Nigeria’s Finance Minister, Kemi Adeosun, on Wednesday gave her thought on the expected economic relationship between Nigeria and the Western word at this time. She spoke at World Bank Headquarters in Washington.
Presenting what appears like a productivity vs consumption speech, the Minister says that Nigeria needs foreign investments at this time but the nation would rather have infrastructural investments than “iphones and many expensive suits”.
It is not in doubt that some Western countries are not for the idea of splitting the West African nation. This is not because they are peace advocates per say but because it will affect their businesses and profits.
Nigeria is an amazingly large market for foreign businesses. Past Nigerian President, Goodluck Ebele Jonathan, has confirmed that Nigeria’s relevance in the international community is tied to her size.
So when it comes to doing business in Africa, Nigeria is one of the top countries considered for it.
Re-directing the initial trajectory of foreign investments in Nigeria, the minister proposes that infrastructures take the lead. That way there will be more productivity than consumption.
“We are hungry for infrastructure. We have got 170 million people who don’t have power in sufficient quantities. We don’t have a rail system; we don’t have a road structure.”
“We believe that if we solve those infrastructure challenges, the entire productivity, agriculture, solid minerals, manufacturing, our unemployment problems could all be solve.”
“We think that the time has come; everyone is thinking out of the west. There is nothing left in the west, everybody has to now come to Africa, but we don’t want investors to come to Africa to sell us iPhones and many expensive suits.”
Continuing, she also said:
“We want to become productive, and so we want this investment to come into infrastructure, that will enable us to compete and really enable Africans to stay in Africa.”