Forbes Africa – Delivering Information, Ideas and Technologies That Change the World

Started by B. C. Forbes and Walter Drey in 1917, Forbes Africa is published as a biweekly magazine. The original name of the magazine was Forbes: Devoted to Doers and Doings. Its current editor-in-chief is Steve Forbes, and its CEO is Mike Perlis.

At the time, B. C. Forbes was a financial columnist for Hearst papers, and Walter Drey was the General Manager of the Magazine of Wall Street. While B. C. Forbes went on to become the Editor-in-Chief, Walter Drey became the Vice President of B. C. Forbes Publishing Company. Ever since, the publishing company has stuck to being a family run business, with its headquarters in New York City, where all its primary competitors have their footing too.

Forbes is the one of the few magazines that features original articles on various topics including: finance, investing, marketing, and industry. In addition to the previously mentioned, the Forbes Africa magazine also features articles on technology, science, communications, and law.

Forbes is famously known for its lists and rankings, including lists of the richest Americans (the Forbes 400); and rankings of world’s top companies (the Forbes Global 2000). One such list that was lately released is the Forbes Africa magazine list of the 50 Richest Africans 2013; where Nigerian industrialist Aliko Dangote is at the No.1 spot, with a net worth of $20 billion.

Forbes Africa’s mission is “Creating value and empowering people by accurately and passionately telling Africa’s business story – first.” It is distributed in South Africa, Nigeria, and Kenya.

Apart from offering topics such as “The World’s Most Powerful People,” “Global High Performers,” and “The World’s Billionaires,” the magazine also features various topics from around the continent, adding relevant content, where necessary, from partners in the US.

The magazine makes the connection from various patterns, and explores beyond the obvious, to give insights of a completely different kind. This serves to deliver sharp, in-depth, and engaging stories written by experts who use an African standpoint to look at global and domestic issues.

Forbes has come to come to be known as a media brand that documents all things interesting and encourages business, culture, innovation, leadership, politics, entertainment, and technology. The distinguishing factor for Forbes is their special access to all of the world’s most powerful people; who are game changers and influencers in advancing industries across the globe.

Since 1917, Forbes magazine has been providing world business leaders useful strategic insights into the business world. A part of the Forbes’ initiative is to introduce in their agenda, cover stories of celebrated people who are changing the world for the better: Oprah Winfrey, Bill Gates, Christine Lagarde, Jack Dorsey and more.

Forbes is an iconic status in the lexicon of American media and a huge success in both print and digital formats because of its wide editorial lens. The magazine has changed the way content is being created, propagated, read, and shared through their unique platforms of print, digital and mobile products. The Forbes Africa digital magazine and all the other Forbes e-magazines have seen an increased growth recently. It is so much easier now to carry your digital copy of the Forbes Africa rather than a paper magazine. The digital magazine stays accessible on your mobile device whenever and wherever you need it, and it offers you interactive content on the fly.

There are plenty of options when it comes to mobile devices and their operating systems, including: iOS, Android, Windows, and Symbian; you also have the option of the web and the newsstand apps that are used to download and view the magazines are plenty. Most of the apps are free to download for the user, who only needs to pay for the subscriptions to the magazines they choose. Some of the apps are free for use to the publisher, who is then able to offer competent prices to the user.

Get on the band-wagon and start downloading your favorite a few magazines! Make way for digital reading!

Africa Business

The most important thing to remember in order to achieve success in business is to capitalize on the news. Being always in the know goes a long way. It is because of making the right decisions concerning bold business ventures that many of today’s entrepreneurs operating in all parts of the world achieved success. If you are planning to go on business in Africa then it is best to keep up with Africa business news. If you are not armed with the most recent information, how can you expect to come up with the right decisions?

Intuition can help but surely relying on it alone is not enough. Africa business news, needless to say, helps entrepreneurs identify the things that will create business opportunities for them. Reading news related to businesses in Africa can help both novice and experienced entrepreneurs in properly evaluating the standing of their respective business pursuits. It helps them develop and implement action plans which are strategic and can very well lead to actual generation of profit.

