I believe that the respect (or some will say fear) of Dangote is the beginning of investment in Nigerian fast growing growing Capitalist economy. I highly respect successful Nigerian businessmen. If a person can be highly successful in a "Jaga Jaga" business environment, that is,
- Manage his power (electricity) needs
- Generate your own water
- Have your own security
- Pay lawful and UNLAWFUL taxes to Federal, State, Local govt, Community, Women's group, Youth, Road 'Police protection' costs, 'discuss' with politicians for their continued support, etc
and lastly
- Achieve all these and still pay dividend to you and I, (setting comfortably in our houses), for investing in the business
If a successful Nigerian operates in same good environment as the Richard Bransons operate, we will knock them flatly. As we say, they will not see our tail lights.
What we just need are regulations, which should be enforced without preferencial treatment to some people. These regulations should:
- Allow free entry into a market
- Allow competition, not MONOPOLY
- Transparency in business dealings
If all these are available, it would be wonderful to watch
- The Dangotes, Otedolas, Adenugas etc. competing against each other (Happened recently when Adenuga 'beat' Dangote to an Oil block)
- The Elemelus (UBA), Ovia (Zenith), Cecilia Ibru (Oceanic), Soludos (CBN), Erastus Akingbola (Intercontinental), etc. controlling the banking sector and giving their financial backing to these people
- The foreign investors seeing us growing and also putting their cash in despite 'negative reporting' in their media
- Good Nigerian focused financial analysis websites (StockMasterNigeria, Proshare, Stockwatch, IBTC, FSDH, Cashcraft etc) with serious analysts (all of us) carefully tracking their moves with our increased networking and investing wisely based on analysis, making them stay on their toes.
Nigeria is still on level 3 (assuming 10 levels) on the Capitalist ladder. We are experiencing our teething problems. With the dexterity, ruggedness, sagacity, ingenuity etc. of an average Nigerian, we will climb this ladder and succeed with FULL MARKS.