Africa Needs Real Economic Growth, Not IMF Accountants

February 4, 2019

A recent forum sponsored by Brookings Institute in Washington DC entitled: “Top priorities for Africa in 2019” produced a healthy discussion that alluded to important fundamental conceptions of economics. Although the deeper principles of what should be called economic science were not elucidated, issues raised in the dialogue serve as a useful starting point for further elaboration of that subject.

The event was organized to present FORESIGHT AFRICA, a new publication by the Africa Growth Initiative. Representative from the International Monetary Fund-(IMF), and Mo Ibrahim Foundation, joined Ambassador Linda-Thomas Greenfield, and Brahima Coulibaly, director of the African Growth Initiative, for a wide-ranging discussion on the future of Africa to a packed audience.  

Members of the audience challenged the prevailing assumptions of the International Monetary Fund. One participant raised the inadequacy of the IMF’s rigid macro-analytic approach, when what is needed, she said, is a fine-tuned micro-economic intervention to deal with the scope of the challenges facing African nations. Another suggested the need for a state-funded public sector job program to put the millions of unemployed youth to work—a proposal which the IMF representative categorically rejected. The IMF’s hostility to state sector involvement belies the several hundred-year historical record of the modern economy, which is replete with successful and indispensable interventions by the state to foster economic growth.

Measuring Real Economic Growth      

While the Brookings report, FORESIGHT AFRICA, provides some relevant statistics, its analysis rests on erroneous axioms of what comprises economic growth

The commonly accepted notion that African nations today are experiencing “jobless economic growth” reveals the fundamental antagonism between the analysis of the IMF and its co-thinkers, and proponents of real i.e. physical-economic growth. Jobless growth is a moronic oxymoron.  Real*economic growth augments the productive power of society to increase its surplus of tangible wealth in order to sustain an expanding population at a higher standard of living. The IMF pretends to measure growth by adding up monetary values such as the price of extracted resources and real estate, stock market gains, etc.  The aggregation of prices is not a measure of the economy’s growth.  The only true calculation for economic growth is the result: an improvement in the living conditions of the population.

Africa’s Bright Economic Future Is Its Youth

Creating Real Economic Growth          

An excellent example of this defective thinking is highlighted in the article from the Brookings report entitled “How Industries without smokestacks can address Africa’s youth unemployment crisis.”  Author John Page reports that Africa has not only failed to industrialize, but shockingly, its share of global manufacturing today is smaller than it was in 1980! He forecast that Africa’s working age population (15-64 years of age) will grow by 450 million between 2015 and 2035, and that “20 percent of new employment for wages will be in the service sector, and only 4 to 5 percent will be in a wage paying job in industry.” His conclusions for the future of youth employment in Africa are ill-founded and deadly when he states that since: “industry has declined as a share of output and employment…over the past four decades…Africa may not be able to rely on industry to lead structural change…”

Page then proceeds to dangerously postulate the equivalence of employment in manufacturing with tourists and service jobs. He writes: “The same forces that limit Africa’s opportunities in industry, however, are also creating a growing number of tradeable services—such as tourism and remote office services…”

“Growth in tourism is outpacing manufacturing in many African countries… It has the potential to create some of the millions of formal sector jobs Africa needs each year to employ youth entering the labor force…”

This is not an academic question for the people of Africa. We should all be level-headed about the implications of this prognostication: without industrialization Africans will die. African are dying every day due to lack of infrastructure, a diminutive manufacturing sector, and an inefficient food-producing industry. The industrialization of Africa with a massive expansion of its manufacturing base is not an option, but a life-or-death necessity!

Nor is this conjecture on my part. From the standpoint of economic science of physical economy there is no equivalence. Manufacturing, by transforming nature and producing needed goods, contributes real value to society; tourism and services do not. A variety of services are required for a functioning society, but this sector should not perform role of a primary employer for new entrants into the labor force. Tourism serves no vital task except to promote the natural beauty of a county.  No new wealth is created by tourism; it is essentially collecting other people’s earned income.

Service-related jobs, whether useful or not, will never lead to real economic growth for one elementary reason. They do not contribute to the creation of new wealth. A properly organized economy would only have a relatively small percentage of its employed labor in the service sector. To do otherwise, as some African nations unfortunately are, is not sustainable, and will lead to calamity. To equate non-goods producing employment with manufacturing jobs is a grave fundamental error that should be rejected by serious economists and leaders.

