The Concept of 24-Hour Economy

The Concept of Twenty-Four Hour Economy. by Cletus Olebunne

Cletus E. Olebunne

June 1st, 2005

The 21st Century Nigeria must be a twenty-four hour economy. This vision is based on the undisputed fact that Nigeria has the required resources and capabilities to implement strategic plans in accomplishing goals and reaching the vision of 24-hour economy in 2020. In order to accomplish this vision, every public policy implementation must support this vision.

TWENTY-FOUR HOUR ECONOMY:

Is a

1. -Manufacturing Economy.

2. -Internationally Focused (Exporting Economy).

3. -Entrepreneurial.

In an effort to becoming a 24-hour economy, we must create an economic environment where manufacturing companies can flourish and grow in such ways as to provide employment, wealth, and satisfaction, not only to increase standards of living materially but also to enhance social cohesion. These aspirations cannot be met unless firms are competitive internationally in a sustained way.

In creating a 24-hour economy, we need to collectively use our individual resources, making sure that our institutions – colleges and businesses work in collaboration as we challenge young Nigerians to go out there and compete with the rest of the world. We know we can do it, just as citizens of developed economies have done. What these other countries have, that we don’t have is a quality leadership that challenges every Nigerian to be proactive and not be short sighted, while providing a welcoming business environment. To do that, we must be patient, patient and patient.

Nigeria’s major problem has been lack of quality leadership. I mean a leadership that understands that in a governmental organization, your customers are the citizens. And, for any organization to be successful, it must be customer focused. It must be able to give customers what they want. And, how do you know what customers want? By listening, listening, and listening. Nigeria citizens are hungry. They are hungry for a quality leadership, a leadership that can provide them with the tools to fully become proactive in meaningful ways.

The new leadership must understand the importance of education in the 21st century competitive world. Leadership that is not threatened by the Nigerian educated mass. Leadership that understands, that a nation needs this particular demographic in the 21st century set up. Leadership that every Nigerian should look up to and be proud to be a Nigerian. Leadership, which will give Nigeria respect and encourages partnering business relationships with the rest of the world economy.

A leadership that encourages industrious Thriftvilleness. Nigeria needs to be a nation of Thriftville rather than Squanderville. Squanderville nations sooner or later face greater payment to service debt, therefore embracing highly inflationary policies. Thriftville style is to sell more abroad than purchase, and concurrently invest surplus abroad. To be able to sell more abroad a nation has to become an industrious Thriftville. To become a manufacturing entrepreneurial economy Nigeria needs to have a sense and the mindset of ownership. As ownership grows, so will the annual net investment income flowing out of the country. To compete in a globalize world, Nigeria states, regions and communities need to attract and retain manufacturing entrepreneurs. If Nigeria wants to enjoy the benefits of globalization it needs to become a nation of factories.

As we say at nel-m.org: If you don’t make it, you’re enriching the maker. This is the essence of manufacturing economy.