Nigeria In A Rebalancing Global Economy

Emerging economies are playing catch up with the western economies in a global re-balancing economy. This has led to an urgent adoption of ideas and processes that has set the western economies apart from the rest of the globe, even as countries like Nigeria embark on a pace to catch up.

The fact that labour can now be traded on a global scale demands we take a swift approach in make competitive our labour force. For remaining docile in a fast-paced world with changing realities and their dire consequences, we have to begin incorporating ingenious programs being carried out overseas to bring their labour force in global competitiveness and reckoning.

It is expected that recent financial crisis could usher us into a global economy with more balanced trade, capital flows, and consumption. But what we fear is such movement mightn’t be a rosy ride for nations that are prepared, say less of us-crawling to meet a world in a hurry to exceed its zenith in excellence and alter its dynamics for greatness.

Markets are opening up, transport and transaction cost are falling, they all demand we find a way past the bottlenecks that hold us down.

How we use these factors: a combination of urbanization, education, infrastructure investments, new technology, the smart adoption and spread of advanced production techniques, adoption of digital ideas and the evolution of digital standards are all forces that will determine our fate in a global economy that is rebalancing. We can position our economy to play big time.

In all, we have to push hard commerce and trade swap for the technologies and know-how of engineering developments in the west and other emerging economies. We have to plant the seeds of innovation on our soil in order to enjoy the gains that could come from a rebalanced global economy. Keeping debt/GDP ratio low, being wary of legacy industries and their environmental impact, stemming insecurity and growing a rich and robust domestic economy base is strategic as we move ahead.