Considerable debate surrounds the idea of a Second Industrial Revolution for developing countries, particularly the Asian Tigers, who have demonstrated their commitment to research and development in their journey from Third to First World status, as highlighted by Lee Kuan Yew. Additionally, India and Pakistan made significant strides on the global stage with the detonation of atomic bombs, signifying their entry into the league of industrialized nations. Attention now turns to Africa, especially Nigeria, and various Latin American countries.
A plausible interpretation of the 2023 presidential election in Nigeria is that Nigerians are eager to industrialize and are seeking a business-minded leader to guide them into the industrial age. They stand on the verge of this transformation, requiring just a small push to achieve it. This is why the emergence of not only an Industrialist-President like Bola Ahmed Tinubu but also candidates such as Peter Obi and Atiku Abubakar is a notion that has become relevant. All three are industrialists and employers of labor who deeply understand the nation’s prevailing concerns.
The previous period was marked by presidents who lacked experience in managing the economy, leading to mutual suspicion and indifference towards business-friendly policies. However, the landscape has changed today, with increased voter awareness, mass participation in elections, a vibrant press, and active engagement of the younger generation. These factors have tilted the political evolution in favor of experienced investors like Tinubu, Obi, and Atiku. Although the path to their emergence may not have been flawless, the fact that three industrialists vied for the country’s leadership, with one of them becoming president, is a remarkable achievement and holds significant potential benefits.
One such benefit is the trio’s potential to address the issue of high freight charges for importing goods into Nigeria, which results in many containers returning empty due to the country’s inability to export significantly. With energy crises and a weakening currency, Nigeria has faced challenges in producing goods and services. Therefore, it is the moral responsibility of these three industrialist leaders, working together for Nigeria’s collective survival, to find solutions to reduce freight costs.
Tinubu’s commendable action of signing the Electricity Act into law has created an environment conducive to newer, more affordable, and efficient means of producing goods and services – the essence of an Industrial Revolution. Thus, he can rightfully be called an industrialist-president.
The new leadership must also prioritize enabling access to capital for those interested in starting businesses, mechanized agriculture, reorganized maritime operations, and improved ease of doing business. Nigeria should strive to utilize passenger ferries for transportation, perform complicated medical procedures using locally produced pharmaceuticals and machines, and manufacture military ordnance in private industries.
Furthermore, Nigerian universities should move beyond mere consumption and actively engage in production, generating alternate revenue streams similar to practices in China and Europe. The creation of industrial parks within universities, involving lecturers and students in producing various goods, will promote growth. Tinubu should also ensure equal opportunities for industrialists from all ethnic backgrounds, dispelling the myth of state-sponsored monopolies and providing a level playing field for all Nigerians willing to venture into production, import, or export.
It is crucial to eliminate discrimination in commerce and industry, ensuring that privileged individuals are not favored over others, in line with the idea of One Nigeria. This extends to the media industry, where the Federal Government should not show preferential treatment to certain media houses or newspapers, but rather promote equality in the allocation of state resources and privileges.
The success of the Industrial Revolution hinges on moving beyond mere talk of technocrats and instead witnessing rugged industrialists actively involved in the factory floor, working alongside their employees, demonstrating their commitment to production and industrial development.
Recommendations:
To unleash creativity and drive the Industrial Revolution, there must be a thorough overhaul of the three legislative lists, allowing more power to flow from the center to the periphery. While advocating against the breakup of the federation, it is crucial to acknowledge that the current centralized system stifles individual initiatives. China’s experience demonstrates that centralization can impede industrial progress compared to decentralized yet competitive Europe.
Therefore, our first recommendation is for Industrialist-President Tinubu to effectively regulate the activities of regulatory agencies that often impose impossible requirements, delay documentation processes, and display hostility towards industrialists, hindering their progress instead of encouraging them. These regulatory bodies should be reformed to align with a time-conscious economy, minimizing requirements to the bare minimum. Legalizing the practice of groupage, where multiple exporters share a container for export, is crucial to ensure prompt product delivery. The demand for quality should be driven by market forces, not excessive regulations.
Furthermore, Tinubu should establish a department of Ombudsmen as an economic emergency measure to swiftly resolve conflicts between industrialists/exporters and government regulators. The arbitration process should not exceed two working days, ensuring that business operations thrive on quick turnover.
Tinubu must also address the activities of certain individuals who impose themselves as “consultants” and “middlemen” on agricultural product exporters, taking decisive action to apprehend and prosecute these foreign saboteurs.
To understand the challenges faced by the people, Tinubu should immerse himself in the reality of Nigeria by living among them and experiencing different modes of travel, such as road trips and boat journeys. Reorganizing the maritime sector is crucial for Nigeria to benefit from its vast ocean resources.
Establishing a Bank of Export to facilitate streamlined documentation and payments and creating a Land Bank to fund large-scale mechanized farming are essential steps towards promoting industrialization.
Building thousands of modern markets will encourage commerce with dignity and provide secure spaces for hawkers to conduct their business, contributing to economic growth.
Lastly, access to affordable and consistent energy for production is critical. Therefore, Tinubu should prioritize the rapid construction of thermal electricity plants utilizing natural gas for electricity generation, supported by a well-planned transmission and distribution infrastructure.
In conclusion, as Nigerians aspire for change and industrialization, they must appreciate Industrialist-President Tinubu for his unwavering determination. His active engagement and commitment to the nation’s progress have surpassed expectations. However, it is essential to remain vigilant as evil is cyclical and never content, and industrializing promptly is crucial to avoid social upheavals and stagnation.
