By Chesa Chesa
Governor of Cross River State on Tuesday became the latest entrant into the race for the presidential ticket of the All Progressives Congress (APC) come 2023 elections.
Soon after formally informing President Muhammadu Buhari, the Governor unfolded some of his plans for the nation’s economy if he gets elected as President.
He spoke of his solutions to Nigeria’s gas and energy challenges, foreign exchange fluctuations and the value of the Naira, as well as management of mineral resources that further create wealth for the citizens and the economy.
According to Ayade: “I have to deal with the issue of unemployment. Unemployment is at the heart of this country.”
He spoke further: “Nigeria is a nation with 42 billion tonnes of bitumen yet imported almost every drop of bitumen, a nation with three million tonnes of iron ore yet we are challenged with having flat sheets and steel plates… A nation that is number seven in terms of gas deposits in the world, with Russia accounting for 40% of gas supply to Europe.
“With just 3,425 kilometres of pipeline between Nigeria and Algeria, we can tap into the Algerian pipeline of feeding the whole of Europe and doing over $60 billion out of that pipeline.
“To be able to create a no-dollar coefficient that will begin to strengthen our local currency. We must deal with the issue of the Nigerian Naira. I do not believe that the forces of demand and supply should dictate the value of our currency. The value of a currency is a reflection of the integrity of the nation. No foreign direct investment can come into a country whose local currency is not strong enough.
“If a country like Malta, a country like Kuwait will have an irreversible conversion rate. Nigeria has no business subjecting our currency to the forces of demand and supply all things being equal, when we know the concept of ceteris paribus, never applies in real life. Therefore, there must be a structural and normative framework intended squarely to address the exchange rate between the naira and the dollar.
“First October 2023, our Independence Day, the dollar rate to Naira will be fixed. All the oil producing Companies that produce up to 200,000 barrels of oil per day must have their modular refinery running within nine months. And if they doubt where they will get it, I’ll give them the direction. I come from the oil and gas industry, it takes $90 million to set up a refinery of 10,000 barrels per day. If every single oil company has its own modular refinery, we will have no business doing the crude oil swap of 450,000 barrels per day.
“We’ll have no business sending back our dollar that we have sold our crude to go and import refined petroleum products, we will have no business to allow the dollar freefall, because that is the value of your nation. The value of your currency is the value of your nation.
“You might have a strategic policy that will practice isolationism as a nation. China decided to trade with yourself for 30 years to get out of the woods. We must have a framework that guarantees jobs and must mainstream young people into contracting scheme.
“We must bring back apprenticeship, we must do massive recruitment into our military forces and provide for them sufficient landmass to grow crops to do the engineering, the design inventions.
“Politics is almost merging with our economy. Professors are resigning from the university to run elections for House of Assembly. Because while your professor is earning N400,000, a House of Assembly member is earning over a million.
“Therefore, there is a dysfunctional structure, in the respect for intellectualism and value addition. Innovation has been compromised and education has been thrown to the wings. Our polytechnics have been reduced to a degree awarding. We must therefore bring back skills.”