Africa’s Youth Bulge Is Not A Curse

FORESIGHT AFRICA estimates that today 60% of Africa’s 1.25 billion people are under 25 years of age. That amounts to 750 million youth, a majority of which are unemployed or mis-employed in the pathological informal economy. It is projected that in sub-Saharan Africa alone, the youth population will expand by 522 million, and comprise one-third of the world’s youth by 2050. Thus, making  Africa the continent with the youngest population, and potentially the largest workforce on the planet.

While these figures are striking, they do not justify enforced population reduction measures, as extremists advocate. Human life is intrinsically sacred because it is endowed with the divine spark of creativity. Contrary to popular misguided opinion, human creativity is the underlying source of all wealth; not money or even natural resources.  Paleoanthropology shows us that millions of years ago before the emergence of homo sapiens-sapiens (wise-wise man), proto-humans, homo hablis, (handy man) designed tools first in the mind’s eye before shaping rocks into useful implements that were used to transform the environment for the benefit of mankind. Africa is not facing a crisis of too many people, but rather the urgency to formulate the best policies today that will incorporate millions of youth as productive members of the labor force.

What African nations most desperately need, and which will have the greatest impact of their economies, is infrastructure, infrastructure, and more infrastructure.  It is not hyperbole to state that the lack of infrastructure is responsible for millions of deaths on the continent. The dearth of on-grid energy, arguably the most crucial component of an industrialized-manufacturing society, is preventing African nations from attaining the levels of economic growth required to sustain their populations.

For example. If we desire, as we should, that Africans enjoy the same relative living standard as Western nations, then each of the 2.5 billion Africans in the year 2050 should have access to at least one kilowatt (1,000 watts) of power every day. That would require, starting immediately, erecting enough power plants to generate 2,400 gigawatts of electricity. Itemize the bill of materials to build that many thermal, hydro, and nuclear power plants.

Now contemplate the number of workers that would be employed in this endeavor. Extend the same mode of thinking to constructing hundreds of thousands of kilometers of high-speed rail lines to connect the major cities, ports, and manufacturing centers across this vast continent. Add to that the number of new roads, hospitals, schools, libraries, and water ways that need to be built to provide an adequate standard of living. How many tens of millions or more youths will Africa need to employ in just the construction of primary infrastructure projects? Imagine how many additional jobs will be created in the spin-off industries.

Nuclear Energy is Critical to Meet Africa’s Energy Needs (ESI Africa)

Africa’s Future Begins Today

Trillions of dollars of long-term low interest credit must be made available to fund these projects. Only state-issued public credit will suffice for this scope of investment. The private sector, investments funds, or any other fund that is motivated by seeking high yield and quick financial returns on their investment will never, ever, underwrite the credit necessary. The overriding concern of the nation state is not making quick monetary profits, but the welfare of its citizens living and their posterity.  The IMF thus far shown itself to be mentally, emotionally, and ideologically incapable of comprehending the true economic needs of Africa, or how to fund them. Those who are blinded by their erroneous view of evaluating an economy by its monetary worth, will forever be incompetent, and are not qualified to give advice, much less diktats to developing nations.

Credit issuance by the nation state is not a new or novel concept. The success of United States’ economy, which was maintained with ups and downs until its decline over the last five decades, emanated from the accomplishment of President George Washington’s Treasury Secretary, Alexander Hamilton.  It was Hamilton’s understanding of credit and the central role of manufacturing that created the basis for U.S. economic growth from thirteen indebted colonies.  Over the last 230 years, those leaders, in the U.S. or abroad, who were wise enough to comprehend and apply Hamilton’s understanding of national banking and credit, have been successful in stimulating economic growth for their nations.

Africa’s future does not begin in 2050; it begins now. It is incumbent on Africans, with the assistance of their friends and allies, to prioritize crucial transformative infrastructure and related projects that must be built and funded. This cannot wait. This is a war to eradicate poverty, hunger, and disease, and secure a productive life for billions of Africans living and yet to be born. Thus, this campaign should be conducted with a military-like commitment to achieve objectives and goals each month and each year. Hence, we are not waiting for the future; we are creating the future in the present.

*real and true are interchangeable terms signifying a physical (non-monetary) improvement in the economy.

Lawrence Freeman has been involved in Africa for over 25 years as a writer, analyst, and consultant. He teaches courses on African History in Maryland. In 2014 he was appointed Vice chairman of the Scientific Advisory Committee to the Lake Chad Basin Commission.

