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Should Nigeria embrace Capitalism? Is what’s good for the merchants good for Nigeria?

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Indian merchants who knew Sheikn Rashid recall that his favourite saying was,

“What’s good for the merchants is good for Dubai.”

– Sheikn Rashid

The motto famous in Dubai as the philosophy behind the Making of the Megapolis. They also recall what a thrill it was for Emiratis each time a new merchant arrived to set up shop. Just sixty years ago Dubai’s population scraped a living by picking dates, diving for pearls, or sailing in wooden dhows to trade with Iran and India.

Dubai’s waterways: Dhows pictured on the city’s creek was once the centre of Dubai’s pearl trade

The emirate went from desert backwater to the Manhattan of the Middle East in just 50 years

But today, Dubai is everything the rest of the Arab world is not, with its unfathomably high skyscrapers, matched only in size by its vast, sprawling shopping malls and its residents’ bulging bank balances. As at 2013, the UAE’s per capita income of $48,000 was one of the highest in the world. A robust economy with perhaps the best infrastructures on the planet, one of the safest place to live or do business in the middle east, and generally, one of the safest sanctuaries of global capital. Achieved simply on the back of sound reasoning by good leadership, with a focus on establishing an economy beyond petroleum exports: using their oil wealth to invest in trade and industry for profit in accordance with basic principles of capitalism.

Dubai City

Like Dubai sixty years ago, the economic setbacks of Nigeria can still be addressed if Nigerians can look beyond cheap petrodollar and its criminal enterprise of bribery and corruption, as the nation’s main source of wealth creation. For which the consequence of this chronic condition has over the years impeded the incentives for creativity and the diversification of the Nigerian economy, which otherwise by now should have resulted in the economic independence from petroleum exports, and could have provided revenue generation in multiple growth sectors.

It remains shocking but not surprising that even amongst many of Nigeria’s enlightened youths and elites, a lack of the will or capacity to aspire beyond oil revenue and the followership of the downline of corrupt element still strives. However, from the leadership perspective, the main perpetrators have been myopic leaders whose years of leading with extreme incompetence, gross lack of commercial awareness and arrogance have not allowed for any well-grounded vision beyond the petrodollar.

Indeed, like Muhammadu Buhari, the quality of being perceived, to be honest, or having strong moral principles: integrity, is an attractive attribute of a leader. However, for the President of a country like Nigeria, with severe economic challenges and a rapidly growing youth population, a lot more substance is required for progressive leadership. Until Nigerians elect leaders that could radically embrace policies that promote commercial growth and create business-friendly environments with conditions suitable for domestic and international businesses alike, Nigeria would remain drowned in acute economic ignorance.

Only capitalism can save Nigerians

Undoubtedly, It is absolutely essential to plug the notoriously occurring leakages in the economy, however, with a population of 180 million people with a youth unemployment rate of 13.41% as at 2017 and increasing, a focus on revenue creation to stimulate growth is critically essential. But to date, efforts towards the regime’s myopic economic policy of simply fighting corruption, and its unstructured attempt to overhaul weak institutions have been largely diluted by nepotism and lopsided political prejudice, and as a result, has failed to produce any tangible outcome to count towards poverty reduction.

Sadly, after 4years of expectations, Nigerians are back to the choice of the same narrow mission that has proven to have little or no significant impact on the advancement of the common man in Nigeria. Generally, the efforts of Buhari’s 2015 -2019 regime simply lacked the prerequisite qualities needed to improve the welfare of Nigerians: an unsatisfactory outcome.

As Nigeria heads towards the general elections on February 16th 2019, where Nigerians would be faced with a binary choice, between the incumbent President Muhammadu Buhari and Atiku Abubakar, a Former Vice President of Nigeria, considered to be an advocate of Capitalism, I close by borrowing a famous quote from Shakespeare.

“There is a tide in the affairs of men, Which taken at the flood, leads on to fortune. Omitted, all the voyage of their life is bound in shallows and in miseries. On such a full sea are we now afloat. And we must take the current when it serves, or lose our ventures.”

– William Shakespeare.

Should Nigeria embrace Capitalism? Like Dubai, is what’s good for the merchants also good for Nigeria?

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Politics

Imo: House of Assembly recalled five members it suspended for months

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Imo State House of Assembly has finally recalled five of its members it suspended six months ago over alleged “un-parliamentary” conduct.

The lawmakers were recalled during the Tuesday plenary of the state Assembly presided over by Speaker Acho Ihim.

Announcing their recall, Ihim said the lawmakers were recalled after invitation for an interaction during the Assembly executive session.

The Imo State House of Assembly had in October 2018, suspended the lawmakers on allegations bothering on un-parliamentary conduct.

