15 July 2023
Author: Maikudi Muhammad Marafa
President Federal Republic of Nigeria
By: Abbati Bako
This writing understands that human being is a symbol of economy (character). Life will never be at ease without stable economy for humans. No nation or individual will enjoy life without stable economy. Economy is number one priority in the life of human person.
This means that economy is the leading light for human beings of which if economy is good and available, life will offer a lot of chances and opportunities for the nation and individual human person.
*Analysis of the situation
The rational behind the fact that human being is a symbol of economy is that human person must look for food, water, cloth, shelter, healthcare, family care, education and many more and are all imperative part of human life. Without viable economy life will never be suitable for human being, his society and his entire nation.
Without any of the fact mentioned above; life will never be easy. Hence, individuals’ economy is an excellent example of human coexistence in anywhere around the world. On the other hand, human person is created by Allah (SWT) to try and struggle, compete with his fellow human being in his society and beyond for the betterment of his life, his family, his local society, his country and the world in general.
Therefore, individuals economic interplay between people in a nation and the world is an imperative part of human coexistence. Human person is the only creature that cannot survive alone in life. This means that he must mingle with his other fellow human beings for him to survive and enjoy life in world.
Sincerely, economy is the most important factor for any leadership and should always be on alert about economy in every hour in his country and the world. Economy is the live wire of every human person and every nation in the entire world.
*The importance of economy in a nation-
Research indicates that there are about 270 nations and again, 450 oceanic nations (Prof. John Groom, UK, 2010) in the entire world. Since time immemorial human coexistence has been going on anywhere around the world. And the most important of all is the human economic activities. Economic activities is number one upon all activities in the world especially in the current global economic changes. Currently the world is in “American Age/Centric” according to Professor George Friedman, 2009, USA (The Next 100 Years).
As mentioned above human coexistence can’t be positively possible and peaceful without viable economy. Thus, 90% of global economic interplay has been about trade and services.
But, oil products are the wheels that are moving the entire global economic interplay in all Continents of the world. Without the contributions of oil in global markets; it will be very difficult for the global economy to survive for more than 3 weeks. Hence, the economic meltdown will be very disastrous for the world more than that of COVID-19. We can vividly remember that the world economy lost Trillions of Dollars as a result of COVID-19 between 2019 to 2021. Both Northern and South South Nations were economically affected. An emerging nation like Nigeria and other African Nations suffered the most.
Economic integration of the world is one of the key elements and principles of globalism by the current global economic changes (Globalization Policy) has been the leading light in the recent global economic direction.
As observed by Baylis, Owen and other 35 Professors 2008/2011/2014/2017 (The Globalization of World Politics) that the global daily economic interplay between nations has been about “$1.08T daily” but African Nations are the most backwards in global economic activities in the world despite the huge untapped resources in the Continent. As observed by the Robert Gilpin (2001,Global Political Economy) “S-Saharan African Nations of the world contribute 2% of global economy”. This writing understands that Africa has 17% of global population and the population will reach about 40% (according to United Nations) by the end of this Century. But 80% of global poor people due to unproductive population. Nigeria is about 2 and 1/2 of world population (226M based on about 20,000 daily birth rate and less than 6500 daily deaths) and the population will reach about 800M by the end of the 21Century and my country will be the third most populous country in the world after India and China. But currently number 6! The current underdeveloped Africa has been due to “bad governance, landlocked, conflicts” according to Professor Paul Collier of Oxford University London, 2009) and unproductive population/corruption as par as this writing is concerned.
* The challenge before the President Bola Ahmed Tinubu on WB/IMF 10′ prescriptions, capitalist market economy and global economic squeeze especially in Africa—
To be continued InshaAllah
Abbati Bako,psc,bsis,Kent,UK Political Strategy and Communication Consultant, IPRC, Nigeria
