Saving or rekindling the nigerian private sector

[Augustine Togonu-Bickersteth]

 the  Nigerian  private sector needs help.infact there is perhaps  no private sector in nigeria  whst we may ve seing by way of iffuces msy be just  photo trick or if you like fronts to launder money from questionable sources if you are to go by the words and observations of dr olugbenga Jaiyesimi,  an emerging nigerian thinker and social philosopher. 

According to Dr. Olugbenga Jaiyesimi nigeria has lost the capacity to  industrialize because wealthy nigerians are merely rent seeker.

Curious I.lookedup the expression  RENT SEEKER. Its revealing

Rent-seeking is a concept in economics that states that an individual or an entity seeks to increase their own wealth without creating any benefits or wealth to the society. Rent-seeking activities aim to obtain financial gains and benefits through the manipulation of the distribution of economic resources.

I want to connect it with family businesses and lack of sucessiin planning which was the subject of an event organised  by First bank on October 12 2023

The are about 30 milion family business in nigeria.gebrrating 200 bilion dollars yearly so we sre made to believe the promoters seem to make the mistake of pampering their children all in the nsmebof good parenting  with the result that they are not disciplined enough to suceed their parents in carrying out the family businesses hence they may become whst the yorubas call  AKOTILETA.that is he who cannibalised  his father property to sell to others because of the lack of knowledge to turn one kobo into two  kobo. Lack of business acumen..

Dr olugbenga Jaiyesimi  thesis is reminding of a similar  stance held by the noted economist  professor  Sam aluko now late,that we do not have a private  sector  what we have are government contractors.he also said we had too many politicians that what we need are entrepreneurs. 

Interestingly Profesdir Sam aluko and Dr olugbenga Jaiyesimi  belong to different generations. Aluko was one of the abled lieutenants  of obafemi awolowo whereas  Dr olugbenga Jaiyesimi  is a beneficiary  of free education  by bola ige an ardent follower of obafemi awolowo. 

I must add Jaiyesimi  seemed to have immersed himself very well in awoism and Democratic socialism as adhered to by obafemi awolowo.