Cash And Carry Industrial Policy

“We are an import dependent economy” – This is what you’re likely to hear if you mention ‘devaluation’ to any Nigerian these days.

But assuming it’s true, how does Nigeria move from being such an economy to one that depends on exports for its living?

Here’s the concluding paragraph of my new piece over at Medium where I outline how Nigeria can possibly restructure its economy in the short to medium term:

Simply repeating that Nigeria is an import dependent economy is no longer enough. Wishing that the economy will somehow diversify itself is not the behaviour of serious people. The current fiscal challenge as a result of the collapse in oil prices ought to be a teachable moment for Nigeria. But it is not the first time oil prices have crashed and there is no evidence that anything was learnt the last time it happened.

The full piece is here. It’s a bit long but I hope it’s worth your time.

Please read and share

FF

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3 thoughts on “Cash And Carry Industrial Policy

  1. Very thoughtful piece there. Frankly frustrating that the current admin is not firing on all cylinders yet.

    Its an open source world & innovation is within reach of those who have ears to hear and eyes to see.

  2. Good piece. However the Irony of using China to depict technology transfer in spite of their perennial IP abuses tickled while reading. (http://www.ft.com/intl/cms/s/0/6469fe72-e4b4-11e4-9039-00144feab7de.html#axzz3r0HErpDk)

    For businesses to thrive in Nigeria, to spark any sort of Industrial revolution, the Government must decide not to be a hinderance even if it won’t support them. You cite the success of the Zimbabwean farmers in your piece, I see you and raise you Dominion Farms (http://dominion-farms.com/NigeriaStatus.html). You will borrow unavailable FX to ship in dissembled factory parts, that will take forever to get cleared at Customs, eventually transfer them via bad roads until you get to the point where you need to build your own bridge as the factory has been built in an area where land touts and fraudsters cannot extort you but is located near water. To copy is human, to paste is divine.

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