The three-hour opening ceremony of the London 2012 Olympics was a breathtaking spectacle, heralding what would later be three weeks of striking and record-breaking performances by men and women of strength from 204 nations of the world.

The British used the exquisite occasion to showcase a rich heritage and culture of productivity, signposted by what is known in recorded history as the Industrial Revolution – that pivotal period in world evolution, when the British led transformations in transportation, agriculture and technology. Here, we recall the invention of the steam engine that powered trains and ships, with which Britannia ruled the waves! And even when the games commenced, we were treated to more exciting moments of exceptional passion, vigour, endurance and commitment demonstrated by athletes from around the world. But it was not so much of a rewarding Olympics appearance for our dear country, Nigeria.

Our participation in London was, to put it mildly, regrettable: or how would you explain that the most populous black nation of the world with 160 million people failed to win even one medal, when Grenada, a nation of approximately 100,000 inhabitants, won a gold medal? Following this dismal performance, many Nigerians have concluded that the poor result we recorded at the Olympics clearly reflect the depths of our decline as a nation. Perhaps the debate is better appreciated when we situate it within our quest for economic growth and national development.

In his famous work, The Wealth of Nations, Adam Smith described wealth as “the annual produce of the land and labour of the society”. Common sense would suggest that any society with an abundance of the two critical ingredients in Smith’s postulation – land and labour – would be a very wealthy society. But in contemporary economic thinking, wealth of nations is measured by more complex indices in the mould of GDP, GNI, and such other statistical references.

Our dear country Nigeria has continued to present seemingly impressive GDP growth rates in recent years suggesting that ours is one of the fastest growing economies in the world. But it will be counterproductive for us to just rest on our oars believing we have safely attained cruising zone. This is because on the other side of the flip chart are even grimmer facts: high level poverty because of mass unemployment, dismal power supply situation, weak infrastructure and rising insecurity, to cite only a few references.

The intent here is not to berate our macro-economic achievements but rather to remind us, in the words of William E. Simon, that: “Productivity and the growth of productivity must be the first economic consideration at all times, not the last.” Indeed, this is the only thing that can elicit real and tangible economic growth and development. With abundance of natural resources, it is unfortunate that we are now labeled a net importer and even more lamentable that much of our major export, crude oil, returns as refined petroleum products. No economy grows on consuming what others produce alone; because when you rely too much on imports, you lose control of the levers of your macro-economy.

But there is hope for a better future for this country of great potential. This much was demonstrated by Nigerian paralympians that represented the country at the London 2012 Paralympic Games. We are all proud of their glorious outing and even more of the lessons they taught us through their exploits. Most instructively, they have shown the nation that we can be productive and even record great achievements if we stay true and committed to the fundamentals of nation-building and human development.

Our immediate needs are obvious. Our priority sectors should be foods and agro-allied, manufacturing, power and infrastructure. We need to get our factories back on track, keep our teeming youths engaged and ensure we grow our economy in real and concrete terms. None of these is beyond our reach. Hard work, patriotism, commitment and confidence in our own abilities are what we need on our remarkable journey to a greater Nigeria. Our citizens must keep hope alive. We are a “Great People”.

We at Honeywell Group celebrate with Nigerians on the auspicious occasion of our country’s 52nd Independence Anniversary.

LET US PRAY

Dear God, we thank You for creating us with capacities for self-realisation and development. We seek Your forgiveness for failing to use our capacities for the purpose for which You have created them. But we also beseech Thee to grant us insight and wisdom with which to engage our capacities for the enrichment of our personal and national lives.

Honeywell Group