How Nigeria Can Become Richer [video]

In my study of 2,000 years of gross world product (aggregate of GDPs of nations), I realized a clear correlation between property rights and economic development. Amazingly, no nation has cut-off that trajectory of converting assets to capital, to create more capital, before becoming rich.

On my discovery, I divided the last 2,000 years into three eras: the invention society era, innovation society era and the accelerated society era. For each nation, I looked at what happened when it established a regime of stronger property rights. 

In the United States, the nation changed on July 31, 1790 when Samuel Hopkins was awarded the first United States patent. In my 2009 book – Nanotechnology and Microelectronics: Global Diffusion, Economics and Policy – which received the 2010 IGI Global Book of the Year award, I explained that the patent system with the broad intellectual property rights could be considered one of the greatest policy innovations in economic history. Yes, that IP rights boosted the broad property rights and American GDP rose.

As we approach 2024, I call on the Nigerian government to unlock WEALTH in the nation by turning our assets into capital through the enactment of appropriate laws and regulations. If we do not do that, we cannot develop, irrespective of our efforts!

Comment on Feed

Comment 1: Another profound comment from our esteemed prof. Every Nigerian decision maker should read at least the last paragraph.

I can point to the Certificate of Occupancy (C of O) as one factor that prevents Nigerians from realizing the value of their landed property. The certificates are the property title. They are issued by state governors who also can and do cancel them capriciously.

With so little security of Title, a Nigerian land owner has little opportunity to use the equity in property to fund a business or lifestyle.

First evidence to me that government is serious about growth will be when they take the C of O out of the hands of politicians

Comment 2: Initial instinct is nice words for deaf ears. Will the government listen when it is full of people mainly looking for ways to display criminal tendencies and exploit the common wealth without common sense?
But then second thought is maybe they will repent and listen or somehow the right people will listen. And it’s good to keep saying because not saying is the problem of the mouth and not hearing is the problem of the ear.
Please keep advising and writing your common sense which is not even common

Comment 3: I believe balancing property rights for economic development is essential. While strong intellectual property rights, exemplified by the United States, drive economic evolution, overly stringent regimes can stifle innovation and fair competition. Achieving the right balance is challenging but crucial for pushing an innovation-friendly environment.

I also believe that addressing economic complexities involves tailored, woven approaches considering regulatory frameworks, education, and inclusive policies.

My take is while property rights play a vital role, a holistic strategy may provide a more comprehensive solution.

The call for the Nigerian government to enact laws for wealth creation is valid but requires a thoughtful, nuanced approach that anticipates challenges and prioritizes inclusive growth. We will continue to engage in a dialogue embracing diverse perspectives to craft lasting solutions.

Comment4: Seminal thinking . But it’s understanding, adoption and implementation require the availability of like-minded people, who would appreciate what Ndubuisi Ekekwe is saying. The truth is that we have a paucity of such people here. We like to argue that we don’t, but the reality is that we do. That is even fundamentally why we are where we are, and why we are how we are. The cargo-cult mentality is still reigning supreme in our waltenchaung.

In my study of 2,000 years of gross world product (aggregate of GDPs of nations), I realized a clear correlation between property rights and economic development. Amazingly, no nation has cut-off that trajectory of converting assets to capital, to create more capital, before… pic.twitter.com/I5CZa166zH

— Ndubuisi Ekekwe (@ndekekwe) December 18, 2023

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