Guardian of Nigeria Publishes “Proposal for Nigeria’s Future” by Lawrence Freeman

The Guardian of Nigeria published on Monday, January 28, 2019, my article: “Proposal for Nigeria’s Future”  with included pictures of President Trump, President Xi, and myself that were omitted from the on-line article.

 

Proposal for Nigeria’s future

 

Presidents Kagame and Museveni Discuss; Democracy, China, Infrastructure, and Jobs

President Paul Kagame: Time for Europe To Invest in Industry and Infrastrucure

December  26, 2018)

In an exclusive interview with Austria’s {Die Presse} news daily, Rwandan President Paul Kagame stated that “Europe has invested billions upon billions of dollars in Africa. (But) something must have gone wrong…. Part of it is that these billions had a return ticket. They flowed to Africa and then back to Europe again. This money left nothing on the ground in Africa.” The European money was invested in the wrong place, he said.  Instead it should go to investments “in industry, infrastructure, and educational institutions for Africa’s youth, whose number is growing fast. That is the only way to create a  demographic dividend.” It would be a better way of preventing migration of young Africans to Europe, which the Europeans were so much worried about. Europe could cooperate with China, Kagame hints: “China is active in Rwanda, but not in an inappropriate way. The new roads in Rwanda are largely built with European money. Sometimes there are Chinese subcontractors.”

 What Africans do not need, is Europeans trying to give them lessons on democracy, Kagame said. The European model of democracy is a failure, Europe is in a profound political crisis, as shown by the recent mass protests and other aspects, this model cannot be one for Africans to follow. Europe finally has to give up its attitudes of fake generosity, and begin accepting Africa as a real partner, he said.

Presidents Museveni of Uganda and Kagame of Rwanda

China Creating Tens of Thousands of Jobs for Ugandans in Infrastructure Projects

Ugandan President Yoweri Museveni revealed in an interview with {Xinhua} with its focus on infrastructure development, the country wanted to attract more invest-ment from China: “We are likely to advance the project of the Standard Gauge Railway (SGR)… in the government-to-government (talks).” Extending the Chinese-built SGR line from the Kenyan seaport of Mombasa, which is expected to reach the border areas with Rwanda, South Sudan, and the Democratic Republic of Congo, to Uganda would make sense as a catalyst of economic growth. To finance its infra-structure development agenda, Uganda looked at China because of the country’s favorable lending terms compared to some of the Western global financiers.

Other major infrastructure projects in Uganda will benefit from Chinese support as well: A few months ago, the Kampala-Entebbe Expressway, linking the capital Kampala to Entebbe Airport, the country’s gateway to the world, was completed. China financed the construction of the mega road  project, the first of its kind in the country. China is also financing the expansion of Uganda’s Entebbe International Airport. Official figures show that after completion of the first phase of expansion, the cargo center can handle up to 150,000 metric tons of goods, compared to the previous 69,000 metric tons.

In the northern part of Uganda along the River Nile, the world’s longest river, China is constructing the 600MW Karuma Hydropower Plant. While touring the facility in July, President Museveni said he was amazed by the progress noting that the plant will not only address Uganda’s inadequate power supply, but also that youths have become skilled through the construction process.

Farther upstream on the River Nile, in the central Ugandan district of Kayunga, construction of a Chinese-funded 183MW Isimba Hydro-power plant that is nearing completion according to the Chinese engineers on site, power generated by the plant is expected to come onto the national grid early next year.

The power development plan is crucial for the Uganda’s industrialization policy, which has designated over 22 industrial parks across the country where investors can set up base, taking advantage of the incentives that come with establishing their factories in the parks. In October, President Museveni launched the first phase of a $620 million Chinese industrial project in the eastern district of Tororo. The project has dubbed the Uganda-China Free Zone of International Industrial Cooperation, undertaken by the Dongsong Energy Group, will manufacture glass, steel, and organic-fertilizers, creating about 3,000 jobs at peak when completed in 2020.

President Museveni, in March of this year launched another Chinese-owned Mbale Industrial Park. The park owners, Tian Tang Group, said it will attract more than 30 investors with a total investment of about $600 million and an annual output value of $1.5 billion. The park will directly employ about 12,000 locals.

 The $220 million Kehong China-Uganda Agricultural Industrial Park, is another park that will play a critical role in transforming the economy. According to government figures, almost 80% of the country’s population derives its livelihood from agriculture.

 When fully operational, Kehong China-Uganda Agricultural Industrial Park is expected to produce about 600,000 tons of agro-products annually to meet the domestic and regional market demands.

