California is an international economic power. Recently the World Bank ranked California State of the United States of America as the world’s eighth largest economy, higher than the economy of Italy. The Californian economy is also larger than that of Russia and the largest in the United States. The economic data from the U.S. Bureau of Economic Analysis says that the Gross Domestic Product (GDP) of California is a staggering $2.31 trillion.
The giant economy of California is powered by a wide range of sectors which include trade, tourism, technology, engineering, architecture, agriculture, and manufacturing. California has a highly developed professional and technical services sectors. California is a global power in Information Technology.
The earth quaking fall in international oil prices shocked Nigeria financially, and this translated into the ugly and disgraceful situation where many Nigerian states lack the financial clout to pay the wages of their workers. Many Nigerian states have low economic importance. The states have no weight on the international stage like California State.
The Nigerian states are poor on multiple fronts. They cannot enjoy buoyant economic growth with the sad presence of corruption in Nigeria. There is too much wasteful spending of money in projects whose bottom line is vanity. A very high level of ethnic hatred and a very high dose of religious sentiment rob many states the space to employ and appoint highly skilled people irrespective of their ethnic and religious orientations.
The most towering problem of Nigerian states except Lagos is overdependence on the money that flows from petroleum, the major foreign exchange earner of Nigeria. Overindulgence in crude oil money kills deep creativity. It incapacitates the states’ ability to expand their economies to meet international standard and taste.
Lagos state is the most likely Nigerian state that can compete internationally especially on the African economic template.
Nigerian states should learn a litany of things from California. The generally lackluster economies of Nigerian states should be thoroughly diversified.
The states should look beyond crude oil money as the mainstay of their existence. Nigerian states need to sincerely make greater investment in agriculture, technology, Nollywood, education, and entrepreneurship. Information Technology remains a major global goldmine, and the states should go fully for digital economy.
Nigerian states should provide capital and other resources for the vast number of talented Nigerians who have been wasting without productivity and profitability. This huge array of talents should be highly empowered to help expand the slim global reach of Nigeria.
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