A couple of days ago, I shared my thoughts on a private sector led strategy for Nigeria. The context was actually a viral 4 1/2 minute video by an Indian Minister, Mr. Ashwini Vaisshnaw on India’s significant progress espousing the crucial role of the Indian government. The video went viral. In the short piece, I expressed my position that Nigeria needs private sector leadership and dominance, not government’s.
For balance, I wish to emphasise a matter of greater importance than private sector dominance.
Botswana’s per capita income is approaching $10,000, Nigeria’s is accelerating on the reverse gear towards $1,000.
Botswana consistently scores between 55 and 60 on Transparency International’s Corruption Perception Index, Nigeria is persistently below 30 out of 100.
The early transformation plan of Botswana was authored by a Professor of our University of Ibadan in the early 70s.
The best minds and the best entrepreneurial plays on Nigeria’s endowment of corporate and natural assets will not get us past $4,000 per capita before an inept and corrupt government reverses the gains, a la GEJ and Buhari.
Without a moral rebirth and a conquest of corruption, quantum progress on a sustainable basis won’t happen.
The 555 principle
Based on research I carried out, published in March on my 60th, any country with a minimum population of 5 million, and a consistent score of at least 55 on the Transparency International’s CPI index for 10 years, is more than 90 percent likely to achieve a $10,000 per capita income. Incidentally, Mr. Folusho Phillips graciously chaired the dialogue.
Read also: A vote for private sector-led strategy for Nigeria
Our transformation needs to be Values-led, then skills-driven. A skills-led agenda without Values as the first step will take us to OBJ’s $3,000+ before reversing us to today’s $1,621. I am resolutely persuaded that if we achieve a score of 60 on the CPI consistently for 10 years, we will at the minimum be at $7,000. If we persist for another 10 years, we will exceed $10,000 per capita.
If we must progress, we need leadership of the government, the churches, the mosques, and the traditional institutions in conquering corruption. Instruction in integrity and ethics must be foundationally ingrained into our education from kindergarten to university.
If we must progress, we need leadership from all sectors of society, including the government, churches, mosques, and traditional institutions, to combat corruption. This requires a concerted effort to instill integrity and ethical values in every facet of our lives.
Education plays a pivotal role in shaping future generations. By integrating instruction in integrity and ethics into our curriculum, from kindergarten to university, we can cultivate a society that values honesty, accountability, and fairness. This will empower individuals to make informed decisions and resist the temptation of corruption.
Furthermore, religious leaders have a significant influence on society. They can promote ethical behavior and social responsibility through their teachings and sermons. By emphasizing the importance of honesty, integrity, and selfless service, religious leaders can inspire their followers to contribute positively to society.
Traditional institutions, such as community leaders and elders, also play a crucial role in shaping societal norms and values. They can promote ethical behavior and discourage corruption by setting a positive example and holding individuals accountable for their actions.
By working together, the government, religious leaders, traditional institutions, and educational institutions can create a culture of integrity and accountability. This will not only help to combat corruption but also foster a more just and equitable society.
On these, we need to be unanimous and unrelenting.
Mr Kola Ayeye is a seasoned professional in the finance industry with over thirty years’ experience in Banking, Financial Services, Audit and Advisory Services at an executive level in both public and private sector.
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