If you want to lead Nigeria come 2023, I want to make it clear that saving the Naira would be the #2 priority job, after insecurity. Former deputy governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, who I assume is already running for the high office has many proposals. But one is noticeable: “we can consider dollarization of the Nigerian economy.”
Now Senator Tinubu, Vice President Atiku, Governor Wike, Governor Tambuwal and all of you – what do you suggest? To avoid people saying that I have removed myself, my proposal has been constant: you make the parallel market to become indeed a black market instead of the current alternative FX market it is now, through massive import substitution via modern factories and warehouses.
- Pick two anchor key cities in each of the 6 geopolitical zones, deploy via local renewable energy companies to provide 27/4 power. I will budget $1 billion for this project. The focus is to support SMEs, startups and small manufacturers who do not need a lot of energy. Using renewable energy startups will make the implementation faster. Part of the funds will also expand commercial shops and real estate.
- Encourage local manufacturers and SMEs to converge in those areas knowing that they have constant power. The goal here is to offer cities in Nigeria where people are sure that there would be energy for them.
- #2 #3 would be enabling anchors to kickstart a loop with my understanding that once those areas begin to function, the initial energy budget will run out of capacity. So, I need to plan ahead. The plan ahead is to waive taxes on profits on any investment in renewable energy in Nigeria over the next ten years from private equity funds, venture capital, family offices with minimum of $500k invested in the companies providing power across Nigeria.
- Get those funds to begin to expand and invest on energy projects in other cities. If we do this, Naira will begin to stabilize because we will substitute many imports, pushing for a favorable balance of payment.
- Once we improve our balance of payment, all the parallel markets like AbokiFX rates will become black markets instead of the alternative FX window they are today.
.May the best idea win!
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Indeed. Once we begin to manufacture many of the things we worry about would end.
We can only rise when we manufacture. It not hard.
So, with our precarious state, we will set out to be the first in the world to power its economy with renewable energy? I am not sure how much competitive advantage the products we manufacture with these energy sources will give our teeming population, we are on our way to three hundred million homo sapiens here. We must find a way to utilise the gas we have here, solar panels and batteries cannot be cost effective with the kind of heavy lifting we need now.
The idea of picking cities to act as convergence centres for local manufacturing is a good one, and we can complement that by charging our universities to finally play their key role as suppliers of human capital that power national economies.
Let the proposals from all the potential aspirants start flying, the era of empty cliches like, ‘we will create jobs for our teeming youths’, ‘we will feed our population’, ‘we will provide adequate security’, etc, etc, is gone, we want to see your practical implementation roadmap, so that we can understand the colour of your problems.
I have my own proposal, but not running for president, so let’s finish hearing from our front-runners, we can come in subsequently as invisible drivers, turning the abstract possibilities to practical realities.
This is a bridge for small manufacturers in order to trigger a virtuoso cycle that will enable a positive continuum. See this as a kickstarter, not the end.
Dear sir,
Thanks for your sincere opinion and solutions to Nigeria problems. I hope our leaders will tap from your wealth of experience.
The solutions are cogent and precise but note that the major hindrance could be corruption because they often use problems/solution as opportunity syphon money.
Thanks.
I’m not against the idea mentioned but, every body in Nigeria now are neck deep into the overwhelming security issues to the detriment or destruction of other aspects of the economy. I’ve so much to say here but in a very simple statement that’ll begin to help us is, get the right people to take over the management of the economy. I’ve some areas that if Mr President wants to genuinely see this nation move forward, I can suggest but I don’t think they’re ready to move the country forward.
I don’t think there’s a simple solution to the problems in Nigeria because these problems are simply symptoms of a far greater malaise – a warped value system predicated on systemic corruption. This hydra-headed monster is the problem and not a dearth of ideas or competent individuals to tackle the problems.
Thank you very much for such an invaluable advise to both our leader and more importantly to all Nigerians, on how to select our leaders in the future election. Those resources that makes it quite difficult to manufacture products are abundantly available in our country. Obviously what’s lacking is the effort to organize all these resources for any productive purpose.
Will it take $1 billion for all the 12 electricity projects?