There is no reason to hesitate on keeping up with the news; looking for news articles and clips concerning the recent goings-on in Africa’s business sector has never been this effortless. Seeing that Africa is fast becoming one of the newest business hub in the world, you will not run out of resources, particularly when you go online.

When looking for a reliable online source of Africa business news, be sure to take note of the critical things. Getting news is not enough. While it is true that many industries in Africa extend beyond the continent, it cannot be said that the global take on the economy is enough to provide Africa businesses a clear picture of the kind of path that they should take. Read Africa business news which are generated to better ascertain the true economic situation in order to make the appropriate business decisions. One cannot simply rely on the international picture of the economy because there would be local economic details that need to be taken into account to increase efficiency.

The news may or may not be in your favor, but having the right facts will prepare you for any possible problems in the local market. Take the time to read constantly-updated reports on Africa business. Bookmark sites that bring you news with substance. Having such websites as your information-gathering tool can be your ticket to success.

Post Apartheid South Africa – A Model For the Future Israel

With Israelis and Palestinians locked in a seemingly intractable conflict in which both peoples have legitimate historical and biblical claims to the same land and shared aspirations for Jerusalem as their capital, imitation of post-apartheid South Africa may be the best and perhaps only feasible means of establishing lasting peace in the Middle East. Post-apartheid South Africa is especially relevant since Israel has significantly changed the demographic nature of large swaths of the occupied territories (the West Bank, East Jerusalem, and Gaza) due to construction of Jewish settlements and because it presently bears a striking resemblance to the South Africa of 1948-1994 (apartheid was established 13 years prior to South Africa’s independence from Great Britain) before universal suffrage was introduced. The similarities and differences of post-independence South Africa (1961-1994) and Israel (1948-present), the effectiveness of sanctions and ultimate transformation of South Africa into a model state, and what the future can hold for the future Israel are discussed below.

South Africa: Apartheid / Israel: Zionism – A Neutral Assessment:

Hendrik Verwoerd (1901-1966) conceived the system of apartheid or segregation of races to ensure political and economic power remained in the hands of the minority white (notably Afrikaners sometimes referred to as “Africa’s only white tribe” who trace their African roots back to 1659 when the Dutch first settled at the Cape of Good Hope, which at the time was free of indigenous peoples who at the time dwelled deeper in the African interior) population since under a unified, multiethnic state, they would have been politically overwhelmed by the black majority who aspired for political representation and proportionate power.

Under apartheid, blacks were assigned citizenship to one of ten tribal-based, self-governing homelands linked loosely together for economic reasons while state education, medical care and other services were segregated. Consequently, blacks as non-citizens were unable to participate in South African elections and had little influence over the inferior services they received. Per A.J. Christopher, Partition and Population in South Africa (The Geographical Review, Vol. 72, No. 2, American Geographical Society, New York, April 1982), the South African government justified apartheid claiming “only a multiplicity of state identities [was] possible and that the partition… [was] essential for the political and cultural well-being of South African inhabitants.”

Theodor Herzl (1860-1904) is credited with creating Zionism, a movement aimed at creating a Jewish homeland in the Middle East (to end the 2000 year-period of Jewish diaspora) in response to anti-Semitism, anti-Jewish pogroms in the Russian Empire and the Holocaust perpetrated by Nazi Germany. It ultimately led to the establishment of modern Israel in 1948. Similarly, political and economic power in Israel is consolidated in Jewish hands with Arabs [notably Palestinians)/non-Jews (notably Christians and Muslims] having limited political representation.

To establish the modern Jewish homeland, Jewish peoples from around the world were encouraged to settle in the Middle East (under the slogan “A land without a people, for a people without a land”[1]) in spite of the presence of indigenous Arabs/non-Jews beginning in the late 19th century. Many indigenous Palestinian Arabs were expelled or fled just before and after Israel was established in 1948 (about 25% of the refugees were dislocated prior to the formal re-establishment of Israel) and in the aftermath of the 1967 war (estimated to be between 700,000-800,000 and 120,000-170,000, respectively). Zionists justify their movement with the argument that their ancestors had occupied the lands comprising modern Israel based on historical and biblical precedent.

