By LEDEDRA MARCHE

Senior FN Reporter

lededra@nasguard.com

Speaking at the 12th Annual Nigerian Economic Summit in Abuja, former Minister of Economic Development Zhivargo Laing touted The Bahamas' success in international trade and suggested the way forward for Nigeria's government.

Mr. Laing — along with His Excellency Olusegun Obasanjo, president of Nigeria, the president of the National Assembly and many others — addressed this year's summit held June 7 - 9.

Hailing from a small independent country, Mr. Laing boasted of The Bahamas' trade accomplishments, adding that The Bahamas is one of the most successful small developing countries in the world.

That, he says, is because The Bahamas has embraced international trade; however, the former economic minister quickly added that many Bahamian people view formal participation in regional and international free trade arrangements with some trepidation.

That seeming paradox provides some lessons for all developing countries, Mr. Laing noted.

The country's strategic geography, political stability through enduring democracy, economic policy of openness, free trade and monetary discipline were named as contributing factors to The Bahamas' fortunes.

Others were its focus on comparative advantages in tourism and financial services, both international services; an aggressive foreign investment policy; its emphasis on education of young people and a strong social development agenda.

Listing some of The Bahamas' economic fortunes, Mr. Laing revealed that with a population of 305,000, its per capita income as $17,000; average household income is $38,000; annual tourist visits is 5,000,000 and tourist expenditure is $1,800,000,000.

As for the country's population below the poverty line, Mr. Laing revealed that it was nine percent; and its literacy level at 98 percent.

The population's access to free and compulsory education up to High School and its access to AIDS medication for pregnant mothers stands at 100 percent.

Pointing out that trade is central to success, Mr. Laing said combined with the appropriate political, social and fiscal laws, policies, procedures, institutions and incentives, it promotes national and personal development.

In fact, Mr. Laing declared that world trade has expanded 16-fold over the last 50 years and with it the world's economy — $10 trillion in merchandise and $2 trillion in service trade.

Citing another one of the trends in global and regional trade, the economics expert revealed that world trade expansion has not nearly reached its capacity, as almost two-thirds of the world's population, due to poverty, remain substantially out of the loop when it comes to driving consumer demands.

"China and India, and to a lesser extent, Latin America are pointing the way," he said, while at the same time, stressing that Africa's status is cause for concern.

Mr. Laing noted Africa is seriously challenged economically, socially and politically.

He pointed out that its level of poverty is not abating; HIV-AIDS, malnutrition and now bird flu are enormous concerns; and there is continuing factionalism, civil unrest and political instability.

But, Africa's potential remains great and the world needs its potential to be realized.

"Nigeria joins other African nations like Botswana and South Africa in presenting new possibilities for Africa," said Mr. Laing.

Suggesting the way forward for Nigeria, Mr. Laing said it must have an intelligent National Development Strategy that provides the framework for regional and international trade policy pursuits.

It must also have a clear, focussed and determined education, employment, entrepreneurial and business agendas as components of the national development strategy.

He also proposed the Nigerian government let private sector-led economic growth anchor the economic development strategy component of the national development plan.

"Actively engage in international trade talks and maintain contact with trade-related agencies such as the World Trade Organization," he stated.

The Nigerian Economic Summit Group Limited (NESG) is a non-profit, non-partisan private sector funded organization, committed to fostering private sector led, sustainable economic growth and development in Nigeria.

Some 700 attended the summit in the Transcorp Hilton Hotel, Abuja, including many government officials and private sector executives.

This year's theme was, "Sustaining Reforms and Unblocking Nigeria's Potentials."

Mr. Laing returns to The Bahamas tomorrow.