How the Private Sector is Increasingly Causing Non-inclusive and Unsustainable Economic Growth in the Nation

hhhhhThe immersion of our economy in the ocean of abjection has necessitated the review of our economic systems which is coming on the heels of a new government. Unsurprisingly, this shouldn’t feel or sound  more or less of an economy or a political  déjà vu, bearing in mind  the  common inherent pitfalls anyone is bound fall into when attempting to  discreetly single-out  the elemental concepts of one system (economic) from the other (government).  How do I mean? For example, a concept like capitalism refer adherently to economic systems while another  like fascism or communism  may refer to a type  government system, and at the same time a type of economic system.

However, reminding ourselves that the economic style adopted of a nation is often a function of the presiding government ruling pattern, one might begin to ask useful and thoughtful questions like; what economy system is our new military-turned-civilian president or government adopting? What government style is he running?  Questions in this light ought to diligently prick our interest and ginger our effort as compatriots in searching for answers. Moreover, for those who can read between the lines of the government actions, especially on the LCD screen of the economy, they might begin to find their bearing with these questions by a token of the ingenuity put in this article paint a clearer picture or decipher the writings on the wall.

However, what is of more quintessence is if whatever strategy adopted by the government style would indeed lift the nation up from of the economy wreckage that have be-fated it by virtue of corruption and other ineffective or failed strategies it has imbibed as a culture in time past.

A socioeconomic concept which is now a very wide reference point of call and action in development policy discourse across the world is said to truly and wholly describe what is foundationally responsible for the evident and inherent economy trauma of nations of the African continent, particularly. The concept, ‘Non Inclusive Growth’ was unequivocally and eloquently confirmed and reiterated by the president-elect of African Development Bank and immediate past former minister of Agriculture and Rural Development of Nigeria as mother of our economy overturn.

The concept, simply described as a development strategy that inherently discourages equitable opportunities or bolsters inequitable opportunities in its process of economic growth. In other words, the gains of the economic growth is not evenly shared or doesn’t spread round all for economic participants or stakeholder in either  every section or sector of society, nation, region or continent.

Consequentially, our continent and the nation in particular are a fatal victim of non-inclusive growth regrettably caused majorly by corruption. However corruption alone is not be blamed as other ill-socioeconomic vices like ;mismanagement, lack of transparency, social and economic insecurity, marginalization of females and youth, high-cost of doing business, inaccessible and unaffordable financing, infrastructural deficit, energy or power  deficit, unemployment, whacky implemented   policies, marginalization of rural development, general economic instability and lopsidedness, jointly    championed  our continent’s  economy , the highest of  the world’s poverty.

On another note, the fatality was amplified by the same input that is ordinarily believed to play a sedative role in the economy mishap and haplessness. This of course may be the general reason the deadly pest that is voraciously sucking   the blood and taking out the life from the body of our economy for its own increment (however selfish and philanthropic )but at the detriment of public either get noticed, corrected or exposed all the while.

As expected, to the surprise or dismay or many; the private sector which is generally dubbed as an all-embracing solution in advancing developing economy, like ours, over the series of setbacks that have ensnared and chocked it shouldn’t appear a saint or innocent if one is to plead the case of our ill-fated economy in the courtroom of ‘Inclusive and Sustainable Economic growth’.

The sector which has been eloquently and actively described  numerous times by international and  indigenous economy academics and leaders like Nigeria’s  Minister of Industry, Trade and Investment in person of Mr. Olusegun Aganga as the engine of growth and a key driver of the nation’s economy might have to be reexamined following the economic pointers that has successfully  thrown caution to the winds  of the new government to painstakingly re-determine the prioritized  role of the sector as a major driver in the positioning or repositioning of the nation and continent for inclusive and sustainable economic growth.

This has hitherto re-laid the bricks of the historical and unending argument of conflicting or controversial economy systems and theories even as they can be more and more confusing with government systems. In a bit to straighten out our take from the argument which been aggravated by urbanization among other socio-economic phenomena, we might ask the question; ‘which economic or government system establishes the most favorable atmosphere or condition for inclusive and sustainable economic growth?’

Generally, it is agreed that elemental concepts of economic or government systems like capitalism, Socialism, Communism, and Fascism of economic or government systems are not always mutually exclusive. Thus it may be safe to say that all nations of the world exhibit to some degree, ‘mixed economy’ as they combine more than one of economic concept or system.

While some of the economic or government systems might have either gone into extinction (as in the case of communism), or might be existent at a bare-minima level , or might be anticipated for a return or resurrection (as Karl Marx predicted communism will eventually take over the economic system of the world), the critical understanding of the underlying factors that methodologically constitute the   establishment of any kind of economic system has continually helped the present world  find its bearing in the wake of the elusive economic changes and environmental changes, like global warming, that have saturated the globe.

Irrespective of the clearly and unclearly defined difference or similarities of the systems-capitalism, Socialism, Communism, Fascism and mixed system- they are on the overall, determined on the Libra scale of who between the sectors (public and private) takes the upper hand in a nations overall mechanism of production, distribution, and consumption of goods and services to meet people’s needs and ever growing wants. In other words, who between the private and public sector takes the lead role in determining and providing what is produced, how goods are produced, for whom it is produced and how much is produced in a nation as they are the four cardinal determinant of a nation’s GDP.

This bugs down to determining which of the two ultimate scenarios creates the most favorable atmosphere or condition for inclusive and sustainable economic growth. Either scenario one;  where the public sector takes the upper hand of the nation’s economy system or  Scenario two;  where private sector takes the upper hand in nation’s economy system.

Nigeria a case study: The refraining of President Muhammadu from selling the Nigeria’s refineries on the basis that it might place the economy in the hands of the private sector and lay it open for possible exploitation which may rain down hardship to poor Nigerian may be socio-economically justified. It was clearly spelt out in the presidential memo that privatization of our major economic outlet (oil in this case) is a move that would eventually go down the line as giving the private upper-hand in the economy which would lead to non-inclusive socio-economic growth as there will increase in unemployment and cost of living and other economy dangerous conditions.

Likewise, the imperative call to recover another of the country’s major economic sector, power, from the hand of the private sector it was managed by for over the last 16 months might be graced by President Muhammadu positive response. On one hand, it is held that the reason behind this call of action is merely owed to fact that the aim of privatizing the sector had not been met because the projection before the sector was privatized was that by the end of 2014, the country would have been generating over 10,000MW but we are still struggling to generate 4,000 megawatts of electricity. On the other hand, it is gathered that the decision is equally very much in light of the president’s strategy and effort to secure inclusive socio-economic and sustainable growth via the upholding of public sector over the private.

In the same vein, the most recent development of President Buhari ordering a probe on the sale of NITEL to private investors in 2014 by previous administration is ringing the same bell his of economic or government system   very loud and clear for the umpteenth time. Accordingly, the President is very much interested in knowing if Nigeria was short-changed by virtues and vices of privatisation. In corollary, very much recently, there has been fresh dust raised on how Nigeria Airways was sold.

As this point, the question as to whose administration (pattern of economic or government) would indeed pilot aright the path of our nation unto inclusive and sustainable economic growth should be resounding in the minds of the compatriots. In an effort to give a head-on tackle to this puzzle, we might have to go back to books.

Rose of privatisation driven government; privatisations has a number of advantages that one cannot undermined as it grows economic exponentially.  It recorded that in the years 1000–1820 world economy grew six-fold, in years 1820–1998 world economy grew 50-fold on the fertilizing platform of a privatization driven government or economic system. Equally, private sector driven government provides; opportunity for people to realize dreams by encouraging positive traits like hard-work and creativity and   reproaching  negative traits such as laziness and complacency that affect the economy. It also provides   choice to customers and valuable goods and services. However, a few bad eggs bearable by privation overrules its golden eggs.

Thorns of privatisation driven government; Albeit a lot has been said on the role of private sector in growth to economy, much less have be said and on what makes the condition right to harvest and harness the growth that would eventually sincere development of our nation. That is, as the private sector is exponentially capable of growing an economy, it’s equally cable of catalytically destroying of an economy. As such, the fragility and extreme-bound (good or bad) in which privatization increasingly portends a nation at the slightest economy turn or twist either caused nationally or internationally is one of many factor that counterbalances its benefits to an economy. In other words, privatisation unavoidably leaves a country’s economy to skate on a thin ice. That is, any nation who can safely skate on thin ice at length may indeed go far with privatization. However, in a socioeconomic and environmental global warming age or condition of the universe, the chances are even slimmer for a nations to skate due to higher risk of breakage or melting of ice.

Advanced economy like USA, Japan, Australia or Singapore have been able to manage privatization to bring out the best in it, even though their economy is highly susceptible to any economical vector or disease. Notably, these developed countries or economies are featured as highly vulnerable and powerhouses of economic downwardness, depression, recession and crunch that spread like wide fire across the globe upon their ignition.