 It will also create 25,000 jobs as well as making opportunities for training local people available, according to the managers of the park.

Africa’s East-West Railroad is 50 years Over Due

An East-West railroad, along with Trans-African highways, and  electrical power, is essential for African nations to become  sovereign independent nations. It is coherent with the African Union’s “Agenda 2063.” Sudan is geographically situated to become the nexus of the East-West and North South rail lines. Africa’s collaboration in recent years with China’s Belt and Road Initiative, Russia, and other nations to build vitally necessary infrastructure is the only way to eliminate poverty, hunger, and disease. It will also lead to finally putting African nations on the path to building robust agricultural and manufacturing sectors. This policy stands in stark contrast to President Trump’s “non-Africa Strategy,” which will do nothing to help Africa, nor improve US Security.  

Russia Wants To Help Build an African Cross-Continental Rail Line

Dec. 16, 2018

The Russia-Sudan Inter-governmental Commission announced in a report that Russia wants to participate in the construction of a cross-continental rail line, which will connect East and West Africa. TASS reported that the commission document states: “The Sudanese side expressed interest in participation of the Russian companies in constructing of the Trans-African railway from Dakar-Port Sudan-Cape Town. The Russian side confirmed readiness to work out the opportunity for participation but asked for [the] provision of all the financial and legal characteristics of this project.”

TASS explained that “the Trans-African railway line is part of the African Union’s plans to connect the port of Dakar in West Africa to the port of Djibouti in East Africa. It will run through 10 different countries (many of them landlocked) and is expected to boost trade on the continent. The route will be the expansion of the existing Trans-African Highway 5 (TAH5). The first phase of the project will be an estimated $2.2 billion upgrade to 1,228 kilometers of existing rail between Dakar, the capital of Senegal, and Bamako, the capital of neighboring Mali.

The project has already attracted Chinese investment in African infrastructure through Beijing’s ambitious Belt and Road Initiative (BRI).” 

 
 
 

 

Scientific Economic Progress is Essential to Stem the Migration of Africans

The only real solution to the migrant crisis is the economic development of Africa. Sadly, Africans will continue to take dangerous journeys and risk their very lives searching for opportunities for productive employment in other countries. Economic growth is the sine qua non for Africa and this depends on massive expansion of infrastructure across the continent. The levels of investments required in vital areas of infrastructure cannot be accomplished by the private and financial sectors. Government issued public credit is necessary to fund the trillions of dollars of infrastructure needed to develop the African continent. The application, training, and education in new scientific endeavors in nuclear energy and space satellites are key components of a healthy growing economy that all African nations should enthusiastically embrace to secure the their future. 

More African Refugees Take Dangerous Atlantic Route to Europe

Dec. 5, 2018 –Reuters reports “a  resurgence in African migrants taking the treacherous Atlantic route to the Spanish territory this year in search of jobs and prosperity that they cannot find at home. It marks the revival of a worrying trend. In 2006 — when 30,000 migrants managed to reach the Canary Islands — some 7,000 people died trying to make the crossing, rights groups say.”

Faced with the land route via Libya ending now in detention camps, with no hope of ever reaching Europe, migrants increasingly take the sea route from West Africa to the Iberian Peninsula.

“Managing … migratory flows is very much like squeezing a balloon. When one route closes, the flows increase on another,” the Reuters report quotes Izabella Cooper, spokeswoman for EU border agency Frontex, as saying.

“Migrants face many dangers on the open ocean, including mountainous waves, blistering heat and starvation,” writes Reuters, and, although reliable data are not available, authorities in Senegal and Gambia said there has been a rise in boats attempting to reach the Canary Islands this year. The boats are often canoes not really seaworthy for ocean voyages, or tiny boats with dozens of refugees on board, propelled by engines not fit for such voyages either. Empty boats have been spotted repeatedly, and their real numbers remain unrecorded. “The sea is
very, very big. And they can leave from wherever in Senegal, Gambia or further south,” the Reuters report quotes Rafael Carballo Abeger, an attaché at the Spanish Embassy in Dakar, Senegal.

Rwanda Has Signed a Nuclear Deal with Russia

Dec. 6, 2018– During an official visit of Rwanda’s Minister of Infrastructure Claver Gatete to Moscow, an intergovernmental agreement on cooperation in the field of peaceful uses of atomic energy was signed between the two countries. “The cooperation agreement will lay the foundation for active dialogue between the two countries in the field of peaceful use of atomic energy, and will allow for practical implementation of particular projects,” {ESI Africa}, a power journal, reported on Dec. 6. Rosatom’s Director General Aleksey Likhachev signed the agreement on behalf of Russia and Gatete signed on behalf of Rwanda.

