Sometimes in April 2017, i had the privilege of meeting with Donald Duke. A man who i hold in very high esteem and consider to be the best performing governor in Nigeria’s recent history. I was there to lend my voice to the millions of young Nigerians then asking him to run for the office of the president based on his phenomenal performance as governor of Cross rivers state.
He took to me very warmly and i was shocked at his level of simplicity as he discussed with me as if we were old friends. Naturally our discussion was about Nigeria and the failure of the country to reach it’s potential despite the huge human and material resources that she had. I was able to perceive during the discussions a man who had a burning and passionate desire for the welfare of the Nigerian people and her economy. I was further elated when he eventually asked me to join his team of young friends that were working to realize the dream of a Donald Duke presidency in the run up to the 2019 elections.
In the cause of my working with the team, the issue of an economic plan which would form part of his manifesto came up. Given my background as an economist, i was quick in offering to write the plan for the campaign and this led to me have a series of meetings with Mr Duke in which he expressed his vision of growing the Nigerian economy by as much as 500% within fifteen years with the details of how to achieve this lofty goal. I was wowed by his deep level of understanding of the Nigerian economy and the innovative ideas he had to rapidly grow the country’s economy. The meetings also revealed to me why Donald Duke was such a huge success as governor. He was not only absolutely brilliant, he was PREPARED TO LEAD.
After months of hard work, the plan which promised to radically transform the Nigerian economy was ready. Unfortunately due to restrictions of a court order, Mr Duke was unable to launch his presidential campaign and the economic plan which was a part of his manifesto was never made public. But in my mind, i felt that it will be a shame and disservice to the country if the lofty ideas in the plan where not made public as a means of contributing to the country’s economic growth. So with the consent of Mr Duke, i re-worked the economic plan into a book form and got it published. The title “Project Nigeria: Building the country of our dreams” was then chosen to capture the essence of the book.
“Project Nigeria: Building the country of our dreams”, is essentially a practical roadmap to transform the Nigerian economy into one of the biggest economies in the world within the next fifteen years. It may seem far fetched but it’s very achievable with good planning and the right leadership as was the case in Singapore that went from being a third world country to a first world country in one generation, China went from being a poor country to being the second richest country in the world in less than thirty years and Dubai was turned from a barren desert to one of the most popular tourists destinations in the world in less than twenty five years.
“Project Nigeria” (ISBN: 9789789828470) is a 303 page book with 23 chapters that covers every aspect of the Nigerian economy and how to transform each sector of it. It starts with making a case for national re-orientation for Nigerians to bring out the best in us and goes on to make the audacious proposal that Nigeria sells all it’s investments in the oil industry and re-invests the proceeds in education and human capacity development as a way to ensure the long term sustainable development of the country.
There is also a bonus chapter at the end of the book which presents a strategic plan with which state governments can increase their IGR by up to 100% by formalizing the transport sector and other informal sectors in various states across the country. This will empower the state governments to contribute more significantly to the economic transformation plan presented in this book and improve on their service delivery to their people.
“Project Nigeria” has also enjoyed a lot of local an international attention with representatives of the German government asking for copies of it to study.
If you are a Nigerian and you are interested in the economic growth and development of Nigeria or you are just curious to know how Nigeria can transform from being a poor third world country to become a global economic power within the next fifteen years or you just want to contribute your quota towards developing the country, then “Project Nigeria: Building the country of our dreams” is a must buy for you and we can have it delivered to your door step at your convenience.
To order, kindly send a message to 08058008262 via Whatsapp to make your order indicating your name, contact number and delivery address.
Payment is on delivery in all state capitals and major cities across the country. So you don’t need to pay until you receive the book and the preferred means of payment is cash to avoid unnecessary delays.
COST AND DELIVERY
The current cost of the book is N5,000 only for the paperback edition while the hardcover edition is N7,500. DELIVERY IS FREE to any major city across the country and our agents will call you on phone to confirm you are available before coming to deliver. Delivery is within 1-5 days of placing the order.
The print quality of the book is of the highest grade using cream bond paper, the cover is matte and the binding is perfect binding.
