Buhariconomics (Part 1)

Opinion

President Buhari got elected primarily because of his stance on corruption. Yes, the Ascetic, prudent and vehemently anti-graft former dictator was what the Nigerian people wanted after the economically scandalous Jonathan administration. But as with all Transitions in Nigeria, everyone gets tired of the incumbent and looks, blindly, most of the time to the incoming…

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President Buhari got elected primarily because of his stance on corruption. Yes, the Ascetic, prudent and vehemently anti-graft former dictator was what the Nigerian people wanted after the economically scandalous Jonathan administration. But as with all Transitions in Nigeria, everyone gets tired of the incumbent and looks, blindly, most of the time to the incoming administration for miracles. My article, “We must never forget to remember“, addresses these juvenile idiosyncrasies of Nigerians.

I agree that it is too early to say that the Buhari’s Administration is on the verge of being like his predecessors, but everybody knows that past behaviour is one of the best indicators to future behaviour. For the fact that he was in office for over 167 days, and 229 days since he won the March 28 elections, without any clear plan or strategy to advance the nation and salvage the remaining pieces of what we can call Nigeria, is not only indicative of a one man show in the making, but also an indictment of the Nigerian electorate for once again putting themselves in an untenable situation – yet again.

It is true, the Jonathan administration, putting it mildly, was economically wasteful. And that Buhari inherited an economy on the verge of a recession. But it is no excuse for the way, hitherto, President Buhari and his advisers have conducted affairs of the state, in regards to the economy, since becoming the President-elect on March 28, and after taking office on May 29.

Symptoms of an economy in downturn has pervaded the atmosphere since 2014, a year before the election. The United States, reduced its import of 1.3 Million barrels of oil daily from Nigeria to 73,000 in the first seven months of 2014, and stopped importing a drop of oil since then, the first time since 1973 – all thanks to the Bakken formation and hydraulic fracturing.

At the point of this writing the price of crude oil is $42.33 from over a $112 in 2014. So at the time the price of Oil was $112 per barrel and Nigeria’s daily export to the United was 1.3 million barrels out of a 2.08 million barrels produced daily in 2014, Nigeria was making a revenue of about $233 million daily, of which $146 million was from the United States. Now all that $233 million is gone, and the daily revenue is now about $87 million, assuming the amount of crude oil produced remains constant, and someone else buys the 1.3 million barrels once purchased by the United States.

For a country, which as at 2000, had oil contributing 14% to its GDP, 98% to its foreign exchange and 65% of government budgetary revenues; but yet, still imports most of its refined products, one would think the Nigerian electorate would consider it an issue in the election of a president; and one would also think the man who knew he was going to be president, from the time he was president-elect to the time he took office, would have a strategy to hedge the nation’s economy, which rests on the foundation of oil, against the economic catastrophe a drop in oil prices might bring. But No! That was not the case.

The President, ran on the platform of Anti-corruption, but he made a promise: no one would be prosecuted for past offences from the time he took office. This was politically expedient at the time. But he took office and reneged on his word. People should suffer for the crimes they commit, but a leader should be pragmatic and know when to do what. The economy at the time President Buhari took office needed stimulation, and purposeful economic policies not manhunts and tribunals, which the country cannot afford, and would eventually bog down the judicial system. Thank God he did not change the nation’s currency, like he did in the 80s, just to catch criminals

How is an economy going to grow in this atmosphere of fear and uncertainty? Nigeria is not going back to the days of Buharism – an anti-capitalist philosophy, with undertones of fascism – where the Nigerian people had to queue to purchase “essential commodities” (milk, sugar, soaps, etc), like an impoverished communist backwater banana republic, because of an enforced commodity prices control. Plix… We are not!!!

It is generally believed that the Tiananmen Square riots of 1989 in China was as a result of the people growing tired of an autocratic system.  Evidence now shows that nothing could be further from the truth. The Tiananmen Square riots were as a result of the people becoming tired of an oppressive economically impoverished system.

