Recently, the US sneezed and the whole world caught a cold in the form of financial crisis. This crisis stemmed from growth of bad debt that accrued due to someone's greed according to Prof. Pat Utomi.
I other words, some people borrowed money and failed to pay up and this has sent the "whole world" into a recession. (mark my emphasis). I believe the whole world is not in a recession but only the so called developed economies. before I go into that, let me ask this pertinent question,
Where did all the money go?
Is it in some secret vaults or reserve somewhere? in over-taxation by some governments especially on debts accruing on sub prime mortgage? or in some compan(ies)'s reserve? or in the unbanked populations of Africa?
The last point may be justified considering the fact that lots of aids both financial and otherwise have found their way into Africa, consider the over $31 billion Warren Buffet has given as aid (not only in Africa) or that of the Bill Gates of this world.
Is it reasonable to say cash sums where swept away by Tsunami, Hurricane Katrina, Rita etc? we will never stop raising questions on where the wealth of nations have gone to, what is most important is the solution.
In proffering solution, I must first recognize the inevitability of the greatest power behind existence; GOD. "woe to them that go to Egypt for help; and stay on horses, and trust in chariots, because they are many; and in horsemen, because they are strong; but they look not unto the Holy One of Israel, neither seek the Lord!" Isaiah 31:1. ( nothing against Egypt or Israel please, just a relevant quote from the Bible).
This recognition alone is the reason I'm able to proffer this solution to every willing heart reading this write-up.
Secondly, maybe should start considering the fact that CPI- Consumer Price Index- of G-20 economies alone will not solve the problem or maybe we shoulod start considering the prospect of selling to the millions in Africa who have not had access to those goods produced in OECD countries. then we should know they need empowernment. The money definitely must come from somewhere, if the west don't have enough or the EU is so broke, maybe we need to print more money.
Since I have never been to other African countries, let me review situations in my home country; Nigeria. I will illustrate with this short story:
Kunle graduated from the university and completed the mandatory National Youth Service Corps (NYSC) yet was becoming rusty on the shelve in labour market. After about three years of intense job search, he decided that since no matter the economic situation, food remains a priority, he wiil go into farming.
He returned to his village in Olla; Ejigbo local government of Osun State to farm, he was lucky enough that his late father had a piece of land so he planted maize, yam, pawpaw etc with the hope that within months, something from Kunle farms limited will be ripe for harvesting, sales and consumption.
Few months later, his hopes where broken (not totally shattered) because instead of twenty bags of maize, he got eight, instead of eigthy tubers of yam, he got thirty-three and this loss manifested itself on other crops accordingly. By the time he was able to get this crops to the market, he has lost another one and half bag on the average.
This is not a Nollywood story but a recount of what the situation is in Nigeria not due to lack of potentials but lack of stimulation. All these are happening despite the UN warning sometimes in 2008 of an imminent food crisis.
The problem of that farmer (Kunle) starts from inadequate information and education on agriculture, second is inavailability of fertilizer; presently, the only fertilizer plant in Nigeria is that of Notore in Onne, Rivers state and as such, this essential commodity is rationed in the country. This is Investment opportunity 1: Fertilizer Plant
Another problem is transportation, presently; the Federal Government is looking for about $1billion to fund a rail project from Lagos to Kano, two of Nigeria's largest commercial centers, there are unmotorable roads everywhere, still the abundant water resources in the country is not been tapped fro trasnport; Investment: rail, road, water (the dredging of River Niger is on-going), even air because most of the airports are sick.
Apart from Kunle, there are millions of graduates looking for job in factories whose cost of production is already throat-gaggling especially because of power i.e electricity generation in the country is near zero. Investment opportunity: Power plants, Gas development, refinery etc.
These numerous graduates would have also considered agriculture but they can't bear the thought of handling cutlasses and hoes, so ther is need for the importation or preferably, local fabrication of agricultural implements and machineries.
If you are still skeptical of this proposal, consider the followwing:
1. Over 70million people below 20 years of age - Continuous cheap labour
2. National Population of over 140million - very wide market
3. Abundant Mineral resources - Anything can be produced because of raw materials
4. Over 900,000km squared of land mass - you can build anything
5. Very long stretch of coastal land - ease os importation
6. Very intelligent people - right work force
7. The happiest people - right attitude
For more information, search google for the Nigerian government website (www.nigeria.gov.ng)
If you are still not impressed, the watch out for more write-ups on this site.
