Between Nigeria and Brazil

Brasilia, Federal capital city of Brazil

By Paul Arhewe

Brazil, it has been reported, has overtaken United Kingdom (UK) to become the sixth-largest economy in the world! Brazil's economy is now worth $2.52 trillion compared to UK's $2.48 trillion. Also stunningly, the forecast is that Brazil's economy would overtake the fifth biggest economy by the end of this year. As Nigerian I feel depressed by the underperforming capability of my dear country. Brazil does not only share similar characteristics with Nigeria, in the 1980s they were ranked together as developing countries. Like China and India with large human populations, Brazil was able to fight poverty through programs of market-oriented economic reforms which its government adequately and sincerely implemented. Among these former developing countries, China was the first to embark oneconomic reforms in the late 1970s, after 25 years of operating a controlled economy.

Brazil and India followed the same pathway in the early 1980s to mid 1990s. Today, China is ranked the world's second largest economy, after the United States while Brazil is sixth.

Also, India is marking great strides in its fight against poverty and developing a fast growing industrialised economy. What magic did the Brazilian, Chinese and Indian governments do to attain these enviable status? In 1990, Brazil was among the fifteen most severely indebted developing nations with $116,173 million as external debt. With a population of about 190 million Brazil has witnessed absolute and relative poverty reduction in recent years. Report says, those poorest 50 percent of its population have seen incomes rise by 68 percent. The advanced economies of the world have now seen why they should continue to engage in symbiotic trade relations with potential emerging ones. In line with this school of thought, a United Kingdom's Treasury spokesman recently said: Strong economic growth and large populations in the big emerging economies mean that some will catch up with advanced economies like the UK. This shows why the government is right to place high importance on its economic ties with large emerging economies.

Positive indices associated with an emerging developing economics can never come easily for a country like Nigeria where government efforts to bring about reforms in the economy is turned into a wasted one because of the endemic corruption in every of its sector. The Nigeria's Vision 20:20:20, that seeks to place the country among the 20 largest economies in the world by 2020, which will make it consolidate in its leadership role in Africa and establish itself as a significant player in the global economic and political arena, is indeed well thought of and a right policy framework. However, our government is yet to take up practical responsible roles that would enable it achieve those set goals in the policy. With current situations of things, the country is far from achieving the vision's targets. The federal government may need to put the right things at the right place and at the right time.

Nigeria's mono-cultural dependency on oil with ill conceived diversification policy might slow down progress. Nigerian governments, since the 1970s have failed in converting the nation's God-given natural resource into revenue earners to better the lives of the citizenry. It is appalling when report recently say about 61 percent of the country's 160 million population are living on less than one dollar a day. It is also baffling that more than 70 percent of infrastructure the country currently have in place, are those built in the 60s and 70s.

The present revenue generated in the country exceeds, by far, what governments then have in their coffers. But with less corruption in the country during the aforementioned period, the governments were more focused and better organised. The country is raking in trillions of naira yearly from oil. However, the more revenue the country's get the poorer ordinary Nigerians become. The country can never achieve the dreams of becoming the 20th largest economy in 2020 (I don't even see it among the 100) if corruption is allowed to remain with us. It is high time Nigerians took a bold step on corruption. It is either we legalise it and allow it to have a free rein or we stamp it out by truly punishing those economic saboteurs with grave penalties when caught.