People do not necessarily care about despots as long as their economic needs are met. When people have no jobs, cannot feed themselves and their families, the feeling of “nothing-to-lose” comes to the forefronts of their consciousness. The most dangerous person is the person with nothing to lose, but a person with a steady income, owns real estate, has children that are fed and sent to school is less likely to pick up a weapon to fight an absolute ruler.

The Gulf states have been rated ‘not free’ for over 5 years by the Freedom house; an organization that rates countries according to their observance of political rights and civil liberties for their populace. The media and telecommunication systems in these States are 100% government controlled. They have the strictest dress code laws, the drinking of alcohol, without a license or in a non-licensed environment and visiting sexually themed websites is a crime. These states are absolute monarchies, but there have been no uprising by the people, because their socioeconomic needs have been met. Foreigners are even willing to go and live in these states with stringent rules and unfavourable weather. For example the total population of the United Arab Emirates as at 2013 was 9.3 million, of which 1.4 million are Emirati citizens and 7.8 million are foreigners and expatriates.

This should be President Buhari’s long term strategy against the menace, called Boko Haram. Military operations can only do so much. The Scourge of militancy and terrorism in the Nigerian state would continue to be a perennial problem as long as 90% of the Nigeria population live on less than $2 a day.

Creating an environment conducive for conducting economic activities and encouraging foreign investments should be one of the cardinal mission of the Buhari administration.

More than 60% of Fortune 500 companies are incorporated in the state of Delaware, for two reasons. (1) There is a bi-partisan political consensus in Delaware to keep the Delaware corporation stature up to date, and to seek and rely on the advice of corporate law specialists on how this can be done effectively. (2) There is a specialized court, called the Court of Chancery, which has the power to rule on corporate disputes without juries. Solving the problem of prolonged litigation common to the legal system of other states.

In the business of shipping, the flag of convenience is the practice of registering a commercial ship in a sovereign nation different from that of the owners of the ship, so that the ship would fly the flag of the nation it was registered in. This is done for so many reasons. Some for tax avoidance, lax environmental laws or to reduce operating costs. The term open registry is used to describe an entity that would register a foreign owned ship. In the late 1960s, up until the late 1980s, Liberia was the largest open registry in the world for obvious reasons.

All these buttress the point that foreign businesses would always find their way to places with liberal and conducive economic policies. Nigeria should be no exception.

I therefore in this article try to paint a small part of the big picture, I believe if implemented would go a long way in liberating the Nigerian economy to something of a force to be reckoned with world over.

First, the creation of economically special zones is the way to go. I understand why till today this concept is still foreign to Keynesian – mainstream economics – practitioners, but China and the United Arab emirates surprised the world by actually making this work. China has a population of 1.4 billion and the Arabs Emirates, just a bit under 10 million; why won’t this work for the Nigerian polity?

The Free trade zones in the UAE are characterized by the following: 100% foreign ownership of the enterprise, 100% import and export tax exemptions, 100% repatriation of capital and profits, corporate tax exemptions for up to 50 years, no personal income taxes and assistance with labour recruitment, and additional support services.

Some people have wondered how a small country could transform itself from a desert backwater to the hub of commercialization in a generation, here lies the answer.

Indeed it would be a disservice on my part to exclude the fact that indeed the Nigerian state did, and is still trying to do this. But my consternation would soon be evident.

In 1992, an act for registered free zones in Nigeria came to effect. This lead to the opening of the Calabar free trade zone (CFTZ) in 2001. And in 2007 the Tinapa free zone and resort (TFZR) was established. But so far, it has all been stories of woe. As of 2008, the power supply in CFTZ has been erratic and the lack of dredging the Calabar river channel has made the cost of doing business there so high and unprofitable – defeating the very purpose of a free trade zone in the first place. As for the TFZR, the same infrastructural issues plague it, but what is worse is the fact that its legal status is still in jeopardy.

