HOW TO RESOLVE NIGERIA’S SOCIO-ECONOMIC CRISES WITHOUT INCURRING DEBT

POWER GENERATION AND DISTRIBUTION
Give tax incentives to reputable power companies eg Siemens, General Electric etc to operate with existing generating companies as well as distribution companies in their respective areas of jurisdiction in Nigeria. This will sporadically increase quantum of power to required levels, increase standards to international levels and remove the current monopolistic status of existing DISCOs and allow consumer to have a choice based on satisfaction.
AGRO-INDUSTRIAL REVOLUTION
Nigeria should stop exporting low priced raw agricultural products which are usually processed abroad only to be re-imported into Nigeria as processed food at exorbitant prices in foreign exchange. Instead, Nigeria should encourage the local processing of such raw foods by increasing the tariff on imported processed foods to the roof. Definitely, Nigerians will fill in the gap in conjunction with foreign investors to produce all the processed foods hitherto imported. No doubt that this will result in massive employment generation and save us huge foreign exchange expenses in importing processed foods which currently runs into trillions of naira annually.
MANUFACTURING REVOLUTION
Give tax holidays to attract investors to manufacture products that are consumed in Nigeria including petroleum products (Refineries) plus automobiles and spare parts. The low wage rate in Nigeria which will serve as additional incentive to investors should be complemented with a more efficient ONE- STOP-SHOP policy. These measures will generate massive employment and consequently reduce insecurity to minimal level. Moreover, the huge foreign exchange spent annually to import these products will be conserved and consequently, there will be an increase in the value of naira.
A corollary to this is that the pump price of refined petroleum products will reduce considerably since all associated cost of transporting crude oil abroad and back to the country as refined products is automatically cut off. Finally, whatever is lost to income tax will be recouped multiple times in additional VAT and PAYE collection because of the ensuing massive increase in productivity (GDP).
SECURITY
Put- in place tight security and counter terrorism measures suitable for Nigeria. Restructure the Police Force thus: Federal (CID), State, Local government and City Police departments, ensuring that officers work in police departments where they are resident.
ANTI-CORRUPTION
Current measures should be intensified in collaboration with the USA..
The above are my suggestions which can be implemented without spending any extra money. In fact, government will discover that far less funding is required from her than hitherto. All we need do is to convert relevant existing government agencies into regulating bodies to monitor and ensure strict compliance with above policies. Thank you.
Tunde Oduye
Partner at Mak Consul & Co, Accountants & Consultants, Lagos.