It is a truism that Nigeria can overcome its present economic challenges if it takes a critical sector of the economy, that is, capital investment seriously. Actually, private sector participation in any economy makes the economy grow faster and virile, and this why the present initiative by the Abia State government in bringing the organized private sector into the economy by way of vast investment is heartwarming.
The key factor around the world today is to build a private sector driven financial system that gets an economy burgeoning and fledging. Obviously, what should be in the front burner of a focused and visionary government is build an environment where businessmen and women who are not in government will be on the driving seat of its economic goal.
This is necessary as Nigeria; the most populous black nation in the world, runs a mono economy. Sadly, the country’s leadership has so far not devised a glaring initiative that would jumpstart the nation’s economy through the private sector initiative, and this why goods and services are out of the reach of ordinary Nigerians.
Now that a government that understands the dynamics of economic survival and growth is in place in Abia, do we need a soothsayer to encourage it to do more in providing the needed conducive atmosphere for foreign and local investments? Certainly, Abia needs some speedy steps forward that would provide jobs, lower cost of goods and services and make available more infrastructures.
For instant, capital investment increases employment. The more factories, small and medium enterprises are built, the more goods and services are produced leading to economy growth, availability of jobs and higher gross domestic product (GDP).
Today’s huge investments on infrastructure, health, education, technology, etc in Abia State would soon lead to a standpoint of fabulous wealth in the state after all. Investment in various sectors, we know, provides access to new markets and enhances resources. It also makes available technologies and capabilities and leads to reduction in the price of commodities.
If the present revolution in virtually all sectors is sustained, Abia will indeed become the fastest growing economy in Nigeria if not in Africa in the next couple of years. This because the indices that turned things around and made the defunct Eastern Nigeria under Dr Michael Okpara to become the fastest growing economy in the world in the 1960s are gradually manifesting in Abia.
We all know that great leaders think of how to utilize available resources to develop their state or nation for future generation, not minding the inherent discomfort. This is how China, Singapore and the Asian Tigers started. Today, they are world beaters in industrialization and development. In China, Mao Zedong, introduced what was termed as great leap forward, a rapid industrialization and collectivization programme. This indeed gave China its leap into economic dominance in Asia and in the world today.
Mr Lee Kuan Yew of Singapore was the architect of Singapore economic transformation. His economic policies and strategies led the country’s huge economic growth that has today singled it out as one of the thriving nations in Asia and in the world. Lee implemented policies that attracted foreign investment. He believed that foreign investment is the basis for economic growth which he championed by a policy of globalization, strong institutions, infrastructure and education etc.
Therefore, Abians expect nothing less than the continuation of the present caterpillar revolution, prompt payment of salaries, institutional reforms, rebuilding of small and medium enterprises (SMEs), provision of health institutions, putting in place a secured state where citizens are free do their businesses 24 hours nonstop without being attacked.
The planned injection of N10billion by the government and Bank of Industry (BoI) to empower the small and medium enterprises in the state will likely lead to an industrial metamorphosis that would see some of these enterprises becoming large scale in nature in the future.
Certainly, the upgrading of some abandoned public institutions, the project keep Abia clean, free and compulsory education etc are also factors that usually plant a state or nation in the world’s map of economic development and modernization. With all these, one cannot but agree that Abia’s future as a thriving economic Eldorado where the private sector will lead the industrial growth and create thousands of jobs keep the polity stable like the United States will soon be here with us.
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Uche Nwosu, a Public Affairs Commentator, Wrote from Umuahia