Comparatively,  our economy do not share the same caliber of testimony with the advanced economies  when it comes to privatization because of a lot of factors that are foundationally missing or present the Africa and Nigeria in particular-the giant of Africa. Resultantly, we have been on receiving side of privatization   because we have been more of victim of private sector than a victor due to the inherent or prevailing socioeconomic and environmental conditions that have turned the table against our inclusive and sustainable economic growth.

Corruption seat at the helms of some inherent or prevailing conditions or factors that have made Africa more of a victim of privatisation than a victor. In a carrot-stick-like approach, it is held on of side that a predominantly privatized economy usually do not have large black markets (a haven for corruption), while it is held on the other side that privatisation over-driven government increasingly leads to or boost business lobbying with government. The art and act of business lobbying with government is the kitchen-house for corruption.  This is the slaughter room where a nations shortchanged in the event that the whole righteous essence and intent of privatization goes derailed. Corruptions is now been disguised under privatisation in the developing economy. A huge number of sector in the nation that have been privatized have been fraught with irregularities and saturated with fraud. Private sectors are now both active and passive aide for corruption when cross-examined with public sector.

In a corruption free nation and where the private sector is performing up to expectation, there is not many things wrong with government making the most money.  Bearing in mind that a corruption-free movement minimises wastes to barest via prudent management, there is a lot potential under to centrally-planned economy to have shared-property or a narrowed  gap between common person and wealthy-equitability-  which are major ingredients  for inclusive and sustainable economic growth. After all, public sector or government in the nation is saddled with the major responsibility of creating employment and empowering its citizen – reducing economic fragility.

Underperforming of the economy:  there’s been a grave underperformance of the private sector in the country as it aim and expectations have not been met even at the barest minimal.  In a country where private is been allured, massaged or panel-beaten to take the upper hand of the economy, it’s naturally expected they take the lead role in employment and empowerment of the population, particularly, women and youth. But this is just not the case with Nigeria and the African continent at large. The unemployment rate of the nation is rapidly on the increase which has caused Privatization thought meant to be more of curse than a blessing to our economy.

In comparison with advanced economy like America, the private sector has been commendably responsibility for increase in employment rate and empowerment of the population, particularly, women and youth. The likes of Google and Facebook among the host of others have employed and empowered thousands of nationals and internationals. The reverse is the case with private sectors as only the public sector have been able to recruit labor substantially.

For instance, although the 2014 Nigeria Immigration Recruitment exercise ended up as tragedy because of overcrowding, impatience and stampede at the venue that lead to the death of over 18 persons , the sector received over 6.5m Nigerian applicants from all 36 states of Nigeria (including the FCT) for the 4000 vacant positions in the Nigeria Immigration Service. In the same way, ministries or public sectors in the country are not just the highest recruiters both at once and from time to time. Just recently, President Muhammadu Buhari unveiled Federal Government’s plans to recruit 10,000 policemen 2 years after the last recruitment by the Nigeria Police Force.

Equally privatization has ushered in a costly socioeconomic and physical environment which has energetically stirred up a non-inclusive and unsustainable economic growth as majority of population cannot afford good standard of living and source of livelihood. This is culminated in the huge shortfall in the projection, per phase or time, before and after the sectors of the nation are privatized.

The private sector have been delinquent and deficient in both its corporate and non-corporate responsibilities to the nation’s economy. For example, the rate of illiteracy has soared high in the country because of the increasing number of private universities (unaffordable by majority of the population) that are taking over the public higher institutions.

Equally, on the general, the private sector have been inefficient and ineffective in organization of production, distribution, and consumption of goods and services to meet people’s needs and ever growing wants. Thus, instead of advancing and leveraging the economic sectors, they are rather retrogressing and diminishing the nation.

Under-ageing of the economy: Analytically, the methodology at conception and during nurturing stage of privatization in our nation and continent is erred. How do I mean? For privatization to bless any nation it must come after (or at a stage-in-progress) the public sector have parented and paced the nation’s economy very successfully and sustainably. In other words, for timber to replace an iron rod it the place of construction, it has been a well-seasoned one.

Proverbially, a father hands over his estates to his son only when the son have been adequately parented and have come of age to manage the earned or created wealth of the father successfully. In the event when the father choses to hands over his estate to his son who is underage and do have the right moral and technical-know-how to sustain the wealth, we know from all likelihood that outcome is going catastrophic like the story of the prodigal son.

In the same light, when the motherly responsibilities of the public sector is given to the underage daughter of the private sector, this is more or less an abuse to the economy. More pathetical is the wrong inducing of the underage daughter to economically give birth or outperform her capacity which is even worsening to the economy.

Therefore, in an economic system like Africa, where the private sector (a driver wealth accumulation and inequality) is increasingly taking over public sector (a driver for even-growth or shared-prosperity) with the underlying condition that  private sector is unable to deliver on the right moral and technical-know-how to sustain the wealth of the nation either because it has been poorly parented by the public sector  or due to its own negligence, the economy is dead- bound to drown in  the oceans of hardship and instability.

Private sector, especially in its primitive stage as in Nigeria and Africa is incapable of bearing the yoke to redeem nation’s economy without a backlash or major side effect. Most recession or depression prone economy are fundamentally caused by this foundational mistake they make of putting the cart before the horse or situation best described in Nigeria as   ‘water don pass garri’. The substitution or mismatching of one sector’s maturity for the other has been reason for the often economy capsize know with our nation as the private sector needs to be thoroughly bred before it is given a broad room in the space of economy.

At this pre-nurtured stage of the private sector, it is dangerous for them for obvious and hidden reason, to carry the major part of the economy load. This of course, will lead to musculoskeletal disorders or defect under the ‘ergonomics of the economy’. In other words, private sector can play useful role in raising the bar of economy nationally and internationally but cannot doggedly play a critical role in holistically bringing the nation out of the seemingly bottomless economic ditch she has found herself. That is, the private sector at the growing age can play tangible role in accounting for marginal profit and not the major profit of the economy.  They are more or less the icing on the cake but not the major constituent of the economic cake itself.

The public sector has the strength to go through broad-base economic exercise that thoroughly and originally contribute to building the physique and features of our economy development, the private sector might rather go through easy way of having a body implant or use of steroids which is ultimately backlashing by nature. As such, nationally or continentally, private sector can be sad to be at the lava stage therefore making their capacities for solution short-termed or quickly outlived as they do not stand the test of time. Hence they should be allowed to develop properly until they can fly like the butterfly.

Developed economies of the world by virtue of privatization, like America, are successful at it because the trees of the public sector have grown successfully enough to bear its fruits as the private sector that are equally doing well or out doing the parent, public sector.  They didn’t put the prince before the king while the king is still very much alive and of vigor. The prince of the economy must wait for its own to time to be king of the economy, if a nation is to have an inclusive and sustainable economic growth. An untutored and indiscipline youthfulness, when given some power of control, may wreck the entire destiny of a generation.

However, some justifiable exception might be in the case the where private sector fill in the uncovered or unmade-up gaps of the public sector but they are not to occupy the whole or major outlets of the economy. At times when the public sector go frail or are economically shorthanded, the private sector (though at the not fully grown stage) can actively stand- in for them in the economy. Other times, it could be in be case where public wants to retire some sectors at the true interest of the economy. there could be many more justifiable socio-economic conditions.

Under-diversification of the economy: Private sector have perfected the state-of-art of under-diversifying our economy which has increasingly lead to a non-inclusive and unsustainable economic growth of the nation and continent at large.  The diligent positioning, of the private sector in the nation to assume the credibility of turning around and resuscitating the nation’s public major economic outlet like oil refineries, and power sector is equally backlashing.

It is disappointing that the Private sector rather than focusing on delivering its prioritized duty of diversifying the nation’s economy, actively results to and relies on   appropriating the inadequacies of the government or public sector as its first call of action or duty. Increasingly, Private sector are focused on trying to poach the shoes of public sector in an effort  earn relevancy  and contribute  to the economy, rather than  brace up actions, assemble an economic strategy that would articulate divestment economic policy and urgently retrace the footsteps of the nation from the economic pit that lies ahead of it.

In Contrast, privatisation in advanced economies have diligently diversified their economy with technology while developing economies are merely succeeding at appropriating the achievement or underachievement of the public sector that have been handed-over to them either genuinely or otherwise. As such, it is heinous and deleterious to the nation for private sector to do away with the challenge of fulfilling its first call of diversification of the economy   upon which they rode to economic relevance and earned economic integrity and the scorecard of nation development.

