Since Adam Smith wrote his classic, in 1776, the Wealth of Nations, to upend the mercantilist system and set forward the basic foundations for modern classical economics, we have seen corporations come and go. The core pillars of productivity and division of labour have been the tenets in the organization of firms which thrived. The free market system provided the cement mortars in states.
Andrew Carnegie lived. John D. Rockefeller lived. Bill Gates is living. Jeff Bezos is living. Nigeria needs builders to fix our paralyses as Naira fades as a currency.
Very painful indeed: the Central Bank of Nigeria (CBN) has made it official – Naira has lost more grounds to the US dollars. According to the Vanguard, Godwin Emefiele, the apex bank governor, “who spoke at a summit on the economy by Bank CEOs on Friday, said the drop in crude oil earnings and the associated reduction in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria”.
His words: “In order to adjust for the decrease in supply of foreign exchange, the naira depreciated at the official window from N305/$ to N360/$ and now hovers around N410/$.”
These men are icons of their generations, pursuing the noble cause of entrepreneurial capitalism – aligning assets and knowledge to provide services where fictions exist between those that want and those selling. Corporations exist to simplify that interplay of demand and supply, and these legends and others thrived in providing solutions that eliminate most of the frictions. They pursued different levels of innovations for scale using productivity, specialization and uncommon vision.
The path to the rise of Naira will not come from the headquarters of the Central of Nigeria, but from factories, offices, etc, across Nigeria. It goes beyond using financial quick-fixes to pursue ephemeral mercantilist system, instead of looking for ways to efficiently form, combine and recombine factors of production, to create innovations, aspiring to be the BEST, regionally and globally, without relying on pure mercantilism!
Nigeria exports more than the world, per capita – but unfortunately, its exports are its future. It has exported most doctors, engineers, etc to America, Canada, and the United Kingdom, per capita. The path to the mountaintop must reverse that. Watch this video.
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