To encourage those who might want to buy multiple copies to present as gifts to others, we have decided to give a 15% discount for those who order more than one copy. Additional discounts are available for large volume buyers who will want to stock it for retail.
Project Nigeria is also available on Amazon via: www.amazon.com/dp/B089HQTX4Z for those who are based outside to country or would prefer to purchase the e-copy of the book.
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TABLE OF CONTENT
Evaluation of the current state of the economy
Targeted economic goals
- National Re-Orientation as a Panacea for Our Socio Economic Development
- Monetary Policy Reforms
- Fiscal Policy Reforms
- Cutting the Cost of Governance/Budget Reforms
- Pension Reforms
- Capital Market Reforms
- Education and Human Capital Development
- Private Sector-Led Growth/Capacity Building
- Backward Integration Program/ Local Content Policy
- Developing Our Sports And Entertainment Industry
- Developing Our Tourism Potential
- Bridging the Gap Between the North And The South
- Petrochemical Industry
- Agriculture and Agro-Allied Industry
- Infrastructural Development and the Need For Private Sector Participation
- Revisiting Our Power Sector Reforms
- Fighting Corruption Through Institutional Reforms
- Privatisation and Complete Deregulation of The oil Sector
- Planning for Nigeria After Oil
- Industrialisation Program
- Transport Infrastructure
- Monitoring and Evaluation
- Conclusion and Executive Summary
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ABOUT THE AUTHOR
Kunle Oshobi is a management consultant and development economist with a very rich working career spanning across manufacturing, insurance and the telecoms sectors where he worked in Audit, Accounting, Sales and Marketing functions with over twenty five years of cognate experience. He is also a Google Certified Digital Marketing Professional.
Given this background, Kunle has been able to assist several companies and organisations in Nigeria succeed in growing their businesses and avoid failure based on reasons ranging from corporate governance issues, poor brand value articulation, poor sales strategy, lack of planning and promotion, poor brand reputation and media management, human capital deficiency, to absence of marketing communication.
Growing up as a child, as a result of his love for economics as a subject of study, Kunle developed a deep passion for the development of the Nigerian economy and yearned to play a role in contributing significantly to the country’s economic development. It was this passion that inspired him to study the course as a degree program in the university.
Having closely monitored economic events in the country for the last thirty years, trained as an economist, developed a very good understanding of Nigeria’s economy and given his burning and passionate desire for the development of the country’s economy, this book was written by Kunle in the hope that it will contribute meaningfully to the economic development of the country or at the very least stimulate a national conversation on how best to develop the country’s economy with the ultimate aim of a better standard of living and quality of life for all Nigerians.
FOREWORD BY DONALD DUKE
In this work Project Nigeria, Kunle Oshobi takes us through the frightening challenges that Nigeria faces against the enormous potential that it abounds and surmises the urgency of now. With an unbridled population growth averaging 3.5% and an economic growth slagging in the lower 2%, the overall economy has recessed over the years with Gross Domestic Product per capita being severely eroded due to an inadequacy of the factors of production, power, access to availability and affordability of financing, poor infrastructure etc. Despite the much-touted progress being made under the aegis of “ease of doing business”, the effects are hardly felt and there is almost an unanimity that Nigeria poses, as one of the most difficult business environments on the continent.
The Nigerian potential is in no doubt. Take for instance the telecommunications industry, recently a telecoms company declared in its annual report a gross annual revenue of 1.2 trillion Naira which amounts to about 12% of the nation’s budget. The combined revenues of the four major telecom companies could probably average about 25% of the budget of the nation. One sector! This in itself begs the question, do our economic managers understand what is happening? Are they able to match the enormous potential against the enormous challenges? Do they appreciate the urgency that a potentially already failing state portends for the nation, the sub region and its global implications?
In a generation, Nigeria’s population is postulated to double from its current 200 million to 400, thus making her the 3rd most populous nation on earth. With about half living below the poverty line, the consequences if not urgently addressed may trigger a situation difficult to contemplate. Despite an abundance of resources, the nation seems to have stalled its comfort at fossil fuels where for the last 40 years the daily output has hardly matched its installed capacity of 2.5mbd. But in real terms, cost of production has gone from an average of $5 in the seventies to the lower $20s today. In other words, net receipts have grossly dipped. Indeed, the nation’s federal budget has hovered at about $25 billion over the last 40 years but in real terms, value has ebbed severely. This is stark! Within this period the population has grown from 80 to 200 million.
