THE GREAT DEBATE: WHAT MY PEN COULD WRITE AT THE #NBAAGC2017

OPEN OR CLOSED ECONOMY: NIGERIA IN FOCUS

There many things in open economy that without your proper understanding, should not be approved wholeheartedly. Closed economy can be associated with extreme degrees of naturalism whilst at some point I will be speaking on our will to be self-sufficient. I want to exclude myself with extreme nationalism upfront. AIG IMOKHUEDE, president SEC

The idea that economies can be closed is not founded on fact. What degree of openness will an economy have; that is the main question. Our technological revolution, that, the world has to alleviate. So the degree of openness should be what we should be focused on because there is no need to debate ideology. Taking China as an example, we are closed up, poor and impoverished but we stand the chance to grow if we get the help of the World Bank. Through this, stakeholders moved exports to Beijing and a regime began between them. China knew what she wanted by embracing the market in its openness and has thus lifted 70 million citizens out of poverty in 30 years. Singapore gained independence 3 years after Nigeria with the mind of nationalism. It had a government drifted by knowledge with economic pragmatism and evidence. Show me the data if you ask me about the openness and closeness of the economy. DR. OBY EZEKWESILI, vice president World Bank

We generally need support but do we need investment or the necessary finance to develop these structures with Foreign Direct Investment. Do we, on that alter open our economy, do we enact legislations to protect our Small and Medium Enterprises (SMEs) or allow the Foreign Direct Investors take over? NASIR EL-RUFAI, Governor of Kaduna State

I think the level of openness we need here in Nigeria is based on what the data is; and the Soviet Union is the most closed economy. Since 1980 till now, only 18 countries managed to have a rapid growth out of which Georgia is one, Singapore, East European countries except China and Soviet union that progressed through Urbanization and not its closedness. Go for fully opened economy that is my advise to Nigeria. Developing countries need globalization as evident in 2004 and 2005 where Georgia had scrap metal as its source of revenue. Later, car manufacturing companies brought in their FDI and established business in Georgia because of the openness of its economy which reduced corruption, simplified excise, import and export dues and ensuring a free trade situation enabling ease of car distribution to other countries. NIKA GILAURI, Former PM of Georgia

Closing the door against imports except development capital is what china did. BALA SANGA, A.G. of Adamawa State

I think openness will create competitiveness and not a total take-over of the Nigerian Economy. NIKA GILAURI, Former PM of Georgia

We need to be driven by the right facts and evidence in determining the workability of the closed/open economy. Corrupted Elites disrupt the industrialization of Africa. Hence, we need to be disciplined until we can have something that can be likened to discipline, we will continue to toll the road of the Ajaokuta steel company which has been the bastion of chop and go. Therefore, the following should be looked into:

1. Sound Policies: Macro/Micro economies anchored on analytical and empirical evidence.
2. Strong Institutions: Predictability of outcome because of the consequence of the actions that are taken. To the fact of basic rules of the game, the maxim of no one is above the law. Equal opportunity to operate will draw people to proper balance.
3. Effective and Efficient Private and Public Sector Investment which is usually the precursor to diverse range of development to build a strong work force, critical infrastructure that support enterprise. We have the tradition of spillage of what is needed for a nation and human development. The government has to be visionary by envisioning properly and effectively. We must leverage what we have by investing to mobilize resources for private sector in order to encourage a collaborative synergy with the public sector. Botswana has been one of the largest exporter of diamond from a nation that was hitherto 98% aid-based.

Now let’s examine the question of whether Protectionism or fully opened economy will salvage Nigeria?

We need a complete overhaul of the present economic system. Economic Recovery and Growth Product can be an investment on the basis of which the government can engage citizens in the complete overhauling of the economy.  Every sector that has been held back has pulled us away from development. However, the communications sector sets an exceptional platform for a review of the other sectors. It is not far-reaching to radically transform the economy.

Attitude goes into the issue of implementation. Corruption is not an uncombatable element. It is too costly and insistence on action that is incisive with re-orientation, punishment and sanction  is critical.

We therefore need the NBA to grow and with your help credible institutions can be developed and grown. The rule of law, which concept comes from NBA, is crucially needed.  Economic prosperity of citizens is a resemblance of government or a mirror of the elite class. If we took a censor, there are no many of us that has a background as Bill Clinton. Education and human capital led us here and since we have now become, we must be a voice to those who have not become. The demand pressures of good government must alleviate bad governance. The demand size must be a drive to regulate the supply and not just supply but qualitative supply. This conference should be one to foster demand size and the lawyer, a tool for implementation. DR. OBY EZEKWESILI, vice president World Bank

TRUTH TO POWER

My view goes to the reality of the quality of economic development from independence till date. It has remained ever worsening by public policy. If you think foreigners will grow this nation, it would not grow for a long-term. We need to take risks e.g expanding capacities; Kebbi State has taken steps to grow rice, which I see as a welcome development. We can thus do more of this as a nation.

THANK YOU!!!