Realistic Solution to Nigeria’s Annual $100bn Infrastructure Deficit

However you look at it, Putinomics is the only realistic solution to Nigeria’s annual $100bn infrastructure deficit

By Ayo Akinfe

(1) I have been wracking my brain endlessly since the presidential elections, trying to figure out how Nigeria addresses her $100bn annual infrastructure deficit and alas, I can only come up with one solution - Putinomics!

(2) Putinomics is basically what you could term forced local direct investment (FLDI). It involves the president telling Russia’s wealthy citizens, who we know as the oligarchs, that they must invest in the country’s infrastructure

(3) Vladimir Putin makes no pretences when he wants these oligarchs to invest in Russia. He calls them to a meeting in the Kremlin and reads them the riot act. He will tell them for instance that Russia needs to invest $2bn in a new seaport and they must fund it. He will give them say three months to come up with the cash

(4) Because most of these oligarchs made their wealth by buying state assets at bargain basement prices, they know they are beholden to the state. They are also still dependent on state contracts and government patronage to survive, so are vulnerable to Putin’s sanctions

(5) Nigerian millionaires have an identical history. They mainly owe their wealth to oil blocks, government contracts, blatant corruption or the purchase of state assets at ridiculous prices. If the presidency withdraws its support for them, they are nothing. President Muhammadu Buhari needs to start using this leverage

(6) Nigeria has a national budget of less than $30bn but according to the African Development Bank, the country needs to invest $100bn in infrastructure annually. It is simply utopian to think that the Nigerian government can fund the construction of roads, housing estates, a railway network, power plants, hospitals, schools, etc from its meagre and party budget

(7) It is also delusional to think that foreign direct investment (FDI) can develop Nigeria’s infrastructure. Yes, Nigeria sees over $1trn in FDI annually but less than 10% of it is actual capital investment. The bulk of this is finance capital brought in by hedge funds and institutional investors seeking to cash in on Nigeria’s high interest rates. It is not going towards the much needed infrastructure

(8) Because Nigeria has interest rates that can be as high as 25%, it is easy money to invest cash in a Nigerian high interest savings account for a year. Many offshore funds do this but hey, the country benefits very little from it as they do not build factories, employ many people, invest in infrastructure of in many cases, even have offices in Nigeria. What we need is industrial capital that will invest in fixed assets, not this highly mobile finance capital that is very short term

(9) Now, if say Nigeria needs to invest $30bn in a rail network, $20bn in power plants, $10bn in port development, $10bn on roads, $10bn in low-cost housing estates, $10bn in hospitals and $10bn in urban regeneration, where is the capital going to come from? I think President Buhari should give Nigeria’s oligarchs like Dangote, Otedola, Ubah, Alakija, Adenuga, etc annual investment targets. Those who fail to meet their targets should no longer get government patronage. By the time Buhari pulls the plug on two or three of their businesses as Putin regularly does, they will get the message

(10) Our religious oligarchs like Adeboye, Oyedepo, Joshua, Ashimolowo, Okotie, Oritsejafor, etc, should also be given strict FLDI targets. Anyone who fails to meet them should face noise pollution charges, their churches taxed as businesses and erring branches closed down. It is time to force the pace of development!

I await a better suggestion but for now, Putinomics is the only solution I see in the horizon. It is FLDI or death!

WHAT NIGERIA DO WE WANT!?

WHAT NIGERIA DO WE WANT!?

Suddenly everyone is pointing accusing finger at INEC. The thing we always love to do. Yes, INEC has a blame. But INEC didn't burn its offices, did they?

So who burnt INEC office in Abia? Nigerians!
Who burnt INEC office in Plateau? Nigerians!
Who burnt INEC office in Anambra? Nigerians!

The way we destroy our facilities and blame government.

Every time, i hear people say, "God has been unkind to us by giving us bad leaders." Some would lament on social media saying, "I regret being a Nigerian."

Nigerian leaders didn't grow from the trees; they aren't Unidentified Flying Objects (UFOs). They were born and grew up in our families, neighbourhood and society. They are products of our society and as such they are a reflection of what and who we are.

Corruption is not perpetuated by one person. Corruption occurs largely between a giver and a taker. Who gives and collect bribes in public institutions? You and I! Who is that petrol attendant that tampered with petrol dispenser metres and shortchange customers? You and I. Who sits on contract files and create bottlenecks in public institutions? You and I Who horde fuels and create artificial scarcity? You and I! Who import prohibited goods and services across borders? You and I! Who are used as political thugs? You and I! Our misbehaviours are endless.

How then do we expect Nigeria to develop? How do expect a Nigeria of our dream if misbehaviours that are inimical to economic and national development are legion with us? Few months ago i saw an harsh tag, "#BringBackOurCorruption." I was shocked and speechless. Any nation of people which sows corruption reaps corruption - backwardness and underdevelopment. This has been the story and outcome of Nigeria till this day!

INEC postponement of elections is just one part of the elections problems. Those Nigerians who burnt down its offices in Plateau, Abia and Anambra. INEC is as guilty as those who has been spreading fake news and in the process heating up the polity unnecessarily, those threatening to go to war and those who want to put people in bodybags are as guilty as INEC. These are all Nigerians!

