Although President Muhammadu Buhari has gone to China reportedly to strengthen economic ties and to obtain a huge loan to help fund Nigeria’s N6 trillion budget 2016, there is a need to learn more from that region, specifically from Japan and China.
After the 2nd World War in 1945, vanquished Japan withdrew into its shell and developed its economy from scratch, using local technology, dedicated citizens and tax incentives to emerge a current global power.
China also leveraged on its highly-educated populace, trade restrictions, anti-corruption war and government loans to grow its economy to become the world’s largest economy, arguably competing with the United States.
Can Nigeria possibly learn from these Asian giants through technology transfer, trade and border restrictions and tax incentives to grow a virile economy that is truly Africa’s biggest, beyond mere paper rebasing? Just wondering…
By Abimbola Akosile