Ndi Igbo- A Sleeping Giant: A Must Read For Every Igbo Leader, Man/Woman

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Ndi Igbo- A Sleeping Giant

It is bemusing to me, and many other economically minded thinkers, when we as Ndi Igbo erroneously assume that the wealth of the Nigerian Nation is concentrated in the hands of the north or the western parts of Nigeria. We thus sit idly by, especially the Igbos and forget one primary truth… that wealth and money are two different concepts. This is perhaps the most defeatist argument ingrained in our psyche to make us feel incomplete or incompetent as a people. To this end, we forget how much of a giant we are and slumber at the foot of the tree that bears gold.


According to the basic principles of economics, the Balance of Trade is equal to the difference between the value of import and export. The greater the value of the export, the better the bargaining power as a people. Now, in Nigeria, we have commerce and productivity firmly in the grips of Ndi Igbo. The northerners mostly have money, probably control some of the powerful corporations just like some westerners, however, their inability to invest directly into production leaves the actual value of the money they have at the mercy of the weight of the trade controlled by Ndi Igbo. The value rises and falls depending on what we do, except of course the ones held in foreign currency. This too, once it comes into our economy, remains at our mercy. It is often said that wherever you go and don’t find people of Igbo extraction, then such a place is desolately unfit for human habitation. It is no news that even within the raging wars in Sudan’s Darfur area and the most war-torn regions in the world, Igbo Traders thrive there, how much more in Nigeria our home! The Igbo move in and take charge and settle, imbibing the local culture and traditions.

Closer home, we have, through successive government, overlooked the major financial base we have as Ndi Igbo… our markets and our foundries. It is no news that Aba was once nicknamed the Japan of Africa while Nnewi, The Taiwan of Africa. Today in Nnewi at least, we have our first indigenous automobile manufacturing industry. We have tools and spare parts manufacturing which are sold not just to other regions of Nigeria, but to the entire West African sub-region. While we cannot say for sure, if we have started enjoying the rewards for such huge investment, we have not, as a people, made our region comfortable enough to attract re-investment or fresh investment. We know from statistics that Nigeria spent about N1.2 Trilion on car importation alone and about N500 Billion in spare parts (pls seehttp://www.vanguardngr.com/2014/02/nigeria-spends-n1-2trn-vehicle-imports-2013/ ). Unlike in India, where the TATA NANO has been customized for the Indian Market selling at about N300,000 for the basic edition and about N500,000 for the premium version, the Nigerian market has not quite had a Made-For-Nigeria vehicle, but if ever there was a promise and possibility of such, Nnewi would be the likeliest place of birth. Imagine therefore that such patronage for lower end cars which are used mostly for errands, taxis and the likes patronize such vehicles and that their sales usually average 40% of all vehicle imports, the sales will average N600 Billion per annum, the projections above excludes internal car sales.

We had once postulated that the local market value of the garment industry is somewhere around N2 trillion per annum for local garments manufacturing alone. The Africa Growth and Opportunity Act (AGOA) (pls see http://en.wikipedia.org/wiki/African_Growth_and_Opportunity_Act ) specially lists garment production and sales as one of the which Nigeria is a beneficiary of and which countries enjoy duty free export. This means that Made in Nigeria clothes can sell for almost 100% profit save for shipping and distribution costs. This alone, when harnessed can boost our garment industry by up to 10% or in Naira terms, N200 Billion. Our agricultural production can easily top N20 trillion per annum (cassava alone already contributes N3.4 Trillion p.a). We have potentials for energy from waste and even more from cashew, palm fruit and leather works. The opportunities are boundless. The South east as a region control more than 40% of the trade in much of the expounded areas which conservatively, Translates into about N40 Trillion. This excludes the booming local markets we have already existing like the famous Onitsha Main Market and Ariaria Markets in Aba. It would not therefore be too bold to venture a balance sheet size for the south east at easily a N100 Trillion mark in turnover per annum and growing. And even at just 5% tax, Governments should be able to make up to N5 Trillion in this area if this region is properly run.

One will also be tempted to imagine what our successive governments in the south east have done to harness this enormous wealth opportunity. We neither have an export processing zone, a seaport, a free trade zone, a fully functional cargo airport or even an import-export processing centers. Even at just 3% loss to cover for freight and handling from more remote locations to service the south east, we are grappling with as much as N3 trillion loss per annum. For states which the highest allocations per annum has never exceeded N100 Billion, that amount alone covers the allocation of the entire South-Eastern Zone for 6 whole years! This is just mind-boggling!

Have we ever wondered why we have refused to dredge the Aba Blue River or The Niger up to Onitsha to allow barges land? Have we imagined an Export Processing Zone and Free Trade Zones in Aba and Onitsha? We have all these questions lost in the quality of leadership we have been saddled with. While many countries look to develop their economies inwardly like UAE which was just pure desert wilderness in 1971 to an economic and developmental splendor in just 40 years. All thanks to purposeful leadership steeped in the encouragement of productivity and enhanced Balance of Trade though Duty Free Trade and relaxed trade regimes. We as a people can leverage on our enormous potentials to transform our clime to an investment haven with all the trappings of modern living.

Our first action therefore should be to elect leaders who we can hold responsible for growing our economy; leadership which is steeped in ideas for moving us forward on such a platform which guarantees an equitably and sustainably developed Igbo Land. We know for certain that as the politicking today gathers steam, we would be wooed, as usual, by politician who will bamboozle us with loud posters and position of being anointed by God and sent to give Greek gifts to us. We often mistake philanthropy for administrative astuteness and amusingly, hand our future to the man who appears to come with the biggest gifts. We would be offered paltry sums, rice, t-shirts and the likes and we would, again hand these our bright fortunes to these visionless people. We would fail yet again to task these leaders to show us how they intend to better our lot. Of course, we again will sit and moan for another four years and then take out our frustration on the North and the West who, by every standards, we stand a better chance than.

We have often held that whatever we are given, as the pittance that they are, multiplied by the population of the state represent the amount these men will have to recover from the state’s coffers first (plus interest) before they would pretend to look at the needs of the masses. It simply translates that the bigger the gift they give, the less unlikely we would see any form of performance from them. Because it makes no sense that a Governor whose total emolument while in office cannot exceed N100 Million will spend an excess of N10-20 Billion to seek such an office. For states whose maximum allocation is N300 Billion for year of which more than 50% will go to overhead costs and the rest is left to develop the state cannot afford a governor guaranteed to steal more than N40Billion of this amount. We are simply beset by convenient untruths which will pull us even lower than we already are.

Bringing all these closer home, if the share of Abia State’s turnover is N20 trillion of the postulated N100 Trillion for the entire southeast, it behooves on us to find out from the politicians jostling for our mandate to show in practical terms, within what is available, how they will guarantee and secure this amount is generated and used toward developing the state. How the industries will boom again and how they will, through their policies, beat the weapons of crime into the plowshares of prosperity. Crime and unemployment can always be eradicated in our zone, after all ab initio, they were not quite there a few years back.

We are a giant in dire need of waking up from our slumber. We the youth bear the brunt of such slumber. Some of us have taken it upon ourselves to lead this charge. I have taken time to articulate those areas that require dire strengthening to change our fortunes as a people. Join us to uplift Ndi Igbo and Ala Igbo. The time is right now.


(Please share if you support this dream.)

Author: Unknown.