World Economic Forum: Recounting The Benefits

Recently, Nigeria became the first West African
nation to host the World Economic Forum. The
event proved to the world that there is increasing
confidence in Nigeria’s growing economic
capacity, while the average Nigerian commonly
referred to as ‘mekunu’ see no relevance beyond
financial profligacy. Most critics hold the view
that the nation should have faced insecurity and
insurgency rather than bringing world leaders to
discuss global economic issues. On the other
hand, some Nigerians remain sanguine seeing this
as an opportunity to improve Nigeria’s economic
viability via the foreign investments and job
creation in an advancing economy.
The forum was designed with an objective of
enhancing the growth and development of African
nations through provision of massive
employment, rise of indigenous industries and
economic diversification amongst others. A key
success recorded was identification of local
industries that have the potential to compete with
global standards while capitalizing on innovation
to meet up with global best practices. This calls
for the Federal Government to adequately
articulate policies on investment thrust with a
view to engender local investor’s interest in the
economy. This will have a positive effect on the
Nigerian state, Africa and the world at large.
There might have not been a better time for
Nigeria to successfully host the World Economic
Forum than now. Nigeria recently overthrew South
Africa as Africa’s largest economy after a
rebasing exercise which translates to high
investment opportunities and possibilities. Before
then, the agricultural transformation agenda was
in place to boost productivity while the national
industrial revolution plan was just implemented to
enhance national competitiveness in the global
export market. Hence, there is need for
stakeholders to explore the opportunities of Public
Private Partnership which comes with this
landmark event.
Global Growth Companies (GGC) characterize a
section of the Nigerian industrial sector and as
well have a good record of industry standards in
revenue growth, leadership in corporate
citizenship and promotion of innovative business
ideas. It is an established fact that 6 out of these
GGCs are indigenous companies pertinently
driving steady economic growth via
entrepreneurship and job creation. If only
Nigerians do not see the big picture, then the
development will remain a premise without taking
necessary action to harness the vast
opportunities that came with hosting the World
Economic Forum.