Breaking new grounds

Not long ago, Citibank economist David Cowan said the question in the past, was whether Nigeria would ever start to do things right. Today, he says the question is not whether Nigeria will take the path of economic development -- putting aside age-long distractions that beset the nation-- but when.

CNN host Fareed Zakaria extended this logic recently when he posited that developing nations typically struggle with three distinct accomplishments: when they stop doing stupid things, when they start doing smart things and finally, when they start doing modern things. While we all may guess where Nigeria is today, a wrong answer is unlikely.

However, one thing economists watching this country seem to agree on is that 2013 can and should be a pivotal year for our nation.

There are understandably good reasons to be bullish about the once sleeping giant now shaken from her long slumber. Bequeathed with a stable foreign exchange regime, a projected drop in inflation and interest rates, rising business confidence, a growing appetite in investors, improvement in power and emerging competition among states to attract investment, 2013 can be the year Nigeria truly takes off.

But let’s be upfront about this there will also be downside risks, which may threaten the domestic and foreign investment that Nigeria badly needs to transit from a nation with potential to a star performer it should be.

While Western economies are contracting, Nigeria is expanding at one of the fastest rates measured in GDP terms. The same can also be said about our ambitions at your newspaper. We are repositioning for growth at BusinessDay by taking a global approach to business activity in Nigeria with senior level recruitments from home and abroad. We will continue our dedicated coverage of the Nigerian business community with a commitment to better and deeper analysis of the issues pertinent to decision makers. We will expand our presence in Nigeria and the region using modern-day platforms and newsgathering techniques.

We are also breaking into new fields - intelligence & research and training. And more than ever before, our leading journalists will go further, asking the hard questions, to bring you the information and insight you need most to take due advantage of the emerging investment opportunities. There will be more conferences on the topics that matter most and through our Training Unit we hope to work at helping to build human capacity for Nigeria’s rapidly expanding economy

Thank you, our readers, advertisers and conference delegates for your support thus far. The launch of our intelligence and training units are a clear testament to the commitment of BusinessDay to this market. We ask you to join us on this our new journey in 2013. It promises to be even more exciting.

Source: Business day