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Nigeria's journey to economic stardom

Published by Nigerian Compass on Tue, 20 Dec 2011


After listening to Mr. President's budget speech, I couldn't control my happiness because it was as if President had just read my mind. Here are some of the things I've been thinking that this country does ' and does them very quickly: 1. Reassessing ECOWAS border agreements: Today, the poorly articulated ECOWAS open border agreements are ferociously being exploited by ECOWAS member-countries like Ghana that besides making sure that companies once in Nigeria have relocated to Ghana in large numbers, thank to Ghana having disproportionately invested massively in its power sector making power supply cheaper and more reliable in Ghana and by so doing, uses the ECOWAS open border for dumping in Nigeria products made by these companies relocating to Ghana. 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 to come to terms with the new Nigeria. In other words, they should either invest in Nigeria or face our nationalist protectionist policies. No doubt, those companies that left Nigeria's shores for Ghana and other West African countries will be forced to return to Nigeria. 2. Need for self-serving economic diplomacy: Henceforth, ours should become self-serving economic diplomacy, where we have no permanent economic friends or enemies, but 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 display of some disarming smiles, while fully keeping their eyes on the ball ' our national interests.Where appealing to enemy's 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. 3. Promoting economic patriotism: An economic patriotism that bans any form of adverts of foreign banned goods, as well as foreign products that attract up to 100 percent tariff. 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 Eurozone economy.'Enwegbara wrote in from Abuja.
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