There have been numerous examples throughout the Asian continent of successful countries rising to power through governance competence. However, when you review the current landscape of the African continent, that list is painfully sparse.
The task of building an economy from the ground up is not unique to African countries. South Korea, a country without prominent natural resources, is a brilliant success story of what can be achieved with strong leadership and economic vision.
As African countries continue to fight for a place in the global arena, it is paramount that they reflect on the history of successful countries and businesses to help guide them to economic success.
As economies around the world cope with the crippling COVID-19 coronavirus, so too must African countries on top of their current issues of lackluster leadership and prevalent corruption.
The simplest path for African countries to grow their economy is through export-oriented industrialization (EOI). Leaders must focus on what goods and services they can start exporting to the rest of the world.
Raw materials in African countries have been and continue to be exploited by others. It's time for these countries to change the narrative through the manufacturing and exportation of finished goods.
For too long, African countries have had their raw materials taken advantage of by other countries. The time has come for them to take charge of these materials, invest in themselves, and start manufacturing their way to success.
2020 marks the start of a new decade of opportunity for African countries to capitalize on their resources and grow their economies. As technological advancements grow by the day, what countries will take this opportunity and emerge as leaders?
In order for African countries to prosper in 2020 and the new decade, they must adhere to the template of success that has been laid out for them by countries with similar circumstances.
In order for African countries, in this case Nigeria, to begin to reap the rewards of economic growth and development, they must make it their mission to cut out the problems that continue to inhibit their success.