Wednesday, 15 March 2017

Go on with one Nigeria: Use Public Funds to Subsidise Pioneers

"The rich world subsidises pioneers, but poor world doesn't. Much of the pioneering investment in the rich world is technological innovation and the government subsidises it. We use public money to subsidise research and innovation, but the poor world doesn't"- Prof. Sir. Paul Collier; Oxford University(From Poverty to Prosperity: Understanding Economic Development)

As we continue in  our efforts for a new society with a shared identity- to lift ordinary people out of poverty, greater emphasis is laid on the need for governments at all levels to provide sufficient public investment in infrastructure for increased productitvity.

Sadly, we have a dysfunctional government that only invests in security and violence and the next election.
. Governance at the local level is non-existent, people live independent of the government. The governors hijack the local government revenue for the benefit of their friends and families and we're talking about investment in pioneer investment.

Some of them even sponsor 'fake news' that will discourage ordinary people from seeking for new information and knowledge that comes with pioneering to cover their grand failure and deceit. They're more concerned about the next election.

"If we look finally at public policy, we find, in the rich world, public policy recognises this benefit of pioneering investment. In small, poor economies, there isn't much investment in pioneering, it's a cause for concern, it's a cause for worry, it's a problem"-Prof. Sir Paul Collier.

Governments in low-income need to encourage pioneer investments to 'trigger the industrialisation chain reaction', open up the economy federate or integrate into the global markets.

"The pioneer generates information, knowledge that is useful to others -an externality"-Prof. Sir Paul Collier.

Uche Okeke

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