Likhachev said: “We are happy to share our more than 70 years expertise in the field of peaceful use of nuclear technologies with our Rwandan partners. We hope that our cooperation in that area will contribute to the economic growth and improve the quality of life of the Rwandan population.” The document establishes a legal basis for interaction between the two countries including elaboration of the project for the construction of a Center for Nuclear Science and Technology, and of a Nuclear Power Plant in the Republic of Rwanda, {World Nuclear News} reported.

 

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Science and Technology Will Transform Africa: Ethiopia to Launch New Satellite in 2019

Finally, in recent years African nations and the African Union have embarked on the exciting and necessary use of space technology to advance their societies. Science and technology are the most fundamental drivers of economic growth. It is the discovery of new scientific principles of space that lead to breakthroughs in new technologies to transform the continent. For too long, Africa has been denied the “right” to use space science, and it no surprise that Ethiopia is in the leadership of this effort.

Ethiopia Will Have Its Own Remote Sensing Satellite, with Help from China

Nov. 27, 2018

Dawn breaks over a radio telescope dish of the KAT-7 Array pointing skyward at the proposed South African site for the Square Kilometre Array (SKA) telescope near Carnavon in the country's remote Northern Cape province in this picture taken May 18, 2012. South Africa is bidding against Australia to host the SKA, which will be the world's largest radio telescope when completed. Picture taken May 18, 2012.

As reported yesterday by Reuters, the government of Ethiopia announced that Ethiopia would have an Earth remote sensing satellite built in China and launched in September 2019.

China would pay $6 million for the design and construction of the satellite and the launch, toward the $8 million total cost. {The EastAfrican} weekly newspaper and on-line site reported that the satellite will be launched from China, but the command and control center will be based in Ethiopia.

Although according to the Reuters wire, the satellite will be used for “climate and related phenomena,” in fact, the data will also be used for agriculture, land use, and other necessary monitoring for the economy.

Ethiopia’s Ministry of Innovation and Technology released a statement on the future of the country’s space plans, and mentioned a number of African space projects. One of these involves China granting $550 million to Nigeria to purchase two satellites according to Quartz Africa multimedia website, which explains that China has “deepened its place in all spheres, economic and political. Conquering the space business and providing space mapping services is part of Beijing’s globe-spanning Belt and Road Initiative, with both state-run and private Chinese space companies selling made-in-China satellites abroad.”

Quartz Africa reports that “as satellites get smaller and cheaper, an increasing number of African nations are declaring their plans to look skyward. The African Union has also introduced an African space policy, which calls for the development of a continental outer-space program and the adoption of a new framework to use satellite communications for economic progress. The demand for satellite capacity is expected to double in the next five years in Sub-Saharan Africa.”

Undoubtedly, as part of the “Space Silk Road,” China will be playing a leading role in bringing space technology to Africa.

Read: China to Help Launch Ethiopia’s First Satellite in 2019 

 

The Debate On China’s Role In Africa; A Different Point Of View

The Council of African Security and Development-CASADE has published my article regarding the debate over whether China is forcing African nations into a new ‘debt trap.’ Despite the propaganda from some Africans and Westerners, China is not the new imperialist in Africa. You can read my analysis below.

CASADE: COUNCIL ON AFRICAN SECURITY AND DEVELOPMENT

 

 

 

Ghana’s Unrealized Potential and Nkrumah’s Fight vs the British

I addressed a Ghanaian  organization in NYC several years ago. I discussed the unrealized potential of Ghana and Kwame Nkrumah’s fight against the British. Since then I have parted company with EIR magazine, but my analysis remains truthful. 

 

 

Transaqua Begins: A Wonderful Step Forward for Africa!

Today a huge step forward was taken for the Africa continent with the initial funding for a feasibility study of the Transaqua water project. Transaqua, a transformative inter-basin water transfer project to re-charge the shrinking Lake Chad, was first proposed over thirty years ago, to create a super-economic development zone between the nations of the Lake Chad Basin and Great Lakes Region. Expanding this lake is crucial for the Sahel and will help to turn back the desert. The success of Transaqua, a Pan African infrastructure project, will be bring peace stability to Nigeria, and to the other member states of the Lake Chad Basin, and as well create new levels of economic wealth. It will contribute to the industrialization of Africa, and should become part of the African Union’s “Agenda 2063.” I am proud that I have been advocating this project around the world, especially in Africa and in the United States.

