Here is a small mental arithmetic for you: if it took Nigeria 47 years (1960-2007) to move its GDP per head from $400 to $1000, how many years will it take her to climb to $31,000 per head-at the current speed of 20km/h? TheG20 nations which President Yar'Adua is so passionate about share two things in common: prosperity and productivity. For instance, the world's twenty biggest economies each have GDP per head ranging from $90,000 (the highest) to $31,000 (the least). Two, they all are productive nations.

Going through the 2008 ranking of Fortune Global 500 companies, one will discover that over 90% of world's biggest 500 corporations are from the G20 nations This is why, I reason, President Yar'Adua administration's audacious aspiration to make Nigeria a G20 nation by the year 2020 (laudable though it may be), may remain a will-o-the wisp without a viable and transparently competitive private sector to drive productivity and consumption faster than those nations we are competing with as well as a highly mobilized and well informed citizenry as was done in South Korea, Japan, and China: the three nations whose economic breakthroughs could actually be likened to a miracle.|

To be sure, the Club we plan to join parades giants nations like the USA (Life- President?) with 153 companies on the list of Global 500; Japan-64; Britain-34; France-39; Germany-37; China-29; South Korea-15; Canada-14; Switzeland-14; Netherlands-13; Spain-11; Italy-10; Austrailia-8; India-7; Sweden and Taiwan has 6 companies each; while Russia, Mexico, Brazil, Belgium each has 5 companies on the ranking.

Now, the poser is: which of those 20 countries can we out-compete and overtake in the next twelve years and what is the strategy? None, we must remember, of the G20 nations achieved its success just by mere declaration of intention.

Their economic breakthroughs were all as a result of meticulous planning, prudent financial management, sound and highly nationalistic economic strategy. Our Entrepreneurs must cease to be rent collectors; wake up to their generational responsibility; fulfill it by becoming more ambitious, focused, disciplined and take Nigeria to the next level; otherwise our country is doomed; and may ultimately become another Somalia when oil finishes or diminishes in importance.

Why do African leaders go to G8 annual meeting cap-in-hand seeking foreign aid? Show me one country that achieved greatness through foreign aid and I will show you a street beggar who built a mansion on the Atlantic Ocean!

The new business world milieu is characteristically 'VUCA': volatile, uncertain, complex and ambiguous. The 2008 Fortune Global 500 ranking bears testimony to this. The BRIC nations (Brazil, Russia, India and China) came out strongly; but the real winner is China with an unprecedented 29 companies listed on the league table of the world's biggest corporations.

Toyota of Japan knocked down General Motors from number one position to become the world's biggest automobile company and the sixth biggest company globally for the first time in history. While the total revenue of the G500 rose by 13% to $23.6 trillion; companies need now to post annual revenue of $16.7 billion before getting listed.

Another striking development is the degree of focus; smart nations sharply focus more on their areas of competence - where they have competitive advantage. For instance, while Britain remains the King in banking and education businesses, US retains its monopoly in ICT , aerospace, defense, entertainment and securities; the king of electronics is South Korea; while Japan controls automobile , trading and life insurance; France heads the world's engineering and construction business. The commander-in-chief of utilities business globally is China; while Germany drives railroad and chemicals businesses.

Where does this leave Nigeria? No African company (not even South Africa) has ever made it to the G500 ranking table; but Nigeria seems to have the best chance: our potential is stupendously huge. The missing link: we are bereft of discipline, sound strategy and selfless and patriotic elite.

Going forward, President Yar'Adua needs to set up an unambiguous road map on how to specially promote selected Nigerian brands globally(10 is enough to start with)- where we have competitive edge, like university education, agriculture, sports, tourism, etc. South Korea had just six chaebol; these are private conglomerates though- but government 'weeded the forest' for them in the beginning.

First, we must break the back of poverty and unemployment; China is set to multiply its middle class sevenfold to 700million the new game is spreading wealth. Nigerian middle class has been relegated to the drawers of water and hewers of wood- the Nigeria elite's new game is in distributing poverty in dozens. What can we achieve without a viable middle class?
I am fascinated by the progress made by South Korea in the last thirty years.

The country was conquered by the Japanese and was almost at par with Nigeria at independence. Today, its economy is the 12th biggest in the world. How? It is the likes of Samsung that serve as the Korean economy's 'control tower'.

The $160billion Samsung group makes more money selling cell phones, digital TV, brokerage, heavy industries among others than what Nigeria makes annually from oil!
Today, Samsung accounts for 18% of Korea's gross domestic product and 21% of exports. Samsung had earlier overthrown the Japanese Sonny in a 'palace coup' to emerge the king of world electronics.

What is the CEO of a potential Global 500 company to do in a situation like Nigeria where opportunities are wrapped with linen of obstacles? How do you turn obstacles of poor infrastructure to goldmine? How did Toyota, Canon, Samsung, navigate the international business landmines to emerge champions in their respective sector in a market hitherto dominated by the American companies?

One, the Nigeria CEO desirous of producing a Global 500 company must embrace diversity and heterogeneity. Homogeneity is good for business up to a point; afterward it becomes counterproductive. This was what happened to the Japanese companies in the 1980s when growth became stunted arising from lack of fresh ideas. Nigerian CEOs need to dilute their Boards and senior management positions to include nationals from other lands.

Secondly, they should embrace financial transparency. It was lack of transparency that led to the collapse of Daewoo, another of the Korean G6 chaebol. How many of our top companies in Nigeria today can pass the transparency test? Thirdly, out-of-the-box-thinking strategy was what Toyota used in dethroning General Motors.

Finally, philanthropy pays. Perhaps the reason most American companies continue to grow geometrically despite the worldwide economic melt-down is because they are also the greatest givers. In conclusion, yes, we can, as a country, I believe everything is possible. But we must act quickly: our iceberg is melting.