Nigeria Must Decide On What It Wants To Make Progress - Omoigui
Nigeria is blessed with abundant natural resources - agreed.
It is also blessed with arable land, not to mention some of the finest black people alive
But the country continues to struggle, with raw poverty reeking across its length and breadth.
All this may be because, the country has yet to make a definite decision on what it wants to achieve economically.
This was the submission of one of Nigeria’s finest investors, Eghosa Omoigui during a visit to Bounce News on Wednesday.
“The question you should ask is what sort of economic growth are you trying to achieve?” Omoigui started.
“People ask about systems and I ask myself, what is the most important resources we have as a country?
“Everybody talks about oil but the fact is that oil has a finite life,” he said.
He said: “There are two countries I like to make references to. One is Singapore - more of a city state - and the other is Germany.
“And you know, the one singular similarity between those two countries is that they both lack natural resources.
“Germany which is the most dominant economy in the European Union has no natural resources. It is one of the most expensive economies, yet one of the leaders in low cost manufacturing.”
He added: “A lot of these things is not about government systems, it is more around what you are trying to achieve.”
According to Omoigui who is also the Founder and General Managing Partner of EchoVC Partners, “What we will find at the end of the day is that a new generation of wealth will come through investing in intellectual property. And that is how you get to sell Nigeria as a product successfully and it can be done.”
He said: “First, there is a lot of talent here. You should ask yourself, why do Nigerians go overseas and they excel? There are still those who go and get crimialised but there are substantial number who excel through hard work.
“On a per capita basis, Nigeria has the highest number of PhD holders in the United States. That is real hard work put in over a decade. Ask yourself, all these signals about ability to persevere, to succeed, what is with it here in Nigeria?”