The integrity of privatisation of the economy is borne on originality and not otherwise. They are not recast the existing economy but to build a new one. They are to develop new frontiers of the economy and not necessarily to redress the existing ones. Contrarily, the private sector, rather than charging the public aright and helping them fulfil its role in parenting adequately, aid the public sector in covering its wounds at the entire detriment of the nation. This has led to the unavoidable economic downturn predominant in our nation and have caused non-inclusive national development that is anchored on non-diversification or under-diversification of the economy.

The private sector is meant to get out of its comfort-zone and go into the economic wilds to create and develop opportunities that are truly worth diversifying the economy. They ought to bring into life a non-existing economic outlet for the nation’s economy. There a lot of untapped economic outlet that private sector have side-lined rather than embrace, instead they are filling up for the irresponsibility, ineffectiveness and inefficiency   – under diversifying the economy of the nation. They are to make haste in activating various economic outlets that are yet to be harnessed or discovered as under-diversifying of the economy have bolstered the crippling of foreign and domestic investments and continued slide in the money and capital markets of the economy.

Generally, these factors; corruption, underperforming the economy, under-ageing of the economy  and under-diversifying of the economy among other inherent factors have greatly contributed to the fragility, vulnerability, volatility polarity and instability of the economy that have unfortunately resulted in the negative effects and anomaly of short-changing the nation and the welfare of the people .Hence, defeating the most important purpose and whole benefitting essence of privatization as it the said that  fragility of our society, policy and economic condition is on the rise with over 53% of African nations categorized to be in fragile state.

The aforementioned factors demands high technicality which economies like ours cannot adequately and readily provide. These high technicalities jointly contribute in  making the cost of running economy high that the  nation or content  cannot continually meet on demand basis, therefore to leading to  non-inclusive and unsustainable economic growth. Today in the developing nations, privatization have plague the nation with various  ill-socioeconomic vices like ;mismanagement, lack of transparency, social and economic insecurity, marginalization of females and youth, high-cost of doing business, inaccessible and unaffordable financing, infrastructural deficit, energy or power  deficit, unemployment, whacky implemented   policies, marginalization of rural development, general economic instability and lopsidedness, that have cumulatively championed  our continent’s  economy , the highest of  the world’s poverty.

In corollary, private sector are succeeding truncating the economy as privatisation is said to be upwardly responsible and contributing to the hounding of labourers or worker for inflated concessions, allocations, jobs and other socioeconomic malpractices that are making the nation fertile for heavy financial sleazes, especially when considering the absence of appropriated and articulated clear-cut economic policy for the inclusive and sustainable economic growth. In other words, at the Policy level, ought to be increasingly unacceptable, notwithstanding the reasons being adduced, for private sector to lopsidedly oversee the economy the erratic ways it is known with –taking over all the nation’s major economic outlet without adding or giving back value for the people and the nation.

Though the nation ought to be receiving the dividends and enjoying the gains of privatisation, she is been stung by it as a socio-economic bee. Instead of contributing to the steadiness of the economy, they create for discontinuity because when the government is not working diligently and righteously, revenues wouldn’t be used to create infrastructures that ordinarily bring about share prosperity and equitability in the nation.

Thus, a good measure of things have to be put in place in our economy so that private sector hither to privatisation can deliver rightly on its promise of inclusive and sustainable economic growth. In truth, if the sector is well managed in the hands of well informed and experience economy surgeon, it can amount to exponential growth of the economy. It can change of position from the economic behind that we are to the front line.

As a reminder, a centrally planned and governed economy can stir sustainable –effective economy as it marries a low cost of living and high standard of living which go a far distance in creating share-prosperity and equitability driven infrastructures.  Though Competition (private sector) brings out the best in people, it equally brings about the exploitation of people which is phenomena in this part of the world. However, cooperation (public sector) is the best way for people to coexist, that is live sustainably (socioeconomically and environmentally) as centralise system of economy create opportunity for citizens to explore non-economically-productive pursuits.

Conclusively, the question as to which one of government or economic system is most favourable for inclusive and sustainable economic growth is a question of shadows. The real question ought to be asked is the underlying conditions that is prevailing in either cases- the public sector having the upper hand of the economy or the private sector. As such, rather than be political or socio-economical antagonist by wrongly   taking advantage of move of President to reclaim public sector, we as compatriots should know better that feasibility and viability criteria for any government or economy system to optimise inclusive and sustainable economic growth remains checkable under microscopic lens of; corruption, under-diversification of the economy, under-aging of the economy and underperforming of the economy among other factors. Perhaps, we may also correspond much better with the one economy –one account system of the new president.

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“Technology Development Bank of Nigeria Plc”

Evidently, time has heuristically changed the norm of following the most cost-effective route when adopting a solution to a new dawn of following a most ‘sustainable-effective’ route which is most-possibly achieved on the heels of technology. In other words, technology is now, more or less, the only hope of meeting the compulsory demands of sustainable development as established by the tenets of Sustainable Development Goal (SDG), set to commence under the leadership of president-elect of the   African Development Bank, Dr. Akinwumi Adesina come September 1, 2015. As such, the establishment of ‘The Bank of Technology’- a Financial Development Institution- most practically  poses to be our best attempt (most diligent and intelligent  effort )in creating and managing the expected sustainable development the world (UN) is waiting see of  us(Africa, particularly Nigeria)

Prospectively, with Millennial Development Goal (MDG) winding up to its expiration later this year and the United Nations set to roll out a new windmill Development goal themed ‘Sustainable Development Goal (SDG)’to succeed and escalate the legacy of the soon becoming formal development goals, the call and measures taken towards sustainable development- majorly achievable via technology adoption and exploration – just got higher and tougher. Thus, globally yielding to the prioritization of the Least Developed Countries, mostly found on the south of the world’s map, Africa.

Comparatively, the gargantuan technology deficit predominant in these Least Developed Countries –majority of which make the African continent, Nigeria in particular – and our hope in the attainment of sustainable development is undeniably and obviously farfetched considering over 70% technology shortage we are ensnared in. This has resultantly place a strong call for the implementation of a robust technology program that are indeed geared towards alleviating poverty in the lives of millions. In other words, a lot more work need to be done in establishing and strengthening the technology quadrant of the economy sphere.

Bank of Technology: With the long establishment of the development financing institution like the Bank of Industry Limited (BOI), Nigeria’s oldest, largest and most successful of its kind which was reconstructed in 2001 out of the Nigerian Industrial Development Bank (NIDB) Limited incorporated in 1964, the message is clear on how Development Banks are agent of transformation on directed sectors of the economy bearing in mind that  the bank took off with an authorized share capital of N2 million (GBP)in 1964 and  now has an  increased amount of N250 billion  from  N50 billion it was previous set  years ago. This was done in order to put the bank in a better position to develop our economy by addressing the rising challenge of our nation’s economy.

Similarly, the Bank of Agriculture (BOA) Limited, incorporated as Nigerian Agricultural Bank (NAB) in 1973 is Nigeria’s premier agricultural and rural development finance institution, was equally reenergize via recapitalization in 2010 by ex-president Goodluck’s administration for the righteous purpose of repositioning our economy unto an effective and sustainable development, culminated into the change of the its name to Bank of Agriculture Limited (BOA). Accordingly the financial development institution was restructured and reformed, with its shared capital toned up to N50billion, in attempt to ameliorate the critical nature of agriculture to our national and general economic growth and development.

In the same vein, The Infrastructure Bank Plc established in 1992 formerly known as Urban Development Bank of Nigeria Plc, has its authorized share capital increased to N3.1 billion, as of 2012, in a bid to reposition itself to bring greater impact to bear on the nation’s infrastructural development sector in subsequent years. The Nigeria’s dedicated infrastructure bank, seeks to redress its infrastructural deficit if its goal of joining the league of the world’s top 20 industrialized nations by year 2020 is to be achieved.

With the remainder of the successes of these few exemplary financial development institutions; Bank of Agriculture, The Infrastructure Bank, Bank of Industry, and their role in creating economic development and growth in our nation; would be nothing short of an act of wisdom to establish a Bank of Technology, bearing in mind that Technology is the mother of sustainable development in today’s environment.

Though not so encouraging, The Infrastructure Bank supposedly prioritized ahead of others is left at the bottom with its shared capital, seriously poor when compared to others. More pathetically, the resource used in the implementation of technology infrastructure is being cobbled together out of the existing budget of the paltry shared capital which has inevitably made funds inadequate to (re)energize the technology sector of the economy.

In addition, the optimum performance of the Infrastructure Bank is more impaired by the lumped-up and blurry chunk of the responsibility of providing financial solutions to support key long term infrastructure (technology) projects in the capacity of transportation infrastructure, municipal common services, mass housing and district development, solid waste management and water provision, power and renewable energy project, the bank cohesively undertakes altogether. Apparently, technology has yet to draw enough attention to be duly recognized as an indispensable requirement in achieving sustainable development in our continent, therefore hasn’t necessitated the adequate diligence and dedication needed to propel or propagate technological advances.

