Obadiah Mailafia
25 December 2008
(Page 2 of 2)
For America, it will not be the end of the world, but it certainly signals the end of en era. In over-extending herself beyond her means and her material capabilities, America has ended up alienating her allies, pursuing a unilateralist course that its wisest statesmen would never have dared to contemplate. In so doing, George W. Bush and his neoconservative brethren have exhausted the moral capital that the American Republic has accumulated for the better part of a century. More than at any time in her illustrious history, America stands isolated and bereft of moral authority - and on the verge of
We in Nigeria have an opportunity to relaunch our development on new and more robust foundations. Priority must be given to addressing the severe infrastructure constraints that are so glaring. There is a need to address supply-side issues as well as the institutional environment in general. Another missing link, in my view, is the absence of an effective anti-monopolies regime. Our economy has a fearful symmetry of cartels that are feeding fat on our country and defrauding customers by charging exorbitantly for poor services and products. I have always believed that a free market economy without effective regulation is like playing Hamlet without the Prince.
We also need to re-visit the imperatives of economic and industrial competitiveness. Nigeria currently ranks 94th according to the 2008 Global Competitiveness Index. We fare even worse, at 114th out of 181 countries, according to the World Bank report on the ease of doing business. To achieve this, we have to deepen the reforms which were begun in 2003 within a coordinated strategy anchored on structural transformation and the creation of nothing less than a New Nigeria.
I have to confess that I am not one of those who are easily taken in by the report attributed to Merrill Lynch, which declares our economy to be the safest in the world. As far as I know, our alleged safety derives from the paradox of marginality - to the simple fact that we are not deeply hooked into the global digital economy. It is foolhardy to behave like the proverbial ostrich when Rome is on fire and when the embers of financial contagion have been unleashed everywhere.
Madam President, talking about the much-vaunted Vision 2020, I am constrained to note that we are yet to see a clear economic strategy around which to anchor rational expectations and mobilize the vast resources and energies of our people. Our leaders have all but forgotten the onerous task of nation building. The simple truth is that we are not yet a nation and we are far from having that spiritual bond which the British political philosopher Sir Ernest Baker regarded as the most critical factor in the building of a united and prosperous democracy.
Clearly, we have enormous work to do and several steep mountains to climb. At the global level, we would need to work with others to hammer out a brave new world in which the demands of equity harmonise with the imperatives of international solidarity.
Distinguished Ladies and Gentlemen, for us in this benighted continent, the current upheaval provides an opportunity to re-launch the African Century and to consolidate the foundations of democracy that would enhance peaceful and just development for our long-suffering people. After a millennium of servitude, our continent may, at last, be coming to its own. No nation is better placed, in my view, than ours to champion this continental rejuvenation, whose foundations must be built on sound economic and public management. But I daresay that we will not rise to the occasion until we have transformed our national mindset, reformed the way we do business and changed the structure of our politics and the very spirit of our constitution, leadership and nationhood.
(Being the summarised version of the Annual Dinner Lecture Organised by the Banking and Finance Committee of the Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA) at Hamdala Hotel, Tuesday 16th December 2008). Dr. Mailafia is Chairman of the Centre for Policy and Economic Research (CEPER), Abuja.
Read comments. Write your own.
Copyright © 2008 Daily Trust. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
hello, your article on the above has done a great justice to he financial meltdown more than a university lecturer will do.it is now clearer to me and my mates why and how the meltdown should be a concern to us, we have often taught it is an american issue,But will this affect Tax demand by government, i think it is time we shift away from enterteinment as an industry and face production so that we can have more to generte income and improve our GDP good job. well done and god bless you