Vision without action is a daydream. Action without vision is a nightmare – Japanese Proverb

In July, the Nigerian government launched a “Made in Nigeria”  campaign to encourage local industrialisation and promote diversification. This campaign also introduced the path to sustainable economic growth because of its platform for social inclusiveness and reduction in unemployment. Ironically, the “Buy Naija” campaign has been frustrated by the Nigerian government as the enabling environment for the growth of the real sector is non-existent.

The country has been experiencing a mass withdrawal of investors, coupled with massive retrenchment of workers and loss of revenue to the economy. Mass industry exits, such as the “airxit” of 14 companies in the airline industry, are now becoming popular. Just yesterday, it was reported that 20 shipping companies left the country, leading to over 3,000 job losses.

In 2014, the former administration released a Nigeria Industrial Revolution Plan, a plan that painstakingly evaluated the future of economic development in Nigeria and has been applauded by the current government. When the current administration took over, the Minister of Industry, Trade and Investment Okechukwu Enelamah, stated that the NIRP was going to be adopted by the government. But that was not done. Rather, the government now brings up random policies which, sometimes, contradict themselves, reflecting the lack of a cohesive blueprint for the economy.

The President of the Manufacturers Association of Nigeria, Dr. Frank Jacobs, has lamented that the NIRP remains a policy only on paper, without implementation. He further complained that present policies of the government do not support the diversification of the nation’s economy.

One of the ills of democracy in Nigeria is that of continuity, which is what Asian countries and other fast developing economies are applying as a leverage to dominate the global market in development. These major emerging market players have noticed that long term plans and strategies are the only way to ensure sustainable development.

In February, the Vietnamese government, in collaboration with the World Bank, released their Vietnam 2035 Vision. The national strategy entails developing the country into an upper middle-income state, a capable and accountable state, an equitable and inclusive society, a sustainable environment to protect the quality of air, land and water. Vietnam’s average growth rate from 2000 to 2015 was 6.5 percent. To attain their goal of upper-middle-income status within the next 20 years would require Vietnam to grow at least 7 percent per year, raising the average income level to over $7,000  or $18,000 in purchasing-power parity terms by 2035, compared with $2,052 or $5,370 in PPP terms in 2014. The Vietnamese government has already started implementing their plan.

Likewise Rwanda, the government developed Rwanda Vision 2020 under the leadership of President Paul Kagame in 2000. The plan was based on six main pillars: good governance and a capable state, human resource development and a knowledge-based economy, private sector-led development, infrastructure development, productive high value and market-oriented agriculture, regional and international integration. In the past decade, Rwanda’s average growth rate is 7 percent and child mortality has fallen by more than 60 percent. In 2012, the government revised the Vision Plan and as at that year, 12 out of the 47 indicators had already been achieved, and 16 are well on track to being achieved with their current average growth rate.

One of the six pillars is to become a knowledge-based economy by 2020. As part of their efforts to achieving that goal, the Rwandan government adopted Nicholas Negroponte’s One Laptop Per Child initiative aimed at equipping Rwandan children with information technology skills. About 280, 313 laptops have been distributed to the children in the country with a plan to distribute 500, 000 more laptops in the next five years.

Infrastructural development has also been very expansive in the Rwandan economy. In July, The African Development Bank (AfDB) and the government of Rwanda signed an African development fund loan financing agreement and a European Union (EU)-Africa infrastructure trust fund grant agreement for US$93.1mn and US$22.4mn respectively. The Japan International Co-operation Agency (JICA) also signed a loan agreement of up to ¥6.9bn (approximately US$65mn), focusing on widening and repairing the 92-km long Kayonza-Rusumo section. The government has also set up economic zones to foster industrial growth.

What’s the way forward?

We cannot deny that these countries have their challenges but the evidence of a direction has helped to reduce the rate of uncertainty and increase investment flows into those economies.

One of the major problems Nigeria faces is the lack of unity and the self-interest of political parties that only for their next tenure rather than for the people (electorates). In an interview with the Center for Global Development, Nigeria’s Former Minister of Finance and Coordinating Minister of the Economy, Ngozi Okonjo-Iweala talked about the need for Nigeria to have a social contract. This means looking at the interest of the nation over the individuals. The government needs to embrace the welfare of the people over economic policies.

We can’t drive change without continuity. The Nigerian government needs to create an agreement with all stakeholders to ensure that the continuity of policies, plans and strategies be implemented regardless of the party in power. Despite the fact that corruption has evolved from previous administrations, Nigeria cannot afford to neglect their past and we should embrace it in order to advance economically.

Nigeria requires an urgent transparent plan to create a blueprint and direction for the economy. This plan must also have a definite timeline for effective growth and target indicator estimation. In the words of Helen Keller, “the worst thing is to be born sighted but to lack vision.”