The establishment of the exemplified  aforementioned Development Financing Institutions, (DFI) -a type of bank), was deemed fit on the factual basis that puts them as a top of mountain of  solution,  If one is to achieve the desired development for growth in the directed sectors and the  nation’s economy in general. As such, the establishment of  Development Bank of Technology Plc otherwise called Development Bank of Technology (DBT) or Investment Bank of Technology (IBT) is overly due, if our nation and continent is to navigate the ship of her  economy on the right track and the required pace for its full recovery and revitalization.

Roles of the Bank: Like any other Development Financing Institution, established nationally or regionally to provide medium-and long- term capital for productive investment and often heralded by technical assistance in Least Developed countries like African counties, the roles and responsibility of the proposed Bank of Technology may not be necessarily different but dedicated or specialized on technology infrastructures that’s tailored to African continent.

Expectedly, the bank would: work diligently to provide innovative financing instruments and private equity funds toward technological business or investment in Africa ; pioneer several innovative policy and finance initiatives that will leverage robust shared capital in bank finance commitments towards Africa’s technological sector; promote effort that will increase the market capacity of developing countries to export new technology to presently classified developed   countries; successfully  establish Technological investments as having great returns particularly in the African continent; harness targeted oversees aids (monetarily) and push for political conditions that favors the business of technology; Spearhead  subsidy programs that would adequately provide technological resources easily, quickly, effectively and  at low-cost; make diligent and intelligent efforts to leverage domestic bank finance for the provision of technological assets; initiate and uphold programs geared to promote value-chain approach that will improve the linkages in the sectors of the economy and open it up to vibrant business activities; Manage technological  development so that all of the money and investment for technology  becomes attracted into Africa as a source of revenue;   create and follow an approach that would feature specific interventions for technology as a priority via the engagement of domestic, regional and international partners; Guide the continual  funneling of funds to priority areas of technology; prioritize infrastructure(technological) projects that would  help deliver bare-minimum technology for all; Initiate and Fund projects that place emphasis on clean and renewable energy or green energy – solar, hydropower, geothermal, wind; sponsor technologies and global scientific research; Establish  a combination of large, transformative regional power projects and smaller projects that can be executed more quickly and deliver immediate impact for local communities of our continent ; work hand in hand with  financial intermediaries needed to deliver affordable financing to African companies, especially small- and mid-sized companies (SMEs); mobilize domestic resources – pension, sovereign wealth, and diaspora funds – towards technology to further achieve the continent’s development goals. After all, Africa has $158 billion in sovereign wealth funds alone; prioritize blended financing to reduce risk exposure to the private sector; work with governments to lower the cost of doing business across Africa; focus on unlocking technological potentials  that will go a long way towards diversification and building “technological wealth” rather than relying on agriculture, oil and mineral wealth that are at the verge of transformation under the likes of Buhari’s sweep-through; establish the bank as business development advisory services that will enable and facilitate technological decisions and capacity building, strong enough to position technology in SMEs and big enterprises; establish a business mechanism that would promote technological  development, diffusion and transfer; address and prioritize Intellectual Property Right of technological  driven ideas  strong enough to secure venture capital  for technological  businesses-SMEs; uphold Technological assessment capacity that would help to manage, inspect, audit and generally monitor the threat (socioeconomic and environmental)posed by advanced and emerging technology;  establish technology, via finance, as an effective way to promote good health and safety culture in our workplaces and general environment;  and sponsor sustainable physical  environment via technology-driven open spaces and landscapes etc.

Problems of our Economy: According to the president-elect of  African Development Bank, we are greeted with non-inclusive growth regrettably caused by corruption and mismanagement, lack of transparency, social and economic insecurity, marginalization of females and youth, high-cost of doing business, inaccessible and unaffordable financing, infrastructural deficit, energy or power  deficit, unemployment, whacky implemented   policies, marginalization of rural development, general economic instability and lopsidedness which of course champions our continent, the highest of  the world’s poverty.

 

Methodology of the Bank: As such, the establishment of the bank would affords us a head-on tackle strategy as it is initiated and institutionalized to:  Minimize the global widening of the infrastructural  gap through “smart-technology- infrastructural development”; enable the private sector to increase opportunities in the job market; create opportunities for growth that will  empower and lift people out of poverty through  technological revival and promotion; successfully attract enough capital in private sector investment commitments to the technological sector; address issues in technological  development, transfer and diffusion via Technology Facilitation Mechanism; Integrate our region and connect landlocked countries through partnerships with global Tier-1 providers and investment in transnational technology infrastructure like open access submarine fiber optic cable, regional and metro terrestrial fiber optic networks, state-of-the-art data centres with high energy efficiency mode of operation and others that can substitute for costly construction of highways, trans-boundary water basins, and railway, maritime, and air transport systems meant to connect us through to coastal ports; Reduce the greater pressure on other developed countries like US, UK, and  Japan who, because of  extravagant investment attitude to technology may be reluctant or not have enough to help us finance our continent’s technology infrastructure and program; enable technology education, decision and capacity building; create  resilience in the growth process, owed to rapid urbanization,   which presently appears too fast for our economy to moderate or catchup with; severe the cord of corruption to its minimum by improved transparency made possible by  technology to  inject a see-through approach to the supply and distribution chain of resource particularly funds.

Gains of the Bank: The working together of all of  these  would usher in: a vibrant and prosperous technology industry that is well on track to revitalize Nigeria’s economy; transparent economy void of corruption; shared prosperity; empowered population by virtue of access to education, jobs, and finances particularly youth and women via technology; reduced fragility of our society, policy,  and economy which is said to be on the rise with over 53% of African nations  categorized to be in fragile state; increased access to electricity to drive rapid economic and social development; revived rural and landlocked economy by elimination of barriers and having their goods and services connected via technology to viable markets –local, regional and transcontinental; reduce the cost of goods and services by virtues of reduced cost of doing business; shield our resource-rich economies from over-exposure to volatilities in global markets as we saw recently with falling oil prices ;generally transformed livelihoods as millions would have been lifted out of poverty; a more open Africa by virtue  technological integrated infrastructure; successfully improved linkages in the sector of technology that is opened for vibrant economic activities; and a generally reformed continent  politically, economically and socially.

In closing, only a Development Financial Institution like “Technology Development Bank of Nigeria Plc” can cohesively establish Technology investment as having great returns as it has the capacity to pay off many times over and at the same time, harness targeted oversees and national aids both policy -wise and monetary-wise because the establishment and ownership structure (public-private) and role this kind of bank in the economy makes that much of broad room for it.

Thus, by virtue of its establishment, National government would increasingly recognize that access to technology is a basic human right that need to be kept far from citizens economy arm’s length. A vision of a continental access by all to the bare minimum of technology by 2030 can be in view as it is high time government and private organizations stepped up effort to project our technological industry to meet inter-regional and transcontinental demands. The financial institution can also play ample role in liaising for progressive annual budgetary allocation for mobilizing technology infrastructure in the regional or continental development plan. Indeed, the bank of Technology can make Africa, particularly Nigeria, the pride of the world in terms of having huge technology growth that will speedily lead to dramatic transformation of our continent as lives can be transformed by access to technology which means it can equally be deformed by its denial.

The establishment of this bank can speedily bring to fruition the pledged plans our government and leaders, both in the public and private sector, to keep at their drive in using their invaluable skills and vast experiences to make a positive difference in the lives of all Nigerians and Africans at large. Equally, by reason of their role in this bank, leave blueprint on the sand of time of the African continent especially via technological giant strides which has been established in this century as critical in matching forward our lagging behind economy.

Technology must be involved at any level in development strategies. Imagine everyone, particularly women and youth, have access to the basic minimum of technology, it would unleash their powers like never before. Technology is paramount if the African continent and its people are developed and live healthy and productive lives. Women and youth (less strong humans) have a natural advantage and improve their lives. It does not only bring about good standard of living but longevity of lives via its mechanism of eliminating stress, accident, illness or diseases. Technology gives people leverage to start achieving their goals regardless of their age or gender and irrespective of the societal pressure or limitations. Technology can play a critical role in addressing our continent’s challenges and embracing its opportunities.

In furtherance, the need for creating a bank dedicated or specialized in meeting the high demands (financial and political) of Technology is conspicuous at this juncture of economic sojourn unto a sustainable development.  The establishment of Development banks have been fully encouraged all over the world since the 1950’s and has caused them to greatly increase since then. Large regional development banks include the Inter-American Development Bank, which started operation in 1959; the Asian Development Bank, established   in 1966; and of course the African Development Bank that began in 1964 which are presently elected to rule of its affairs and welfare.

This is once-in-a-generation moment and a chance and for Africa-Nigeria to play her part in the recovery of our globally lost distance in the race of technological advancement and sustainable development. The time is ripe for the perception of technology to change in Africa, particularly Nigeria, from that of subsistence to one that promotes wealth through “Technology as a Business”. The need to change the way we see technology – to see it as not merely about development, but as an economic driver can’t be overemphasized.