The Lekki free trade zone, about 96,000,000 hectares, in Lagos in under construction. But for country of 160 million of which 70% live below the poverty line of 1 dollar a day, its effect on the larger economy might be inconsequential. But I must say, it’s a step in the right direction, even though that was said about Tinapa in 2007.

Why don’t we approach this using the special economic zones concept, used in China? Because of our peculiarity as a state, in terms of institutionalized corruption, inadequate infrastructure, our economic zones would take a slightly different bent.

We would setup entire states as special economic zones. The SEZ would begin and end at a state with access to the sea. The Lagos-Ogun-Oyo-Kwara-Niger-Kaduna-Plateau-Nasarawa-Benue-Ebonyi-Amambra-Abia-Crossriver Axis is proposed.

Our policies would look like, but not limited to the following:

Taxes and corporate structure: 100% foreign owned, 100% import and export tax, 100% repatriation of capital and profits, 100% corporate tax exemption for 50 years. No personal income tax.

Land: An agreement would be made between the government and the local chiefs, for land to be given to companies interested in developing residential, commercial and industrial areas for a period of 30 years. After which the value of the land the paid for by that company.

Power: Since we have problems with power, a framework would be designed by which companies can generate their own power, provide free electricity for the indigenes of the vicinity their plants exists and sell to the National grid at whatever price they choose. This would be an important step in dealing with our perennial power problem.

Financial services: Our banks would have a monopoly on the financial activities of these companies in Nigeria. So if any foreign company wants to use their foreign bank, they would have to liaise with a Nigerian bank, or come setup shop in Nigeria, with the intention of becoming part and parcel of our economic system.

Employment: 80% of the staff in these foreign companies would be Nigerians, with indigenes of the company’s locality given preference. (This is the only way I see it possible for the President Buhari to make good on his 4 million job promise to the Nigerian people during his electioneering). And this way the Nigerian people can learn and setup their own shops.

All these are basically macro details, but once all the ‘fine’ details can be deliberated and agreed upon, Nigeria is set to take on the world – unbridled.

The Nigerian people like trade, let’s make the environment conducive for them.

To be continued…

Image via The Authority

Responses

  1. A Loco Viva Voce
    Very well detailed piece I must say. And you do make a lot of sense but I really believe in the Buhari administration and I am being patient with him. The ministers just came in and there’s lots of implementation that couldn’t be done without them in office. Clearly, this year is gone already so let’s see how the first two quarters of the next year pan out.
    Let us bear in mind that there is a possibility that the condition in which Mr President met the economy of the country is a lot worse than depicted so it turns out there is a lot more work to be done than meets the eye.
    The only problem I have with Mr President is his failure to communicate his steps with us all. That is obviously because of his military background but I still think he was the best amongst our choices during the election. So we hope for the best.

    “The social media nuisance in this country (Nigeria) is outrageous” – Na’Allah
    http://alocovivavoce.com/2015/12/07/the-social-media-nuisance-in-this-country-nigeria-is-outrageous-naallah/

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  2. thetoolsman
    Very well written. I like that you have numbers and quite a lot of facts to back your suggestions – I’ve heard a few people suggest same and I’ve come to realize that the primarily resistance to the idea of establishing economic special zones is borne out of some silly pride and ego which no one seems to be able to justify. Maybe also partly due to our time under colonial rule and the all but a hungry man should have very little ego. South Africa is a good example of what senseless pride and ego can amount to. It’s time for us to admit as a people that some people are just better than us at building things up and maintaining them. Look at the numbers you stated for the UAE, more foreigners in their own country but they’re enjoying all the benefits.

    Like Viva said, I want to believe in the Buhari administration but not blindly and for however long they end up staying in power. By this time next year if there’s no clear direction as to their plans for the country economy-wise, we should be seriously worried. I hope it doesn’t come to that.

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  3. Teliov
    A piece not about love and sex. Awesome.

