Is Kasinomics the new Kamikaze?

On a trip to Nigeria, I struck up a conversation with my designated driver in the city of Lagos. Those conversations are always colourful, but without fail its final destination is a discussion around poverty. He casually remarked that every employed person in Nigeria directly or indirectly supports nine other people. His assessment was in no way based on verifiable facts, but without a doubt it echoed the reality of the people on the ground. Unfortunately, our acceptance of this reality has become the Achilles heel of Africa.

Our children are raised the African way:

• Where children support their parents by providing for them in their old age;
• Where we buy from street vendors, because we understand they are often the sole providers to their families;
• Where we all have a distant cousin who can help, or knows someone who can help;
• Where there is always an extra bedroom in our homes, for grandma to live in when grandpa is no longer around.

?“It takes a village to raise a child.”

Even though there is no trace that this saying originated in Africa, it is very much the African way, and no-one could be blamed for dubbing it an African proverb. Don’t get me wrong, these are all very good family virtues, but unfortunately it is also leading us on a noble Kamikaze like suicide mission. The only difference is, Kamikaze pilots knew very well that it was the end of the road for them.

GG Alcock has created a strong following on the back of his Kasinomics optimism. I, on the other hand, am of the view that Kasinomics is a rather close relative to the modern day fast food joint, where instant and affordable gratification stills your hunger for a moment, but leaves you with serious lifelong health issues.

Within our borders we tend to act like drug lords, doing nothing more than laundering our own money. Money that is already in the system, is given a good rinse and then reintroduced, cycle after dirty cycle. With every cycle, the income from the employed and educated is spread thinner and thinner, all in an attempt to support a growing impoverished community. We have become a nation of hand-me-downs. Don't be fooled by the fresh smell though, it is only because it came from a recent wash and dry cycle at the laundromat.

Saving Africa requires an injection of revenue from outside the African eco system. ?We have been brainwashed to believe we were born to be consumers. After making off with all our wealth, the rest of the world now supports failing governments, who are propagating the flawed political views that our only saving grace, is the redistribution of whatever is left on our continent.

As Africans we need to wake up and realise that the real opportunity for prosperity, lies outside our borders.

• Our tourism and wild life is begging for foreign currency. With wild spaces diminishing at an alarming rate, we have the opportunity to become the number one holiday destination to the world. If the UAE could create a traveling hub in the middle of a dessert, we can create a traveling destination on this beautiful continent.
• We are people of the earth and we need to tap into the benefits locked up in our soil. Minerals, gemstones and agricultural produce. It is time to brand Africa for Africa.
• We need to manufacture high quality, low cost products at scale. China lead the way in creating a macro economy from doing exactly that (maybe forget I said quality). Why then are we still importing plastic teaspoons and toys made in Taiwan? We are leaking our already depleted resources into the economies of other countries at the expense of our own people.
• We need to provide remote services to Europe, a continent with 750 million people, 50 countries and a $25 trillion economy; And we are on the same timeline. Remote work has provided us with an opportunity to earn foreign currency off the 1.3 million, dollar millionaires on that continent.
• We have created some of the best 24/7 call centres in the world, and we support clients in an understandable English accent. It is time for us to follow the sun, as well as other countries’ money, and bring it home.

While our politicians are playing house, house with our votes and borrowing from Paul to pay Peter, we have to turn our attention to building an economy. Time for us to act more like Robin Hood and less like a Kamikaze pilot. The one returns with gifts, the other never does.