I am still wracking my brains trying to figure out how Nigeria can replicate the 20% GDP growth rates we enjoyed in the early 1970s

Ayo Akinfe

[1] How many Nigerians know that the Gowon regime was getting an average GDP growth rate of about 20% They did it by adopting a simple formula of gathering the best brains around them. They had a National Economic Council (NEC) which Gowon chaired and Obafemi Awolowo served as its vice chairman

[2] Other members of the NEC included Joseph Tarka, Anthony Enahoro, Aminu Kano, Abubakar Waziri, etc. They formulated economic policy and Gowon took it to the Supreme Military Council to be rubber-stamped

[3] State governors were given the freedom to run their states as they deemed fit. For instance, it was during this era that Mobolaji Johnson expanded health centres across Lagos State

[4] They built the National Theatre, Iganmu

[5] They built the National Stadium in Surulere

[6] They organised Festac 77

[7] They built Tin Can Island port

[8] They built the Lagos-Ibadan Expressway

[9]They built the 10-lane Ikorodu Road

[10] They built Nitel Tower, which was then the tallest building in Africa

Moving forward…

[1] Nigeria has no choice but to replicate such success today. Can we replicate such economic growth and infrastructural development today? I think we can but not through any central structure.

[2] Today, Nigeria is too complex to have a strong centre, so the initiative must come from the states. If every state cabinet is structured like Gowon’s NEC with a mandate to growth the GDP by 25% every year, carry out annual infrastructural development projects worth at least $5bn and only borrow to fund revenue-generating projects, we will get there.

[3] No law in Nigeria prevents a state government from having a bigger budget than the federal government. In 1959 for instance, Prime Minister Tafawa Balewa had a budget of £50m, while Premier Obafemi Awolowo had an annual budget of £55m.

[4] I want to see this replicated in Nigeria today. Obviously, the only state that can do this for now is Lagos, so please dazzle us Governor Sanwoolu

[5] Can you just imagine what would happen to Nigeria if everyone of our 36 states recorded a 25% growth in GDP? If they sustained that annually for 10 years, we would become an industrial giant

[6] India remains on course to achieve 10% annual GDP growth every year for the foreseeable future. We need to look at what they are doing and do likewise

[7] For instance, India is building industrial parks all over the country. How many state governors are doing this in Nigeria?

[8] India is desperately wooing all those blue chip companies relocating from China as a result of Covid-19. Are we even thinking of this?

[9] India prides itself on being the pharmacy of the world. It manufacturers more pharmaceuticals than any other nation on earth

[10] India is also the world’s call centre capital. How many such centres are our state governors attracting?

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