The Traffic

I look forward to President Tinubu using the forthcoming June 12 celebrations to make a radical announcement like telling the whole world that Nigeria will be hosting Festac 2027 to show that she is open for business 

Ayo Akinfe

[1] Nigeria is locked in a Catch 22 situation as we only have an annual budget of about $30bn and have an infrastructural deficit of $100bn. Our total national GDP is less than $600bn, which is wholly inadequate for 200m people. Our only way out is to start manufacturing, which will reduce our dependency on imports, create local jobs and enable us to compete with the rest of the world. Weare not productive enough as an economy and until we fix that we are going nowhere as a nation 

[2] I take the view that what we need is a major event to announce to the whole world that it will no longer be business as usual. I cannot think of any better platform than the World Black Arts Festival also known as Festac

[3] If you look at most of the world’s vibrant economies today, it took some major event or a Big Bang to get them going. It provided them with the proverbial kick up the backside, forcing them to step up production, accelerate manufacturing and pledge never to leave themselves vulnerable again

[4] For instance, the US quadrupled industrial output after the bombing of Pearl Harbour in 1941. They went from being an agrarian economy to becoming the world’s biggest manufacturer of ships, automobiles, armaments, etc within three years

[5] China too has never been the same since Tiananmen Square. Faced with the reality of massive social inrest and an inevitable revolution, the country decided to get its act together

[6] When I look at Vietnam too and the way they have turned their economy around since the US aggression and invasion in the 1960s, I just marvel at how a nation can get going once the will is there. Do you know that today, Samsung produces about 40% of its phones in Vietnam?

[7] Japan is another unprecedented wonder. After the bombing of Hiroshima and Nagasaki, it is like they pledged never to get left behind again. Just look at the technological advances Japan has made since, especially in the area of automobiles. No European car company would believe in 1945 that the likes of Toyota and Nissan would put-perform it on the international market but alas, that is the reality of today

[8] Nigeria, as the world’s largest black nation simply has to step up to the plate and take the initiative here. Hosting another Festac with the rest of the world in attendance is more than imperative, it is compulsory. Is there anything stopping President Tinubu announcing Festac 2027? That would be an ideal to host it, exactly 50 years after the 1977 event 

[9] Festac 2027 should have an investment summit attached to it, with a clear vision. Several key demands should include that at least 15% of all global investment must come to Africa, that there should be a ban on the export of raw primary African commodities and any nation that imports goods in excess of $5m from an African nation must be compelled by international law to open up a manufacturing facility there

[10] Alternately, how about President Tinubu hires a cruise liner and renames it Invest in Nigeria. He can then sail around the world in it wooing investors, holding meetings aboard the ship and docking at key financial centres for roadshows. He needs to do something drastic and radical to spur investment!

By Ayo Akinife