    I agree with your views on the Buhari administration. So far they have not given much signs of improvement.

    I am no economist and so I can not begin to fault or overly praise your suggestions but any plan is better than no plan.

    I hope they are listening.

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  4. Nosa
    “80% of the staff in these foreign companies would be Nigerians, with indigenes of the company’s locality given preference.”
    This is being done already, although not 80%, but one of the conditions by which communities lease out land to foreign manufacturing firms is that the communities gets to recommend personnel for employment. I have no idea what the other conditions are but this is more common. I don’t even think these communities bargain for much, as long as they get paid.
    Maybe because there is no government agency with the authority to negotiate on behalf of these communities (correct me if i’m wrong).

    Great Points though. but i keep arriving at one problem, all these can’t be successfully implemented if we can’t tackle and reduce corruption down to the barest acceptable minimum. So while we can all try to figure out a way forward, will it work if the people incharge of implementing those ways are corrupt?

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    1. Olushola
      I don’t know if these said foreign companies by tomorrow will have 80% workforce constituted by Nigerians, but as of the moment, a greater percentage of them have less than 30%of their workforce constituted by Nigerians and I don’t blame them. We are only interested in the ceremonies that we ignore implementing the details we are apparently more interested in taking credit for inviting investors than in empowering the host community, how many of them have Nigerians in their board of directors?
      Our country is just not a typical country, even Philippines as ‘small’ as they are understand the importance of their workforce, always reiterating “invest Philippines; your business, our people.” in their adverts. Not sure if we have an agency looking into these things too, obviously we just take ourselves for granted, little wonder they just come here and rip us off.
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    2. Tam
      Hi Nosa
      There is no doubt in my mind that corruption would be an issue. I have written about how this can be reduced to manageable levels in my piece “The Cankerworm destroying the Nigerian State” – http://thenakedconvos.com/the-cankerworm-destroying-the-nigerian-state/ – and I intend to address it in the part 2 of this work.

      That said, I would like to say that the model we have currently concerning companies and leasing of Land in inherently flawed as it only makes the Local Chief of those areas extremely rich. Some of the local rulers on the Lekki peninsular can attest to this. What I am proposing is that the Land is given at no cost for 30 years to the company, with a policy, by the company, enforced by the government, for CSR in those communities and the 80% employment quota for the Nigerian people giving local indigenes preference.
      The value of the Land after 30 years is paid for by the company to the government. Through this payment the Local chiefs and their people get a cut, and the rest is revenue for the government. After these 30 years the economical benefits to these communities would be enormous. Their standards of living would increase, as their income begins to increase, hotel and ancillary companies would spring up to support the major companies and the growing taste of the people, creating more jobs; The people would get free electricity if that company decides to generate its own power and sell its excess to the National grid. The benefits would be enormous.

      My studies on politics and economics have led me to China a lot. The 2014 Corruption perception index ranks China as 100, just 36 places above Nigeria, with 1 As being completely honest and not corrupt and 174 as been extremely corrupt, that it bothers on state failure. This is a statistic, but I have had the opportunity to speak to many Nigerians who have been to China, the agree that Nigerians are truly learners, when it comes to corruption, regarding the people of China. “Their corruption no bi here”, someone once told me.
      And they have one of the strictest laws against corruption, sometimes including the capital punishment, and they have on many occasions shown that are more than willing to enforce it.

      The surprising thing is that they are the 2nd Largest economy, and are No. 1 in manufaturing. Recently in 2014, the Chinese overtook the US as largest economy based on a metric called purchasing power parity. Please read here for those interested in understanding what that means http://www.businessinsider.com/china-overtakes-us-as-worlds-largest-economy-2014-10 – (Caveat: Contains economic Mumbo Jumbo).

      So really, I must ask, what is our excuse in Nigeria.

