As world trade goes through a disruptive and uncertain period (no thanks to the rampaging bull in a china shop), it is clear that every state in the continent of Africa needs a rethink and reappraisal of its economic policies. Ranking high in this reappraisal is the costs and benefits analysis of trade agreements, and approach to bilateral and multilateral relationships. Africa, thus far, has been giving away its natural resources and beggarly relying on conditional aids from those pillaging the continent.
Walter Rodney, in his book: “How Europe Underdeveloped Africa,” wrote: “African development is possible only on the basis of a radical break with the international capitalist system, which has been the principal agency of underdevelopment of Africa over the last five centuries.”
Likewise, the declaration of Ha-Joon Chang, the South Korean, that as far as the developing economies are concerned, the alliance of the rich country governments as led by the US and mediated by the “Unholy Trinity” of international economic organizations these western developed economies largely control – the International Monetary Fund (IMF), the World Bank and the World Trade Organization (WTO) are only interested in their neo-liberal agenda they are pushing to perpetually subjugate the developing countries. According to him, the rich governments use their aid budgets and access to their home markets as carrots to induce the developing countries to adopt neo-liberal policies. This is sometimes to benefit specific firms that lobby, but usually to create open and very receptive markets for their foreign goods and investment in general in these ‘friendly’ developing countries (Bad Samaritans, The Myth Of Free Trade And The Secret History Of Capitalism).
Perhaps, Donald Trump is only conveying the messages of these two patriotic personalities in a very loud, clearer tone through his “America First” and trade tariff war – that there is no need for deceptive diplomacy, let every country go and take care of itself and its economy; then agree to what the other economies demand if you really their markets. Africa being the second most populated continent in the world after Asia could not learn anything about how to leverage its size to help itself. Reliance of freebies from plunderers of its endowment for ages and to such extent that strengthening through mutual understanding and regional cooperation is a tough call.
During the World Bank/IMF 2025 Spring Meeting earlier this year, the Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, while interacting with the Press said that it is very clear donors’ aids are disappearing; and we (Africa) need investment. In her words, “when you need investment, you have to do so much more in terms of mobilising domestic resources to put infrastructure in place, removing bureaucratic barriers so investment can come in”. Does this mean that if aids from the West keep flowing, Africa needs not worry about investment to grow its industrial base? Perhaps these aids should disappear very fast so that Africans and their leaders can be jolted back to life – to understand that the economic development of their respective countries can never be achieved through hand-outs from the same external forces that are pillaging Africa’s resources.
As I mentioned in my piece last week, the “Nigeria First” Initiative announced after the May 5, 2025 federal executive meeting would have received immediate accolades from Nigerians and economic watchers but for the antecedents of the politicians in charge of governance. While announcing the initiative, the Information and National Orientation Minister, Mohammed Idris, said that the initiative is a major policy decision that was taken by the federal executive council; and it is an outcome of a proposal by President Bola Tinubu christened “Renewed Hope Nigeria First policy”. In his words, it means that Nigeria is going to henceforth be at the centre of all business activities relating to the country. “If there are any businesses to be done by anybody, the priority will be Nigeria first of all, if you have any local content, there is no reason for you to go outside this country to import.” An executive order bill is to be issued by Mr President; and the Executive Council has approved a set of those proposals and the Office of the Attorney General of the Federation has been directed to prepare an executive order to be issued by Mr President. The immediate loophole can be noticed immediately where it is declared in the statement that no MDA will be allowed to procure foreign goods or services already available locally without a written waiver from the Bureau of Public Procurement (BPP).
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This is the first loophole and a potential problem! Knowing the culture and antecedents of Nigerian government officials, how will it be ensured that these Waivers are not abused? Would it have been better for the local production drive if this Waiver’ is not allowed; and, rather, a window with a timeline when what cannot be immediately produced locally should stop from entering Nigeria. A perfect example is the importation of refined PMS that marketers and their agency collaborators are not willing, from all indications, to stop. Clearly and under Nigeria First initiative, these importers need a marching order and a time-bound window to stop their importation rascality. Also, as at the time of writing this piece, the Executive Order to be written by the AGF’s office is still being awaited.
The Nigeria First announcement by the federal government made me remember the ‘Buy Nigeria’ initiative that was announced in 2013 by the Goodluck Jonathan administration. Did anything meaningful come out of the initiative? The twilight of the administration marked the advent of monumental dollarisation of the Nigerian economy, with ordinary Nigerians joining to start issuing invoices in dollars for street transactions as if it had been officially adopted as Nigeria’s legal tender. But Nigerians saw what government officials were doing and they could not fathom why politicians and government officials should be doing what satisfies their vanities at the expense of the economic wellbeing of over 200 million Nigerians.
Notwithstanding the economic misadventure of military juntas, we are at a stage where we need to call forward past leaders of Nigeria, since 1999, to answer to their roles in the destruction of the Nigerian economy. Did they deliberately and wilfully hand over Nigeria as a market to foreign goods and services while allowing insecurities, toxic environment and other social vices take over nooks and crannies of the country as a way to stop Nigerians from locally producing what they need? Again, these past leaders and their officials need to step forward to explain to Nigerians that they did not do the bidding of foreign interests by deliberately and wilfully handing over Nigeria to external forces for the country to be rendered unproductive. Likewise the present government need to also show Nigerians that they are not just paying lip service to the revitalisation of the economy meant to service over 234 million Nigerians, the most populous in Africa and the sixth most populated in the world; and it will not continue with the systematic destruction of the country’s economic potential. How will Nigerians be so certain that it is not going to be mere executive order signing, sheer mouthing in political gatherings, or highfalutin declarations by government officials?
Abuja must show in clear terms the step by step guide or work plan with timelines the tasks to enthrone the “Nigeria First” initiative.
Nigeria has been watching for decades the destruction of its real sector production capacity while willingly offering its huge market, the sixth largest population in the world with an estimated 234 million population, as a dumping ground for all manners of foreign goods. In the process, the lack of moral and economic discipline had turned its production plants to becoming prayer auditoriums; and while turning logic on its head, the army of unemployed Nigerians would gather inside the once-production factories to pray for economic and financial breakthroughs. In working out this Nigeria First initiative and while looking at the African market, it will be instructive that Nigeria will examine very carefully the African Continental Trade Agreement (AfCTA). The country needs to really discover the costs and benefits of this cooperation especially as it touches the Free Trade activities. In analysing the costs and benefits, and despite infrastructure deficit, the interests of Nigerians need to be protected before the country’s big brother baloney. Abuja must be told in clear terms that Nigerian streets are not smiling at all because the purchasing powers of over 200 million Nigerians have been eroded and their living standards are being degraded per second.
. Emmanuel is a business planning consultant and founder of Leacent Incorporated Trustee, a network of entrepreneurs and group of industrial cooperatives. He works with a team of international consultants to conceptualise and plan agribusiness and housing projects. As a certified trainer authorised to use the International Labour Organisation’s enterprise development modules, he trains entrepreneurs and organises workshops and seminars for potential and practising entrepreneurs as well as business managers and cooperatives. He also speaks and facilitates at leadership and management workshops on invitation. His book, Business Plan Made Easy: Step by Step Guide On How To Turn Your Idea To Profitable Business’ is the latest of the books authored by him. Tel: +2349068602954 (call and sms), +2348023257707 (WhatsApp only).
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