK Political Strategy and Communication Consultant
What are the fundamental pillars of global economic interplay and how can they be harmonized for economic prosperity in the Nigerian nation?
One of the fundamental pillars of global economic direction is competition. Global political economy experts define political economy as “capitalism” (John Belis, Steve Smith, Patricia Owen, 2008/2020, USA) of which the backbone of the system is to create ideas on how to compete with other nations based on your interest, ambition and capacity of manipulation. Capitalist system has competing values, interest and ambition. Although, protectionism is prohibited. But still some of the advanced countries such as US and Japan do practice protectionism.
For example, countries like China, India, Taiwan, Singapore, Malaysia, South Korea, Brazil and many more economic emerging nations created competition for them to make exports of goods and services produced in their countries to all parts of the world. These countries mentioned are not consumer nations like Nigeria. Meaning, Nigeria can create ways and means on how to compete and manipulate the whole economic interplay at least amongst the entire African Continent or West African Sub-Continent.
Nigeria has the capacity to compete with those countries that manipulate the economic activities in Africa. African leaders know and understand the African Continent and its people more than any other leader in the world. What is needed for Nigeria is serialized strategic planning on how to compete with those nations that exploit the African Continent and its resources. This writing is on the same page with Professor Paul Collier of Oxford University, London that “Africa is a trapped resources’ continent” and that it must be stopped. (The Bottom Billion, 2007, London).
And again, Nigeria must absolutely avoid dependency on oil for economic foreign earnings. By the year 2030 countries in the Middle East, South East Asia and Africa may experience serious economic aridity and precarity when the world plunges into massive use of AI and robotics services. This writing understands that President Ahmed Bola Tinubu’s government has the intention to find ways and means that will be the way out on how to boost the economic prosperity of Nigeria. Although it is not an easy task. But for sure he has been doing his best but most Nigerians cannot understand. Because the unfortunate issue is called “global order.”
But the current policies implemented by Yemi Cadoso’s CBN are all peripheral measures that can only give relief to citizens for some time which cannot give permanent economic cure for the nation. Meaning, by giving the palliative to citizens such as food items and so on that is a temporary solution to individuals economic precarity especially in a country that practices what late Malam Aminu Kano described as “African family welfarism system”. Hence, capitalism is not an easy game for the African Continent.
This writing understands that President Bola Ahmed Tinubu agreed to risk and surrender his political popularity with a view to bring back the country’s economic glory and to bear all the means of the ten prescriptions of IMF/WB of which at the moment there’s no two way about that as a global economic direction/order. Some of the economic emerging nations such as Kenya, Brazil, India and Pakistan succeeded economically and others (Saudi Arabia, Lebanon, South Africa) are still struggling.
Why did the current Globalization Policy create economic competition as one of the key elements and principles of global economic direction?
Why must Nigeria abide by the rules and regulations of the system to join the bandwagon for the country to attain the economic boost and prosperity?
Peoplesmind