FDI OR LDI IN THE FACE OF EXCESS RESEVES IN FOREIGN BANKS?

Although,the link between Foreign Direct Investment (FDI) & economic development is not clear,the most improving Southern countries are those with the higher level of FDI.A developing economy,especially ours,needs a huge volume of FDI 2 accelerate economic development.
Now  dont get me wrong,FDI,on its own does not bring about development.There are other catalyst to development,such as:good governance,the the conducive environment for biz(characterized by adequate infrastructures,enabling laws,a sound financial sector)qualitatively educated & productive citizenry,a Schumpeterian  bourgeoisie(a true entrepreneurial class,that's ready to bear risk in biz.unlike rentier capitalist we ve here.),a visionary political class,among others.These are all necessary ingredients  for national economic development.

As for ur talk about Local Direct Investment(LDI),I'll like 2 ask u:WHO ARE THE LOCAL INVESTORS?Pls dont say A.Dangote,F.Otedola,J.Ibrahim,J.Ovia,W.Adenuga,T.Elumelu etc.These are "food is ready" Entrepreneurs.Can U point out 1 of these that ve not enjoy one form of huge Govt patronage @ one point or the other?These are not true risk bearers.They are like Inzagi in Millan.They wait for Govt 2 get the ball ,dribble everybody & pass it for them 2 score.

Dont get me wrong,I am in support of the patriotic idea of LDI.However,we dont ve the preconditions 2 make them work effectively for national development.Wither TRANSCORP? LOL!Until then,let's keep courting FDI.

Posted: at 10-08-2008 11:16 PM (16 years ago) | Upcoming

"how many past leaders from buhari to abacha have established a single cottge industry in their villages to assist the poor people their?"You ask.I dont know.

You ve not answer the fundamental question.Viz:given the objective realities of the Nigerian Political Economy,how can this LDI u advocate promote national economic development?Your prime example,Dangote is a monopoly capitalist,whose empire grew astronomically under the OBJ junta.I wont detain U here with the demerits of MONOPOLY CAPITALISM(which in itself is a product of the internal contradictions of the Capitalist formation)presuming that u already know.

You also said,"...we fail to understand is that they have created wealth by offering their shares to the nigerian public, established a platform for distribution of their goods and services in nigeria in the face of cheap imports, and taken the risk of even establishing industries in nigeria".

I beg to humbly disagree with u on some of that.The Nigerian population is estimated to be more than 120 million people.How many of these ve shares in these companies u are talking about?How many of us can afford the shares?How many of us ve eaten 3 square meal & still ve the savings to invest in these equities?How many of us are educated enough to know about the workings of the capital market?My brother,the provision of opportunities without the corresponding creation of abilities is futility.What good is opportunity without ability?This is my problem with liberal democracy.You give people formal freedom without the ability to exercise  them.Same holds for the Nigeria economy.
As for your talk about them taken risk,it is inconsequential.Risk taking is the hallmark of an entrepreneur.However,these guys dont even take the risk.The Gov't clear the path for them.
On there distribution  network,MY BROTHER,that's a business function.Production is not complete until it gets to the consumer & distribution is a process that facilitates that.According to Adam Smith,in his classic book the WEALTH OF THE NATIONS,the entrepreneur, or the producer as the case may be,does not go into the production of goods and services out of LOVE for the masses.They do that for profit.Thus,the profit motive is the lubricant of the wheel of capitalism.That's why when Dangote's name was listed in the Forbes ur name & mine was not their.Let me stop here.

However,I salute ur patriotism.

Posted: at 12-08-2008 09:28 PM (16 years ago) | Upcoming

Yarinya Mai keu.Antashi lafia?lol!

You cant deny it we both love Politics.That's why I invited U 2 Join our Group here in Naijapals.Lol!Sayanjuma

Posted: at 1-09-2008 12:27 AM (16 years ago) | Upcoming

That's very interesting.U hate for something takes U closer 2 it.lol!

Posted: at 1-09-2008 11:21 PM (16 years ago) | Upcoming