Fashola’s is doing “takeaway” again…so I am going to do some “takeaway” from his “takeaway” on President Buhari’s trips
My first take away; On Nigeria becoming a pariah state.. Fashola says that Nigeria was becoming a pariah state as at when Buhari was elected last year. Of course, he cleverly did not back this with any facts because there are no facts to back it up…the fact is that despite PMB several trips, Nigeria is now increasingly becoming a pariah state..at least for the most important type of visitors you will need in your country…investors..Capital importation, which averaged $20 billion per annum between 2011 and 2014, has declined by 54% in 2015..and hit its lowest levels in the last quarter of 2015..first quarter 2016 capital importation is expected to be even worse after Nigeria has been dumped out of the JP Morgan and Barclays Index and under threat of being also dumped out of the MSCI index…many investors are now describing
The capital market has lost over a trillion naira in the last one year…and IPOs are practically dead…that is how bad things have become in less than one year of APC…that is the making of a pariah state..when investors starts fleeing…
On Iran I could not help laughing when Fashola said that PMB went to Iran to beg them not to revamp oil production very quickly after sanctions were lifted..I am sure the government of Iran also laughed at the audacity of the naivety of such a suggestion. It is like your shop being closed for 4 years. All that time, your neighbour’s shop, who sells similar products like you, was open and he was busy making sales and stealing your customers. And all that time, he never offered you a penny to help you survive the difficult period..and then suddenly, your your prayers are answered, your shop is opened..and your neighbour now comes to you and say please do not open daily because he or she does not want prices your items to fall…I am sure you know the answer to give to such a “caring” neighbour..Iran, I am sure had such an answer for our dear president…
On China… Femi Adeshina rightly admitted no government to government deal was signed…all deals signed were by Nigerian businessmen who were attending the Nigeria-China business forum. No government deal was signed because there are already enough government to government deals between Nigeria and China and many of them are just doing fine and will do fine if the current government does not repudiate the agreements..the Abuja-Kaduna rail is one of such deal and even Amaechi agrees that the project is 90% complete and could be commissioned this year..the airport terminals have all been financed with Chinese loans and they are all almost complete…in November 2014, GEJ signed a massive $12 billion 870 mile rail deal with China, which was hailed as China’s biggest deal
KPMG named it as one of the top 100 infrastructure deals in 2015…that deal is still on the table and all PMB needs to do is revive it and not abandon it..that deal takes care of the Lagos-Calabar angle .and there is also the massive 4000MW Mambilla power deal with China which needs to be revived and good enough PMB has agreed to pursue it…
For me it is ironic that PMB has travelled to over 20 countries within one year but no notable president (except Zuma) has paid him a visit in the last one year…and the reason is simple..these are difficult times globally and most presidents are sitting tight looking for viable solutions…no need travelling around the world, especially without your businessmen, who will do the deals, and expect to achieve any thing..This China trip has shown that the businessmen do the deals, not the government.
Also, no amount of travels and “multinational begging” will bring in investors, if the policies you pursue at home does the exact opposite…if the businessmen in your market are crying..the ones abroad will not come in..that is the simple truth..
My final take away..Fashola should just stop doing take away–he should sit down and deliver on power, housing and roads…that is challenging enough than adding on the job of the Minister of Communication.