Investments: A Panacea To Graduate Unemployment
In the Africa's Top 200 Companies compiled by the “African Business Magazine” in 2007, only 23 Nigerian companies representing 11.5 percent were enlisted, whereas 34 Egyptian companies' reprenting17 percent were enlisted and 103 South African companies representing 51.5 percent were enlisted.
Among the 23 Nigerian companies, Banks and Financial Services accounted for 56.5 percent, Consumer goods—Food and Beverages accounted for 17.4 percent, Construction and Materials accounted for 13 percent, Diversified Conglomerates accounted for 8.7 percent, while the oil and gas industry accounted for 4.3 percent. Unlike the Southern African companies where the mining and metals industry featured prominently high, our is being dominated banks and the financial services, a sector that is supposed to serve as a lubricant to the economy! With the above figures, do we still need to ask why there is high rate of unemployment rate in the country?
In 2011, about 800 companies left the country for the neighboring Association of Manufacturing Association of Nigeria (MAM), members of the organization spends about N72.6 billion annually on Automated Gas Oil (AGO), while a monthly sum of about N120 million is been paid to the Power Holding Company of Nigeria (PHCN) which has now been unbundled as a result of the power sector reforms/. According to the organization, the money they pay to the PHCN before it was unbundled, could not be justified as less than 1000 Mega Watts of electricity is been supplied, which is contrary to the 3000 Mega Watts of energy needed the association!
Early this year, when Forbes Magazine released the list of billionaires for 2013, United State produced the highest number of billionaires because this is a nation that not only view capitalism as economic system, but also as a way of rewarding people for what there are able to produce of invent. This is why intellectual properties and inventions are jealously protected! For example, out of the 1,426 billionaires released for this year, United States of America produced 442 billionaires, Asia—pacific region produced 386 billionaires, Europe produced 366 billionaires, Latin America, a continent that produced Carlos Slim, the world's richest man has 129 billionaires and finally, Middle East and Africa produced 103 billionaires.
This year's list of billionaires by Forbes Magazine makes it the 27th year, since the iconic magazine began the publication of billionaires list. It will also be recalled that the combined net worth of this year's number of billionaires is more than that of last year. Last year was $4.6 trillion, but this year is $5.4 trillion, which is more than the third largest economy in the world. It is also worthy of note that these billionaires are only $400 billion below the $5.8 trillion GDP figure which made Chin the world's second largest economy in 2010. This is what good economic policies can bring to people and nations.
Most of the times, we blame government for our woes, but, none of the social vices or challenges could hinder Aliko Dangote from becoming the richest man in Africa. Neither did the Financial crisis in Spain was able to prevent Amancio Ortega from becoming the third richest man in the world, a position which has nearly become the birthright of the Oracle of Omaha, Warren Buffet! It is not enough to be rehearsing the success stories of Carlos Slim, Bill Gates, Aliko Dangote, Mike Adenuga among others in seminars and workshops or government sponsored forums, but, the question is what policy is on ground or what reform is been implemented to encourage investment in the country?
I'm not talking of policies or reforms that focus on foreign investors, but policies and reforms that focus and encourage indigenous investors who will grow to become the next Dangotes and Adenugas. How many business days does it now take to register a business and file for other paper works in Nigeria? Often times we complain about lack of electricity, insecurity etc, but, what about some of the bureaucratic bottlenecks in the country?
Sometimes, it looks as if I'm too critical of the Nation's education sector, but the fact is that, every life's endeavor is a product of knowledge, and it is this knowledge that determines what an entire generation becomes! There is a Chinese axiom that says: “If you are thinking a year ahead, sow seed. If you are thinking ten years ahead, plant a tree. If you are thinking one hundred years ahead, educate the people. By sowing seed, you will reap once.
By planting a tree, you will harvest ten folds. By educating the people, you will harvest one hundred folds”. This is why I will keep criticizing the nation's education sector! And as late Fela once said in one of his songs “Oga Driver”, “… I go shout forever till you hear”, because, according to Oscar Wilde, “Education is an admirable thing, but it is well to remember from time to time that nothing that is worth knowing can be taught”.
Therefore, we must review our garbage in + garbage out style of education that have produced certificated novice for a better system that allows creative thinking, because according to President Obama, knowledge and innovation are the tools to tackling the challenges of the 21st century.
Comrade Edwin Ekene Uhara is an activist and a public affairs commentator. He is also the National President of Young Nigerians for Change.
07065862479, 08076134054
[email protected]
No.29, Ben Mbamalu Crescent, Achara Layout, Enugu State.