Statistics made available by the World Bank listed Nigeria as 125 (13 in Africa) of 183 Economies in its Ranking of countries in The Doing Business 2010 Report. Mauritius, South Africa and Botswana took the top three positions in Africa ranking 17th, 34th and 45th in the World respectively. While Singapore, New Zealand and Hong Kong – China took the First, Second and Third Positions in the world in that order.
Understandably our government officials chose to ignore it totally, probably as it wasn’t an excuse to organize another ceremony to indulge in self praise and recognition of ‘achievements’.
It may also have finally dawn that the era of Prof. Charles Soludo – Former Governor Central Bank of Nigeria- bogus ranking days was over.
During Prof. Charles tenure he claimed all was well with the nation’s financial sector, with Managers of Nigerian Banks providing outrageous figures to back their claims of dubious growth rate due to improvements observed during the Post-Consolidation era as well as taking advantage of lapses observed in the poor supervision by the nations apex Financial Sector regulatory body – The Central Bank of Nigeria, the norm was ‘The Bigger, The Better’. However, when Prof Charles successor – Mallam Sanusi Lamido Sanusi took over on 4th June 2009, He had to immediately launch a rescue plan for the Nations Financial sector, while some still opine as dubious the haste with which the audit of the Eight Banks that were decleared ‘failing’ was carried out, some stakeholders still insist that indeed if Mallam Sanusi had not been bold with the steps he took immediately he took office what we are currently experiencing with the Micro – finance Financial Institutions (formerly called Community Banks) in Nigeria would have occurred resulting in liquidity challenge, loss of confidence on our financial institutions, monumental collapse, massive depositors funds loss etc.
With a key sector of the Nigerian economy showing such signs of systematic collapse one therefor is not suprised at the World Bank’s stattistics.
Furthermore, The FDI intelligence – a publication of The Financial Times, also listed Nigeria as the Fifth Africa Country of the future 2010 with South Africa holding the first position (the third year now) and Egypt, Morocco, Mauritius occupying the other top four positions in that order.
The implication of all this information makes our prestigious Vision 20: 2020 appear a joke and its achievement impossible.
The vision 20: 2020 intends to make Nigeria among the top twenty economies by the year 2020 with the position Nigeria aspires to hold presently occupied by Belgium – International Monetary Fund (IMF 2009) using countries Gross Domestic Product (GDP)
But all hope shouldn’t be lost, the World Bank in its Doing Business Report inferred a Three times present growth rate would ensure Nigeria does not fail completely at achieving any of the goals.
We should not also give up on attaining some reasonable portion of this National Goal as the essence of planning should not to accomplish it hundred per cent but to make an impact by laying the necessary foundation for attaining economic growth and development.
We could reduce the Seven ‘Pointless’ Agenda to Two – Power and Critical Infrastructure (Road, Transport, Housing etc.), empower the Private Sector to participate in Economic activities by providing minimal interest Credits, encourage foreign direct investments, provide waivers and if need be subsidies, improve regulation and reduce government interference or participation and bureaucracy in transacting businesses.
The facts provide that the present day government under the leadership of Dr Goodluck Jonathan have the opportunity to etch its name on History and finally get it right.
Written By:
Oshioke
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