By Yomi Obaditan

“The non-oil Nigerian economy has become a slumbering colossus which would now awaken. “ The above quotation made by Paul Collier, a professor of development economics at Oxford University ought to stir our political leaders into actions to dig deeper into other areas of economy, apart from oil, so as to fully exploit God-given potential resources, tap them with all urgency, in order to avert the economic downturn that is already knocking at our door steps.

Economy

The Republic of China is the most populous nation in the world. China Independence was 11 years ahead of Nigeria. Despite the population and needs, the country is more like a nation that granted us independence from the success it has recorded all round, which made her the third best economy in the world.

A critical analysis of Nigeria’s infantility could be laid at the doorstep of absence of good leadership. After 55 years of our political independence, we remain a toddler, trailing behind countries such as Singapore,   South Korea,   Iran   Soth Africa, India and Ghana who were at the same level of development with us then. The failure of leadership robbed us of the benefits that came calling in the last 30 years, when oil-producing nations were harvesting oil wealth.

It is true that we have elite billionaires among us, but the truth of the matter is that a great number of them robbed the nation of the financial benefits that ought to have been utilised for the good of all. A nation that once   boasted that money was not its problem, is today   castrated by external and internal debts. Just as the states could not afford paying their workers, Federal workers are suffering from the same malady. Our currency is almost becoming an ordinary paper when compared with American dollars or British pound sterling.

While the world were mocking us and sending aids to us for water and light as Fela Ransom Kuti once predicted, our economic managers under former President Goodluck Jonathan were deceiving the nation with blatant lies that our economy was growing and the best in Africa and   the tenth best in the World.   In the middle of the so-called vodoo economy, seventy percent (70% )of our youths were either unemployed or some   under employed. 90 % of our industries have been closed down or moving totally from our country to our neighbouring countries with more stable power supply.

Yet, it is on record that over $70 billion had been spent on power without any improvement. The Ndidi Elumelu Committee on Power at the then House of Representatives, while probing $16 billion investment on power sector,   recommended that former Ondo State Governor, Dr. Olusegun Agagu, former Cross River Governor Liyel Imoke and the then CBN Governor, Professor Charles Soludo and former Governor of Gombe, Ibrahim Dankwanbo, as well as Special Adviser to President Olusegun Obasanjo,   Mr. Joseph Makoju should be tried. Nothing was done till date.

While the oil boom was here in the 1980s under the regime of Gen. Ibrahim Babangida,   the excess crude oil gain were wasted. The sum of $12.8 billion were said to be missing. The Pius Okigbo report indicted Babangida, but till date, nothing monetary was recovered. The outsted regime of Jonathan did worse over the missing oil money; instead for the then President to investigate the allegation, he went after the whistle blower, the then CBN Governor, now Emir of Kano, Malam Sanusi Lamido Sanusi. Today, the American government, who Jonathan vowed would have exposed the thief, if the sum of $20 billion was missing, has since given names and documents to President Muhammadu Buhari over the oil thieves in Nigeria. It is an irony that in 1961, when world oil price was $1.57, we were living comfortably as a people, than in 2010, when   world oil price was 109.45. It is a painful experience which must be told that the more money we make, the worse the condition of the citizens.   In 1980, 25% of Nigerians live below poverty level. In 2007, 78% of Nigerians lived beyond poverty level and in 2010, 69% of Nigerians lived below poverty level. In 2011, 89% of Nigerian lived below poverty level. 70%   of our youths are affected by this poverty.

CONSEQUENCE OF OUR POVERTY

The failure of our leaders aided the high numbers of jobless able-bodied men and women that can still contribute their own quotas to the economy. The national income of Nigeria is said to be around N4 triliion. However, the Governor of the State of Osun, Ogbeni Rauf Adesoji Aregbesola, declared that if every adult that are above 18 years of age is gainfully engaged to earn N20,000 per month, at the end of the year, they will be able to contribute N16 trillion to the nation’s treasury. But the issue of unemployment has not been taken seriously. This unemployment that the former President Olusegun Obasanjo sees as a time bomb that may trigger revolution, similar to the Arab springs that could consume the political elites.

