Privatisation in developing economy, Nigeria and other S/South nations: the Tinubu’s fine policy on privatization

Privatisation in developing economy, Nigeria and other S/South nations: the Tinubu’s fine policy on privatization

By Abbati Bako

AREWA AGENDA – Privatization is one of the fundamental factor in today’s world economic development for emerging nations.The internal Democracy of APC that took place this week in Abuja which produced Bola Ahmed Tinubu as flag bearer of APC in 2023’s Presidential elections in Nigeria has produced results of 7 agendas if Bola Ahmed Tinubu is elected as president of Nigeria in 2023.

Amongst the agendas is on “privatization policy” of which is one of the globalization policy; integration of global economic interplay. Hence, if this policy is implemented carefully and rationally; will produce positive changes in Nigeria’s economy. So, this writing will continue to analyze each and every 7 agendas of the incoming President of Nigeria in 2023 (InshaAllah) Ahmed Bola Tinubu. Nigeria and Nigerians will have hope in Bola Ahmed Tinubu; can change the history of Nigeria, positively.

Analysis of the situation

Global order on privatisation is one key that saves government tax payers’ money and properties, otherwise civil servants neglect government properties in developing nations. Privatisation policy is one of the key element of globalization. Government properties can be neglected to spoil because it is government owned. Unlike private sectors that are profit-based and every worker is aware of that.

Human beings need to be consistent, hardworking, dedicated and determined in order to achieve positive results. That is the only way society or nation can develop. But taking 70 or 90% of responsibility of man will make him to be lazy and unproductive and unproductivity kills nations almost as much as corruption does.

Working in a private sector is different from working in government sector. Because of the fact that private sector will not tolerate laziness, corruption, lateness and so on. Unlike government sector where anything can happen due to neglects and laxity in the system.

Private sectors succeed due to regulations of rules of the system for profits. Unlike government sector where civil servants mostly do as they wish. Mix economy decrease competition and competition is the pillar of economic booming anywhere in the world. With competition, citizens have a choice and create economic boosts. Unlike in government sector where rules and regulations are brushed aside for self-gain and not the nation’s. I agree that mix economy give relief for citizens but it doesn’t hasten rapid development in a nation.

Chinese do play a kind of mix economy at this time of globalization but I agree with George Friedman that their “GDP’s growth” cannot be maintained forever and there would come a time it will drop.

I’m not saying that the capitalist system is the best; the system has its disadvantages especially on developing nations and refusal of North developed nations to balance the world economic interplay.

The whole of 54 African nations posses less than 2% of global economy and Africa South of the Sahara “contribute only 1% of world trade” (R Gilpin). Also, 54 Muslim nations posses not more than “2% of global economy” and only about 500 universities (there are about 6000 in USA, 5000 in Japan, 6000+ in China and about 1.5m in European Nations) and spends 0.2% on research compared to 22% spent by developed world nations (Dr. Salman, Pakistan, 2010).

Hence, where is the balance of global economy? Economic policy makers need to find ways that will balance the global economy, that is what will strengthen and enhance the capitalist system in nations and boost democratic governance in S/South nations.

Professor John Williamson and co should go back to the drawing board and make critical analysis on the “Washington Consensus” then find ways and means that will balance global economy in favour of global human family generally. This will dwarf insurgency, banditry, kidnapping, conflicts and terrorism in most of developing nations and even in advanced nations. Economy is everything in human life. Economy is the live wire of human societies.

This writing is on the same page with Prof. Paul Collier who observed that no nation can progress in democracy unless each citizen can have “$7 per day or $2700 per annum”. In my country (Nigeria) 60% are not able to realize $1 or $2 per day. So, how can democratic system develop in poorer nations?

International public policy makers must critically look into economic misfortune of African nations and other S/South nations and come up with the perfect solution that will work. In this respect, the Presidential candidate of APC party Bola Ahmed Tinubu should shed more light on how privatization will continue to strengthen the citizens’ economic capacity and the nation’s economic development and reduce “STAGFLATION” in Nigeria.

Dr. Abbati Bako, psc,bsis,Kent, UK, political Strategy and communication analyst. He is also Special Adviser to the Governor of Kano State on Public Affairs

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