On October, 14th and 15th 2010, President Jonathan and his administration hosted investors interested in Nigeria's power sector. During the week it took the President and his staff to plan and host this meeting, China delivered another 500 megawatts power plant to its people. China will build 70,000 megawatts of power by the end of 2010.
On October, 14th and 15th 2010, President Jonathan and his administration hosted investors interested in Nigeria's power sector. During the week it took the President and his staff to plan and host this meeting, China delivered another 500 megawatts power plant to its people. China will build 70,000 megawatts of power by the end of 2010.
South Africa plans to build 40,000 megawatts in the next 3 years. Every nation is seeking investors and providing the most conducive environment for investments, specifically massive government loan guarantees and other incentives.
While Nigeria is begging investors to come to our shores, other countries are tapping their own resources and citizens to develop their own power projects. There is no doubt that we need foreign investors, but do we really know what attracts foreign investments? If we do, what policies have we put in place or plan to put in place to attract foreign investors? Six months ago, President Jonathan contacted our company, Capital Investment Group about our idea to build 4,000 megawatts of power plants in Nigeria. Six months is long enough for a serious administration to engage its group of citizens offering a helping hand to a nation in need. That is not the case of Nigeria or the current administration. Yet, our president is seeking a new four year term.
Our idea is simple; we plan to build a minimum of 5 megawatts per local government surrounded by industrial parks. This project can be executed simultaneously in all local governments over the next twenty four months and generate close to 4,000 megawatts of power. There are 774 local governments in Nigeria, and each local government has an average population of 200,000. Unless the Nigerian government will have us believe that there are not enough qualified people in each local government to build a 5 megawatt plant in Nigeria. If that is the case, I am sure there are Nigerian experts in the Diaspora from each of these local government areas of Nigeria that will volunteer to come and help if only the Jonathan administration will engage them. Since our initial contact with the president, we have had numerous enquiries from several Nigerian experts and international companies who are eager to be part of this project. The only entity that has not shown any desire besides lip service is the Nigerian government under the leadership of President Jonathan and his road map advisors. For example, we sent an email to the presidential task force three weeks ago seeking information on the procedure for their power purchase agreement, and there has been no response to date.
With 774 local governments, our plan will create 774 industrial parks with an initial direct job creation of close to 70,000 jobs. In addition, we have a partner ready, able and willing to build a single 200 megawatt plant in Nigeria within the next 24 months without relying on any government money. For those who may be skeptical about our plans and think it is impossible, I’ll like to remind you that while you are busy doubting our plans China built a 15 story hotel last week and it took them 6 days. The people that accomplished this task in China are not smarter than Nigerians with two college degrees roaming the streets of Lagos or Abuja looking for work, or Nigerians that are scattered in the Diaspora executing mega engineering projects while they are waiting for Nigeria to give them a chance to perform.
On Saturday, 60,000 unemployed Nigerians gathered at the National Stadium to apply for a few thousand jobs with the NDLEA. Most of these applicants are college graduates and the poor applicants were charged 1,500 Naira each as application fee. NDLEA is a government agency.
So instead of the president waiting for India or GE or Siemens to sell us another $4 billion turbine that will sit at the port for 4 years we need to embrace thousands of Nigerians scattered around the world who are full of ideas and are ready to help and invest in their country.
President Jonathan and the Nigerian leaders ought to realize that holding a presidential retreat is not enough for investors to commit their dollars to our country. According to Mr. David Donaldson, Senior Manager for Infrastructure at International Finance Corporation, “Capital follows stability, no matter what the potential is, if there is no stability, investors will look the other way.” “Investors have to be assured that their contracts will be honored, courts will expeditiously enforce contracts, regulations are solid, and policies are not reversed on the whims of government officials.” Yesterday I read the unfortunate story of a Nigerian trying to enforce a court order on the police for a judgment he received in 2006. In a country where the police do not respect court orders, how can you expect foreign investors to be comfortable? Investors have a lot of choices besides Nigeria.
Writing slogans on the pages of face book once a week to placate Nigerians may fool some of the people some of the time, but it will not fool all the people all the time. You cannot rule a country from the pages of face book, and the investors are looking for concrete actions to back up your words. I hope the president understands that he does not have the nomination yet, let alone the election. Nigerians are mobilizing everywhere, and this time we will fight for every vote to make sure it goes to the person whose word we can rely on. Someone we can trust. That is why we have set up Nigeria Let There Be light, because Nigerians need electricity now, not in 2013 as proposed by your road map.
Toyin Dawodu is the Managing partner of Capital Investment Group, and founder of Nigeria Let there be light. A movement to promote good government in Nigeria www.nigerialettherebelight.org Email: [email protected]
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