By Aliyu Nuhu
First; Nigeria does not generate enough electricity to support industries and sustain growth. When leaders talk of addressing poverty and unemployment they forget the single factor holding Nigerian economy down. With 3000-5000mw of electricity, the story of Nigeria will always be associated with darkness.
Second; Nigeria is still unable to employ its youths, about 90% of them finish schools and are sitting at home or roaming streets and committing crimes. The number is alarming.
Three; Industries are either closing down due to insecurity, absence of forex to import critical spare parts or electricity.
Four; Thousands of Nigerians are losing their jobs. MTN and some banks are still retrenching. Only government is employing and doing it selectively for sons and daughters of the elites, politicians and government officials. Government can’t employ everyone. As long as the private sector is not employing, unemployment will always be high in Nigeria.
Five; Start up businesses die due to failure of banks to give them loans. No Nigerian bank gives any form of loan at all.
Six; Big and small industries are being killed by multiple taxation. There are more than 20 different taxes that companies pay in Nigeria.
Seven; Some states are taxing companies for broad band satellite receivers, something that is vital to their operations, especially banks. Other states are imposing tax on boreholes even as the governments fail to provide pipe borne water to factories.
Eight; Agricultural goods in transit, including livestocks are subjected to all manner of extortion by police, LG officials, VIO, FRSC and security forces. Once a truck or car is loaded with goods, it is fair game to security agencies. Nigeria is becoming an impossible nation to move goods, capital and equipment. No nation develops without free movement of labour and capital. In the northern part of the country, insecurity has ensured that most farmers don’t go to farms due to activities of bandits and Boko Haram.
Nine; Despite efforts to build roads, rail, bridges, power plants and other social and economic infrastructure, it is becoming clear that the government will finish its two terms leaving Nigeria with the same tragedy of uncompleted and abandoned projects.
Ten; Nigerian businessmen are being rewarded for investing abroad. In other words the government rewards them for exporting Nigerian jobs to other African countries. Dangote has been building factories outside Nigeria in the name of diversifying his risks. Government should take a cue from what Donald Trump did in America. He rewarded those that built factories in US and punished those that built factories outside the United States. He slashed taxes on American companies to encourage them employ Americans.