Opinion: The Perils of Economic Nationalism, By Uddin Ifeanyi
Always these episodes come about in times of economic difficulties. At such times it is easy to peddle the narrative that local economic interests are being hurt by the predatory and rapacious activity of foreigners. Across the continent, governments then resort to imposing severe restraints on the activities of resident non-nationals…
In this sense, even when Ghana’s recent treatment of Nigerian’s commercial interests in that country is considered par for both country’s diplomatic course, it is not a uniquely Nigerian or Ghanaian experience. Across the continent we have ample examples of governments acting against resident “others” as part of their responses to economic crises. Homicidal xenophobia in South Africa, although cut from the same cloth, deserves comments under a separate section.
Of course, neither cohort of the parvenus in both countries was in a position to profitably exploit what they had suddenly risen into. Should we, then, worry even as we sign and agree the African Continental Free Trade Area agreement that economic nationalism seem to be set for a new outing under the sun?
The big question, which our policy wallahs must seek answers to is not why foreigners would rather repatriate their earnings than build new capacity in Nigeria, it is rather why Nigerians with the means to do so, engage in the same behaviour?
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