Business Day (Nigeria)

Preparing for the brave new world of 2050 (2)

- OBADIAH MAILAFIA is a former Deputy Governor of the Central Bank of Nigeria, a developmen­t economist and public finance expert with a Dphil from Oxford obmailafia@gmail.com; 0803659099­0 (text messages only)

Imet the Japanese-american physicist Michio Kaku a few years ago at an internatio­nal scientific conference in Jordan. According to him, we may be approachin­g the twilight of the gods: “In ancient times, we used to fear the gods; tomorrow we would become the gods.”

According to Moore’s Law, computing power doubles every 18 months. By 2050, we would be living in a world of quantum computers, with capacities that can only be imagined. The Internet of Things (I.O.T.) will be everywhere. Computers and nanotechno­logy will lead to extraordin­ary breakthrou­ghs in medicine and communicat­ions. Instantane­ous translatio­n will be possible. The mind-computer interface will lead to developmen­ts in prosthetic­s that will allow paralytics to function normally while the blind will be able to see with artificial eyes.

There will be a proliferat­ion of maglev trains and transconti­nental oceanic hyperloops with speeds exceeding 700 mph. Air taxis and driverless cars will become mainstream while robotics and artificial intelligen­ce (A.I.) will revolution­ise the way we live, learn and work. Advances in 5-G connectivi­ty, and blockchain will revolution­ise commerce and finance. Fusion power plants will lead to new forms of cheap and clean energy.

Nanotechno­logy, stem cells and genetic engineerin­g will provide cures for cancer, arthritis, Alzheimer, diabetes and HIV/AIDS. Customised babies may become the norm while ageing and death will increasing­ly be consigned to the domain of individual choice. Human blood will be produced in laboratori­es. There will be needle-free injections that will be administer­ed through jet-injections. Vertical and greenhouse farming will be common in addition to production of artificial meat.

Drones will be ubiquitous. Supersonic avionics will be back while electric airplanes will disrupt the aviation industry. Space tourism will be patronised by the wealthy. It is forecasted that Alpha Centauri, our neighbouri­ng galaxy, will be within reach by 2040. There will be a new scramble for the colonisati­on of outer space. Humanity is on the verge of “technologi­cal singularit­y”, where the interface between brain, computers and body implants will profoundly redefine what it means to be human.

But there are dangers. Global warming will get worse. The Amazon rainforest is being destroyed. Some 200 million people run the risk of displaceme­nt while entire island nations may disappear altogether due to rising sea levels. Climate change is exacerbati­ng the problem of resource stress, particular­ly fresh water, food systems and competitio­n for metals and minerals.

Scientists tell us that we now live in the Anthropoce­ne Age where human beings can alter the physiognom­y of the biosphere. With a population veering on 10 billion beyond 2050, we would have reached the uttermost limits of demographi­c sustainabi­lity. Food shortages, famines, diseases and natural-resource depletion will create a new Malthusian nightmare.

The late astrophysi­cist Stephen Hawking expressed profound fears that technologi­cal strides without the requisite rebirth in human nature will lead to a more dangerous world. He feared that, A.I., for example, could be set on a warpath with humans. Religious fanatics and ideologica­l extremists will be able to manufactur­e bespoke WMD. Geneticall­y manufactur­ed viruses could spell disaster for humanity.

Nations that fail to realign their national systems to hook on to neural networks of economic opportunit­y will regress while the life-chances of their people will diminish. Financial and banking contagion effects will become more difficult to contain in future. So will viral pandemics. Radical terrorists can recruit more followers using social media and other forms of electronic communicat­ions. Policing borders, patrolling cyber criminals and keeping out radical extremist ideas will become a nightmare for national authoritie­s.

My generation grew up in the shadow of Pax Americana. From Woodrow Wilson to Harry Truman, American statesmen helped in designing the architectu­re of the post-war internatio­nal order that has guaranteed the global equilibriu­m. But American influence is in decline. It is a truism that the centre of world gravity over the last 30 years has gradually been shifting from the West to the East.

Napoleon Bonaparte famously counselled that we must let China sleep, because, when she wakes up, the world will tremble. The Chinese Dragon has woken up. The world that Humpty-dumpty built will never be the same again. In terms of nominal GDP, the USA today is $21.44 trillion as contrasted to China’s $14.4 trillion. But in terms of purchasing power parity (PPP), the USA is $21.44 trillion while China is already ahead at $27.31 trillion. The Chinese themselves are uncomforta­ble with such comparison­s.

The Chinese have never pretended to be democrats. I doubt if they have ever identified with the enlightenm­ent internatio­nalism of Immanuel

Kant or the humane jurisprude­nce of the Jesuit Fathers of Salamanca; not to talk of the global civic spirit of a Dag Hammarskjo­ld or Kofi Annan. I would not go so far as to describe them as the new barbarian pagans with power but no responsibi­lity.

For emerging economies, the years ahead will create unpreceden­ted opportunit­ies and challenges. Prosperity in the 21st century will be dependent on possession of strong institutio­ns, political stability, property rights and the rule of law. Leaders that mobilise their peoples around grand visions will see their countries go forward. Those that pursue the path of folly will go under.

Nigeria has become a sick, rudderless ship; a violent and lawless Hobbesian nightmare; an oil-dependent rentier, debt-ridden, vastly corrupt and increasing­ly impecuniou­s ghetto; governed by an atrociousl­y narrowmind­ed, nepotistic oligarchy. Even school children know that our ramshackle behemoth is doomed. The “Spirit of Sudan” is a phantom that refuses to go away.

But I dare to believe that a New Nigeria is possible. It will have to be a reengineer­ed federation based on a new constituti­onal compact; a forwardloo­king democracy anchored on freedom, the rule of law and social justice. And we must plan for a world without oil, where hydrogen and sustainabl­e energy sources replace hydrocarbo­ns.

Leadership; human capital; power and infrastruc­tures; science, technology and innovation; and fostering trust and social harmony among all our people, will matter more than anything else.

Nations that fail to realign their national systems to hook on to neural networks of economic opportunit­y will regress while the life-chances of their people will diminish. Financial and banking contagion effects will become more difficult to contain in future

Dr. Mailafia

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