“One might have to answer the question ‘what can technology do?’ by asking ‘what can technology not do?’ ”.

Open Letter to Dr. Akinwumi Adesina: African Development Bank

Emphatically, time’s heuristically changed the norm of following the most cost-effective route when adopting a solution, to a new dawn of following a most sustainable-effective route which is most-possibly achieved on the heels of technology. In other words, technology is now, more or less, the only hope of meeting the compulsory demands of sustainable development as established by the tenets of Sustainable Development Goal (SDG), set to commence under the leadership of president-elect of the   African Development Bank, Dr. Akinwumi Adesina come September 1, 2015. As such, the establishment of The Bank of Technology’– a Financial Development Institution- most practically  poses to be our best attempt (most diligent and intelligent  effort )in creating and managing the expected sustainable development the world (UN) is waiting to see of  us(Africa, particularly Nigeria).”

While we, as a nation, may yet be actively or passively basking in the reverie of political unsettled hot air of the recently concluded election that culminated into the amazing sunshine moment of Nigeria’s ace technocrat who honourably put our beloved country on the top of Africa’s and the  world’s map again a few months ago, following his victorious emergence as the 8TH president of the African Development Bank; It was even more lifting in our hearts, reading his very recent published story titled, “My Personal Experience” as he again drove-in the nail of his selfless passion to change the lives of hundreds of millions, recounting his very humble childhood as the reality that continually pushes him to the limit of undertaking leadership position that affords him an ample position to take people(particularly youth and women- the strength of any economy and population) from grass to grace.

Albeit his emergence was no surprise to many following his fleet and calibre of endorsement at home and abroad, not to make mention of the new president of Nigeria, Gen. Buhari’s, who from onset has an A-list legacy of strictly supporting persons of integrity particularly  based on merit. His excellency, though not so fond of it, copiously sent his token of encomium and support at the candidacy level of former minister of Agriculture and Rural Development, emphasizing the truthfulness of his vote as merely not owed to factor of patriotism but that the proven track record in career rightfully predates our indigenous leader, globally respected in the development community, for the mega position at the African Development Bank – even as he diligently and undoubtedly demonstrated while a minister under the administration of the immediate past president of the country, Goodluck Jonathan. .

Notably, in an prominent interview- many and my humble self believe(d) earned the political and diplomat gentle-man the number one position at the African Development Bank- granted to The Guardian, he cogently and intelligently laid out his five strategic prioritized for the African continent: integrate infrastructure; private sector growth; creating job for youths and women; reviving the rural economy; and regional integration of for shared prosperity. All of which, he promised would be diligently projected and propelled to lift millions out of poverty.

However, the question as to whether this five pronged strategy of the 2014 Anti-corruption Man of the year will, at the end of the day, lead to an overall positive economic shift of our continent may be justified if we take a moment to remind ourselves of some of the effective Transformation Program he pioneered during his tenure as the Minister of Agriculture and Rural Development,. Accordingly, it was estimated that food production increased to 21 million metric tons by virtue of his ability to use technology in resolving the decades-long riddle of corruption, lack of accountability and other general irregularities that infested and infected our agricultural sector with all manner of worms that were increasingly decomposing our economy at large.

Undeniably, the veneration to technology the 2013 Forbes Africa Person of the year- the first public sector minister in Africa to win the award- creatively and effectively exemplifies when buying-into or putting out a solution cannot be undermined. For example, the e-wallet system he smartly adopted in mopping-up and rejuvenating the nation’s agricultural and rural sector by enabling farmers have access to subsidized farm inputs like seeds, fertilizer, agro-chemicals, loans, insurance, heavy farm machinery like tractors and extension services swiftly and sustainably via mobile phone is nothing short of an impeccable piece of brilliancy and ingenuity anchored on technology.

Prospectively, with Millennial Development Goal (MDG winding up to its expiration later this year and the United Nations set to roll out a new windmill Development Goals themed ‘Sustainable Development Goal (SDG)’to succeed and escalate the legacy of the soon becoming formal development goals, the call and measure taken towards sustainable development- majorly achievable via technology adoption and exploration – just got higher and tougher. Thus, globally yielding to the prioritization of the Least Developed Countries, mostly found on the south of the world’s map, Africa.

Comparatively, the gargantuan technology deficit predominant in these Least Developed Countries –majority of which make the African continent, Nigeria in particular – and our hope in the attainment of sustainable development is more or less farfetched considering over 70% technology shortage we are snared in. This has resultantly place a strong call for the implementation of a robust technology program that are indeed geared towards alleviating poverty in the lives of millions. In other words, a lot more work need to be done in establishing and strengthening the technology quadrant of the economy sphere. This, in fact, has prompted me to write this open letter as a token of contribution and solidarity in the good works set ahead of the 2014 Most Transparent and Accountable Minister by Foundation for Transparency and Accountability come September 1, 2015 in Abidjan when he will be taking over from the outgoing president, Donald Kaberuka.

Bank of Technology: With the long establishment of the development financing institution like the Bank of Industry Limited (BOI), Nigeria’s oldest, largest and most successful of its kind which was reconstructed in 2001 out of the Nigerian Industrial Development Bank (NIDB) Limited incorporated in 1964, the message is clear on how Development Banks are agent of transformation on directed sectors of the economy bearing in mind that  the bank took off with an authorized share capital of N2 million (GBP)in 1964 and  now has an  increased amount of N250 billion  from  N50 billion it was previous set  years ago. This was done in order to put the bank in a better position develop our economy by addressing the rising challenge of our nation’s economy.

Similarly, the Bank of Agriculture (BOA) Limited, incorporated as Nigerian Agricultural Bank (NAB) in 1973 is Nigeria’s premier agricultural and rural development finance institution, was equally reenergize via recapitalization in 2010 by ex-president Goodluck administration for the righteous purpose of repositioning our economy unto an effective and sustainable development, culminated into the change of the its name to Bank of Agriculture Limited (BOA). Accordingly the financial development institution was restructure and reformed,  with its shared capital toned up to N50billion, in attempt to ameliorate the critical nature of the agriculture to our national and general economic growth and development.

In the same vein, The Infrastructure Bank Plc established in 1992 formerly known as Urban Development Bank of Nigeria Plc has its authorized share capital increased to N3.1 billion, as of 2012, in a bid to reposition itself to bring greater impact to bear on the nation’s infrastructural development sector in subsequent years. The Nigeria’s dedicated infrastructure bank, seeks to redress its infrastructural deficit if its goal of joining the league of the world’s top 20 industrialized nations by year 2020 is to be achieved.

With the remainder of success these few exemplary financial development institution, Bank of Agriculture, The Infrastructure Bank, Bank of Industry, and their role in creating economic development and growth in our nation; would it be anything short of an act of wisdom to establish a Bank of Technology bearing in mind Technology is the mother of sustainable development in our today’s environment?

Tough not so encouraging, The Infrastructure Bank supposedly prioritized ahead others is left at the bottom with its shared capital seriously poor when compared to others. More pathetically, the resource used in the implementation of technology infrastructure is being cobbled together out of the existing budget of the paltry shared capital which has inevitably making funds inadequate to (re)energize the technology sector of the economy.

In addition, the optimum performance of the Infrastructure Bank is more impaired by the lumped-up and blurry chunk of the responsibility of; providing financial solutions to support key long term infrastructure (technology) projects in the capacity of transportation infrastructure, municipal common services, mass housing and district development, solid waste management and water provision, and power and renewable energy project, the bank cohesively undertakes altogether. Apparently, technology hasn’t been diligently and duly realized as an indispensable requirement in achieving sustainable development.

The establishment of the exemplified  aforementioned Development Financing Institution (DFI) -a type of bank), was deemed fit on the factual basis that puts them as a top of mountain of  solution,  If one is to achieve the desired development for growth in the directed sectors and the  nation’s economy in general. As such, the established of Bank of Technology (BOT) Limited which may be hitherto maybe called Development Bank of Technology (DBT) or Investment Bank of Technology (IBT) is overly due, if our nation and continent is to navigate the ship of her  economy on the right track and the required pace for its full recovery and revitalization.

Roles of the Bank: Like any other Development Financing Institution, established nationally or regionally to provide medium-and long- term capital for productive investment and often heralded by technical assistance in Least Developed countries like African counties, the roles and responsibility of the proposed Bank of Technology may not be necessarily different but dedicated or specialized on technology infrastructures that’s tailored to African continent.

