Last time, I stated that Nigeria is the hope of Africa. I also implied that it will be a grievous and calamitous tragedy for Nigeria to fail to meet this expectation as quickly as possible. Can Nigeria rise to the occasion? Yes, it can, but how? The reason Nigeria is the hope of Africa is because of the resources at its disposal. Human and material. However there is a catch. The chicken or the egg, which comes first? Turns out we need our human resources to develop our material resources. But we also need to use our material resources to develop our human resources. What this all means is that like in the advertising slogan of the US marines, we need a few good men. Ladies, don't worry, men here refers to men and women. We need a few good leaders, that's what I really mean. Our leaders at every level must strive to see how we can efficiently allocate all our resources, human and material. Nigeria recently discovered that it is the largest economy in Africa. Of course it should be. I had spoken strongly on that several times. But our newly discovered economic size of $500 billion still leaves a lot to be desired from a population of around 170 million people. Our per capita income of only about $3,000 betrays us. Even though this is much better than in most African countries, it still doesn't make it good enough, if you are the hope of Africa. A per capita income over $5,000 gets you closer to that of countries like Iran, Jordan and Algeria. With $5,000 per head it starts to sound respectable, even though it would still be well below that of South Africa and Mauritius. But with this, your large population would buy you some sympathy, after all except the United States, many of the other very high population countries tend to have relatively lower per capita incomes. In the end, the solution for Nigeria is to grow a robust and globally competitive private sector, by transforming the public sector into a lean and mean machine. I am Magnus Kpakol and that's my view.
Posted: Oct 15th, 2014 @ 02:40:37 AM