Whose Land is it Anyway?

The land comprising Israel and the occupied territories was originally inhabited by an Afro Asiatic people called Canaanites who first arrived from Arabia at around 4000 BC with a second wave of Afro Asiatic peoples sweeping into the area between 2800-2600 BC.

The first Israelites led by Abraham did not arrive to the area comprising the Holy Lands until approximately 1800 BC upon which time they forcibly pushed the indigenous peoples, (likely Babylonians based on a letter written to the Egyptian pharaoh complaining about “troublesome invaders” from “all those tribes of land-hungry nomads (‘Hebrews’) who were attracted by the wealth and luxury of the settled regions, and sought to appropriate it for themselves” per Canaan (Fact Index)) aside.

From the Israelite perspective, they justifiably conquered Canaan because the land had been promised to them by God as is stated in Genesis 17:7-8: “And I will establish my covenant between me and thee and thy seed after thee in their generations for an everlasting covenant, to be God unto thee, and to thy seed after thee. And I will give unto thee, and to thy seed after thee, the land wherein thou art a stranger, all the land of Canaan, for an everlasting possession; and I will be their God.”

With that said, the seed of Abraham consists of Jews, Christians, and Muslims. Abraham’s son Isaac, later called Israel, is considered to be the ancestor of Christians and Jews while Ishmael, Abraham’s eldest son, is considered to be the ancestor of Muslims.

Although, based on Genesis 21:10, Sarah, Abraham’s wife convinced him to disown his eldest son (under malicious pretenses due to the fact that Jews based on oral and written tradition currently view Ishmael as “wicked (though he did no wrong) but repentant” to benefit her natural born son) – “and she said to Abraham, ‘Get rid of that slave woman and her son, for that slave woman’s son will never share in the inheritance with my son Isaac” she had no legal basis. Under Mesopotamian law of the land, Ishmael was considered to be Abraham’s legal heir.

Simply put, the root of the Middle East conflict is based on competing claims regarding Abraham’s rightful heir. Jews and generally most Christians view Isaac as Abraham’s rightful heir in direct dispute with Muslims who place Ishmael in this position based on legal precedent.

In reality, if Genesis 17:8 is to be taken literally as the word of God, the land was promised to ALL of Abraham’s descendants – thus Isaac and Ishmael and all of their descendants are divine heirs. Consequently, the land has been occupied during different stages of history by Jews, Christians, and Muslims. With each having legitimate historical and biblical claims to the same land, the only practical option is for it to be shared.

Partition vs. Unitary Multi-ethnic State:

Starting in 1986 (after the minimal effectiveness of the Sullivan Principles that had been enacted in 1977 to integrate U.S. corporations doing business in South Africa with the anticipation that integration would eventually carry over to the country’s society as a whole), when the United States joined the international community in imposing economic sanctions on South Africa to bring an end to apartheid, creation of an Afrikaner homeland in the western third of the country (consisting of Pretoria, Port Elizabeth, and Cape Town) and adjustment of homeland boundaries to give blacks a greater share of natural resources and thus enhance their economic viability were among the options considered. The black majority led by the African National Congress (ANC) rejected such partitions arguing, per Knolly Moses, Apartheid’s Foes: Who’s Who in South Africa (Emerge, Vol. 1, Issue 5, March 1990) “South Africa belongs to all who live in it, black and white, and that no government can justly claim authority unless it is based on the will of the people.” Likewise, Nelson Mandela (b. 1918) recipient of the 1993 Nobel Peace Prize who was elected President of South Africa in 1994, reiterated ANC demands of “one person one vote in a unitary state” during a February 15, 1990 interview on Johannesburg Television Service when discussing negotiations with then President F.W. de Klerk (b. 1936) of the ruling National Party.

