The 21st century economy is interdependent and connected, the policy formulation of the developed countries echoes in developing nations. The fiscal immaturity in Nigeria, the fiscal cliff of America, the debt profile of Greece, the debt debacle of Spain, all these shows the flow of funds from a region to the other regions is networked.
No nation is a financial king-kong, all the policy makers have recognized that free flow of funds is based on policy maturity, and harmonious relationships by the policy makers. The wealth of America's economy is the health of Africa's economy, Nigeria as a nation needs to grow up and take the rightful place, in the comity of nations, it is a false belief to think that the west are independent of other nations. The competitive advantage is networked that is the reality we face, policies must be tailored towards fiscal discipline, debt reduction, balancing of budget, tax reforms, infrastructural development and social security entitlement that's robust and efficient.
The great depression met Africa as a colonial servant, the policies made after the second world war by the west, did not factor in African's economy, the sluggishness of African economy could be traced to the weak foundation it experienced during pre-colonial and independence era. The I.M.F and World Bank needs to be reformed to meet the realities of demand of the global economy, henceforth there should be no credit nations and debt nations, all nations needs credit to finance governance. The fiscal cliff of America's economy is a lesson, the dehydration of liquidity in Europe is a case study, the infrastructural deficit of Africa's economy cannot be ignored, the currency manipulation of China is problem for the west. The Nigerians economy is struggling and crawling, there is a great imbalance among the people and the politicians, allocation of financial resources to individuals and not institutions is stagnating the growth of the economy. Recurrent expenditure takes 72% of the budget, this indication is a testament that policy makers in Nigeria and Africa are fiscally immature. The attitude of the West to Africa is "hang yourself with a rope and i will help", economic policies has fundamentals that can never be violated, as a young country, Nigeria should learn from the Asian tigers, BRICS, this is the way to creating and unlocking the potentials of the economy. This is the right way to go.
C.E.O - Seed-Magazine Company.