The recalled members are Chiji, Uche Oguwuike, Ifeanyi Nnataraonye, Donatus Onuigwe, and Kenna Nzeruo.

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Senator: Buhari has no favourite candidate – Yusuf

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The Senator representing Taraba Central senatorial district, Yusuf Abubakar Yusuf, on Tuesday disclosed that contrary to speculations in certain circles, President Muhammadu Buhari was not supporting any particular aspirant for the office of the 9th Senate President.

Speaking with select newsmen in his office, Yusuf stated that Buhari told the aspirants to go into wider consultations with their colleagues in the hallowed chamber for support.

In his words, “I’m only speculating Mr. President on this issue.

“Buhari has no particular aspirant in mind to support. He said everybody is free to contest.

“He has asked all interested aspirants that they are free to aspire but urged them to consult widely with their colleagues for support.”

When further grilled, the Taraba senator said nobody among the aspirants should be contented with being nominated by the ruling All Progressives Congress, APC, leadership.

He added, “Since the position was zoned to the North-East, it is the duty of the lawmakers from the geo-political zone to harmonise and have a consensus candidate”.

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President Buhari congratulates newly elected Isreali Prime Minister

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President Muhammadu Buhari has congratulated Prime Minister Benjamin Netanyahu of the State of Israel on his victory in the parliamentary election.

President Muhammadu Buhari

Buhari in a statement by his Special Assistant on Media and Publicity, Malam Garba Shehu, in Abuja on Sunday, extended best wishes to the people of the State of Israel in the aftermath of the successful conclusion of the poll.

The Nigerian leader, who also wished them peace, progress and stability, said he looked forward to continue to work with the Israeli Prime Minister to strengthen existing cordial and mutually-beneficial relations between the two countries.

Buhari wished Netanyahu a successful new term in office and prayed that his record fifth term would bring enduring peace and security to the Middle East.

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APC challenges Atiku’s nationality. The former vice president replies

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Atiku Abubakar, the Peoples Democratic Party (PDP) presidential candidate in the 2019 election, has said the All Progressives Congress (APC) does not deserve an answer, after contesting his Nigerian citizenship.

The former vice-president stated this in a statement, signed by his media aide, Paul Ibe, on Saturday.

Atiku and the PDP are challenging President Muhammadu Buhari’s victory at the Presidential Election Petition Tribunal, claiming that from the data in INEC’s server, he actually polled a total of 18,356,732 votes while Buhari recorded 16,741,430.

But APC urged the tribunal to dismiss PDP’s petition for incompetence, arguing that Section 131(a) of the Constitution stipulates that a person must be a citizen of Nigeria by birth to be qualified to contest for the office of the President.

Atiku’s statement read: “Dear citizens of our beloved country, Nigeria, His Excellency, Atiku Abubakar, told us previously that he has verifiable and incontrovertible evidence to show that the last Presidential elections were fraudulent, not credible and did not reflect the will of the Nigerian people, and he has been vindicated by the response of the All Progressives Congress and its candidate, President Muhammadu Buhari, to his petition to the Electoral Tribunal hearing the petition he filed.

“The former Vice President based his case on facts and statistical evidence and challenged both the Independent National Electoral Commission (INEC) and the APC, to disprove his factual submissions.

“The fact that the APC chose to base its defence on the ridiculous assertion that the Waziri Adamawa is not a Nigerian should show to Nigerians the type of characters we have in the APC and its government, whose legitimacy runs out on May 29, 2019.

“The position of the APC is so pedestrian and shows such straw clutching desperation on their part, that I shall not dignify it with an answer. Our lawyers would, of course, do the needful in court. But the point I want to draw the attention of Nigerians to is that both the APC and its candidate have by this infantile logic admitted to the fact that they trampled on the will of Nigerians and that their only defence is to attempt an unconstitutional redefinition of the term ‘Nigerian’.

“I am, however, confident in the Nigerian judiciary, as well as in the Nigerian people. I trust that the Tribunal will treat such a claim with the contempt it deserves. We must maintain our fidelity to the rule of law and to our fountain of origin, the 1999 Nigerian Constitution (as amended).

“Atiku Abubakar has served our nation diligently in various capacities, form the civil service, where he rose through merit, to the top of his chosen field, to public service, where, by the grace of God, he was the Vice President of the Federal Republic of Nigeria.

“Moreover, he has committed his assets and talents to developing our nation through the provision of tens of thousands of direct jobs and hundreds of thousands of indirect jobs.”

Atiku added that those who have made Nigeria the world headquarters for extreme poverty, are the very people whose Nigerians should be in doubt “and not a man who worked with President Olusegun Obasanjo to double the per capita Income of our nation in less than eight years.”

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