Two-State Solution: Untenable

With massive Jewish settlement construction over the last three decades in the Occupied Territories, continued Judaization of East Jerusalem, and demographic realities, a two-state solution is no longer tenable since any Palestinian nation is likely to be non-contiguous or barely contiguous at best and economically dependent similar to black homelands established by apartheid South Africa. Furthermore, even if a viable two-state solution was implemented today, it would only delay the inevitable when Palestinian Arabs would outnumber Israeli Jews, which in the words of then Israeli Prime Minister Ehud Olmert (Kadima) (b. 1945) during a 2007 interview, would lead to “‘a South African-style struggle for equal voting rights’ in which case ‘Israel would be finished'”[2] after enduring increasing isolation and economic damage from likely international sanctions aimed at compelling implementation of universal suffrage, both of which could lead to Jewish emigration.

Based on current birthrate trends, Palestinian Arabs are expected to reach population parity in the territory comprising Israel and the occupied territories by 2016 per Iqbal Tamimi, Changes in Palestinian Demographics (Palestine Think Tank, 20 June 2008)). Furthermore, based on Yossi Alpher’s article, Too late for two-state? (Haaretz, 20 February 2004) Palestinian Arabs will attain majority status between 2054 and 2074 in Israel proper when the occupied territories are excluded rendering an Israel under compulsory minority-rule impractical and illegal based on Article 7 of the 2002 Rome Statue of the International Criminal Court that states that acts committed against “an identifiable group on political, racial, national, ethnic, cultural, religious, or other grounds… in the context of an institutionalized regime of systematic oppression and domination of one racial group over any racial group or groups… with the intention of maintaining that regime” is a crime against humanity.

Consequently, per Daniel Gavron as reported by Peter Hirschberg in One-state awakening (Haaretz, 12 October 2003), “we (Israeli Jews) are left with only one alternative: Israeli-Palestinian coexistence in one nation” since the land “cannot be sensibly partitioned” adding, “If Israeli Jews now wish to secure their long-term future in the region, they must agree to abdicate Jewish sovereignty and move swiftly, while the balance of power still tilts in their favor, to a multiethnic democracy.”

Last, a one-state solution may be one of the “alternatives” alluded to by Arab League Secretary Amr Moussa (b. 1936) when he stated, “We have to study the possibility that the peace process (the current two-state approach) will be a complete failure. We have to have alternative plans…” in light of the current stalemate, in which talks have not been held for more than a year and appear unlikely to resume anytime soon as reported by Avi Issacharoff, Arabs must ‘prepare alternatives to failing peace process’ (Haaretz, 27 March 2010).

Is a Multi-ethnic, Unitary Israel Feasible?

Evidence based on the peaceful transformation of South Africa from white-minority rule to black-majority rule in which Afrikaner fears of genocidal retribution (with the 1838 Battle of Blood River that followed an attack on Afrikaner encampments in which Zulu warriors also slaughtered women and children, in which 10,000-15,000 Zulu attackers were defeated by 470 Voortrekkers led by Andries Pretorius (1798-1853) ingrained in their psyche) were never realized (even though Mandela who at the time of his release from prison in 1990 expressed his desire for peace and reconciliation, refused to renounce armed struggle) bodes well for Israel’s Jews despite their fears that a one-state solution will “bring one war. A bloody war with no end.”[3]

Nevertheless, even when South Africa was subjected to international economic sanctions, white South Africans resisted change citing an existential threat, an argument echoed by the vast majority of today’s Israeli Jews. Per Ali Abunimah, Israeli Jews and the one-state solution (Al Arabiya. 17 November 2009), the concept of majority rule to white South Africans “engendered ‘physical dread’ and fear of ‘violence, total collapse, expulsion and flight'” as late as 1988 (again the same holds true with today’s Israeli Jews when they envision a future under majority Palestinian Arab rule). Accordingly, 80% of white South Africans rejected the notion of universal suffrage for their country with their President, F.W. de Klerk declaring in 1989 that such a development would be that country’s “death knell.”

Consequently attempts were made to convince the ANC to accept some sort of power sharing or partition of South Africa, which they steadfastly rejected. Similar demands have been made by the two most recent Israeli Prime Ministers. Both Olmert and Benjamin Netanyahu (Likud) (b. 1949) have insisted that Palestinian leaders recognize Israel’s “right to exist as a Jewish State,” a development that is unlikely to occur.

However, per Ali Abunimah, Israeli Jews and the one-state solution, “there are few reasons to believe [Israel’s transformation into a multi-ethnic unitary state] cannot be a well-managed process” like that of South Africa.

