Nigeria News

FG: Borrow ideas from China, not money – Peter Obi

Vice Presidential candidate of the Peoples Democratic Party, PDP, in 2019 elections, Mr. Peter Obi, has said that borrowing progressive business ideas from China will be more beneficial to Nigeria than taking public loans to pump into the economy.

Obi, who made this remark at the 60th Founder’s Day Lecture of University of Nigeria, Nsukka, said China had gone through different stages of national development to arrive at their present level.

He said it would, therefore, pay Nigeria better to copy China’s economic development template rather than running to them for loans.

Obi argued that China that could only boast of a GDP per capita of $960 in year 2000, had grown to a GDP per capita of $10,275 in 2019, with a High Human Development Index of 0.798 in 2019 as against 0.594 in year 2000.

Obi said the huge economic development seen in China is as a result of huge investment in MSME sector, which drastically reduced unemployment and increased government revenue.

In his words: “MSMEs in China which constitute about 95% of Chinese firms, account for 60% of China’s GDP and contributes more than 65% of the import and export business in China.

“They also contributed about 50% of the overall tax revenue of government. MSMEs constitute about 95% of all enterprises in China.

“China’s GDP is today about $14 trillion, which means that 60% translates to about $8.4 trillion— about 21 times the GDP of Nigeria.

“MSMEs account for over 60% of industrial output and provide over 60% of the overall employment and 80% of urban employment in China.

“Talking about the growth of the MSMEs, 10 years down the line, 60% of these MSMEs have shown to become large corporate when compared with Nigeria that 96% are still at the micro stage.

“China has about 840 million people employed (which is 60% of the population), and MSMEs provide 60% of these, which is 500 million people.

“In urban employment, the contribution of MSMEs is even greater; 80% of urban employment is attributed to MSME; of about 500 million people employed in urban areas, MSMEs employ 400 million.

“China had planned to create 50 million jobs from 2015-2020, which is 10 million annually, and is religiously following the plan year-on-year.

“In fact, China has consistently surpassed its annual target. China has an unemployment rate of only 3.7%.”

The event was attended by notable Nigerians, including the principal members of the university.

Obi was accompanied by Professor Stella Okunna, Engr. Patrick Obi, Mr. Ndubisi Menakaya, Mr. Paulinus Aniagbaso, among others.

Treasure Orokpo

A multi-talented individual with a passion for diverse fields, Treasure Orokpo is a trained journalist, skilled cook, and AI enthusiast. When she's not uncovering the latest stories, you can find her whipping up culinary creations in the kitchen and entertainment.

Recent Posts

Soaring rice prices threaten Christmas celebrations for Nigerian families

Rice, a staple for Christmas celebrations in Nigeria, has become a luxury this year. Soaring…

1 day ago

Panic as Stage collapses during Odumodublvck’s performance at Lagos concert

Panic erupted on Saturday at a concert in Lagos when the stage collapsed during Odumodublvck’s…

1 day ago

2025 Budget: FG allocates ₦6.36bn for renovation of Tinubu, Shettima’s official quarters

The Federal Government of Nigeria has allocated ₦6,364,181,224 billion for the refurbishment and rehabilitation of…

1 day ago

Black Market Dollar to Naira Exchange Rate Today 22nd December 2024

The black market dollar to naira exchange rate for today, 22nd December 2024, can be…

1 day ago

NNPC debunks shutdown rumors, confirms fuel loading at Port Harcourt Refinery

The Nigerian National Petroleum Company Limited (NNPCL) has refuted claims that the 60,000 barrels per…

1 day ago

‘We have to find a way’ – Guardiola laments after defeat to Aston Villa

Manchester City finds itself in unprecedented turmoil, with relegation-level form showing little sign of improvement.…

1 day ago