If one recalls that at the beginning of the 21st Century to date, we witnessed trade wars bothering on the quality of goods and services in which the winners have been countries and regional groupings that have not only invested in their people and technology but have a common market policy. As we have clearly seen in the last two decades, events in the global arena is a departure from that of the 20th Century where mankind dominated one another by the use and show of force as was demonstrated in World Wars 1 and 2, and perhaps, the Cold War.
Since the world is in the fourth industrial revolution, any country that does not make technology the pivot of its national development strategy will likely not stand in this decade and beyond. Such nations will find it extremely difficult to develop. I say this because technology spins wealth permanently as against our much-talked-about and celebrated crude oil. If crude oil spins wealth, Nigeria perhaps would have been the wealthiest country in Africa. This is not so because the sale of crude oil without significant economic diversification only gives an illusion of wealth.
Over the years, development experts have seen that dependence only on the sale of crude oil as a major source of revenue without economic reforms spins poverty. They have seen that countries like Egypt, Rwanda et al in Africa that have embraced economic reforms have strengthened growth, reduced unemployment, increased foreign exchange reserves with public debt on a downward path.
If Nigeria is to become prosperous, those in authority must find ways and means to reduce the ranks of the rural and urban poor and not merely develop indigenous technologies that make life more tolerable for them. Reducing the ranks of the poor will entail amongst others crafting policies that create more productive, higher-paying jobs outside subsistence agriculture, attracting foreign direct investment and improving the quality of science, technology, engineering and mathematics (STEM) education at the tertiary level. The solution to building capacity to tackle poverty is in having a labour that is shifting from low-productivity subsistence agriculture or casual labour to higher-productivity manufacturing and service sector jobs. Whether we like it or not, technology and quality workforce provide the key to high productivity.
Technology which, according to experts, is the practical application of scientific knowledge and ideas to produce results beneficial to humanity. Any country whose people are determined to utilize the value of technology in its development strategy will never be disappointed. The resulting product will guarantee wealth, harmony and growth. Technology and the quality of the workforce remain the driving force for the development of private and public sectors in this decade and beyond. Particularly important is the fact that knowledge which is often embodied in people in the form of skills, management expertise, general experience and know-how is critical for the development of any society. What then is the quality of Nigerians needed from the standpoint of modern industrial development?
The quality of Nigerians in this context can be defined by professionally qualified youths who are technology savvy with a positive attitude to work. Positive attitude of our professionally qualified youths in action, words and feelings is very critical to the survival of firms and the entire society in the world of today. Additionally, one would be looking at Nigerians, who over the years, have learnt to utilize their time fully instead of spending time. Nigerians who work smart not hard. Working hard without the use of efficient machinery and equipment and importantly, the application of intelligence is equal to no work and may give rise to negative value.
If Nigerians decide to work twice as hard as others in the year 2020 and beyond, it is likely not going to improve our productivity; but only our production. The reason is very simple. Power supply is scarce in Nigeria followed by a harsh business environment. Productivity which is a measure of efficiency and long-term development is increased if workers produce more for the same or less time, effort or resources. Firms will achieve increased productivity through better ways of working and or the use of more and improved technology.
Productivity is an important concept that cannot be discussed in isolation. It is impossible to obtain a sustained high rate of productivity without adequately addressing the motivation of the workforce. Motivation, as we all know, is a wide and complex subject involving variables such as wages, fringe benefits, recognition, responsibility, job satisfaction, advancement and working conditions amongst others.
Wages as a factor in addressing the issue of productivity is one of the determinants of motivation in both private and public sectors. Though not exactly the main reason for doing a good job, a satisfactory level of earnings and method of wage payment is a basic necessity of a job. And an essential requirement which must be satisfied before other factors could engender the will to work. Wages of workers has generated so much controversy from the colonial era to date. We have seen how difficult it is for some state governments to accept paying a minimum wage of N30, 000 (US$ 83.33) per month to their workers. I sympathize with the governors of those states that cannot pay the minimum wage because the productivity of their workforce in the public sector will be below par. That is the honest truth.
As much as the motivation of the workforce remains a national problem, the missing link as stated by an expert is technology and its processes. It is technology that will give our economy the flexibility with which to withstand the inevitable fluctuation in global crude oil price and recessionary cycles. There is, therefore, the need for Nigeria to be part of the Fourth Industrial Revolution. Embracing the fourth industrial revolution in coordinating her economic, industrial, personnel and trade policies. This will stimulate competition and thus, enhance productivity by the use of well-motivated and well-paid workforce. Productivity is never an accident. It is always the result of a commitment to excellence, intelligent planning, and focused efforts at all levels, and in all sectors of the economy be it private or public. It is not knowing what to do, it is doing what you know best. Thank you!
