Vision 2020: Need for a Purposive Approach
In my International Economic Law class at the master’s programme, one of the subjects that I took special interest in was Development Law for the reason of its essence to Nigeria’s drive for economic development and rebirth. It was within this context that I practically got sucked in, into the study of how Korea was able to utilise foreign direct investment as a vehicle for technology transfer.
What struck most was how Samsung, electronics manufacturer, almost to minute details, was able to actualise its developmental landmarks put in place by its management.
One of the lessons that I learnt was that, despite the peculiar human challenges and obstacles, it is possible to achieve one’s developmental plans, either as government or business enterprise, once the right approach is undertaken in the execution of the plan.
Again, we are at the learning curve to add value to the Vision 2020 agenda, whose intent is to position Nigeria, almost at the lowest rung of the economic ladder (by human development indices) to one of the top 20 economies by 2020. the debate should become vigorous, considering that we have never yet as a country met any of our development projections! And this must teach us that there is something innate or inherent in us that we perhaps fail to factor into these plans. In this regard, it is useful to note that in accord with the practice in most of the countries of the world, the private sector now has the responsibility to drive the growth component of the economy, as did Samsung and the Lucky-Gold Star Group in Korea. That is, the state of the private sector, its character, disposition and resilience would determine in substantial respects how far the lofty objectives of repositioning Nigeria’s economy can be achieved.
How prepared is the private sector?
Pat Utomi, a professor, in his message at Nigeria’s 47th Independence Day, opined that the private sector should do a rethink of the nature of partnership with government in which they hardly speak the truth to those in power because many of them are engaged in rent-seeking ventures rather than in wealth creation. Also, he noted that private sector corruption was now beginning to compete with public sector corruption.
This informed observation from someone who wears the combined caps of an activist, corporate player and consultant, underscores the remarkable urgency of addressing the high content of rent-seeking ventures in the body polity if we are to make any meaningful headway with the Vision 2020 project. Rent-seeking undermines competition, creates a high appetite for corruption and powers a parasitic political and economic class that has little incentive to engage in wealth-creating activities. In this regard, the oil sector, which is the harbinger of this disaster, would require more than the unbundling of the Nigerian National Petroleum Corporation to address this fundamental issue. Using Korea as an example, despite the twin problems of little technology tradition and infrastructure deficit at take-off points, as we currently experience in Nigeria, they were still able to leverage on their comparative advantage in the electronics industry to drive the economy. An oil industry purged of the Dutch disease can also perform this role for us in Nigeria.
Another useful point is merit
Again, Ken Nnamani, erstwhile Senate president, in his inimitable tradition, counselled that merit is a sine qua non for achieving the Vision 2020 goal. When we look around and take a stock of appointments made so far by different layers of government, are we putting forward our best minds? Are people doing very well in business by reason of the superiority of their business plans? The sum total of this is that a culture of mediocrity would not take us anywhere. Given the centrality of politics to the 2020 projection both in policy support and law-making, the electoral system should be streamlined to encourage issues, debates and consensus-building in a manner as may attract the best minds. The oncoming local government elections would be a test of our seriousness about democracy and the rule of law. We need to address the hydra-headed monster of corruption and law-enforcement. There is a way in which these constituents feed into each other and it is important to note that the present police system is grossly inadequate for this present age.
The spectre of local failure should also be addressed. It is always baffling to note that little regard is given to legal infrastructure in economic planning. Any talk about foreign direct investment without factoring the state of legal infrastructure can only hamper investment. The rule of law, quality of administration of justice and the sanctity of contracts, are important investment yardsticks in today’s converging world. The same is true of our research centres. Are they driving our development objectives? Usefully as well are the small and medium-scale enterprises, which constitute not less than 70 per cent of the economy. They are central to unleashing Nigeria’s potential. Also is the direction of our markets. How strategic is this?
Above all, the Vision 2020 agenda has to be value-laden, and must take cognisance of our peculiar developmental needs and appreciate the linkage between economic growth and development. It would not be one that would create an oasis of wealth in a season of poverty. Even though the signs are scary, we should give it our best shot. With the right approach we can achieve some of the goals.
Solanke is a Lagos-based solicitor and consultant on corporate governance and transparency |
