Im doing a research on financial sector development, FDI and economic growth in developing countries and I have come across several information in the course of my research. Although I cant give so much information but I believe that we all know whats going on in our surroundings and the world in general.

The west (Europe and America(s)) have for some reason always given a model that would suit developing countries however, these models are often equated with the developed countries themselves. I am of the opinion that developing countries should at least follow models which are drawn by developing countries and meant for developing countries as these countries have similar growth pattern (well more often than not, but then they are often characterised by similar factors).

China, which is a miracle growth (seeing what they have achieved in the last 7years or so) might be a model for other developing countries. An adage says 'a pe mo ara eni ni temi dire', when Goldman Sachs decided to coin the term BRICs back in 2001 China wasn't regarded as what they are now, but since the literature came out China has taken the advantage of the positive things Jim O'Neill said and it has worked for them.

The literature then points to the Next 11 (2005) which includes Nigeria. If I remember correctly, all the N11 have the capacity to grow by 4% or more over the next 20yrs. By 2025, Nigeria should be the 20th largest country in relations to per capita GDP. In the meantime, there has been some important factors that they have given considerations too which I believe we also need to pay attention to otherwise we might not see what Goldman Sachs have predicted.

As we all know, emerging countries especially China and India have been doing a lot of investment in Africa.

I'm not sure what else to write o as I think I'm now lost in what my point was meant to be in the first place. But in any case, do you really think we need to follow the models adopted by the developed countries or follow china's strategies? Mind you some of them actually were from the BRIC thesis.

Also note that developed countries were once like us 'developing countries' in fact if not worse  and it took them ages to get to where they are now. In 1920s, England's banks got developed after several years of self help associations for merchants wanting credit rather than banks in the modern sense. In America throughout the 19th century, banks lent the bulk of money to their directors, their relatives and those they knew.
Another funny thing is they had Child labour, yes Child labour existed in these countries, (to say they want to kill us with child labour laws n stuff now) they once actually did involve themselves in Child labour. According to Chang, the first attempt to regulate child law met stiff resistance in Britain back in 1819.

Before I conclude, I hope you get this, I was at a conference some 3 weeks ago and the main thing I got out of it was
Africans should write their own history.

Africans should do the same thing the Chinese did, work together and make things work to make Africa a better place. At least if we have a footing we can also make shakara to the west instead of fearing them.

They created models in order to still keep us dependent on them, most African countries only just gained independence about 50yrs ago so why is it that they are determined to see us do what took them over 100yrs to do in less than the time they've given us to be dependent on ourselves.

Just so you'll know im not saying that we should not be able to do this in less than half of the time they did theirs but then patience is a virtue.

Meanwhile, we should remember this, Obama said in his visit to Ghana, something along the lines of how would a country be rich if the leaders exploit the economy to enrich themselves? True word spoken so it is that time we make haste while the sun shines

O, before I forget, Prof Mammo Muchie said this in his presentation, Churchill once said 'History must be good to the English because I wrote it' so if Africans write their own history, then maybe history would favour us.

Hopefully this makes sense, as im in the middle of a write up sorry

All models work especially those that have been tried and tested. Whichever we choose, we must pursue it conscientiously and consistently. We must apply good faith and do away with policy somersaults.