You have put, succinctly, what has always been my understanding of the issues surrounding domestic champions. Infact, you can see the difference between how the Nigerian banking industry was groomed vis-a-vis the cement industry for example. Till date, we still have entrants into the banking sector who push in to find a niche. The likes of Moniepoint, Opay and co are thriving on and alongside their more traditional counterpart. That cannot be said of Cement and the likes. Interestingly, even the Nigerian aviation sector, one of the country's ailing sectors, see competition and new entrants every other day and one can see that it is the absence of an overarching oligarchy bent on cornering the sector that has led to the 'competition' and 'choice' we see in aviation.
The media 'noise' by Dangote has resulted in the 'sweetheart' deal it got from the government. Now all is well in Paradise. Like you said, I pray that the investment succeeds because a failure at this point does no one any good, yet we must not be blindsided by the Oligarchs bent on cornering the Nigerian economy.
Because of nationalistic pride and ideals many people see the success of billionaires as the success of the people or the nation. Meanwhile, the billionaire's "success" is really high-level value capture, through minimal value creation.
I like your mention of the Russian oligarchs and contrasting them with the successful Asian manufacturers. Another notable success is TSMC and how it has improved Taiwan through innovation. Hopefully, Nigeria finds its innovators, rather than relying on oligarchs.
You have put, succinctly, what has always been my understanding of the issues surrounding domestic champions. Infact, you can see the difference between how the Nigerian banking industry was groomed vis-a-vis the cement industry for example. Till date, we still have entrants into the banking sector who push in to find a niche. The likes of Moniepoint, Opay and co are thriving on and alongside their more traditional counterpart. That cannot be said of Cement and the likes. Interestingly, even the Nigerian aviation sector, one of the country's ailing sectors, see competition and new entrants every other day and one can see that it is the absence of an overarching oligarchy bent on cornering the sector that has led to the 'competition' and 'choice' we see in aviation.
The media 'noise' by Dangote has resulted in the 'sweetheart' deal it got from the government. Now all is well in Paradise. Like you said, I pray that the investment succeeds because a failure at this point does no one any good, yet we must not be blindsided by the Oligarchs bent on cornering the Nigerian economy.
Because of nationalistic pride and ideals many people see the success of billionaires as the success of the people or the nation. Meanwhile, the billionaire's "success" is really high-level value capture, through minimal value creation.
I like your mention of the Russian oligarchs and contrasting them with the successful Asian manufacturers. Another notable success is TSMC and how it has improved Taiwan through innovation. Hopefully, Nigeria finds its innovators, rather than relying on oligarchs.