Statements by key Palestinian leaders indicate such a transformation is likely. Per Neturei Karta meeting with Haniyeh in Gaza (Ynet, 16 July 2009), Gaza Prime Minister Ismail Haniyeh (Hamas) (b. 1963) during a July 2009 meeting with four leaders of the Neturei Karta Jewish sect (which even though they have been widely disavowed in Israel because of their belief that the country should not have been established until the Messiah, in their opinion, had come, nevertheless is relevant since it portrays Haniyeh’s views towards Jews in general) declared, “Jews are not the enemies of the Arabs or Muslims. Our problem is with the occupation… and its desire to disperse all the Palestinians.” Similarly, Osama Hamdan (b. 1965), a senior Hamas official, when envisioning a multi-ethnic Israel under majority-Palestinian rule “urged the peaceful co-existence of Jews and Arabs” pointing out “a Jewish community lived for centuries in Nablus and remains to this day unharmed and has not be expatriated” per Hamas urges coexistence under Palestinian rule (Al-Arabiya, Dubai, 20 May 2009). In addition, Anas Altikriti in Hamas is not al-Qaida (Guardian, 21 September 2009) wrote that Hamas leader Khaled Meshal (b. 1956) in an interview “clearly stated that the Palestinian struggle was anything but a conflict between Muslims and the Jewish people [insisting] that the Palestinians were fighting against the occupier who had dispossessed them of their homes and lands, regardless of religion, creed or race.” Altikriti also added that Meshal “also went on to confirm that the concept of coexistence was largely present in the Palestinian psyche, and that genocide, as suffered by Jews in Europe (which he described as ‘horrible and criminal’) was alien not only to the Palestinians but to the inhabitants of the region as a whole.” Likewise, as reported by Daniel Pipes, Salam Fayyad Says Yes to Jews Living in a Palestinian State (5 July 2009), Salam Fayyad (Fatah) (b. 1952), West Bank Prime Minister stated, “the kind of state that we want to have, that we aspire to have, is one that would definitely espouse high values of tolerance, co-existence, mutual respect and deference to all cultures, religions. No discrimination whatsoever, on any basis, whatsoever. Jews to the extent they choose to stay and live in the state of Palestine will enjoy those rights…”

As a result, per Peter Hirschberg, One-state awakening, Daniel Gavron “believes the aspirations of Jewish history, religion and culture can all be fulfilled [in a multi-ethnic unitary state]. ‘The Jews will be able to observe their national and religious festivals in their ancient homeland. They will be able to create their unique Hebrew culture.'”

South Africa’s Transformation: Model for the Future Israel:

The remarkable transformation of South Africa from a state built upon minority white rule, creation of pseudo-states to disenfranchise the black population and racial segregation is now, with a foundation built upon a platform of freedom, democracy and human rights, a leading model for others to follow. The peaceful, orderly transition to majority rule, inclusiveness and respect for all, despite the country’s brief move to the right as South Africa’s system lost international legitimacy, and existential, genocidal fears by the then ruling minority and its supporters, illustrates that such a redemptive transformation is possible for other countries.

Fifteen years after South Africa made the transformation, Jacob Zuma (b. 1942), a month prior to his election as the country’s third post-apartheid President per Karin Brulliard, White Afrikaners in S. Africa Hear Inclusive Voice From ANC Leader (The Washington Post, 14 April 2009) declared when addressing the white minority population, “I cherish being a Zulu, so should you cherish being Afrikaners. I’ve always said we are a unique country. We’ve got a tribe, a white tribe, that is African in every respect.”

With Palestinian Arab leaders and scholars expressing their acceptance and support for tolerance and human rights as well as their respect for the Jewish culture, such an inclusive transformation is likely for Israel should Middle East peace efforts eventually focus on creation of a multi-ethnic unitary state that embraces universal suffrage regardless of religion, ethnicity, and gender.