Expectedly, the bank would: work diligently to provide innovative financing instruments and private equity funds toward technology business or investment in Africa ; pioneer several innovative policy and finance initiatives that will leverage robust shared capital in bank finance commitments towards Africa’s technology sector; promote effort that will increase the market capacity of developing countries to export new technology to presently classified developed   countries; successfully  establish Technology investment as having great returns particularly in the African continent; harness targeted oversees aids (monetarily) and push for political conditions that favors the business of technology; Spearhead  subsidy programs that would adequately provide technology resources easy, quick, effectively and  at low-cost; make diligent and intelligent efforts to leverage domestic bank finance for the provision technology ; initiate and uphold programs geared to promote value-chain approach that will improve the linkages in the sectors of the economy and opened it up to vibrant business activity; Manage technology  development so that all of the money and investment for technology  becomes attracted into Africa as a source of revenue; create and follow an approach would feature specific interventions for technology as a priority via the engagement of domestic, regional and international partners; Guide the continual  funneling of funds to priority areas of technology; prioritize infrastructure(technology) projects that help deliver bare-minimum technology for all; Initiate and Fund projects that place emphasis on clean and renewable energy or green energy – solar, hydropower, geothermal, wind; sponsor technologies and global scientific research; Establish  a combination of large, transformative regional power projects and smaller projects that can be executed more quickly and deliver immediate impact for local communities of our continent ; work hand in hand with  financial intermediaries needed to deliver affordable financing to African companies, especially small- and mid-sized companies (SMEs); Mobilize domestic resources – pension, sovereign wealth, and diaspora funds – towards technology to further achieve the continent’s development goals. After all, Africa has $158 billion in sovereign wealth funds alone; prioritize blended financing to reduce risk exposure to the private sector; work with governments to lower the cost of doing business across Africa; focus on unlocking technology potential that will go a long way toward diversification and building “technology wealth” rather than relying on agriculture, oil and mineral wealth that are the verge of transformation under the likes  Buhari’s sweep-through; establish the bank a business development advisory services that will enable and facilitate technology decision and capacity building strong enough to position technology in SMEs and big enterprises; establish a business mechanism that would promote technology development, diffusion and transfer; address and prioritize Intellectual Property Right of technology driven ideas  strong enough to secure venture capital  for technology businesses-SMEs; uphold Technology assessment capacity that would help to manage, inspect, auditing and generally monitor the threat (socioeconomic and environmental)posed by advanced and emerging technology;  establish technology, via finance, as an effect way to promote good health and safety culture in our workplace and general environment;  and create a sustainable physical  environment via open spaces and landscape etc. Possible only under the wings of technology.

According to the president-elect of  African Development Bank, we are greeted with non-inclusive growth regrettably caused by corruption and mismanagement, lack of transparency, social and economic insecurity, marginalization of females and youth, high-cost of doing business, inaccessible and unaffordable financing, infrastructural deficit, energy or power  deficit, unemployment, whacky implemented   policies, marginalization of rural development, general economy instability and lopsidedness which of course champions our continent, the highest of  the world’s poverty.

As such, the establishment of the bank would affords us a head-on tackle strategy as it is initiated and institutionalized to:  Minimize the global widening of the infrastructure gap through “smart-technology- infrastructure development”; enable the private sector to increase the opportunities in the job market; create opportunities for growth will  empower and lift people out of poverty through  technology revival and promotion; successfully attract enough capital in private sector investment commitments to the technology sector; address issues in technology development, transfer and diffusion via Technology Facilitation Mechanism; Integrate our region and connect landlocked countries through partnerships with global Tier-1 providers and investment in transnational technology infrastructure like open access submarine fiber optic cable, regional and metro terrestrial fiber optic networks, state-of-the-art data centres with high energy efficiency mode of operation and others that can substitute for costly construction of highways, trans-boundary water basins, and railway, maritime, and air transport systems meant to connect us through to coastal ports; Reduce the greater pressure on other developed countries like US, UK, and  Japan who, because of  extravagant investment attitude to technology may be reluctant or not have enough to help us finance our continent’s technology infrastructure and program; enable technology education, decision and capacity building; create  resilience in the growth process, owed to rapid urbanization,   which presently appears to fast for our economy to moderate or catchup with; severe the cord of corruption to its minimum by improved transparency made possible by  technology to  inject a see-through approach to the supply and distribution chain of resource particularly funds.

The working together of all of  these  would usher in: a vibrant and prosperous technology industry that is well on track to revitalize Nigeria’s economy; transparent economy void of corruption; shared prosperity; empowered population by virtue of access to education, jobs, and finances particularly youth and women via technology; reduced fragility of our social, political,  and economic which is said to be on the rise with over 53% of African nations  categorized to be in fragile state; increased access to electricity to drive rapid economic and social development; revived rural and landlocked economy by elimination of barriers and having their goods and services connected via technology to viable markets –local, regional and transcontinental; reduce the cost of goods and services by virtues of reduced cost of doing business; shield our resource-rich economies from over-exposure to volatilities in global markets as we saw recently with falling oil prices ;generally transformed livelihoods as millions would have been lifted out of poverty; a more open Africa by virtue  technological integrated infrastructure; successfully improved linkages in the sector of technology that is opened for vibrant economic activity; and a generally reformed continent  politically, economically and socially.

Technology; youth, women and Waste management: our society is that where most women and girls have ‘turned’ macho-men not because of transgender surgery but for the torrents of domestication that still very much thrive in major part of the African continent. Equally, children and youth have been made adult before their time by been subjected to steroids of abuse and enslavement as they let loose on the street to fend for themselves at very young age, as low as four, of their lives. As such, the indignity and insecurity that heralds such ill practices is  proven to be  effectively controlled or nipped by technology as it holds the capacity to relief or reduce the physical and social maltreatment incurred by them, helping them to reduce the long and difficult-manual, unsafe and unhealthy, process of doing shores and general activities.

Across space and time, people like women and girls, disabled or incapacitated persons, youth and elders, lone-livers who by circumstance beyond their making are prone to the feeling of being alone and apart have technology as refuge since technology’s demonstrated its capacity to support them by absorbing the stress and loneliness that may cause pain and enabling them personally and communally to live healthily within themselves and around the surroundings. With the use of a phone, this class of persons connect to each other and also organize effectively in co-operatives so they can express their demands as members of a powerful group rather than as isolated individuals.

Technology helps to preserve the tenderness of women and youth bearing in mind that this group of individuals are generally regarded as fragile or delicate beings that need extra attention and support. The demands of their continual need of assistance may not feasibly or viably met always by human as their might for routine problem (particularly in Africa – especially in the health setting). As such, technology can fill this gap as vulnerable persons can have access to the right information, at the right time, in the right format and even get on with a video consultation with a doctor, with the use of technology as simple as a phone.

Likewise, on the average, women are also less productive than men for reasons ranging from gender bias in training or education to how hard it is for women to hire and manage male laborers during the high work demands. However,  technology now makes it possible for women and youth to undertake work usually carried out only by men due to huge physical human strength such jobs demands  as they  can done in an automated model , eliminating or reducing the need for such amount of strength and manual-handling, together with the curse(s) that goes it marginalization of employment or empowerment. In other words, the factors that led to segregation of women and youth-inequality in the economy- is effectively brought to check resulting in sustainable development of the economy that radiates a shared-prosperity or ‘prosperity for all’ economy as they can be empowered by technology. Notably, no technology by itself can self-create gender equality or unbiased prosperity but by helping women and youth access connections they never had, technology (e.g. smartphone) can make a big difference.

In the wake of  the involvement of women of our nation and continent  in technology which  seems to have a fresh start following the very latest international challenge of mobile app ideas competition, Technovation World Pitch 2015 which held at San Francisco, USA involving a panel of judges from Yahoo, Yelp, Google, Hackbright Academy and the Salesforce.com Foundation. Convened in a series of events which culminated in the two day World Pitch Conference where nearly 400 apps were submitted from 28 countries which paraded countries like; India, Mexico, Nigeria and the US (represented by teams from Massachusetts, Minnesota, New York and California) among the top ten finalist, but for the first in history, Nigerian team would came out on top globally. The global technology entrepreneurship program for girls was won by the Nigeria team comprise Praise David-Oku, Sonam Kumar, Nmesoma Ogbonna, Charlotte Takem and Grace Akpoiroro, all from Cross River State, and call themselves Team Charis.

However, the whopping $10,000 prize   the team received to seed fund the developed prototype mobile app that helps to address the problem of poor waste disposal by educating citizens, providing users with a e-platform to either request a mobile cart to pick up their waste or report a waste hazard in their environment is not the end of value their success holds our  and nation but the inestimable commitment that have pledge to encourage, empower, build and guide young girls to participate in technology entrepreneurship program by encouraging Parent, government and other able bodies, to  enroll  girls in computer programs at a tender age. More so, they plan to encourage the Provision of technology gadgets for use at home and schools as well as encourage girls and women to pick and study science related courses.  In addition, they hope to generally changed Africa (Nigeria) views of technology by making people see how technology can create positive change in our communities.

