Thursday, 9 August 2012


State officials must seek to improve the welfare of the people in general by conceiving and implementing the best pattern of policies which will make for economic development through local initiative and this is the reason why State machinery must be set up to support local businesses. State support for businesses in developing nations ought to be a tool for breeding and encouraging people into the world of productivity which creates employment and self dependency, it is expected to help in promoting young entrepreneurial skills among the youths, thereby paving way for less dependency on government as a means of securing a job which is a common trend in Africa. Businesses that have become global  multimillion dollar organizations started with the available support through government policies laid down by successive regimes.

In the case for Africa as a continent and Nigeria to be particular, there is no reason why the Nigerian government should not provide the enabling environment for young entrepreneurs to excel. The Nigeria people have the talent and the ability to convert their knowledge into productive use. The  Nigerian government needs to set up a scheme that will harnessing individual ideas and support such ideas into reality by implementing programs which will enhance the growth of small scale enterprises. It is glaring that many young Nigerians who wanted to develop the nation through their skills and entrepreneurial knowledge but could not find the right environment due to lack of policy implementation traveled abroad and later used the enabling environment provided by those governments to excel in their various fields.

Many in the developing world have the skills and ability of applying their knowledge to change the state of their economic situation which will bring about efficient productivity and an increase in their per-capital income. But the fact remains leaders are not skilled enough to understand the best formula which will suit the prevailing socioeconomic situations. This inconsistency in governmental policy making made many Nigerian want to migrate abroad and today many are successful. It is obvious that non among them wants to come back home, for they know there is no improvement in policies on ground to excel at home just the way they did abroad.

This is because financial products like credit facilities which stimulates business are out of reach due to high lending rate, credit facility which help ideas to become business are not at the reach of the man with the ability to convert both human resources and material resources into valuable goods. The social infrastructure which provides for the easy flow of industrial take up is in a terrible state.

The influence of the International Monetary Fund  headed by the Western world in many African nations economic decisions is a major obstacle to the development of Africa. African leaders bow to the pressure because of the political and economic dependance it has to the Western nations. The African people have not benefited from the collaboration, the IMF impact on Africa's economic policy making and implementation has hindered the growth of local businesses and human potentials which would have thrown many out of poverty while it complains of massive corruption as the reason for the under-development of Africa.

The Western policy which states that governments are not to support businesses but rather let competition be the driving force was a tool that the world financial institution used to suppress the economic development of my African states. While it is obvious that some Third World nation like China, India and Brazil which did not swallow the idea gained  entrepreneurship and economic advantages by not submitting to the pressure mounted by the tools of the Western institution that has relegated many nations to the back seat. Today, these three countries are proud of producing the largest share of products consumed by the world market and many foreign businesses have opened their factories in these countries.

In between the economic meltdown in the Western societies, policies were made to rescue and support businesses that were said to be too big to fail, many multi- nationals which went bankrupt due to the economic recession in the U.S. and Europe were all bailed out by the tax payers through their governments which preached to Africans what they would not apply.

Africans and Nigerians in particular still have the best brains when it comes to solving our own political and economic challenges just in the manner the BRICS  are presently doing. African leaders have to stand firm and look inwards in seeking solutions to the endemic economic situation and develop a lasting solution not relying on western back policies that have brought no good for decades. The challenge African leaders and technocrats face is the influence of the World Monetary Organizations which makes African leaders blindly follow policies are not home grown and people oriented. I hope many African governments would learn for the politics of economics and provide the best support for their local businesses to compete in the world markets for there is still time to wake up.

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