Nigeria: President Jonathan - Mere Capital Investments Do Not Promote True Economic Growth

President Jonathan campaigns for Foreign Direct Investments (FDIs) virtually every day. Do mere capital investments promote sustainable economic growth and industrialisation (SEGI); do mere FDIs promote SEGI? Again, this article is a bill-board one - an article that should be placed on a bill-board so that many people can read it every day. To Nigerian leaders and many other Nigerians, these questions about capital investment are academic because the answers are obvious. The issue at stake here however is SEGI, not GDP-growth, not growth without development or the trivial type of growth which economists measure. SEGI builds-up individual and national competence. Does mere capital investment build-up the competence of individuals and nations for manufacturing and lead to industrialisation? Industrialization marks the divide line between rich and poor nations; whereas industrialized nations are rich, non-industrialized nations are poor. This article is written to plead with our President, Dr. Goodluck Ebele Jonathan and his men and women in government to realize that mere capital investments including FDIs do not promote the growth that makes impact on the people. They should stop managing the economy based on the wrong belief that mere capital investment builds a nation. More importantly, this article urges all leaders in Nigeria to promote education and training to facilitate the rapid industrialization of Nigeria.

History, logic and Nigeria's experience proved conclusively that mere capital investments do not promote SEGI. Nigerian leaders should stop unnecessary campaigning for FDIs because SEGI is internal to a nation. Nigeria should stop wasting money on organizing investment fora all over the world. President Jonathan, the president who holds a doctorate degree in science, should stop singing the songs of indoctrination composed by social scientists for Africans to sing. This article is important because it discusses the bases of the failure of all Nigerian plans since 1960. The four 4-year national plans 1960-1985, SAPs, NEEDS, Visions 2010, 20:2020 and Jonathan's Transformation Agenda, have all been based on the wrong assumption that mere capital investments, especially FDIs, promote SEGI.

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