By Kayode Emola
In Part 2 of our current series, I discussed the necessity of adequate data management and how it can unlock a wealth of opportunities for Yoruba nation. For those who missed the previous article, or wish to review it again, here is the link: https://thebossnewspapers.com/2022/08/05/voice-of-emancipation-transformation-through-yoruba-nation-pt-2/
In order to build a progressive society, the welfare of each citizen must be paramount in all government plans. It must not be left to the general populace to individually devise their own survival strategies due to lack of government provision. Too frequently, Nigerians are willing to excuse the government’s mismanagement of the economy, leading to successive governments caring increasingly less for their citizens, and resultant underdevelopment.
A viable society requires some specific key ingredients. The primary focus ought to be on building up every person and family on an individual level. In practical terms, this would look like ensuring there are employment opportunities for everyone that are commensurate with their skills, ensuring there is adequate housing for the growing population, etc. Accomplishing this first step would single-handedly solve three-quarters or more of the problems in our society.
In many developed countries we can see how the government plays active role in these areas, creating policies to incentivise the provision of adequate accommodation and to attract local and foreign investment, thereby creating job vacancies to increase employment. Such building blocks eliminate the need for people to rely on handouts from family members, forming the firm foundation that any serious society requires.
Family as we know it in Africa is a complex phenomenon, and although this structure has perfectly fulfilled our needs for several millennia, it is becoming less suited to the way we are living in modern society. I would never advocate for completely abandoning our traditional family structures in Yorubaland, but a little modification could help us maintain the cohesive family support network of our ancestors whilst adapting to a new society that caters for all.
We are used to the _Agbo-ile_ system – several family units living together in one big house. However, residence in these houses is often fluid, with family members coming and going at will, so it is therefore difficult to keep a record of who is living where at any given time. Consequently, resources can end up being deployed to places where they are not needed, or insufficient resources allocated to places that do need them, because of inaccurate population data.
The low average income in Nigeria today means that a lot of youth cannot afford to rent or buy a place of their own, and so are continuing to live with their parents well into adulthood. Although this is not uncommon in many cultures across the world, the large numbers of children born to our parents has caused this phenomenon to become highly problematic for our people.
We must do everything possible to ensure that there is a dramatic increase in the amount of low-cost housing being developed across Yorubaland to ensure adequate opportunities are available for all, regardless of which area they reside. We know that Chief Awolowo was able to fund free education, health and other social services because he invested the seed fund he received from the British Colonial government wisely. We, too, must adopt similar approach when rebuilding our Yoruba nation, in order to avoid accruing unnecessary debt.
Nigeria today is overburdened with debt, so it is unavoidable that a portion of that debt will be passed on to the new nations born of its deamalgamation. However, we must be cognisant of the fact that this debt is bad debt that must be managed creatively to ensure it doesn’t become an obstacle to our national development.
As we plan for our new nation, we must first analyse the income generated by the whole of Yorubaland as it stands at present. I estimate that the Yoruba nation will comprise the six Southwest state, plus other states such as Kwara, parts of Kogi, Edo and Delta State. (It would be ideal for the entirety of Edo & Delta States to become part of Yoruba nation, however, this is a decision that they must make for themselves, through the appropriate democratic channels.)
From 2021 data, the revenue generated by the six southwest states plus Kwara totals approximately ₦820 billion ($1.2 billion). This is clearly inadequate to fund the development that we would need if we are to develop at the faster rate, although it is equally imperative that our promising new nation is not burdened by further debt.
One way to provide the cashflow for our development would be to approach friendly nations, like Norway, USA, Canada, in order to establish a line of credit. These three countries and others like them could provide around $500 billion worth of credit facility. Care should be taken that these funds are only requested when they are required by a specific project that will, on completion, catapult the economy; they are not for the personal use of government ministers or to merely sit in the treasury incurring interest to no end.
We must also be prudent in our use of our finances, extracting as much value as possible from each and every dollar. One way to achieve this is by making such funds available to reputable developers, whether small, medium or large, who can then build affordable homes. This will create jobs in the construction industry, which will go on to have a ripple effect in developing other sectors of the economy.
Countries like Germany, France, Japan have demonstrated how railway revenue can generate a significant proportion, up to 20-30%, of the country’s total revenue if properly managed. By building a new railway system and then selling franchises to operators, we can not only generate a healthy income for the country, but also create numerous jobs and improve connectivity across the nation, thereby widening opportunities for the populace.
The new nation will target an initial minimum wage of around $1,000 per month for the average worker, increasing every year in line with inflation. This, as I have discussed in previous articles, which is entirely achievable. Simultaneously, through policy, an enabling environment will be created, growing the economy, and increasing employment such that 30 million people are in work. In this scenario, even a modest income tax of 10% would generate $3bn per month for the Yoruba nation. Once value added tax and import duties are accounted for, the country should be able to generate no less than $10 billion per month from taxes, equating to around $120 billion annually.
Next, we must emulate the Norwegian model in terms of income from our natural resources: every Krona generated from their natural resources is saved in a sovereign fund. In an article earlier this year, I used readily-available data to demonstrate that our bituminous reserve in Yorubaland is capable of producing optimally for the next 400 years, generating $1bn to the economy annually.
If all the revenue generated from bitumen and our other natural resources were saved in this manner, we could, like Norway, build a wealth fund surpassing $1 trillion within the next 50 years. This would see us having moved away completely from the world’s poverty capital, to becoming one of the richest countries globally.
There is no doubt that the only way forward for the Yoruba people is to rebuild our own country independent of Nigeria; there is no other way we can achieve the desired future for our people. Nigeria has brought nothing but misery to the majority of its citizens. Only the elite few have benefitted, by helping themselves to the nation’s resources and, in so doing, have destroyed this nation. This is not a simple ideal that can be delayed. We must, sooner rather than later, take concrete action to safeguard the future, both for ourselves and for our children after us.