That Twitter did not locate its African base in Nigeria, may turn out to be a blessing in disguise for Nigeria. Yes, they will create jobs – at most 15,000 jobs. Who knows the terms of agreement, which may not be made public.
Instead of looking for Direct Foreign Investment, DFI, Nigeria should look inwards and develop its economic policies. China did not depend on direct foreign investment to be where they are today. America did not depend on direct foreign investment to be were they are today. We may also take a look at India as well. These countries looked within themselves and created something unique, and this has been the anchor of their economic growth and development.
China, India, USA, Germany, and many other economic powers dictate the terms of any foreign investment and not the other way. You accept their terms, you do business, you don’t accept their terms you stay out.
For Nigeria to have a seat at the table where world fiscal policies are made, it must develop its local content, create and build its own originality, grow its human capital, and make economic policies unique to it without foreign interferences.
Why have the oil companies not been made to face penalties for polluting our environmental? The answer is simple. They dictate the terms of the business arrangement and pollution. Nigeria needs them more than they need Nigeria, especially based on the initial and ongoing terms of doing business.
Years ago, in the coastal areas of the United States, BP had an incident of oil spill. Within a month they were paying compensation, paid for the clean up and tendered apologies. They retooled, and put in place internal policies that will not only prevent such spill, but also ensure it never happens again. Why was that? BP needed US more than the US needed them. It is every companies’ dream to deal with the US.
Therefore, Nigeria must develop its local content and create its own originality to be able to seat at the table with the big players, playing chess.
What did the Chinese and Indians do differently? China sent her citizens to study in the West. They studied the western financial policies and economic development plans. China focused on developing their vocational institutes. They knew that manufacturing will one day be the future. They know they have the population, and labor will not be an issue. China deliberately devalued her currency and made the country a place to go if you want to manufacture goods at a lower rate.
China knew the west is capitalist. The West took their designs to China for production, China does the production and copy the design to produce more on their own. The West could not do much about it because somewhere in the documents, there were no provision for copyright infringements.
Let’s move to India. Indians in Diaspora focused on three major areas: medicine, engineering and science. They got jobs in the US, they exported their knowledge back to India, where they built tech centers – not houses, not hotels. They made way for some of their people to come study in US. They populated the Tech, science and medicine fields. Now must US jobs are outsourced from India.
Indians are now entering into the world of finance. They are becoming big players in finance.
I share with my Nigerian brothers and sisters; let’s emulate the Indians, the Jews and nine out 10 see me as a dreamer and crazy. They talk down on Nigeria and Nigerians. Many of them believe that nothing good will happen or come out of Nigeria. I won’t bore you with some of the outrageous comments I have heard. They say government did this, government did that, politicians are so corrupt. They have stolen the country dry.
Now the kicker, this person saying all these things works in a bank or a government parastatal. This person has two children in an American university. Where and how did he get the money to pay their tuition. Now the University tuition here is not cheap. Tell me how one man can afford to pay over N40 to N50 million a year per child. We have not fathomed in other expenses oh. How much is his salary?
For example, here in the US, most of the economic policies are made by business men. They come together, come up with a policy, bring the legislators in, educate them on the merits and the legislators push the policy forward.
Everybody knows that China makes their country attractive for the West, however everybody does not know how China got there. One way China got there is by looking inwards and developing what they know as their strength.
- Labor cost: China is not unionized and have lower labor cost
- China focused on vocational skills, like tool and die, machine fabrication, etc
- China devalued their currency in comparison to the USD. Companies like Apple, Walmart, etc found it attractive to produce their products in China at a very lower cost. Most, if not all Apple products are produced in China. All Apple products are designed in US.
China produces Apple products based on Apple’s specifications. Same China will turn around copy Apple’s designs and make fake Apple products to sell to other countries. The Chinese government looked inwards and came up with what will work for them.
Nigerian government and citizens need to look inwards. We have all it takes to be a great nation. Citizens are major stakeholders and we should not leave every problem for government to solve. We should be partners in development and growth.
That has actually become our albatross. Nigeria is blessed with everything, from natural to human resources. The South East for example has technological ingenuity, young children in secondary schools invent so many unimaginable things.
The government should have invested on these children so that in the future, Nigeria will benefit from her investments by exchanging their ingenuity for money when other countries come to hire them, but nay, the government would rather invest in politics and other worthless ventures.
Young children of Edo state are very good in bronze and iron sculptures. I can go on and on. Untill our leaders in power reset their brains and begin to reason reasonably, we shall remain and keep pivoting on one spot till the second coming of Christ.
Nwanoro lives in the US.
