|
In the times of the British Monarchy, areas occupied by what is today Nigeria, was home to several empires and kingdoms some of which included the Sokoto Caliphate, the Benin, Borno and Oyo Empires as well as the Jukun Kingdom.
Sometime in the 19th century, most of these areas fell under the British Monarchy; leading subsequently to an amalgamation of these colonies in 1914 forming what is today, Nigeria. In 1960, Nigeria gained full Independence from Britain.
As is common in Nigeria & most African Countries, the economy is largely driven by the Government & its spending. This was all the more obvious in the years following independence when it became exigent to harness available scarce resources necessary for economic development.
The railways were probably the first major example of a public sector enterprise in Nigeria. Developed initially for its strategic importance, they quickly became a necessary economic utility for transportation and regional commercial activities.
The colonial administration was the hub of economic and social infrastructural development in the early days. Initiatives like the Stone Quarry at Aro, the Colliery at Udi and the Saw Mill and Furniture factory at Ijora are all good examples of Nigeria's early 'Enterprise'.
The discovery of oil in Oloibiri and the emergence of what is today one of the World's largest oil industries, intensified Government involvement in the Nation's economy.
The Federal Government's goal at that time was to convert as much as possible of the growing oil revenue into social, physical, and economic infrastructural amenities. The Nigerian Enterprises Promotion Decree of 1972, which took effect on 1 April, 1974, with its subsequent amendment in 1976, provided a concrete basis for government's extensive participation in the ownership and management of enterprises across the Nation.
By 1985, federally funded public enterprises had exceeded 100; and these spread across agriculture, energy, mining, banking, insurance, manufacturing, transport, commerce, and other service activities. At the state and local governmental levels, the range of activities that had attracted public attention and funding also became more visible across various parts of Nigeria. Between 1975 and 1995, it was estimated that the Federal Government of Nigeria had invested more than $100 billion in public enterprises.
Over the course of the last 45 years, Nigeria has witnessed economic 'sea saws' & occasioned by the tandem of a contracting global economy & receding oil prices. Our return to democracy in 1999 has seen a burgeoning middle class in Nigeria and the attendant increase across various important industrial sectors. Our return to democracy also saw the enactment of the Public Enterprise Act that established the National Council on privatization and the Bureau of Public Enterprises (BPE). Across Nigeria's oil, gas, mining, electric, telecommunication, transport, and utilities industries, investment opportunities continue to increase.
Today, Nigeria is the second largest economy in sub-Sahara after South Africa. It is one of the largest producers of crude oil in the world at 2.1million barrels per day with enormous natural gas reserves, vast agricultural lands, natural resources and a dynamic private sector to match.
Nigerians are hardworking people. Nigeria's entrepreneurs have a responsibility to our dear Country Nigeria. It is this commitment to hard work and tenacity to move the Nigerian economy that will see us through the next 20 years.
As we continue our journey to 50, let us continue to strive for the commitment and dedication to "Enterprise" that will see us take our pride of place amongst the 20 most developed Nations in 2020.
Nigeria is 'On the Road to 50'.
|