If this is accomplished, it is possible, Israel could tear down its security fence that Palestinians and much of the world view as a separation wall and dismantle its nuclear arsenal estimated to consist of just over 200 warheads that currently threatens widespread regional proliferation. Just prior to majority rule, with little need to possess nuclear weapons to deter enemies that threatened the country’s apartheid rule, South Africa dismantled its arsenal of 6 nuclear bombs and became a signatory to the Nuclear Non-Proliferation Treaty and Chemical Weapons Convention in 1991 and 1995, respectively.

In addition, if Israel is transformed into a multi-ethnic unitary state, both Aliyah – the right of any Jew to legally immigrate to Israel and the Palestinian right of return – the demanded right that all first generation Palestinian refugees and their descendants (estimated to exceed four million) who either fled or were driven from the land during Israel’s establishment in 1948 [referred to as Nakba (day of catastrophe) to Palestinians] and in the aftermath of the 1967 war – could be reconciled into a cohesive policy in which neither would oppose the other.

Conclusion:

With the current Middle East efforts focused on a two-state solution in which a peaceful Palestine and Israel would co-exist side-by-side seemingly bogged down because population redistribution and settlement construction, the demand of both sides for Jerusalem to serve as their capital and the contention of the two sides towards the other’s “right of return” in due part because of their legitimate historical and biblical claims to the same land, it appears that post-apartheid South Africa may serve as the only way out of the seemingly endless conflict.

Perhaps if Israel was transformed into a multi-ethnic unitary state in which both Jew and Palestinian Arab could lawfully exercise their right of return, each group’s (Christian, Jew, Muslim) cultural, political, and human rights were guaranteed, the constant conflict between the descendants of Ishmael and Isaac as stated in Genesis 16:12 – “…his (Ishmael’s) hand will be against everyone and everyone’s hand against him, and he will live in hostility toward all his brothers” could be resolved in the same way Ishmael and Isaac came together in peace upon Abraham’s death as recounted in Genesis 25:7-10: “Altogether, Abraham lived a hundred and seventy-five years. Then Abraham breathed his last and died at a good old age, an old man and full of years; and he was gathered to his people. His sons Isaac and Ishmael buried him in the cave of Machpelah near Mamre, in the field of Ephron son of Zohar the Hittite, the field Abraham had bought from the Hittites. There, Abraham was buried with his wife Sarah.”

If so, Isaiah 2:4 – “They will beat their swords into plowshares and their spears into pruning hooks. Nation will not take up sword against nation, nor will they train for war anymore” and Isaiah 65:25 – “‘The wolf and the lamb will feed together, and the lion will eat straw like the ox… They will neither harm nor destroy on all my holy mountain,’ says the LORD” could be fulfilled establishing lasting peace.

The Case For Privatisation and SMEs in Nigeria and Sub-Saharan Africa

In the first five years of this decade, 37 countries in Sub-Saharan Africa together raised more than $11 billion through privatisation programmes. Although the bulk of this corpus was raised in low-value transactions in competitive sectors, the figure puts the region next only to Europe and Latin America in global privatisation trends. While Africa, Ghana and Zambia were among the top contributors, Nigeria takes the undisputed lead. Africa’s third largest economy contributed more than 70% of the $975 million generated between 2004 and 2005, most of it through a single deal involving the disinvestment of a major port operation.

Across Africa, privatisation had become the guiding principle for countries trying to develop dynamic private sectors and expand their economies. Yet, countries continue to face tough challenges in terms of disappointing social indicators, deficient infrastructure and huge productivity shortfalls. Essentially, the continent’s integration into the global economy had been held back by extreme poverty, especially in the Western regions where it continues to vitiate attempts at sustainable development.

Nigeria has managed to lead the pack in aggressive privatisation in Africa based on the realisation that it is the only relevant and economically viable means towards rapid and inclusive growth. Since the return of civilian rule at the end of the last century, Nigeria has also prioritised poverty alleviation based on sound macroeconomic policy interventions. The thrust of its endeavour has been on curbing state expenditure and involvement in direct economic production, mobilisation of resources and promotion of local and foreign investment. However, given its overwhelming dependence on oil exports and the gross mismanagement that marked successive decades of military rule, Nigeria faces a dizzyingly uphill climb.

