AN OPEN LETTER TO THE PRESIDENT OF NIGERIA (ORIGINALLY INTENDED FOR GOODLUCK JONATHAN) ON REVAMPING THE ECONOMY

Mr President Sir, in the hope that in spite of the widespread criticisms against your government and policies in recent times, you mean well for this nation, I write to make a candid contribution which I strongly opine that if implemented properly will translate to a real economic boom for this nation.
It is public knowledge that the economic base of all the developed economies which we as a nation constantly look up to and try to emulate is built on the private ownership of the means of production which is the only viable approach to efficient production of goods and services, economic growth and development. The government almost always never runs businesses as government has never proven anywhere in the world to be a good manager of business. On the contrary, governments focus on the task of providing infrastructural facilities such as railways, roads, bridges, water, electricity, port facilities and formulating business enabling laws and policies. Consequently such nations in the process of time become favourite destinations for international investments whether these investments are solicited or not.
I believe it was this realisation that made previous governments to privatize government stakes in businesses in Nigeria which process unfortunately was marred with so much controversies, scandals and corrupt practices. Some of the businesses that have been privatised overtime include; Daily times of Nigeria plc, The Electricity Metre Company of Nigeria, Peugeot Automobile of Nigeria, The Federal Superphosphate Fertilizer Company Limited, The Nigerian Paper Mill Jebba, The Zuma Steel Rolling Mills Jos, etc to mention but a few. Sadly, all of the above mentioned companies have either collapsed completely or are near complete collapse. I make bold to say that the only thing that all the past privatisation efforts of Nigeria has achieved has been widening the gap between the rich and the poor.
It is with this background in perspective that I hereby propose what I believe can be a fail-proof, people-oriented and revolutionary ownership transfer policy. The government in order to revive our ailing industries should expose these industries beginning with Ajaokuta Steel Mill to competition by bringing in private ownership and management. Unlike previous efforts however, these industries should not be sold but transferred to a representative sample of the citizenry, particularly the youth population. The equities of the industry whose ownership is to be transferred should be divided equally among say one million Nigerian youths drawn impartially from every council ward in the 774 local Government areas of Nigeria. In order to qualify for these selective ownership, each of these prospective shareholders should be required to contribute One hundred thousand naira (N100, 000.00) which money when pooled together adds up to one hundred billion naira (N100, 000,000,000.00) and becomes the capitalisation with which this new ownership turns around the fortunes of the company and by extension the economy of Nigeria.
Even though this plan at a glance currently appears simplistic, its gray areas can however be structurally fine-tuned such that when the plan is transparently and efficiently implemented, it will not only put Nigeria in the limelight for once for the right reasons but will leave a legacy for your government on the sands of time by which your government will be judged and evaluated for generations to come. Interestingly, I foresee other nations borrowing a leaf from us when this policy eventually begins to produce the results it is wired to produce.

Modified on 23rd March, 2018:

Natasha Akpoti in the video below suggested crowdfunding to the house of reps as an alternative source of funding for revamping Ajaokuta steel mills largely re-echoeing my boldened opinion from 6 years ago.

https://www.google.com.ng/url?sa=t&source=web&rct=j&url=https://m.youtube.com/watch%3Fv%3Dm1QTfGYj_0g&ved=0ahUKEwj5qdjVqYLaAhVD0xQKHRDwBTUQwqsBCCQwAQ&usg=AOvVaw1Fmg2AJRbktGPWR4Vf9J0p

OAM4J, Mynd44 and Lalasticlala, don't you think Nigeria should see this?

Good advise, Mr President or one of his numerous advisers should make Mr President, Ngozi and Segun Aganga see this article, it is definitely a way forward.

This idea sounds interesting to me. Where are GEJ's errand boys on nairaland? Please bring this idea to your oga's attention.

Gr8 piece! Moderator consider putting dis om d front page.

Interesting!