Fashola urges repatriation of funds to boost economy
By Felix Kuye

Governor Babatunde Fashola of Lagos State, yesterday, admonished Nigerians with huge capitals in foreign banks to repatriate such monies to help develop the nation's industrial sector.

The governor spoke when he visited the popular Oshodi area of Lagos, about one year after the massive clean-up.

Fashola, whose mission was to inspect the on-going work at the 601-shop Kaiyero Market Extension in Oshodi, received a rousing welcome from traders and residents.

Speaking to newsmen after the inspection which also took him to the state's Industrial Estate in Matori and the Public Works Corporation, Lagos State Asphalt Plant Yard in Ojodu, Fashola urged owners of Nigerian capital in foreign banks to repatriate the funds and invest them in restructuring the ownership of some of the existing small scale industries in Nigeria.

According to him, the owners of the capitals could buy into the small-scale industries to boost the economy of the country, instead of leaving them in foreign banks "where they strengthen and enrich other economies".

On the poor patronage of the made-in-Nigeria goods, Fashola said if we are producing enough goods and the prices are competitive, they will naturally attract patronage in the market.

"The truth is that there is no deliberate policy to avoid goods made in Nigeria. It is simply because sometimes those who produce them do not make them up to the quality because they don't have the machine or they don't have the capital.

"It is our responsibility to make sure that the quality and pricing of things are competitive so that the market is not taken over by foreign goods", he said.

The governor noted that once the quality and pricing of the goods are competitive, there would be no need for campaign to patronise Nigerian goods as they would naturally attract buyers.

"We don't import agbada for instance, because we have perfected its production. Very few furniture are imported into the country for the same reason," Fashola said.

He continued: "Let's get to the root cause of Nigerian goods not being competitive. The manufacturers here need capital; they need power and they need room for expansion. These are things we want to focus on.

"We want to see how we can reduce their power cost, provide simple solutions and reduce also the cost of production. If we do this, it means more jobs, it means less crime; it means more food on people's tables; it means social stability. This is possible."

Fashola who described Oshodi as "now cleaner, safer, tidier and with drastically reduced crime level",

promised that every trader affected by the state government's intervention in Oshodi will be resettled as shown in the already completed and occupied Kaiyero Market and its on-going extension which has 601 shops.

Pointing out that the shops in the new market are yet to be fully occupied, Governor Fashola declared: "I think we have demonstrated by what we have done that people do not have to trade on the street sides. The market is a total shopping centre, a tourist attraction on its own where people can shop for long hours and buy almost all they need and get into a bus at the bus-stop without in anyway constraining the traffic".

He said as a result of the intervention, the danger to the properties in Oshodi as well as the Government Reservation Area (GRA) around the area has been eliminated, pointing out that people had planned to relocate from there, a situation which he said, would have had a depreciating effect on not only the state but also the national economy.

The governor, however, said that a lot of cleanup still needs to be done in Oshodi as, according to him, "Oshodi is a gateway Local Government for anybody who is visiting Lagos and Nigeria".

"Work in Oshodi continues. There is still the quadrangle where the electronics people are. They have agreed to move and they are going to move into some of the shops in the new market and we can then conclude the cleanup", the governor said, pointing out that "our single responsibility here is to make life better for all Lagosians and improve their standard of living".
[url]http://www.ngrguardiannews.com/business/article01//indexn2_html?pdate=060110&ptitle=Fashola%20urges%20repatriation%20of%20funds%20to%20boost%20economy[/url]

Kudos to Fashola as per Oshodi market. a real and visible transformation but i will av to disagree with him as per the repatriation of funds to boost the economy.

Me thinks we av enuf within the country to take us to places if and only if the funds are used appropriately.
Lets properly justify the ones we av first by seeing their dividends before asking for more.

@Demdem There's no such thing as enough money o ! Even the no. 1 economy in the world wants your little money in their economy, the day you get complacent is the day you stop to progress.
Just remembering what Gowon said in the 70s about Nigeria's problem not being money but what to do with it, wonder what he thinks about that now ?

^^^ Trully u are right.

i just want our leaders to at least justify the ones they av access to now. SIMPLE

so he can bastardize it with his tax policy and have a chunk for himself.

^^^^Tot about that also u know

edoyad:

@Demdem There's no such thing as enough money o ! Even the no. 1 economy in the world wants your little money in their economy, the day you get complacent is the day you stop to progress.
Just remembering what Gowon said in the 70s about Nigeria's problem not being money but what to do with it, wonder what he thinks about that now ?

That is still the same problem in Nigeria today! Not that we do not have the resources, it is still that we do not know what to do with the resources and how to do it well, it seems!

nice point junkie, poor management is Nigeria's key problem. lack of foresight, poor judgment also plaguing us

Baba Fash, "Eko oni baje". The best governor in Nigeria, go on with your good deeds. You will continue till 2015 in Jesus name. Ameeen!