While its intention for economic reform has never been in question, Nigeria’s track record in handling privatisation deals has been rather chequered. The broad parameters of its initiative drew on past successes elsewhere in the world, from the UK to Russia, and from Europe to the USA and Asia. Nigeria’s formal introduction with the concept came about with the Privatisation and Commercialisation Decree of 1988, an initiative mandated by the IMF-funded Structural Adjustment Programme. In 1999, the Bureau of Public Enterprise (BSE) was set up by federal government enactment to prepare and implement the government’s privatisation policies. Embarrassingly, a number of the first privatisation deals ended in fiasco.

The government of former president Obasanjo sold off two refineries to a private consortium, but the sale was later overturned by the administration of Late President UM Yar’Adua over allegations of wrongdoing. Subsequent efforts to privatise refineries have had to be stalled because of policy loopholes. Disinvestment of the Nigerian public sector telecom monopoly NITEL ended in disaster when the company suffered huge losses and failed debt obligations, forcing the government to retake control earlier this year. The now defunct national carrier, Nigerian Airways, likewise failed to take off despite several attempts at commercialisation. Besides indicating ineptitude in policy and implementation, these instances, more importantly, serve to highlight the extensive failure of big business in Nigeria.

In the US, small firms with less then 500 employees account for 99.9% of the country’s 24 million business. SMEs in the European Union together provide 65 million jobs or two-thirds of all employment, while 90% of all Latin American businesses are micro-enterprises. Nearer home in Kenya, 2003 figures reveal SMEs contributed 18% of national GDP. Considering global trends in the last several decades, the arguments in favour of SMEs over large enterprises are simply overwhelming. Rapid enterprise development in an atmosphere conducive to private sector growth is the only way Nigeria can hope to achieve it MDG commitments or its indigenous Vision 2020 goals.

The benefits arising out of privatisation are too crucial for Nigeria to ignore in the context of its long-term growth plans:

• Depending on prudent implementation, privatisation can help strengthen capital markets by widening local ownership through reservation of shares for citizens.

• Many governments have successfully reduced national debt by raising money through disinvestment and related instruments, curbing the need for subsidies and tax concessions.

• Privatisation engenders healthy competition that helps expand markets, establishes best practices and improves production and service standards.

• World Bank research confirms substantial performance improvement in private enterprises with the removal of administrative constraints typical of public sector operation.

• Developing countries like India and Brazil with strong commitment to free markets have succeeded in acquiring massive foreign investment by privatising public sector monopolies.

Foreign direct investment in Africa jumped from less than $1 billion in 1995 to $6.3 billion in 2000. Although this makes for a healthy increase, the flow of investment into Nigeria and the rest of sub-Saharan Africa remains curtailed because of local restrictions. The region lacks competitive markets and consistent regulatory frameworks that provide the right atmosphere for privatisation. Considering its past experiences, it is imperative that Nigeria formulate effective public sector reforms before pushing ahead with any further sale of public assets. Moreover, such measure must be undertaken as part of a larger effort at promoting economic efficiency.

The privatisation of utilities and large public-sector infrastructure tends to throw up even harder challenges. Nigerian lawmakers must be particularly concerned about strengthening institutional mechanisms that regulate market operations. This entails reinforcement of administrative and legal systems, capacity building of implementation agencies and reduction of corruption and political interference. The failed disinvestment of Nigeria’s flagship RORO Port in Lagos is a case in point when it comes to demonstrating the pitfalls in the privatisation process in this corner of the world.

The three separate facilities at the Lagos port that handle an estimated 180,000 tonnes of annual cargo was under private operation for a number of years. The owners showed huge salary expenditure to explain dismal profits averaging just over $40,000 annually, forcing the Nigerian Port Authority to resume control. Within a year and without any further investment, profits had jumped back up to over $1 billion.

Although shocking, such incidents suggesting massive corruption have regularly punctuated Nigeria’s economic recovery. Some estimates go so far as to say that 70 Kobo of every Naira the federal government spends is absorbed by the very bureaucracy that it meant to deliver it. Whatever the direction of its privatisation policies, governance in Nigeria is as much in need of radical reforms as its economy!

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