It was Nehru Ghandhi that stated: “Poverty is the mother of crime”. Our nation is fighting crime of various kinds. Instead for the government to address the root cause of crime, such as abject poverty, unemployment, shortage of power, closure of industries, urban migration, and over population, as well as increase of illitracy caused by non-availability of education.   In the North West and North East of Nigeria, a high percentage of the school aged have no access to western education. That gave room for pools where the Islamic fundamentalists got their recruitment. Almost a daily occurence, bomb goes up, killing innocent citizens, even in their homes and at work places. The economic and social implications of this insurgency will take another ten years to reorder. The numbers of the displaced persons are growing daily, with the economic recession, that part of the country may for a long time to come not witness development.

BEYOND BAILOUT

The Buhari administration has given over N700 billion out to salvage the states that could not pay their workers’ salaries,   despite the financial intervention,   the workers are still groaning over non-payment of salaries. Even the governors have returned to the President that the bailout is not enough. The question is what is the way out? Apart from oil revenue, is there other thing that can lift the nation and the people out of the economic recession? Although the CBN Governor   has told the nation that we may be heading for economics recession, while the truth is that we are in the economy recession already.

A lot of noise have been made about diversification of economy, but no serious step has been taken. Some see agriculture as alternative to oil . But how far have we as a nation gone over the diversification exercise?

Comparatively speaking, nations like Japan, which has 1% oil that contribute to their economy.   Japan’s major revenue are derived from minerals such as iron, silica sand, pyrophyllite clay and limestones. Japan produces 60%   ot its foods. However,   its technology has developed to a higher degree that they are among the best in automobile,   medical equipment, Electronics and in chemical production. It is these products that have been the source of their revenue. The leadership they have gave them the impetus that made them ahead of their former adversaries after the 1948 bombing of Hiroshima and Nagasaki.

Some other nations that diversified their economy include; China, India,, Mexico,   and Indonesia.

CHINA has nothing less than 171 mineral resources namely; coal, iron,copper, aluminium,   stibium, molybdenum, maganese, tin, lead, zinc, and mercury to mention a few. China is among the top three economies in the world today because they utilised maximally their mineral resources. Their industrial products are competing with major industrial countries globally. China Indepence is 11 years older than ours. If China is not a bankcrupt nation despite her population of about 1.3 billion, we have no excuse to fail either.

NIGERIA MINERAL RESOURCES

Nigeria is blessed with many resources these include; tin, oil, copper, zinc, coal gold marble, celica, clay limestone. Etc. The locations of some of these mineral resources are as follows; Abia state- has oil and salt

Akwa Ibom- has petroleum, salt, iron, coal, gold, clay, limestone, laterate.

Anambra- has iron ore, limestone, ccoal, marble, and celica.

Bauchi has columbites, gold, cassilitrite, coal, limestone and marble.

Embonyi has cement,, lead, zinc and salt

Ogun has limestone, chalk,, phosphate, clay, koolne stones.

Osun has marble, tin, gold and columbite

Oyo has tin, gold, columbite and marble

Plateau is said to be the cradle of tin, and the mining has long be on, almost all the other states have various mineral resources. Ironically, just as Russian poet, Nekrasov described Russia as “wretched and abundance” Nigeria is wretched in abundance. At the beginning of oil drilling in Ghana, Ghanians stated that the discovery of oil will not be a curse like that of Nigeria.

TOURISM

The tourist centres that offer recreational,   leisure and resort facilities are all over Nigeira. In Yankari Games Reserve and tourism. Rojenmy Tourist and Game village in Oba, Anambra, Olumo Rock, Abeokuta, Ikogosi warm spring, Whispering Palms, Obudu Mountain resort Tinapa, the Olumirin water fall,, the Osun Osogbo annual festival and a host of others. All the aforementioned could be the best option, if we will diversify timeously. Although,   a lot has been said of agricultural investment,   we need to cultivate rice if we are serious in banning its importation in two years time.

ENTREPRENEURS

Now that our economy can no longer provide jobs for the large number of army of youths, the alternative is to create avenue for enterprise,   where the government both at the states and at the centre train and provide funds for youths to start businesses on their own. Within a short time the economy will not only be awaken, but unemployment will be wipe out of existence.

The artisans should be assisted through the micro finance operatives in collaboration with the governments.

Tax payment must be   done or carry out. Nations all over the world have made tax payment a compulsory duty. Every adult must pay tax. In other developed economies,   tax evaders are treated as criminals.   Tax laws must be reviewed. Experts have told us that world oil price cannot rise above $50 per barrel but the likelihood that it might fall as low as $20. We must look beyond the bailout fund into how we can get out of the woods timeously.