As I see the progress in Lagos and Enugu I feel in this dark moments, it still worth hoping for a better tomorrow. Keep the good work. Funds will come.

Dude! why is this guy not our president yet?? Im just saying.

9ja i hail oh, 
una no fail oh,
even though the country dey wail oh,
una still dey sail oh


Good thinking by fash,  but with the calibre of leaders we have , Nothing is guaranteed,  if only farouk thot of blowing up the national assembly instead of targeting innocent folks,

Eko o ni baje o,

Fashola should ask FG to repatriate foreign reserve. Maybe our banks  are on live support to accomodate it. Maybe there is no power supply to power CBN and Bank's vaults. Maybe there is no manufacturing sector to absorb the money.

Speaking to newsmen after the inspection which also took him to the state's Industrial Estate in Matori and the Public Works Corporation, Lagos State Asphalt Plant Yard in Ojodu, Fashola urged owners of Nigerian capital in foreign banks to repatriate the funds and invest them in restructuring the ownership of some of the existing small scale industries in Nigeria.

can we start from asiwaju bola tinubu pls.

ode remo:

can we start from asiwaju bola tinubu pls.

Roflmao!!!

sunnela:

9ja i hail oh, 
una no fail oh,
even though the country dey wail oh,
una still dey sail oh


Good thinking by fash,  but with the calibre of leaders we have , Nothing is guaranteed,  if only farouk thot of blowing up the national assembly instead of targeting innocent folks,

se na u sing SO TE me like that song, i agree with you on dat brat tooo, e for just blow up national assembly or even aso villa sef, I for just de hail am de go

One Down,. . NEXT!!!

Kobojunkie
dont give me that crap,there are many execuTHIEVIES worse than tinubu.

~Bluetooth:

Kobojunkie
dont give me that crap,there are many execuTHIEVIES worse than tinubu.

Well, Tinubu happens to be CLOSER to Fashola than most of the others you are probably going to name. That is why that statement by @oderemo was funny to moi!

Good thinking by Fashola. But talk is cheap. How would anyone bring their money back to an atmosphere where your investment is not secure. I remember a friend of mine abroad who was pestering me to provide him with advice on banks he could buy shares in so as to cash in on the amazing deals he had heard people were making.This was a few years back. At the time I told him the truth, it wasn't safe to sink your money into a "bubbled" share market (particularly the banking sector), unless you are ready for significant risk and long haul patience. It almost turned to fight as he thought I was trying to block him from a good deal. By the time I was beginning to consider giving in to his request, the market started falling. I thank God that it happened before I had relented. I can just imagine the headache he would have given me. He has sinced refused to consider investing in our banks. Another of my friends was considering moving back home to start a consultancy. By the time they quoted what he would have to pay in diesel fees for power alone, not to mention the other cost, he perished the thought.
Provide a conducive environment for businesses (i don't mean only planting flowers) and provide attractive and competitive business opportunities for small to medium scale enterprises and the money will flow (this might mean having to dump or delay your incessant desire to drive revenue generation by an aggressive regime of hyper-taxation which will only slow growth). Try eliminating the wanton waste of resources in the numerous bureaucracies that do not provide value for money in the Lagos state government. Just a walk around the various secretariats will provide a list of areas where significant savings can be made with ease. Before the Fash fans descend, I am not saying that he hasn't done a good job. I am just giving advice in areas where we can see some improvement.

Indeed Fasola should start the preaching with Tinubu, his ole godfather. Charity begins at home.

Kobojunkie:

Well, Tinubu happens to be CLOSER to Fashola than most of the others you are probably going to name. That is why that statement by @oderemo was funny to moi!

leave tinubu jare. if not for tinubu we for no see this good man. the goodness in tinubu prompted him to vouch for fashola. if every state in nigeria promoted this sort of positive 'godfatherism' nigeria will be a lot better today

ladej:

leave tinubu jare. if not for tinubu we for no see this good man. the goodness in tinubu prompted him to vouch for fashola. if every state in nigeria promoted this sort of positive 'godfatherism' nigeria will be a lot better today

Please stop!!! You are LUCKY that you did not get yet another EVIL dictator in Fashola. That you got Fashola was simply luck and not some goodness in tinubu or whatever you want to call it. Obasanjo gave you yar adua, what did you get? Do you think that makes Obasanjo more evil or something? You know what, scratch that cause I forgot I am asking a Nigerian this . . . . Lol

@some people

Nigeria is now the other name for what?

This is NEVER LUCK it is the will of God. Out of the camp of the Enemy came moses to liberate the children of Isreal. We shall be liberated.

