Africa vs other world: The harm we gleefully do to our own economy

Eniola Olorundare

The first question that comes to mind is, “Why are the Africans so much behind economically?” The answer is not difficult to get. What Africans understand better is consumption. They hardly understand the importance of creating and building wealth.

The fundamental rule of developing a country lies in wealth creation.

There are different ways in which various developed countries today have built their wealth; through currency appreciation, the Europeans and Americans build their businesses, hire their own people, buy their own products and spend more of their money investing in their country.

This is a basic trick Africans have failed to understand.

We have pitiable issues of leaders stealing from their people and sending the money back to their colonial masters from whom they borrow the same money. They go on holidays abroad, buy houses abroad, they school their children abroad and go for medical treatments abroad.

This is against the rule of growth and development.

Instead of buying Louis Vuitton, Hermès, expensive cars, shoes and houses abroad, Africans could industrialise Africa, build banks and get rid of colonial institutions by putting them out of business.

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Most well established African businesses fail after 150 years, because, to an indigenous African, nothing is ever his fault, his compulsive habit of killing his own to climb the economic ladder, compulsive material consumption, and his inability to build businesses contribute to the numerous reasons why most well established businesses in Africa crumble after 150 years.