By Johnson Babalola
Recently, after using my credit card at a store, I couldn’t find it upon returning to my car. Panicked, I retraced my steps, searching every section of the shop and even unusual places. I questioned the staff, but no one had seen it. Frustrated by the wasted time and effort, I resigned myself to calling the bank to cancel it. But as I sat in the car, I felt something in my trouser’s back pocket. I checked—and there it was.
A wave of mixed emotions hit me. Relief that I had found it, yet frustration that I had overlooked the most obvious place. How could I have ignored my own pocket? The Yoruba have a saying for this: _Oun tá a ń wà l’ó Sókótó, ó wà l’àpò sòkòtò_—what we are desperately searching for in Sókótó (a faraway town in northern Nigeria) is right in the pocket of our trousers. The proverb reminds us that solutions are often closer than we think. However, even a pocket must be intact to serve its purpose—if it is torn, whatever is placed in it will be lost.
I had barely put the experience behind me when I walked into my house and saw a news headline: another group of Nigerian political leaders was on a world tour, seeking foreign investors. My mind immediately went back to the trouser proverb, and I asked myself: why do we always look to distant lands for what we refuse to nurture at home?
*The Trouser and the Quest for Foreign Investment*
For decades, Nigerian leaders have embarked on expensive trips to the United States, Europe, the Middle East, and Asia, pleading for foreign direct investment (FDI). They host elaborate investment summits, sign memoranda of understanding, and make grand promises about Nigeria’s economic potential. Yet, back home, local businesses struggle under the weight of poor infrastructure, inconsistent policies, and government inefficiency.
The irony is striking. Many of the global economic powerhouses Nigerian leaders visit—countries like the U.S., Canada, Germany, the UK, China, India, and Japan—have thriving economies precisely because they prioritize their own businesses. Small and medium-sized enterprises (SMEs) in these nations contribute massively to their GDP. For example:
– In Canada, SMEs contribute nearly 50% of the GDP and account for over 90% of private-sector jobs.
– In the United States, small businesses contribute about 44% of economic activity.
– In Germany, SMEs, known as the “Mittelstand,” form the backbone of the economy, contributing over 55% of GDP.
– China’s economic rise is largely built on its ability to develop and support domestic industries, ensuring they thrive before competing internationally.
Yet in Nigeria, rather than investing in its own local businesses and entrepreneurs, the government prioritizes external investors—most of whom refuse to invest when they see the weak business environment. A businessman, whether foreign or local, wants an enabling environment, stable policies, security, and infrastructure. No investor will willingly throw money into a system riddled with uncertainty and government-induced bottlenecks.
*The Torn Pocket of Nigerian Business Growth*
The Yoruba proverb warns us that even if a pocket holds valuable items, if it is torn, those items will fall through. Nigeria’s business environment resembles a ripped pocket—one that cannot hold onto investment, no matter how much money is poured in. The major impediments to business growth in Nigeria include:
1. Lack of Infrastructure – Roads, electricity, and water supply are in shambles. Nigerian manufacturers spend an enormous percentage of their revenue generating power alone.
2. Government’s Lack of Integrity – Investors, both foreign and local, are wary because the government does not keep its promises. Examples abound of land sold to investors but left unprocessed for years due to bureaucratic inefficiencies.
3. Policy Inconsistencies– A new government often abandons or reverses the policies of its predecessor, making long-term business planning impossible.
4. Politicization of Business Interests – The government favors businesses owned by political allies while frustrating independent entrepreneurs.
5. Lack of Trust and Transparency – Corruption is deeply embedded in government transactions, scaring away legitimate investors.
*Growing Nigeria from Within*
Imagine if Nigeria truly supported its local businesses. If instead of funding lavish trips to seek foreign investors, those billions were invested in:
– Education and skills development, ensuring young Nigerians are trained to innovate.
– Healthcare, so that citizens are healthy and productive.
– Infrastructure, making it easier for businesses to operate.
– Research and development, leading to technological and industrial breakthroughs.
The result? A stronger economy, more jobs, and a more valuable Naira. If SMEs in Canada, Germany, and China contribute significantly to their economies, why can’t Nigeria do the same? Why can’t we build a system where local businesses, artisans, and industries grow, adding value to the economy instead of relying on foreign investors to develop our own country?
*The Trouser Must Be Mended*
Nigeria does not lack potential. It lacks the political will to focus inward. Instead of running to Sókótó (foreign investors), let’s mend the pockets of our own trousers. Let’s fix the policies, the infrastructure, and the trust deficit so that investments—local and foreign—do not slip away. If we continue searching for answers abroad while neglecting the solutions at home, we will remain a nation forever chasing shadows.
The lesson from my credit card experience is clear: before we run to the ends of the earth looking for solutions, let’s check our pockets first.
NB: Johnson Babalola is a Canadian immigration lawyer, author, writer, storyteller, and story-based leadership trainer and the Founder of JB Law & Life Compass (JBLLC: @jblifecompass), a mentorship initiative for young lawyers and law students in Nigeria._*
*Follow him on IG @jbdlaw; FB: https://www.facebook.com/jbdlaw and www.johnsonbabalola.com/www.tpmattorneys.com_*
*You can obtain a copy of his newly released book, REJECTED on Amazon, FriesenPress, Barnes & Noble, Kobo etc.*
