Let us discuss the salient points these two highly intelligent gentlemen raised yesterday

Let us discuss the salient points these two highly intelligent gentlemen raised yesterday:

(1) They were both in agreement that Nigeria has suffered from a lack of investment over decades. If we want to be honest, this is not a PDP or APC matter as the problem dates back to the 70s. For instance, in 1968, we opened Kainji Dam with a capacity of about 1,000MW. Now we should have been adding 1,000MW to our national grid every 10 years with similar dams at say Lokoja, Makurdi, Onitsha and Yola

(2) I love Peter Obi’s point about the Nigerian Ports Authority (NPA) not investing in other facilities. Nothing stops its management for seeking private capital to expand Port Harcourt, Calabar, Ikot-Abass, Uyo and Brass ports

(3) Prof Osinbajo made an excellent point about how we have allowed corruption to derail us. For instance, do you know that Hope Uzodinma, the APC’s gubernatorial candidate in Imo State was awarded a $10m contract to dredge Calabar port but alas, he has not bought one bag of cement so far

(4) Maybe if we privatise the NPA as Peter Obi appeared to be suggesting, it would force its management to source funds on the capital market. You cannot just chop bank funds anyhow as they will get a court order to seize your assets. At the moment, government money is a free for all

(5) Still on the issue of ports, Peter Obi was right in pointing out that it costs more to clear goods at Apapa than it does to transport them from Europe. It also takes longer. I now expect a coherent port expansion plan from him. I am sure the poor people of Apapa would love one too as they bear the brunt of the current incompetence

(6) Prof made an excellent point about how the wealth generated between 1999 and 2015 was squandered. Do you know that during that period, Nigeria realised more from crude oil sales than any European country got under the Marshall Plan at the end of World War Two

(7) I also agree with Governor Obi that this corruption campaign appears to be derailing us. Yes, we must fight corruption but not at the cost of taking our eye off the ball and focusing on the main priority. Our total GDP is only about $450bn and our annual budget only $20bn. Quadrupling those two is a more important priority than chasing the $10m the likes of Uzodinma stole. For instance, Nuhu Ribadu recovered about $5bn, most of it Abacha loot but it made very little difference to the lives of ordinary Nigerians

(8) They both also agreed that our production costs should be lesser than those of China. There is simply no excuse for us not to be manufacturing all those goods we currently import from the Chinese. I think we need to place punitive tariffs on Chinese imports in a bid to force them to open manufacturing facilities in Nigeria

(9) Prof made an excellent point about how this government was spending more on infrastructure despite earning less revenue. During the Goodluck era, oil prices hit a high of $140 at one stage and our output topped a record 2.7m barrels a day. That is the biggest oil boom ever in our history but alas, the proceeds were wasted. We should have spent that capital building railway networks, power plants, desalination plants, roads, airports, shipping ports, etc

(10) With regards to trade with our African brethren, we are also lacking desperately. We should have a policy of striving to get African countries to import 80% of their finished goods from Nigeria. Both candidates agreed that nowhere near enough is being done in this regard. Nigeria should be Africa’s manufacturing workshop.

I really enjoyed listening to these two sharp minds. You can see we think alike. Many of the ideas they shared are similar to what I have been espousing for years!

Peter Obi summed up the situation when he said 40% of Malaysia’s GDP comes from manufacturing and Nigeria needs to match that figure. To be honest, if we achieve that, 80% of our problems will disappear:

(1) There will be less dependence on oil 
(2) Our states will become self-reliant 
(3) Manufacturing will involve developing our infrastructure 
(4) These industrial concerns will generate power 
(5) Our infrastructure will be developed as part of this process 
(6) All those youths flocking to Boko Haram, herdsmen, Ipob and engaging in kidnapping and armed robbery would be given jobs 
(7) Political office will no longer be the primary source of wealth, thus weeding out those going into politics to get rich 
(8) Corruption will ease if people can make a decent and honest living in the private sector 
(9) If we manufacture, our exports would quadruple, drastically boosting our foreign exchange earnings 
(10) Manufacturing would free up land for large scale commercial farming