So last weekend, I was in Port Harcourt and in the usual fashion we had this exclusive meet up,. They were free session but strictly by invitation. And we had intellectuals, a few highflyers and one of them was a governorship candidates and a few PHD in economics holders.
So in cerebral argument, he brought up a theory he called “The Mathew Effect”, its actually a biblical principle that explains why the rich get richer and the poor get poorer. He says its biblical. He quoted a bible verse to support it. It was the verse Mathew 25: 29
“For unto everyone that has, it shall be given that he may have abundance. But for him that have not, shall be taken away, even that which he has”.
How does this happen, how can you move over that cycle and leverage, how do we position right. And then how do we flipside and create a better system of democratisation of wealth.
So let’s examine the facts..
Nigeria is a middle income, mixed economy and emerging market, with expanding financial, service, communications, technology and entertainment sectors.
Now, if you look at this 4 sectors each of them has a value chain. For example
Music has production, it has distribution, it has consumption
Production- Sars, OJB, Don Jazzie rich, D’banj, Tuface etc (production is extraction and refining),
Distribution makes people like NotjustOkay, Linda Ikeji Bella Naia rich, Rhythm 93.7
Consumption makes people like night clubs, show promoter, Yinka Davies, Philip Timel
But the main guys who make the big bucks is the distribution guys, say for example, MTV base, or say Silverbird or Shoprite and no wonder Jumia has packed here and now Walmart is coming to Nigeria as they the move follows Walmart’s $2.4 billion acquisition of MassMart, a major big box retailer in South Africa. The strategy is different, it will target middle and high class unlike its usual small low class people.
It has the largest economy in Africa after the re basing. The International Monetary Fund predicts that by 2018 the world’s fastest-growing markets and economies will be found in Africa , most likely Nigeria as another prediction show that It is to be one of the 20th largest economy by 2020 (well that’s if we can sought out power, Human capital and corruption).
Suffering from the phenomenon of an abundance of natural resources which fuels official corruption resulting in a violent competition for the resource by the citizens of the nation
In a country where there is so much resource and little trained sound minds, skilled work and experience, leaves the skilled and sound as a means to take advantage of the rest. That’s why world back explained that
Reportedly, 80% of Nigeria’s energy revenues flow to the government, 16% covers operational costs, and the remaining 4% go to investors. However, the World Bank has estimated that as a result of corruption 80% of energy revenues benefit only 1% of the population
The next Nigerian Revolution will be powered by new businesses..
We need big thinkers..big doers and big doers
If we can collapse the government,..
Building economy from the ground up and not vice versa, what we have is small
There are few indicators that gives a clue of a decay..
Once a country has more churches than businesses, more politicians than entrepreneurs
Why shouldn’t we hire you..
Democratisation of wealth
A concept where money returns back to businesses and the people
We need system changes: this refers to system thinkers…
People who will not look at a problem, but instead look at the cause of a problem..
Then we need political changes (politics cant be the most lucrative business in Nigeria).
If a woman leaves a man with vision for a man with television, soon she’ll watch the man with vision on her broke husband’s television. In the words of Margaret Mead famously observed: “Never doubt that a small group of thoughtful, committed citizens can change the world; indeed, it’s the only thing that ever has.
Abraham Lincoln said it best: “You cannot help the poor by destroying the rich. You cannot lift the wage earner up by pulling the wage payer down. You cannot further the brotherhood of man by inciting class hatred.”
Written By Eizu Uwaoma,
Brand. Mgt Consulting. Training.
About Eizu Uwaoma
Eizu Uwaoma is the founder & lead strategist of Hexavia, a business, brand, training & management consulting firm. Through his weekly features nationwide on radio, he connects with more than 5 million professionals, personally interacting with over 500 top executives & has intervened in over 50 businesses. He has a proficient gift, skill and experience in enterprise development. He is an authority in brand, human capital and business training as well as project consultancy.
He runs the Decoded, a monthly hangout for professionals in all major Nigerian cities facilitates at the Hexavian Masterclass and is the founder of the Hexavian Business Club.