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  5. Olushola
    Very well written. Thank you for the analysis and the recommendations, I hope and pray those up there will live up to expectations.
    One of the issues I have with the government is the nonchalance in handling and disseminating information. Just last night, the American government addressed it’s nation over their security challenges, but come to Nigeria, all the strategic plans are revealed overseas. Well, I do not believe in the Nigerian government anymore irrespective of who and who constitutes the leadership. Fact remains that personal hustles can be eased when things work better, however your faith in a system can only be as strong as how much you’ve enjoyed from it in the past.
    I still hope the regime works though, since I have a few to lose if it doesn’t. We cant keep over flogging the failure of the past governments making it the excuse for our poor performance after 7months of assuming office. This is the time to wake up… Like Loco Viva stated, let’s wait for next year while we hope, pray, criticize or protest for a better Nigeria.
    Thank you again for this piece
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  6. Dr. Baruu
    Great article Bro…
    In all honesty, the points raised are all apt…
    I was a staunch supporter of the change mantra…but I wouldn’t jump off the ship and bail out at this stage.
    Do I still support President Buhari? Mos def, I do!
    I just pray one of his ‘Yes Men’ gets to read this article (and other similar ones too)…
    And we’d keep hoping things would get better…
    But in all honesty (God, I am just being honest today)…methinks all these proposals wouldn’t be achieved during his tenure…more like a camel passing through the eye of a needle
    But we gotta start somewhere…and the time is now!
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  7. Raymond
    Well thought out article and nicely presented as well. Identified the problem and proferred solution with facts, figures and comparative data.

    However…

    “…Now all that $233 million is gone, and the daily revenue is now about $87 million”

    First of all, I am glad you understand this point that seems to elude everybody. Nigeria is NOT a rich country being bled dry by corrupt politicians ONLY! if you plug all the holes we will still not break even! We elected an administration whose sole plan was to save us money by reducing graft. Hurray! if that is successful – half bread is better than puff-puff abi? But what we need is an administration that can MAKE US MORE money.

    “..Liberia was the largest open registry in the world for obvious reasons”

    Secondly I am reluctant to accept your suggestions on transplanting the economic ideas that have worked in UAE and some other countries as you yourself can agree that peculiar circumstances such as the slave trade which made Liberia the largest open registry can have a big influence on the success of any system. The SEZ idea frankly looks good on paper but would our diverse nature as a people and our history as a country allow this idea to work? do we have the social, political and educational structure to support such a system? Don’t forget that taxes after oil is listed as our major source of revenue. All this 100% fit cause kasala oh? more importantly Nigeria already has over 20 free trade zones (ask google for actual number). How have these improved the economy generally? long story short. good idea but how will it work in reality?

    ” a framework would be designed by which companies can generate their own power”

    thirdly, (and finally before my comment will become lengthier than the article itself)
    The power problem has persisted because of the simplistic approach we have always adopted to addressing it. Nigeria is unique. we have a very comprehensive framework on power generation. Government is only 100% in charge of transmission under the current framework. Generation and distribution are in private hands to be sold at a price agreed between them Government (NBET). The light done improve sha I no go lie.. right now the problem to be honest is that it has to be a systemic transformation. For those that eat yam and oil like us.. you know how oil spreads and soaks the yam right? police, bad, schools bad, transport bad, only light will now be good? how you see am?

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    1. Tam
      Hi Raymond.
      Thank you very much for sme of your observationss. Documents like this are never sturdy enough, when written in isolation, but require negotiations and brainstorming to come up with implementable policies. As you know policy documents, go into thousands of pages, because every loophole needs to be plugged. This is what I meant by dealing with the ‘fine’ details.

      But I would just like to address some of the points you made.

      1. On Liberia being the largest open registry: Liberia was not the largest open registry because of slavery. I think this might be an anachronistic error. In fact, it had been the only independent state in Africa – other than Ethiopia – since the 18th century. It was the largest open registry between the late 190s and 1980s. It became the largest Ship registry because of the interests of certain elements within the American government in that country (Truman, his Secretary of State, etc.). It only fell to second place after the Liberian Civil war began. Till date it is a source of pride to the Liberian people, as it was probably the only stable source of income in the war torn Liberia of the 1990s.