Are you not worried about our pretences? Religious people everywhere but full of sins and misbehaviours. Churches and mosques everywhere but poverty and backwardness are their result. Of what value is religion if we live in sins, wickedness, poverty and backwardness? See Buddhist and Atheist countries like China, Singapore, Netherlands, etc. They know no Bible and Quran yet they are more Christlike and Mohammed-like than Nigeria, the country of Christianity and Islam, prophets, pastors and Imams. Christ and Muhammed will be ashamed of us wherever they are in heaven.

The Almighty God, the Creator of heaven and earth, has been so kind to us as a people and a nation. Hardly is there a country so blessed as Nigeria. HE gave us everything that we required to build a great nation. But we are our own failure and underdevelopment.

Today, God has yet again given us a reason for sober reflection by the postponement of the general elections by one week. Instead of ventilating and sharing your sadness and disappointment on social media, i enjoin all of you who deeply and genuinely love this country to reflect on this: What kind of country do you want?

if we desire a great country, we must behave a great people. Only great people make a great nation. Corrupt, unpatriotic, indisciplined, lying people and other negative vices do not make a great country.

Reflect on these and vote for a candidate of high integrity, moral and honesty.

God bless Nigeria!

We like good economy. We want steady and constant power supply...

This is copied from "FRIENDS IKOYI CLUB 1938" Forum, posted by Mrs Adenike Marinho, a Medical Doctor.
Unfortunately, it has no name to it but I am sharing it because the author spoke my mind.

"The world is  laughing at us.
We like good economy. 
We want steady and constant power supply,  we want jobs,  we want food on our table, we desire good infrastructure and security but at the same time could not exercise patience for a willing government that is sincerely laying the foundation for all these to happen.

They brainwashed you with "hunger in the land" slogan. They said 20million Nigerians lost jobs.  Majority of those people who they said lost their jobs were construction company workers whose contract monies were diverted and could not continue as at the time PMB took over.

With resumption of roads construction,  rail construction,  2nd Niger Bridge, why are they not sincere to tell us how many Nigerians have been engaged?

They tell us bankers lost their jobs,  who liquidated those banks? 
Did PMB or Osinbajo take loan from these banks? 
Who killed Cooperative bank?,  who killed Societè Generale?
Who killed Enterprise bank?
Who killed Intercontinental?
Who killed Skye bank?

Some of them took loans ranging from 10billion and above and refused to pay back. 
The banks fold up and you hear them shamelessly saying Buhari made Nigerians lose their jobs. 
Since inception Buhari didn't sack anybody. In fact he employed more graduates and junior level officers into the civil/public service. 
He didn't owe salary.  By 28 of every month all federal workers receive salaries.  Because you are not well informed you sink their lies.
They say Buhari plan to Islamize Nigeria.  How possible?  Even Military government cannot dare it. Nigeria is a secular State They use our Christian leaders to brainwash us because we have no sense of history. 
In 1999-2001 you recall the religious riot in kaduna.  I was in Kaduna then,  many Christians were massacred.  Obj was president then.

Between 2000-2007 you recall the Fulani herders -farmers/locals crises in plateau State that led to declaration of state of emergency in plateau State.  Who was president then?  Obj and not PMB.
Do you know that in Benue State farmer -fulani herdsmen had been at each other's throat since the military era? 

These kind of unhealthy political intrigues can only thrive in Nigeria where people have no sense of history.
*Those who plunged us into the den of hunger,  job loss,  darkness,  decay infrastructure,  insecurity and poor education are posing as messiah. They killed our university system for their own to thrive.  It is only in Nigeria where a sitting president and his vice would approve for themselves, while in office, the licence to build universities.*

It is only in Nigeria where a president would abandon construction of National library and build multi billion naira presidential library in his hilltop mansion and the youths whose future is mortgaged will be clapping for them.

*Resources that are meant for all were carted away yet you are here crucifying a man that is 'righting the wrongs' haba!*

Copied by Ishaq Akintola, 10th February, 2019

3 gbosas for the writer :

GBOSA! GBOSA!! GBOSAAAAA!!!
👊👊👊

The End of Obasanjo’s Catalogue

Dr @fimiletoks takes Obasanjo to the cleaners, says "teacher don't teach me nonsense":

1. Last kick of a dying horse. A toad doesn't run in the afternoon..You are afraid, fear has overwhelmed you.
You should have written this letter to yourself in 2003 and 2006 when we witnessed the worst elections in our history.
🎵🎵Teacher don't teach me nonsense🎵🎵

https://twitter.com/fimiletoks/status/1087113177446391811?s=19

2. I am old enough to know who you are..
2003 / 2007 was massively rigged, you were planning to turn Nigeria into a one-party state with Iwu. Let me remind you that you removed 3 sitting senate presidents, chased away 2 PDP chairmen, state of emergency in Plateau and Ekiti state.

3. Through your cohorts you removed Ngige, Rasheed Ladoja, Fayose, Diepreye Alamieyeseigha..

You forcefully withheld Lagos state funds just because you couldn't break Tinubu.