Accordingly, the engagement in technology entrepreneurship program helps motivate women to equally think outside the box, boost self-confidence and help them to build new relationships and networking skills by meeting new people from different parts of the world at the same time share brilliant ideas and powerful stories. It also helps them to learn a lot of things about coding and public speaking. They can  be empowered as they can start business at low cost since Digital technology helps to slash transaction costs as people can save and borrow money or purchase product and services securely and in small amounts through their phones.

On another note, the population particularly women and girls threatened by indignity and insecurity is appalling as they are subject to the absence of education, comfort, privacy and safe and hygienic of going about their personal and environmental sanitation. Women who cannot afford to stay any less hygienic else they and their environment might be haven for illness -transferable to children- and other epidemic diseases can have a better and healthier life with the input of technology.

Bare-minimum of Technology: the concept of Bare-minimum rides upon the understanding that a particular amenity of facility is generally acceptable as basic and fit only at a level the user cannot or shouldn’t afford to comprise any further else it would be at the detriment of the  person or environment, and of course the economy at large. That is, as one cannot compromise the requirement of water; clean and safe-for- use or basic sanitation; safe and hygienic to the persons and the environment at the bare minimum, so it is required in the sphere of technology. Generally, mobile phones, computer and internet, mobile-network are regarded as the ‘Bare-minimum of Technology’.

Accordingly, More than two-thirds of the people on the planet have access to mobile phones, and, increasingly, these are smartphones. Last year, more than 1 billion smartphones were sold worldwide. These statistics may be somewhat encouraging, but we’re not even close to universal smartphone coverage. In the same vein, data must very costly. Many people with smartphones don’t even use the internet because it is unaffordable by them. Likewise, Connectivity hasn’t reached most remote places in Africa, where the need for connection—in the widest sense of the world—is greatest.

Resultantly, most countries in Africa are classified as high priority countries for aid investment in technology as over 70 percent lack access to bare minimum technology. The ratio of women that have access to bare-minimum of technology is saddening even though technology is already increasing in countries like Bangladesh and Kenya, many emerging digital economies are male-dominated as men own mobile phones at much higher rates than women.

Considering the proportion of the poor in our continent to the ‘bare minima’ of technology like mobile phones, computer and internet, we are left behind when it comes to technology movement. More unpleasantly is the fact that illiteracy is becoming a girls’ problem, and women who can’t read will never get the most out of their mobile phones. Consequently, this leaves the big job of making sure that women and youth own phones in the same numbers as men and have access to apps designed to address their specific needs bearing in mind women are more than men in Africa and even in South Asia.

Threats of Technology: As the say ‘there is no pain without gain’. In other words as there is no improvement or solution without its own risk. Technology poses a significant environmental risk or cost (humans, social, and health) that are major burden, particularly, to Least Developed countries- African countries- more than the advanced countries because of obvious general factor of mental and physical, financial, political, economic and social incapacitation that  evident inherent in continent.

When the capacity to manage technology is inadequate, it may become a curse; jobs can be threatened by technology advances such as synthetic biology, robotic and artificial intelligence that may easily substitute for humans or numbers of human required in a job or employment. Equally technology advances may be a haven for environmental hazard- release of deleterious materials or element -which may be timely elusive and overly costly to control. Ultimately, this leads to global environmental concerns like global warming, green-house gas effects, emissions of poisonous rays or wave strong enough to collapse major or all human activities and lead to a global socio-economic crunch.

While it may be said that Africa has done little to contribute to the damage caused to environment, we are increasingly on the receiving end of climate change and are suffering heavily from the effects of it. The disproportionate price our continent is paying for climate change, has greatly added up to the socio-economic crunch that has been fingering it. As such, this places an urgent call for the inspection and auditing of the socioeconomic and environmental implication of advanced and emerging technology.

In Closing, only a Development Financial Institution like this bank this can be cohesively established as  Technology investment have great returns and pay off many times over and at the same time, harness targeted oversees aids and political favorable conditions. Thus, by virtue of its establishment, National government would increasingly recognize that access to technology is a basic human right that need to be kept far from citizens economy arm’s length. A vision of a continental access by all to the bare minimum of technology by 2030 can be in view as it is High time government and private stepped up effort to project our technology industrial to meet inter-regional and transcontinental demands. The financial institution can also play ample role in liaising for progressive annual budgetary allocation for mobilizing technology infrastructure in the regional or continent development plan. Indeed, the bank of Technology can make Africa, particularly Nigeria, the pride of the world in terms of having huge technology growth that will speedily lead to dramatic transformation of our continent as lives can be transformed by access to technology which means ad equally deformed by its denial.

This has made me write this open letter to the 2013 Leadership Newspaper Public Servant of the Year, who has shown beyond doubt his ability to reach out across organizational boundaries to connect people and institutions, including those in the private sector as he has worked with Heads of State and Finance ministers, leaders of the commercial banking industry, and central bank governors across Africa. Unarguably, he stands the best chance of replicating what he’s done so successfully in the Agricultural sector of Nigeria – building opportunities for growth and lifting people out of poverty – on the African continent on wings of a huge buy-in to  technology advancement.

The testimonies and merits of the quinquagenarian is more or less boundless as he’s successfully led huge and global efforts that leveraged domestic bank finance for the lineage of previous  sectors he diligently worked for in time past. He has, time after time effectively in many sectors, contexts, and countries across the continent, engaged African and international partners at the highest level, and joined together the financial and development worlds to bring about results of lifting millions of people out of poverty.

Beyond measures, his passion, vision and ability to build effective partnerships are getting rave reviews in global and African media as his candidacy received strong boosts from key non-regional member countries, with support from prominent global leaders. Has very broad support and strong backing from across Africa, from West, East, Central, Southern and Northern Africa – including strong support from major francophone countries. Dr. Adesina has visited several countries and met with Presidents and Governors of the Bank.

The path trailed by the 2014 Most Outstanding Minister by the British Nigerian Chamber of Commerce is highly commendable and enviable, especially considering the penury and obscurity of technological advancement prevalent in this part of the world. He was described by the former UN Secretary General, Kofi Annan, as “a dynamic and inspirational leader who can lead the process of transformation with commitment and determination. He is Known as an agent of transformation of sector and lives via the heels of; bold policy reform, support and empowerment of youth and women through the launch of solution-driven technology system that sets the pace in positive result- at scale in Africa and the world as a whole and innovative fiancé initiative that leverage adequate capital in bank finance commitment towards the development, improved transparency via technology.

The establishment of this bank can speedily bring to fruition his pledged plans to continue on his drive to use his invaluable skills and vast experiences to make a positive difference in the lives of all Africans. He can also, by reason of his role in this bank, leave blueprint on the sand of the African continent especially via technological giant strides which has been established in this century as key in matching forward our lagging economy.

Technology must be involved at any level in development strategies. Assuming everyone, particularly women and youth, have access to the basic minimum of technology, it would unleash their powers like never before. Technology is paramount if the African continent and its people are develop and live healthy and productive lives. Women and youth (less strong humans) have a natural advantage and improve the lives. It do not only bring about good standard living but longevity of lives via its mechanism of eliminating stress, accident, illness or diseases. Technology gives people leverage to start achieving their goals regardless of their age or gender and irrespective of the societal pressure or limitations.  For instance, assuming everyone in Africa, particularly women and youth, have access to the basic minimum of technology, it would unleash their powers like never before. Technology can play a critical role in addressing our continent’s challenges and embracing its opportunities.

I sincerely hope, by the subtlety of this letter, to poise, a man globally respected in the development community, with a record that encouraged current UN Secretary General Ban Ki Moon in 2010 to name Dr. Adesina among the 17 global leaders helping to drive the UN’s Millennium Development Goals, a group that also includes Bill Gates, Prime Minister Jose Zapatero of Spain, and President Paul Kagame of Rwanda, to establish the First of its kind, Bank of technology. By floating a bank of technology, the number one development bank on the African continent AFDB can realistically and fully grow into its role as the premier finance institution on the continent. Equally, the bank can better develop and implement its strategy and goals for the years ahead.  The 2012 conferred Commander of the Order of Niger has shown that he do not only understand the merits of a policy or strategy, but how to translate it into action on the ground. He can get the Bank to the needed secure high level of political dedication and the finances to match. He can play a lead and work tirelessly at this by endeavoring to: make significant outcomes of technology conferences and negotiations; increase annual budget allocations for technology infrastructure development, prioritize technology by mobilizing rescuers and aids in our continents development plan; and establish performance-check strategy that helps to monitor progress of technology project in the continent.

