I am forced, by what I saw on television, to conclude that Prez Gudjoe had his best outing abroad, at the recent United Nation General Assembly in New York. I do not know why, but I have found myself following his participation at the meeting. May be, it was for curiosity. Maybe, journalistic instincts led me to follow some of his meetings abroad. And I can say, as a way of assessing his participation, and by extension, Nigeria\u2019s participation at such meetings, that we are beginning to stake our importance through Gudjoe.<\/p>\n
I recall that the 17th edition of the Nigerian Economic Summit, which held from November 10 to November 10, 2011 at the Transcorp Hilton in Abuja, focused on attracting direct foreign investment to Nigeria. Director General of the NESG, Frank Nweke, had argued that the summit was aimed at presenting \u201cthe abundant possibilities within Nigeria\u2019s economic system and the opportunities that exist to forge global partnerships between local and foreign investors.\u201d The 2011 Summit brought together private sector players, who made presentations to encourage, and or, consummate deals by presenting opportunities for which partnerships with foreign investors was to serve as the structure for execution.<\/p>\n
Now, what was the catch? Nweke said the summit would \u2018provide a window for investors to leverage business opportunities which abound as a result of the infrastructure deficits in electric power, roads, rail, aviation, ICT and a strong commitment by the Jonathan administration to carry through ongoing reforms across all sectors of the national economy including financial services, solid minerals and Agricultural sectors.\u2019<\/p>\n
But more interesting, Nigeria had become the darling of the world and was being looked at, from the outside, as the next big thing to hit the world. It is Africa\u2019s largest market with a population of 160 million people. It also has 25 percent of Africa\u2019s GDP and has been projected to become the largest economy in Africa in another 10years. Statistics from a plethora of multilateral organisations speak in our favour.<\/p>\n
Jim O\u2019Neil and his colleagues at Goldman Sachs, in 2007, identified Nigeria as among what they called the \u2018Next 11\u2019. These are a group of countries including Mexico, Korea, Turkey, Philippines, Iran, Indonesia, Vietnam, Egypt, Bangladesh and Pakistan, with large populations and fast growing markets, rising incomes and economic activities with potential to challenge the limits and attack the heights. It was expected that by 2025, Nigeria and the \u2018Next 11\u2019 would have made an impact on global economy like that made by the BRICS (Brazil, Russia, India, China, and South Africa).<\/p>\n
As at the time of the study in 2007, GDP growth among the Next 11 countries was put at an average of 5.9%. This is aggregated to mean a contribution of 10% to global growth. According to Nweke, \u201ctheir share of global FDIs reached 6% in 2005 and share of global trade was above 8% in the same year. The contribution of the N 11 to incremental demand was projected to exceed the G7 in 2033 and to double it by 2050. The study suggested that the N-11 countries could \u2018potentially become very important as sources of new growth opportunities for companies and investors over the next two decades as the developed market growth slows\u2019\u201d.<\/p>\n
Nweke concludes in his opening speech at the 17th Summit that \u201cNigeria was one of these countries and may become one of the 20 largest economies by 2025 and one of the 10 largest by 2050, ahead of France, Canada, Italy and Korea if like other N -11 countries it stays on the path of reforms and transforms its economic system. The IMF had forecast a 5.9% GDP growth for Nigeria in 2011 but recent figures from Nigeria\u2019s national bureau of statistics reported an amazing growth of 7.3% for Q3 of 2011.\u201d<\/p>\n
The above, to my mind, accounted for part of reasons Gudjoe had a good outing in New York. The array of international business leaders, who sought a handshake and brief moment with our president in New York, indicates that indeed, the world is seeing Nigeria in a different light. It could also be concluded to mean that the world is seeing in Nigeria, what Nigerians are not seeing in themselves.<\/p>\n
Gudjoe\u2019s optimism about a better future seems also to have changed things. For now, Nigerians attest to the growing effects of positive steps taken to contain terrorism challenge in the country. There is no denying the fact that government is gaining the upper hand in the battle to contain terrorism. This is commendable. I am sure those investors who lined up to meet Gudjoe in New York, may have studied security reports from their embassies in Nigeria and now know that the situation can only get better.<\/p>\n
Indeed, Nigeria\u2019s position in the world will keep attracting positive interests from investors not necessarily because Gudjoe is president, but more because Nigerians have demonstrated deeper understanding and love for proper conduct and positive support for good initiatives. Nigerians have not shown themselves to be as destructive. Their undying desire to have a peaceful environment would encourage even the worst of pessimists. And it is interesting that Gudjoe is sitting at the driving seat at the moment. His comment to the effect that he would not stay a day longer in office if Nigerians no longer want him is a demonstration of statesmanship. It is also a strong commitment to the demands of democracy. By demonstrating he is not willing to upset the Nigerian system, Gudjoe shows that the unity, and peaceful coexistence of Nigerians, is, to him, a greater lure than the desires of personal ambition.<\/p>\n
This is an added incentive to investors. No investor would agree to rush into Nigeria if either by word or body language, Gudjoe shows that he is prepared to pull down legacies to extend his time in office even if he is no longer wanted by Nigerians. President Robert Mugabe\u2019s speech at the UN General Assembly, and his confession of the painful effects of sanctions on his country, on account of his refusal to live by the norms and dictates of modern day leadership, is a lesson. I think that Gudjoe has even shown greater commitment to doing things right in the privatisation of PHCN.<\/p>\n
Investors who attended the 17th NES, demanded from government, greater transparency and accountability in the privatisation process. With the eventual privatisation of PHCN, Gudjoe demonstrates his determination to build such institutions and instil a positive culture that will make direct foreign investments into Nigeria a given. That is what the investing world wants. That is what Nigerians desire. That is reason he had many investors waiting at the precincts of the UN headquarters for an audience with him. This is a pointer that he optimism, will pay off.<\/p>\n","protected":false},"excerpt":{"rendered":"
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