      2. On UAE and free trade zones. Yes Nigeria has so many free trade zones. The NEPZA gives information about this. But most of them are not yet operational and the ones that are, are seriously impeded by infrastructural problems. In Calabar the Customs take bribes and frustrate the life out of any company or person trying to export goods. So to make one’s life easier the companies bribe. The system setup to encourage export is so flawed that it is obvious that mostly criminals and those ready to give up certain parts of their integrity, would be able to profit from it.
      Again government official refuses to pay grants to the indigenous companies that are entitled to them if they don’t bribe. I know a man who exports cocoa, and under NEPC Export Expansion Grant Scheme, he was owed over =N= 4 billion, but the officials responsible for paying him, would continue subjecting him to bureaucratic stress because he refused to give them a cut from that money. He finally ran bankrupt, AMCON seized his factory, and he is now in court regarding the Grant due him, to pay his creditors.

      This is the terrible state of the nation.

      Again many of these Free trade zones look like gated communities only patronized by the elite. The common man does not see why he should get involved on such places, when he cannot afford real estate there and other things. I have been to the Lekki free trade Zone, it looks like a place that would only be patronized by the wealthy. I mean, the display of opulence, would make Aphrodite cringe.

      But making entire states special economic zones, as was done in China, along the axis I proposed deals with a lot of bottle-necks the Free trade zones cause and squash the perception of the elitist nature of these free trade zones.

      3. Concerning the power framework: I am quite aware of the NBET and the current framework of the GENCOs and the DISCOs being private companies and the Transmission Company held by the Government. First, for Nigeria to become industrialized we need to generate 40,000MW and we currently generate 4000MW, and the transmission company barely has the capacity for over 4000MW in real terms. Let’s not kid ourselves, we are not getting industrialized any time soon, if this inherently flawed framework is what they are going to stick to.

      The framework needs to be improved. The NBET is bureaucratic nonsense in my opinion. If the Government wants to take part in the power sector, it should do so using state owned companies – and please for those who say the government cannot run businesses, tell that to Emirates and Sinopec. If they need a regulator, then the NERC should be the only one. And that is fine. The current framework, as with everything the Nigerian government has tried to do, involves them being a monopolistic middle man, giving them the opportunity to ask for bribes and do other illicit stuff.

      A framework by which the transmission can be owned by private companies and the government. In the sense that a GENCO in Zaria can sell to a DISCO in Lagos, and have the option to use two or more TRANSCOs. If one TRANSCO needs to get power already ordered for by a DISCO, but the TRANSCO has no infrastructure to get to the region where the DISCO is located at, it could use the infrastructure of another TRANSCO, to get the power to its customer, and pay for that “hosting” service offered by a competing TRANSCO. Almost how the Telecoms companies do in terms of roaming and stuff.

      I am not saying my model is the best, of course all the fine details like regional operations and tech. would have to be looked into. What I am saying is that once the business model is right, our power problems would be solved.

      And finally, on your last point about light. With all these policies come good road, schools and etc., because they are all symbiotic. And no, the light has not been better. I have been saying that for almost 2 and a half decades. We need uninterrupted power supply, not light for 3 days and no light for 1 day. NO!

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  8. dré
    One of my fav posts yet! Beautifully written and well spiced with numbers.
    And like Nosa said.. “So while we can all try to figure out a way forward, will it work if the people in charge of implementing those ways are corrupt?”
    Corruption is pretty much second skin to loads of the folks running the nation’s affairs. It’d go a long way as a foundation to step up the nation’s anti-graft game; and have some effective measures put in place to ensure maximum transparency when putting suggestions of this kind to work.
    Again, beautiful piece! And I’d really love to see the continuation!
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  9. Detonah
    Good article.
    I know of the Nigerian Content Development and Monitoring Board (NCDMB) which was established by the last administration. Some of the responsibilities saddled on the board include but not limited to:
    1.Increase indigenous participation in the oil and gas industry,
    2.Build local capacity and competencies,
    3.Create linkages to other sectors of the national economy and
    4.Boost industry contributions to the growth of our National Gross Domestic Product.

