Below, I share a video on why some nations are poor, and why others are rich. It turns out that rich nations operate on CAPITAL while poor ones are configured around money. In those poor nations, money is supreme, with largely nonexistent capital, making it harder to unlock critical enablers to drive growth and prosperity.
Money is a subset of Capital, and companies and nations which allow Money to rule over them underperform. In Nigeria, we’re pursuing too much money, with limited efforts designed to advance Capital. That must change.
Until Nigerian policymakers focus on creating systems for Capital development and evolution over our fixation on Money, we will continue to struggle. When I read our policies on land, agriculture, etc, I see policies geared towards Money, when what we should focus on is how to stimulate Capital, even as we pursue the scaling of money.
Money is a subset of Capital, and companies and nations which allow Money to rule over them underperform. In Nigeria, we’re pursuing so much money, with limited efforts designed to advance Capital, triggering a system where there are many farmlands but no capital market product for farmlands. And without Capital, we scale poverty. When South Africa’s stock (capital) market has close to $1 trillion value, and Nigeria’s is hovering around $50 billion, you can see that we have a lot of money in Nigeria, but limited Capital. That must change.
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