After listening to President Goodluck Jonathans 2012 budget speech on Tuesday at the National Assembly, I couldnt control my happiness because it was as if he had just read my mind. The budget speech was well-crafted especially the announcement of the promotion of economic patriotism and reviewing of the ECOWAS Open Border agreement.Here are some of the things Ive been thinking that this country should doand should do them very quickly to engender economic transformation:Today, the poorly articulated ECOWAS open border agreements are ferociously being exploited by the member countries like Ghana which has made sure that companies once thrived in Nigeria have relocated to the country in large numbers. This is informed by its ability to invest massively in its power sector, making power supply cheaper and more reliable in Ghana and by so doing using the ECOWAS open border for dumping in Nigeria products made by these companies. This is in addition to other ECOWAS member countries like Benin becoming transit countries for flooding Nigeria with cheap Chinese and Indian made goods.Given these abuses, it is obvious that to promote and protect our infant industries, no further time should be wasted not only in reviewing the ECOWAS border agreements, but also in repealing these agreements. This, too, will send the right signals to those countries that want to use Nigeria as their products dumping ground and thus come to terms with the realities in the new Nigeria. In other words, they should either invest in Nigeria or face our nationalist protectionist policies. No doubt, those companies that left Nigerias shores for Ghana and other West African countries will be forced to return to Nigeria.Closure of these borders and treating goods from ECOWAS like any other foreign goods will bring back most of these companies besides regaining lost tariff revenues for government.It is my considered opinion that ours should become a self-serving economic diplomacy, where we have no permanent economic friends or enemies, but our permanent economic interests. What this means is that henceforth our ambassadors should be carrying corporate suitcases wherever they go to represent Nigeria. Also, henceforth, Nigerian leaders should learn the art of diplomacy based on the display of some disarming smiles, while fully keeping their eyes on the ballour national interests.Where appealing to enemys conscience is what it will take for the enemy to give us a breathing space, leaders of this country should all master the use of appeal without confrontation. But where looking tough and standing firm should be the only way to getting result, our leaders should stand firmer without trying to give the enemy any space.An economic patriotism that bans any form of adverts of foreign contraband as well as foreign products that attract up to 100 per cent tariff should be explored. This is to encourage local consumers to purchase goods and services made in Nigeria through the shielding of our domestic market. The goal is not only to support economic activity, it is also for the promotion of social cohesion. Economic patriotism is commonly practised in Asian countries and recently in the Eurozone economy.Odilim Enwegbara, economic analyst, wrote in from Asokoro, Abuja via odilim_enwegbara@yahoo.com
Click here to read full news..
