Nigeria’s 13% debt to GDP ratio gives room for capital investment that can increase job creation and economic growth. Our debt profile can still be increase to be at par with Ghana 70%, South-Africa 50%, and Angola 31% (2014). Statistics about budget, revenue, debt, and expenditure are relevant but the future is entrepreneurship, the present is linked to the future.
Innovation and Entrepreneurship is the language of modern economy, we live in a transformative period where idea rules and dominate economic and political space. The key to Nigeria securing a place in the new industrial age is innovation. It is what defines success in the new industrial revolution, and it needs to be among our defining values as a nation. Innovation is fundamental to our continued growth and job creation. It is impossible to predict where the next celebrity entrepreneur will emerge from, it is certain that the way we respond to innovation and entrepreneurship will determine Nigeria’s success now and the future.
Nigeria will only succeed in this digital economy if we advance our innovation policy across all sectors. We need public and private organization to embrace investment in innovation like never before, including companies in traditional sector using innovation to reach their full potentials. Infrastructural development , education and skills acquisition for Nigerians to succeed in the new economy.
There must be strategic connections among all the key stake holders, government is one voice, and we need other voices like civil society, corporate Nigeria, and religious institutions. National innovation must be an anthem in our lips if Nigeria is to succeed in the new industrial revolution. There must be a policy foundation for the next 10years; we need to position the economy for FDI in the area of technology, biotechnology, agro technology, and technological education.
Innovation is the wave of investment in the developed nations. The government must make national innovation as an agenda, China just released a Five-year plan for the economy, the plan has two main objectives, upgrading of modern industries and expansion of the internet economy. The Chinese Five-year plan was based on five principles, the first is innovation, and it also includes openness, green, coordination, and inclusiveness.
China is showing a strong example for the global economy. The Chinese government is finding new driver of growth in the economy by promoting innovation and entrepreneurship, the proposal emphasizes the need to create a policy environment that can foster homegrown entrepreneurship, including increased investment in research and development R&D. China is showing that national innovation can be across board from corporations to government regulations.
Buhari led government must see national innovation as the benchmark for the economic future of Nigeria. The government must a have a comprehensive plan for the next three years which is “Three-year national innovation plan” firstly great attention must be paid to entrepreneurship and innovation; secondly the government has to embark on thorough institutional reforms which are creating regulations that are flexible for inclusive growth. Thirdly economic growth in the country must be for the people, by the people and of the people which is “Inclusive Growth.”
There must be technology clusters in the six geo-political zone, STEM education is the foundation of modern education, this should be done with the aim of promoting Self- Organizing-Learning-Environments (SOLE). Policy continuity must be an anthem, regardless of the political party, we must ensure that policies that are good must be implemented.
We must learn from the Chinese, the economic reform that made China a strong power in the global economy was started in 1978 by Deng Xiaoping; in 36years the greatest story of the modern economy was created. We must start seeing the future from the prism of today, reaping our demographic dividends can only happen if strong credence is giving to great ideas that could be transformed to great policies.
Generation Y, Millennia’s and Generation Z are the largest of our demography, preparing and planning for them by creating a conducive environment, and fashioning out policies that improves their standard of living is the wisest thing to do. The future and the present is the Nigerian people, there must be a strong marriage between urbanization and technology, we must urbanize the rural area by taking development, quality education, and good healthcare services to the rural dwellers. The best way to reduce the huge income gap is by urbanizing the rural areas; this will stem the rural- urban migration.
The potentials of Nigeria’s economy are huge, it takes a brave heart to look beyond the limitations we have right now, it takes innovation to see beyond the limitations. According to Aliko Dangote” If you give me $5Billion today, I will invest everything here in Nigeria. Let us put our heads together and work.” Nigerians need to see the cup half full; we have the capacity to be the next China.”The labor of our heroes’ past shall never be in vain.” God bless Nigeria.
Oluwagbenga Oyebanji – Editor-in-Chief – GoodSuccessng.com
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