In furtherance, the need for creation of Bank dedicated or specialized in meeting the high demands (financial and political) of Technology is conspicuous at this junction of economy sojourn unto a sustainable development.  The establishment of Development banks have been fully encouraged all over the world since the 1950’s and has caused them to greatly increase since then. Large regional development banks include the Inter-American Development Bank, which started operation in 1959; the Asian Development Bank, established   in 1966; and of course the African Development Bank that began in 1964 which are presently elected to rule of its affairs and welfare.

This is once-in-a-generation moment and a chance for us (Africans) to play our part in the recovery of our globally lost distance in the race of technological advance and sustainable development. The time is ripe for the perception of technology to change in Africa, particularly Nigeria, from that of subsistence to one that promotes wealth through “Technology as a Business”. The need to change the way we see technology – to see it as not merely about development, but as an economic driver can’t be overemphasized. You might have to answer the question ‘what can technology do?’ by asking ‘what can technology?’.

The real story behind Drizzy and Meek’s beef

While the heart of concertgoers were in their mouth following the news that Nicki Minaj have officially decided to call it quit with Meek made the rounds of media a few days ago, it was to the surprise of many to recently see, in new racy and loved up picture, Meek Mill holding tight Nicki’s butt . It was yet an answered question as to whether the stunt was pulled for the mere sake of quenching the fire of their break up rumour until she got a diamond necklace while she was on stage during her Pink Tour with new beau. Is this message to clearly convey the good standing of their relationship or an act to add their own contribution of confusion to the media? Let’s see.

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Source: Google.com

On one hand, Meek‘s fallout with Drake is the not getting any better as the Canadian rapper took the beef to another level, being the first rapper to present a PowerPoint presentation at a music festival, the OVO Festival. Also, a source who disclosed during the OVO Music Festival in Toronto that Drake have plans to deliver a more brutal diss track titled ‘Three Strikes’ equally said that the track which is to be his third in a row of songs directed at the Philadelphia rapper won’t be his last. Great! This leaves us salivating about the more beef songs and PowerPoint presentation Drizzy got to show us.

More specifically, the source has it that the real reason the two rap icon are at loggerhead is that Nicki seems to have been emotionally narrative, over and over again, to her new beau about the love she felt for Drake but the fact that he wasn’t attitudinally forth forming by representing the hood or ‘tha-block’ originally-personally and societally- just enough or as she so desires or fantasizes about. She exposes this as the only void that couldn’t be filled in their so much rumoured love story or relationship, she was fond often disguising as ‘just-friends’ or ‘brother-sister’. Their relationship raised eyebrow for the umpteenth time following the unbridled seductive show-off of queen of rap and the prince of rap during her anaconda video.

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Source: Google.com

She puts it out clearer that she’s a kind of very emotion person even though she got some street credibility and she just couldn’t stay her head up or down with a kind of person they both share equal emotional wavelength or weakness/strength – as Drake’s also seen to be a highly emotional person who also got some peanuts or stains of street credibility.

Accordingly, she has been emotionally sober in thought and behaviour to Meek about her past love life (Drake) and this doesn’t sit well with the Rick Ross protégé. This has caused MeekMilly, as he is fondly called, to know his ‘enemy’. The food for thought here is that; who knows for how long the Philly rapper might have well been desiring Nicki – even if for the sake for her butt- while Canadian boy was in the way? As such, he now hates Drake because he believes he continually poses emotion threat to their relationship especially when considering the fact six god rapper is considered better looking and more successful rapper in the game.

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Source: Google.com

Meek, whose real name is Robert Rahmeek Williams, comparatively brags right with good record of real gangster life or ‘dope-boy’. Meek, though five years younger than Nicki, seems to have the personality Nicki longs for as gushed and blushed about earlier this year in an interview with Power 106 FM, where she denied reports the two were dating, claiming that they were just friends like the does with Drizzy. Meek, who is fresh-out from behind bars he was put in July for continuously breaching his probation and who had been released on parole for earlier gun and drug charges in 2008, apparently have the kind of strong arm Nicki believes she can feel protected in- something Drake never or didn’t have.

The consequence of her emotion discordance arising from her ordeal with Drake and her recent split from her last serious boyfriend of 11 years, Safaree Samuels, in fact, prompted her to hastily turn into the arms of Meek- a more gangster attitudinal rapper who is considered to be at the peripheral with Drake the game of rap. To make matter worse, this is culminating into the ‘divorce’ saga of her two bosses in the game, Lil Wayne and Birdman, and spark light of red-hot contention and argument in the her music Label.

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Source: Google.com

Contrary to the likes of Drake who were outspoken about their reservations of rapper going on tour with his beau, some consider the advantage of dating a boss-lady is that you get to go on a tour, like Beyoncé and Jay-z. Drizzy, in his second and more venomous diss track titled “Back to Back” asked loudly, “Is that a world tour, or your girl’s tour?” However it was gather she needed emotionally straightened up and stable to be more on top of her game which is why she brought Meek not just a performer but a confidant on her tour.

It was also gathered that Nicki is undeterred with Meek’s weak dissing ability following the release of his rebuttal song to Drake, “Wanna Know” and the horde of Drizzy’s Twitter acolytes posting memes mocking Meek. Rather she is pretty much satisfied with her relationship with Meek, sparkling the thoughts that he is the kind of guy she can accept a wedding ring from after she declared on twitter last month that she’ll never have a child outside wedlock.

She is not undisturbed that Meek is losing out in the war of words with Drizzy and won’t leave a nigga she calls her own because he has now suddenly become a laughing stock on social media. She’s enthralled with Meeks personality, who got the right attitude that she craves for, as he tolls the path of being the man of her dreams.

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Source: Google.com

Meek Mill, in a free style, while performing for the crowd at the Susquehanna Bank Centre during Nicki Minaj’s “Pinkprint Tour” that rolled through Camden, New Jersey, acknowledges that the beef isn’t about rap but about Nicki. Meek’s now seems to ‘Big Daddy’ who has bought Nicki’s heart as she found man who she can more out boldly to be herself with and not having to camouflage under a ‘just-friends’ or ‘brother-sister’ relationship.

It would be recalled that drake is said to have a similar weakness in his short-lived relationship with the queen of Barbados, Rihanna.

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Source: Google.com

So what’s next in the tale of the two-Romeo-to-one-Juliet? Now we wait!

Greed Power

Greed can either make a man a man or mar him, it all depends on the mindset that interprets it. Truth is that anyone who is not somewhat greedy is not somewhat worthy of living. If there was no such thing as greed, there will be no dreams and vision, there will be no invention or Innovation. Men like Bill Gate & Dangote got greedy about being the richest men in their nation and the world.

Consequently, man is made by his decision and anywhere a man is at any stage of life is a function of his greed power. If you ask me, greed is not best defined that inner (mental) created force or urge that is responsible for taking or pushing a man from the level low to average. At the minimum, greed maybe seen in light of what takes a man from average to high as most men, for fear of the unknown, are settlers of the average circle. However, it can be better seen as that which take a man from a high to an unending higher level.

Let’s get it straight and austere; greed is the take-it-all or I-want-to-have-it-all syndrome that catapults a man to a higher achievement by forcing him to discover, explore and exploit his potential at all possible cost. In other words, greed is the push-it-to-the-limit syndrome that pushes a man to his limit- the best of his capabilities and abilities, sometimes without regret or cause for it. It is that quantum energy of the mind that pushes a man from the high to higher. It is the continuous thirst of wanting more, bearing in mind that more plus more leads to all.

The greed power is what makes a man remind himself in justification that even though man cannot have it all, endeavoring to have as much as he can, while he can, is subjectively equivalent to having it all. Better yet, having a close feel of having it all bearing in mind that a man owes his vision in life is not necessarily attaining them but to diligently work towards them and worst, die trying.

Truth be told, as good as moderacy gets, it most often than not ends a man in the valley of mediocrity. The greed power it is what makes a man take risk especially in an average mentality suppressing environment. Greed is a function of faith because it works by downplaying or staying above fear and its constituents as much as possible. Without the greed appetite a man cannot stay hungry from success and will engage in the game of too carefully or safely where most men of mediocrity lie.

Greed is that which fuels your riding or climbing higher on the road to achieving your desires beyond measures until you can climb no more or until you fall. Yes fall. But, how high you climb and long you stay on the robe of life is only determined by God and your greed power. The little you can do is maximize your greed power by buying into increasingly right wisdom and let God do as he chooses.

While we all, undeniably, want to ride high in life, if for some reasons you fail to get on the jet of life, it’s not as if you are less greedy. Take for instance, in a team, it is greed that makes a man want to be one who gets it or get it first. Equally, it is the same greed that makes a man not to be the one down or at the receiving end in a team. So except you want stop acting right and start acting up as if a loser, hater, mediocre, Low lifer or whatever. Without greed, there will be no hard work, no longing, no solution, no struggle, no pain, no gain, no achievement or successes and, in fact, no life in its wholeness and the spice that comes withal.