All Africans, and friends of Africa should rejoice at this small, but potentially giant step forward for the people of Africa.

Today, October 16, 2018- A MoU (Memorandum of Understanding) for the initial funding of the feasibility study for the Transaqua project was signed in Rome by the Italian government and the Lake Chad Basin Commission. Francesco La Camera, director general of the Italian Environment ministry, and Mamman Nuhu, Executive Secretary of the Lake Chad Basin Commission, signed today a document that certifies an Italian government grant of 1.5 million Euros to finance the feasibility study for the project refill Lake Chad and build a water, transport, electricity and agro-industrial infrastructure in central Africa, developed by the Italian firm Bonifica more than 35 years ago.

The formal signature is following the decision announced last February 29 at the International Lake Chad Conference in Abuja, Nigeria. There will be further bureaucratic steps before the grant can be delivered and the feasibility study can start.

“It is a historic step”, said Bonifica CEO Romina Boldrini. “Italy is giving money for Transaqua. Everybody is expecting Bonifica to start the feasibility study now”.

Marcello Vichi, the head of the Bonifica team that drafted the original Transaqua study in the seventies, said he is “very satisfied” with the agreement. “Finally, after so many years, Africans and Europeans understood the importance of the project. Now we have to make up that lost time”.

Read:  Save Lake Chad With Transaqua: Presidents Roosevelt and Nkrumah Would Concur

US-China ‘Trade War’: What Implications For Nigeria?

My comments on the potential effects for Nigeria and Africa from a trade war between the US and China are quoted below in an article by “The Herald” a national Nigerian newspaper. (Not all of my comments are reported with complete accuracy)

The Herald Nigeria

US-China ‘Trade War’: What Implications For Nigeria?

The escalating trade disputes between the United States (U.S) and China have kept the global markets on their toes with uncertainties pervading the global economy and implications for other countries.

Analysts say the trade tensions between the world’s two largest economies portend consequences in commercial relations among countries as it has repercussions in differing degrees for some of these countries.

China constituted U.S. largest supplier of imported goods worth more than 500 billion dollars in 2017 while U.S. exports to China was approximately 185 billion dollars at the same time

However, U.S. President Donald Trump imposed varying degrees of tariffs on billions of dollars worth of Chinese products starting early 2018 and China also retaliated with its own tariffs on U.S. goods.

Since then, both countries have engaged in full-blown tit-for-tat measures that have unsettles the global markets in different degrees, which is gradually manifesting to a full-blown trade war.

Political-economists express concerns that African countries could be hit because of the global network of economies in that what affects the U.S. and China’s economies affects the entire global economy.

They say for instance, the impact was largely felt on the stock markets in Nigeria, Kenya and South Africa – with Nigeria and South Africa being the two largest economies on the continent.

Mr Lawrence Freeman, a U.S.-based Political-Economist Analysts for Africa, said that the trade war brewing between the two world superpowers could have dire economic consequences for Nigeria.

Freeman said: “If President Trumps precipitates a full-blown tariff war; it could disrupt the world economy, inflict financial penalties on China, and undermine China’s currency.

“This could lead to harmful effects for Nigeria, since both nations are coordinating currency transfers and have worked together to improve, Nigeria’s agriculture with billions of dollars of investment’’.

He opined that Trump’s trade war with China has serious political, economic, and even military implications for all nations of the world, alleging he {Trump} has little understanding of how an economy functions, and how to achieve real economic growth.

Trump is a follower of the myth of free-trade “buy low-sell dear” without regard for the economic security of a nation.

“For example, in the most recent meeting between Presidents Trump and Muhammadu Buhari, Trump proposed increasing the sale of U.S. agricultural products to Nigeria.

“This is the absolutely wrong approach. Nigeria should be reducing the amount of food imports by building up its agro-manufacturing sectors,’’ Freeman said.

Freeman also said that China, on the other hand, has embarked on an economically healthy policy of investing in infrastructure in Nigeria and Africa to drive economic growth, as evident in the Belt and Road Initiative.

According to him, Nigeria, like the rest of the African, needs massive investment in hard and soft infrastructure.

He noted that in collaboration with China, Nigeria is building railroads across the country for the first time since colonialism, observing further that this, with increasing energy production, “is essential for Nigeria to develop and achieve stability.

“President Trump should be more thoughtful in helping Nigeria overcome its huge infrastructure deficit, by joining China in expanding the BRI in Nigeria and across Africa.

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