I have explained the simple difference between a nation like the United States and another like Nigeria. America is an innovative society, Nigerian is an inventive society. There are so many ideas in the latter but hardly enough products and services to match those ideas.
Until nations transmute from being inventive to innovative, they will remain poor. No nation has become rich without that translation. Yes, always remember that most of the pioneers of the most fundamental aspects of physics, mathematics and chemistry died poor. They were bright people – but they ended up poor. Why? They lived in societies of ideas with no products because there was no transduction from invention to innovation.
For that I mean, they had ideas on shelves but no mechanism to create products from them. Then, something happened, and a transduction took effect and poor societies evolved to become rich. Unfortunately, not all societies followed that trajectory. And all societies must go through the transduction process to emerge.
Until pioneering entrepreneurs emerge with the energy of entrepreneurial capitalism unleashed in markets, creating products and services, to fix Nigeria’s frictions, Nigeria will not advance. Yes, Nigeria will not advance until its market systems evolve. The path to the mountaintop goes through markets, not state capitals, because all the promises of politicians must be translated within the ordinance of market principles.
Nations rise when builders emerge. True political leadership will come when politicians become aware that without markets, all their actions are hopeless. And how will that leadership come? Building processes that engineer competition and efficiency, unlocking comparative advantages across states.
Imagine a nation, #believe.
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