Privatisation of the PHCN is a total failure because there is no constant supply of electricity after the exercise. South Africa with a population of about 40million generates about 36,000 Mega Watts (MW) of electricity, while Nigeria with over 170million people generates only 4,000MW. The investors who bought PHCN are still abroad looking for technical partners. It is quite clear that the privatization of PHCN despite the noise making has not achieved the desired result. Everyone has seen that the intended purpose has not been achieved.

Like all Americans, Einstein tried his hands at other subjects, including music and economics. He gave up both for different reasons. Music he found “too simple and economics, too difficult”. I gave up Medicine because it was too difficult and took up economics because it was simple enough to enable me go through a university with the minimum of effort – while leaving me with a lot of time to read wide. What has that got to do with rebasing? Wait a few minutes and you will soon understand it.

In any language, growing the internally generated revenue of a state from N6billion to over N20billion monthly over a period of eight years must spell success. This is what the scorecard of Lagos State shows as the fruit of the re-engineering of its Board of Internal Revenue.

The role of Small Medium Enterprises, SMEs, as catalyst for economic growth and development has been well documented in the economy, and recognised in most countries.

Nigerian non-oil exports are still significantly below potential. The gradual decline over the last 49 years is especially saddening when we look at past data for example in 1961.