The earlier reference to the telecommunication’s sector revenue averaging about 25% of the budget speaks of a gross dereliction or inadequacy in revenue collection by the revenue authorities, particularly when compared with our tax to GDP ratio at barely 5%. Oshobi urges focus on the levers of production, education and skills as human capital development, healthcare and infrastructure. He urges certain critical sectors with the potential of job creation and impact to be pursued with unrelenting vigor.
Towards achieving this, our trade policy must change. It must be based on reciprocity and trade or investment balance. Leveraging on our large consumer market, we must coerce our trade partners to invest in critical sectors of the Nigerian economy, inclusive of agriculture, infrastructure, defence industry, consumer products, health and skills development sectors. This will stem the further hemorrhaging of the economy, create jobs and infuse technology transfer. Adding value to imported items by allowing, for instance, only consumer electronics products as CKD and thereby compelling the assembly of these items locally will not only create jobs but will ensure skills and technology transfer.
Another policy area requiring re-visitation is the hardly compelling economic logic in demanding that trade within the ECOWAS sub region should be conducted in foreign currency. A mechanism that would allow the acceptance and convertibility of local currencies using a nominated existing bank with a wide operating base in the region as a clearinghouse or some designated institution will encourage inter-regional trade, allowing these countries conserve their foreign currencies for high valued goods not produced or manufactured within the sub-region.
We ought to explore an array of policy options as a means of encouraging and enhancing productivity within our economy. Our population, if well utilized is a blessing, as is the reverse if current trend continues. Project Nigeria is styled as a blueprint to achieving a growth potential that encapsulates the entire national fabric. Driven based on enhancing the human capital index and focusing on the development of the mind through education and social orientation to ensure the increased productivity of Nigerians. It further delves into the totality of governance as it relates to the nation. For instance, it recognizes that a complete reorientation is required in the attitudes of the government and the governed so that each complements the other towards a single goal, being the overall wellbeing of each citizen.
Using four sectors namely for illustrative purposes, financial services, power, agriculture and its allied industries and petrochemicals which are by no means exhaustive, Kunle has advocated these sectors with the view that if properly repositioned could by themselves be the fulcrum to catalyze the economic rebirth of the nation. Other sectors of the economy are addressed, identifying the challenges they face and proffering solutions to them.
The aviation sector he postulates, for instance, is bridled with high taxes and levies, inconsistencies in policy thus making it uncompetitive against international players and results in it contributing a meagre 0.4% to GDP as against an average of 10% in Kenya, Ethiopia, Rwanda and South Africa. Huge losses resulting from over-regulation as stated earlier in the aviation industry and total neglect or under regulation as depicted in road, rail and water transportation resulting in a further potential loss of over 10% of GDP.
The completeness of this work is its analytics of various sectors, identifying the challenges and proffering solutions. Mindful of the human capital and political will to make things happen, the inadequacy of local managerial expertise and the need to groom managers, rather than on the reliance of expatriates.
If anything, what the 2020 COVID-19 pandemic experience has brought to the fore is the veneer thinness and vulnerability of the Nigerian economy. Unable to absorb shocks and consequently operating as a hothouse plant that collapses at the slightest stress, the Nigerian economy operates on the principle of everything being equal. This is a fallacy as nowhere in the world do such conditions exist. Things don’t happen, people make things happen and therefore our budgets and budgeting principles and framework are piecemeal and guesswork that are hardly ever attained.
COVID-19 collapsed the global demand for crude oil, consequently throwing the2020 Nigerian budget into a tailspin. With a poor industrial production base, highly dependent on imports, funded largely by earnings from a single commodity, the entire national socioeconomic fabric descended into tatters. Therefore, the need for a new economic order is not only imperative but long past overdue, for a society that does not help the many that are poor, will be unable to save the few who are rich.