I have a concern and it's quite basic. I have friends in Nigeria who are telling me how well Nigeria is developing its economic sectors and how people with foreign University qualifications are living well enough. To them if I was home (Nigeria) I would be 'better off'. So I asked which sectors they were talking of and financial sector was cited as an example.
The problem was, I disagreed with the phrase “you might be better off" meaning there is possibility. I don't think almost all my mates I left behind are in well paid jobs or even some are without work at all. I was in Nigeria in 2009 and a friend of mine I met was still looking for work since he graduated in 2004. I am not complaining bitterly of missing out on being one of the lucky once on a high paid job in Nigeria. I feel happy any time I heard a friend doing well.
If I may ask, “which development” are they talking about I don’t seem to understand their philosophy because my family, extended family, friends, formal neighbour and graduate still leave in Nigeria as slave to foreigners. We all know how most of the "better offs" are making ends meet in Nigeria, only if there's a legitimate institution to audit them....hmmm, I smell fish!
Question: what is 'development" if wealth hasn't been created and if nothing has been created other than 'systems of keeping money' and manipulating the use of such monies? If there is no new way of generating income rather than a way of keeping the existing non-disposal income, what is wow about this? What is the logic in creating more banking institutions when there is less income to households?
For the past 10 years or so, it is the 'so called' development of the financial sector and the dominance of banking institutions which has given most graduates lots of pride and sense of accomplishment in Nigeria. Considering the fact that ladies have to use their body to get to the top that's too bad. The fact that Nigeria lacks Innovation, Productivity and Creativity, I am not complaining at all. Their so called 'doing well' and 'high paid' jobs doesn't challenge me at all neither does it arouse my jealousy.
I am challenged by the one who has created opportunity for others and have created the capacity for others to gain meaningful employment.....I am talking about “entrepreneurship”. Getting a job is damn easy but creating one takes genius. My concern is that Nigerian shouldn’t implicate the term 'development' when nothing has been created nor produced. The financial sector development in an underdeveloped nation is a joke and a makeover. I dare that any of the young graduates will boast in areas like agriculture and mining and education. Who wants agriculture when the music industry is booming?
What is the use of bank for millions, If average Nigerian can’t feed themselves...the greed of capitalism has breed systems of "premature development" in developing economies...development thrives on creation and production...My people if we want to eradicate poverty, we need to set up systems that makes poverty impossible; Nigeria is missing this point...