MVP
I was on Reuters today, and saw this plot. It is the race to the Most Viable Player (MVP) in global business. Who would become the first $1,000,000,000,000 company? That is twelve there for a trillion.
Look well - from 2016 to now, these companies are adding $billion as though they are packing biscuits.
Nigeria's stock exchange has a market cap of about $44 billion. Yet, a single company is about to hit $1 trillion. I expect Amazon to touch that magic number once it announces its preliminary Christmas numbers in January 2019.
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No matter who runs Nigeria, every one of us must see our continuous underperformance as a challenge. This goes beyond our leaders. Everyone must wake up - from cleaners to doctors, from engineers to senators, and indeed everyone.
A world where Apple is 20 times the size of our stock market should bring humility to every one of us. Forget politics and politicians; we need to do more. The excuses will not fix anything!
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For some years now, I have always felt that we haven't started, and there's an eternal misconception or misrepresentation that we are rich.
No, we are not rich, and we are still very far from being considered as a rich country. When you put our annual revenue side by side with our infrastructure deficits, and then put the size of our economy side by side with our population; obviously you will cover your face with your hands.
The NSE which ordinarily should be Lagos Stock Exchange (atleast to save us some of the embarrassment of calling that paltry sum our market capitalisation) is not even functioning at 20%, and somehow we still believe that we are rich.
Another big question is why are big foreign investors not finding here attractive enough? It surely means that we aren't doing something right. Iran just had a 'temporary' sanctions relief from the US and its allies, and many corporations rushed in and started pouring billions of dollars. And when we see 1 billion here, we dance and party, celebrating it as if it's $100 billion!
Nigeria is yet to take off...