    NCDMB has created a lot of opportunities for both indigenous oil and gas companies and local personnel in the industry.
    Am not sure we have any agency like that in the non oil and gas sector that can replicate what NCDMG is doing in the oil and gas sector.
    It is our prayers that this administrator will lead the nation to a better position than the previous one regardless of both perceived and real challenges on the way.

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  10. SeryxMe
    I think one of the major tragedies now is that we have generally created a divide along political/tribal lines which is blurring the space for sensible, forward-thinking discussions like this. There are many angles to consider when looking at developing this country with the right plan. Like Nosa said, with corruption firmly second nature to Nigerians, economic policies can only go so far. Consider the issues with the first two FTZs. Dealing with that is about as important as formulating these policies, if not more.

    My personal grouse with the current Nigerian setup is that the citizenry are not involved nearly enough in governance. It’s as if there’s no avenue to even participate remotely. Once elections are done, we all go back to our shells, complaining about the people we elected until the next election comes around and we’re back in the spotlight until it’s over again. How do we get to the point where our politicians are directly responsible to the people that elected them? Where we can actually put forth ideas and know they are listening. Where we can recall a parliamentarian because he’s not serving our best interests.

    As brilliant as this post is, it probably will just add to numerous others that have been written in the past with no attention from the people that matter. If we can resolve the grassroots participation in governance, we will have a better chance of getting our country to work the way we dream of. At least it is supposed to be a government of the people, for the people and by the people. Let the people get involved or else this isn’t democracy.

    Great post, Tee!

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  11. Toni Osai
    Good article…
    I wish this could land on the desk/screen of someone with enough clout to make some these ideas work.

    Like Seryxme said, we need to be able to hold our elected officials accountable otherwise we may have such an economic plan rolled out but never actually implemented because no one bothered to check what happened after the speeches, balloons, ribbons and fanfare that great many of such situations.

    I’d like to also say that we need people who are up to date on leading economic policies and industry related skills in our government ministries and agencies. There’s no use telling a ‘dunce’ to build you a car; get the right people in place, hold them accountable and maybe we’d see the ‘change’ much talked about.

    Last last, when would majority of our young people (from secondary school/teenage to tertiary/young adult) start having such constructive analysis and debates of issues that matter? When would our schools start teaching how to think in these directions? The money, cars, parties, clothes, gadgets would all mean nothing if it costs as much to feed as it is to tweet.

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  12. Julibravo
    Very brilliant piece.

    And I totally agree with the idea of leasing land to industries for 30years but do I think it is possible? No, yet I think it is an awesome idea.

    It usually still settles on our nature as a people, do we trust government policies? The government don’t even trust their own policies…

    Buhari understands the need to work on the nature of the people of the system before implementing new systems. Because indeed creating all such brilliant concepts to be effected by all such corrupted individuals is like pouring water into a basket.

    We can try, at this stage we seem more than willing to accept new precepts and ideas hence the support for change, whatever good the change doesn’t bring, there is room for more change.

    Please keep up the good ideas . ..I like it when people argue to profer solutions …this has been an awesome read. Long but awesome.

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  13. DRIFT
    Great ideas I must admit. However, ‘implementing’ good policies have always been the problem in Nigeria. We barely have ‘a’ country at this point in time (I won’t be surprised if Egba people for instance say they are not ‘yorubas’) and so the ‘fine details’ will definitely be a challenge. Personally I feel a structure largely acceptable by the different ethnicities (including the street landlords) needs to found, and them we can plan for an ‘economy’.
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