On 18 January 2016 at 18:44, Okwukwe Ibiam o.ibiam@gmail.com [NIgerianWorldForum] <NIgerianWorldForum@yahoogroups.com> wrote:
APGA THINK-TANKNIGERIAMR. PRESIDENT, N7.5 MILLION NAIRA IS NOT ENOUGH:CALL AN ECONOMIC SUMMIT FOR ABA.Recently, the Senator representing Abia South Senatorial zone - Senator Enyinnaya Abaribe,reported a donation of N7.5 million Naira to the Aba business community, from the President of the Federal Republic - Muhammadu Buhari.At the APGA THINK-TANK, we almost said THANK YOU. But, that donation calls for pause. A serious Pondering pause. There could have been other ways of reacting to this donation. But, we will progressively call on the President of the Federal Republic to double down, and really do more.When this donation is juxtaposed with a recently announced N60 billion Naira social program to benefit women, artisans and children, it seems the President has the priorities upside down. Social programs everywhere, are directly funded from proceeds of economic investments. The Federal Government is funding its program from a zero investment base. The recently announced social program with its lofty goals is economically unfeasible and only keeps its beneficiaries happy in the short-term, as lack of Government benevolence will shut it down, anyday. The Government should follow the advise of its Labor Minister who recently declared that no Government gives away free money. Indirectly creating an indolent citizenry.President Muhammadu Buhari cannot ignore the goose that lays the golden egg. Aba is.And to Nigeria's benefit.Frankly, The President's N7.5 million Naira donation, seen from whatever perspective does not demonstrate a recognition and commitment worthy of the trade skills demonstrated at Aba, Abia State, Nigeria. The President clearly can do better than what he proffered.At the APGA THINK-TANK, it is our opinion that if the President can find N38 billion Naira for oil exploration in the North, N60 billion Naira to initiate a social program, he definitely can find more for the original tried and true Nigerian investment and manufacturing class at Aba, Nigeria. These guys are good at making a Return on the Investment (ROI), to the benefit of the Nigerian Treasury and Government.President Buhari may not toy with Original Nigerian ingenuity and investment class. That is what makes the South-East Economic Corridor and its business class, suspicious of the President's intentions to patronize their Economics and general welfareIf giving N7.5 million naira, is the President's individual attempt at saying, "I recognize, understand and also encourage the Nigerian business class growing at Aba," that is a welcome development. At the APGA THINK-TANK, We gladly accept.But, if the donation is a representation of the Federal Government's take on the ingenuity the Nigerian manufacturing class in South-East Nigeria demonstrates towards the well-being of our country, show-casing Nigerian and individual economic independence, the donation falls short. Very short.President Muhammadu Buhari should as a matter of urgency convene a National Economic summit of the Nigerian and foreign investment class at Aba. The President would do well to allow original presentations from skilled trades in the Leather, Shoe and Handbag Industry; The Metal and Welding fabrication Industry; The Textiles and Fashion Industries; the Pharmaceutical and biosciences industry; and the agro-based industries. The President would do well to listen to factors for their improvement, or militating against their development, enabling propose adequate funding, appropriate investment and continued production.Buhari should re-site and restore the Nigerian Industrial Development Bank (NIDB) to Aba, Abia State Nigeria. They should have the go-ahead to approve and finance at least 25 functional industries - small or large, yearly, which will be followed closely by the lenders. Government may also devise a program where Nigerian commercial and merchant banks should reserve 10% of their Net profit as venture capital, and must yearly submit 10 firms they have funded in that manner.Government should have a list of designated areas of investment they would like developed, towards the continued industrial and economic growth of the country. Government may also site Trade and Economic Feasibility offices at the different sites extending from Aba to Onitsha, to Nnewi, where venture capitalists may have access to submitted proposals and their originators. These are long-term programs and investments, but will yield fruit in 5, 10 and 20 years secondary to the ingenuity, patronage and government monitoring of the business class. President Buhari will get the credit. We are not talking about cataloguing the findings and carting them away to Ahmadu Bello University (ABU), Zaria to be cob-webbed. We are talking implementation of the findings.The Government should further designate as Federal Industrial sites, these skilled areas within the Aba locale, with designs for their upkeep.Government should also set guidelines for a Venture capitalist class and guidelines for investment. Brokerage firms and The Nigerian Stock exchange should be devolved to Geographical zones to spur seed money, investment capital, and trade stocks on the ingenuous product.As the Aba pilot programme prospers, the Federal Government may initiate same for the Business and ingenuity class in different Geo-political zones of Nigeria, developing their potential in areas whey they have comparative advantage.The President can and must do better, for the economic viability of Nigeria.Sgd:Policy Directorate,APGA THINK-TANKNIGERIA.__._,_.___
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