Murder of political opponents including a sitting Attorney General, Bola Ige, Harry Marshal, Chief Dikibo

4. Chief Dikibo, Chief Ogbonaya Uche all of ANPP. The great Chuba Okadigbo, was attacked with teargasses, he died from the attack.

Should we talk about Zaki Biam? You wiped out 300 families, deployed amoured tanks with helicopter gunship against harmless civilians..

5. You refused to apologise or acknowledge the evil perpetrated against the community, ignored the federal high court ruling to pay compensation to the victims of Zaki Biam..

Should we talk about Odi in Bayelsa? You made the place a ghost town till today they are yet to recover.

6. Should we talk a out Massob? Peter Obi ordered a shoot at sight on Massob, it was your order..5000 of them went missing.

https://t.co/VzE97I8uxs

7. You left Odi with just two buildings, a church and a bank..women, men and children.

https://t.co/tQwqDnVUhR

8. Why are you afraid? Your transcorp shares? Your Bells University which you miraculously acquired after leaving prison with less than 2000 naira in your pocket or the National library which was fraudulently acquired. Your farms was dead when you came out of prison..

9. How did you revive it? What are your stakes in the oil and gas sector? Why are you crying so badly..

Letters upon letters to what effect? Would you have tolerated Saraki and Dogara in the National Assembly? You were despotic, you haunted your party members..

10. Today INEC just confirmed that APC will not be on the ballot paper for Rivers and Zamfara state elections.
Who born monkey? Would this happen with you as president?
Why are you after Buhari? Are you afraid that his success will make you irrelevant after 8 years?

11. PMB has achieved what you could achieve in your backyard..
He has awarded the reconstruction of the road to your ota base. Are you not happy that a rail line will pass through Ogun state? Are you not happy that Lagos - Ibadan expressway will be completed by a Fulani man?

12. Are you not happy that the Nigerian Airways workers you disengaged and the Biafran police officers you abandoned have now received their entitlement after several years? What is your grouse baba?

You are not happy that rice farmers are smiling to the bank in kebbi and ebonyi?

13. You gave us GSM and killed Nitel...oh we have thanked you enough..

What else do you want? You want to disrupt and heat up the system..you want electoral violence by discrediting INEC because you are afraid of Buhari.

14. Your letters are inconsequential because you cannot win in your local government. You formed a political party, you formed CUPP a coalition to destabilize PMB yet he is getting more popular.

You made your daughter a senator and a commisioner for Health..we did not complain..

15. Who killed Bola Ige your Attorney General? Who killed Harry Marshall? How much did you spend on power? Are you afraid of a probe?

You cannot distort history, you are actually on the same page with Abacha..

Rest well in Ota and feed your chickens, Nigeria has moved past you..

16. You complained about Boko haram but what happened when you visited the family of the leader? He was killed..by who and why?

https://t.co/Xoatuv3iLh

17. In 2015 you canvassed for a dialogue with sect, now you are singing a new tune. When you visited in 2011, you gave them money and gifts..you believed Boko haram was legitimate..

https://t.co/EEa3Xf4YGP

18. During your tenure we had religious wars in the north, Bakassi and Egbesu boys running riot in the south east, beheading people in broad daylight. We had militancy in the south south..we had OPC in the south west..you jailed the Late Fasheun, ordered shoot at sight on OPC members

19. What exactly is on your score card? Debt forgiveness and GSM..

Teacher don't teach me nonsense..

20. Someone just reminded me of the Ife/Modakeke war, Tiv / Jukun clash..
Tales of horror all over the country during your reign..

Let me stop here..I hope this will be your last letter..

KNOW THE WORLD SYSTEMS

This will be helpful for those who may not understand ideological systems of ruling. They are simplified here:👇

SOCIALISM
You have two cows, and you give one to your neighbor.

COMMUNISM
You have two cows, the government takes both and gives you milk.

FASCISM
You have two cows, the government takes both and sells you milk.

NAZISM
You have two cows, the government takes them and kills you.

CAPITALISM
You have two cows, you sell one and buy a male. You multiply your cows and there is economic growth. You sell them, you retire and you live on your profits.

MODERN CAPITALISM
You have two cows, you sell one and buy a male. You multiply your cows and you buy those of your neighbors. Then your neighbors become your shepherds, you pay them in monkey currencies and they die poor.

AMERICAN SOCIETY
You have two cows, you sell one and you have to make the other one to produce milk like 4 cows. By stress of producing beyond her capacity, she dies. You hire a consultant to understand this death.

FRENCH SOCIETY
You have two cows, you go on strike because you want a third cow.

GERMAN SOCIETY
You have two cows, you modify them so that they live 100 years, eat once a month and take care of themselves.

CHINESE SOCIETY
You have two cows, you sell real milk to your compatriots and you produce plastic milk to export to the rest of the world. You become rich.

BLACK/ AFRICAN SOCIETY
You have two cows, you eat them all in one month, and you dream that donors or the international community give you more cows. When that doesn't happen, you go to a church and hope for miracle cows. You fast 40 days and 40 nights without eating or drinking so that the cows will fall from Heaven. At last You die in extreme poverty

I hope you learn something from this post.