God bless nigeria

Kobojunkie:

Please stop!!! You are LUCKY that you did not get yet another EVIL dictator in Fashola.  That you got Fashola was simply luck and not some goodness in tinubu or whatever you want to call it. Obasanjo gave you yar adua, what did you get? Do you think that makes Obasanjo more evil or something? You know what, scratch that cause I forgot I am asking a Nigerian this . . . . Lol

i am not lucky, lagos is not lucky. fashola is not luck, dont miss the point. fashola's ascension to the post of the governor was a direct result of tinubu noticing that his protegee had leadership qualities and more importantly vision, a word sadly lacking in a lot of governors/'leaders' vocabulary. tinubu must have tested him with wealth, corruption etc and fashola probably refused it. he knew he had his man and he knew he was going to do the job. so far so good. so my sister it is not luck. what obasanjo did is callous no doubt, it was a direct response to the fact he didnt get 3rd term and also a way to annoy atiku by appointing another northerner. he didnt do well at all. but mark my words, fashola is not luck. read on his achievements when you get a chance or speak to any lagosian[whether ibo, hausa, tiv, yoruba, ijaw, akwa ibom]. it dont matter. u will hear the same thing. fashola DEY TRY OOOOOOOOOOOOOOOO.EKO ONI BAJE OOOOOOOOOOOOOOOOOOOOOO

rethink:

@some people

Nigeria is now the other name for what?

This is NEVER LUCK it is the will of God. Out of the camp of the Enemy came moses to liberate the children of Isreal. We shall be liberated.

God bless nigeria

thank you God bless you. which kin luck person do well u call am luck. thats like saying we are lucky that our parents sent us to school, instead of the fact they worked hard, saved money and God then crowned their efforts.

Good thinking by Fashola. But talk is cheap. How would anyone bring their money back to an atmosphere where your investment is not secure.

name one country in the world where u have secured and guaranteed investment?

besides u dont have to be stuck on stocks in nigeria

u have FGN bonds and treasury bills earning btw  8% and 12%

whearas in the states interest rates are 0% for now. . .

ladej:

i am not lucky, lagos is not lucky. fashola is not luck, dont miss the point. fashola's ascension to the post of the governor was a direct result of tinubu noticing that his protegee had leadership qualities and more importantly vision, a word sadly lacking in a lot of governors/'leaders' vocabulary. tinubu must have tested him with wealth, corruption etc and fashola probably refused it. he knew he had his man and he knew he was going to do the job. so far so good. so my sister it is not luck. what obasanjo did is callous no doubt, it was a direct response to the fact he didnt get 3rd term and also a way to annoy atiku by appointing another northerner. he didnt do well at all. but mark my words, fashola is not luck. read on his achievements when you get a chance or speak to any lagosian[whether ibo, hausa, tiv, yoruba, ijaw, akwa ibom]. it dont matter. u will hear the same thing. fashola DEY TRY OOOOOOOOOOOOOOOO.EKO ONI BAJE OOOOOOOOOOOOOOOOOOOOOO

Again, that Tinubu handed you Fashola, rather than you going to the POLLS to actually vote him, and he turned out to be a good pick is nothing but LUCK. I know we want to say God willed it but the fact that the people DID NOT ELECT HIM but he was IMPOSED on the state by Tinubua, ACCORDING TO YOU, and He turned out to be a good one, is nothing but LUCK! What are the chances that the next person TINUBU chooses to IMPOSE on you will be as good as, or even better than Fashola? Do we leave that to chance as well?

when we see someone doing well lets collectively applaud the person in order to encourage consistency, excellence and above all service delivery. Lateef Jakande is not amongst the top ten richest men in Lagos, let alone Nigeria but he is respected because of  his affordable housing projects during his tenure. The projects littered the nook and cranny of the state.  The number of buildings at the Abesan project in Ipaja, Lagos are nearly 1000 or more of them, each with at least six flats. These housing estates are in Ikeja, Oga, Ikorodu, Agege, Oko Oba, Badagry, Isolo, Isale Eko, Ebute Metta and several other places. I submit that many civil servants, teachers and middle class people would have been homeless today without the housing program of Alhaji Jakande. LKJ introduced ferry service and increased the network of the Lagos State Transport Corporation (LSTC). Senior citizens were allowed into the buses free of charge. LKJ was did not spend billions but got the job done and will be remembered for another 100 years for his good work. that is not LUCK but good leadership.

read financial times excerpt on fashola below

Change is visible in Lagos, where Babatunde Fashola, the governor, has accelerated a public works programme, building roads, bridges and trying to impose public order on the crowded commercial capital. This has rekindled hopes that government can deliver when it tries. Mr Yar'Adua has only two years left to do the same.

another excerpt

Fashola’s popularity is directly proportional to the amount of concrete his workmen have poured. His very visible achievements in terms of ­starting roads and bridges have created a sense among many Lagosians that – finally – they have a leader who is capable of delivering lasting, positive change. This is a novelty in a city with a sometimes difficult ­history. A staging post for the transatlantic slave trade, contemporary accounts described the original settlement as a festering, malarial heap plagued by intrigue, fetish worship and human sacrifice,

he is definitely moving in lateef jakande's footsteps, AND THAT IS NOT LUCK !!!!!!!!!!!