Continued from Nigeria’s many problems: What is the way out? (4)
In short, Nigeria is now completely under the vice grip of this cartel and the government is practically helpless as the previous administration chose not to read the fine-lines in the sale contract.
All the noise and the pressure from the so-called economic experts that privatization would be a blessing for the country are now mute. Nobody can point to a single benefit other than to those who auctioned these formally fine entities to their cronies.
As I established earlier, most developing countries that are in the A-list of advanced industrial countries like India, Brazil, Mexico, Indonesia and many more still maintain ownership or at least is the major shareholder in its power companies. That is why they are still efficient. No country advances while running its industries on generators.
Nigeria has had the misfortune of having leaders, military and civilians alike, that were only too willing and indeed too eager to satisfy the almighty lender, the International Monetary Fund (IMF) and its cousin, the Paris Club, who prescribe stiff austerity regime of economic belt-tightening that is in reality a loose noose.
Some of the conditions for accessing loans is a must-privatization of all government owened money making ventures, industries and companies. A prospect that is also too hard to pass up by those at the helm. That was how their cronies are now the captains of our industries that were mostly sold for peanuts.
Other companies like the Nigeria Airways was just outrighly killed, when all it could take to salvage was appointing new foreign consultants/managers and give them time to turn the Airline around.
Yet, we all know that with the exception of the United States of America, most countries of the world have their flagship carriers; British Airways, Air France, Emirates, Ethiopian Airline, Turkish Air, Egypt Air, Air Canada, China Airways, South African Airline, Singapore Airline and the list goes on.
Most of these are either owned by the government or having majority share. But best of all, they are doing well as revenue earner for their countries.
I hope that the Minister of Aviation, Hadi Sirika’s project to launch another national carrier will come to fruition before this administration’s terminal date in 2023. Aviation is an excellent money making business and, Turkish, Ethiopian and Emirates airlines are fine examples.
This is in addition to the satisfaction and pride that it is our country’s roving Ambassador, announcing its touch down to the hearing and seeing of all in the countries of its destination.
(To be continued)
