A virus pandemic is ravaging economies, and Africa is not an exemption.
Any attempt in the Pre-COVID-19 era by Third World countries to introduce nationalistic economic measures would always run into a barrage of criticisms by the World Health Organization as well as the developed countries. But now, even the developed countries, if they are not careful, are going to be starting off from close to a zero base in rebuilding their own economies. In a point, every country is going to introduce a nationalistic measure to protect their economies as they seek to build up.
You talked about nationalistic approach to economic revival post-COVID-19, how does this tie positively with the fact that Nigeria and some other countries in Africa are now looking for funds and getting loans from international organisations to survive.
Nigeria just got IMF loan approval of $3.4billion;lawmakers also approved N850billion loan for the Federal Government. Is this really the way to go now? I hate to come up with suggestions and advice, we have never faced this kind of pandemic before; we don’t know what would stop it and what will provoke it the more. Scientists disagree among themselves.
But, when you listen and read anecdotes about what has worked, including some of the governors who had it, they talked about garlic, ginger, and what kind of leaves that are safe to use. That is what I meant by vegetable-based diet. We don’t know what worked and what doesn’t work, but I think it’s a combination of all those three factors that has made our figures low.People have been talking about this since the 1960s. Import Substitution.
It is not just those that have natural resources, there are those that have mineral resources. In Nigeria, the media has covered Lebanese and Chinese digging gold and all kinds of mineral resources and shipping them out of Nigeria. This is an opportunity for us to bring in foreign companies from Australia and South Africa who can mine these on an industrial base and at least we get value from it rather than smuggling them out.
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