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Good day Nigeria,
Here is a curation of thoughts that can help us continue the year with a Tabula Rasa (the theory that individuals are born without built-in mental content, and therefore all knowledge comes from experience or perception) mindset about sovereign development:
“The Apapa sea ports is majorly controlled by a dutch company. The Onne Sea Port is controlled by an Italian company, the Calabar SeaPort is controlled by same Italian company & partly managed by a Nigerian company (Shoreline Logistics)
The New Ibaka Seaport has been concessioned to a French Company (Bollorè Logistics). The Lagos Deep Sea Port was concessioned to a Chinese State owned Company (China Harbor) and an Indian Company warehoused through an SPV in Singapore (Tolarams group).
There is a reason why the Chinese quickly partnered with Tolarams through China Harbor to win this concession for the Lekki Deep Sea Port.
Which is going to be the most profitable port in Sub Saharan Africa.
And Nigerian businessmen are sitting down watching critical national Assets taken away from them by Foreigners, while they buy houses in Dubai, London, Monaco and purchase new private Jets.
Our people are busy “investing” Lekki and Ikoyi real estate , we are building world finest ghetto with no central sewage system , no pipeborne water you buy water, terrible drainage system…our elite are not seeing the big picture developing. The thing is insane! People are paying $5-10m to buy overpriced real estate in Banana Island but will ignore these critical sectors.
I’m alarmed at the way Nigerians are so quick to sell off and hold cash, while they give you the tiring excuse that the macroeconomics is not bright This economy is always going to be the most enviable in Africa for any discerning investor.
While you complain about the government, remember that 30-40 years ago when your captains started, the politics & macroeconomics were worse than it is today.
It’s not even about being a nationalist or patriotism.
The macroeconomics is good for any discerning investor.
After you clear the smokescreen and look through the noise, you’ll see the green.
Are the foreigners stupid to pile in $560m into a deep sea port in Lekki?
This is why you form consortiums,
You don’t need to do it yourselves. Companies come together and form consortiums like they are doing for the backward integration of wheat right now (even though two of four are not Nigerian owned).
So, Is there nothing we can do to get these ports back??? Why are our businessmen not thinking along these line??
Option 1: Violate concession agreement without valid cause, they sue you to int’l arbitration courts, get judgement and seize your foreign assets
Option 2: Request for a buy out, they set the price for it, and exploit your desperation
Option 3: Wait for them to violate contract terms and pounce on it, refuse all their overtures to bribe their way through, and front your own businessmen to take over.
It’s a dog eat dog business.
YET, WE NEED NOT OVERTHINK THE PROBLEM AND OPPORTUNITIES.
I was speaking with my friend in Austin, Texas through phone yesterday & he told me that the Ports in Los Angeles has a 6months backlog of ships in demurrage because of bottlenecks on docking and storage of containers (and the rules around not piling containers more than 2steps).
The Chinese Government offered to assist the US ports Authority clear up the backlog in 3weeks & the US Gov’t turned down the offer twice.
Because of Critical National Assets that are closely monitored for National Security reasons.
One day ehn, we would have this conversation.
The National Security Council in Nigeria will order for a review of Nigeria’s supply chain, and do stress assessments to understand risks in simulated scenarios, and actively take steps to recover infrastructure, by quietly staging Nigerian owned business to take over.
This Country’s supply chain is technically not owned by Nigerians.”
Scary!!! Considering how the Chinese are aggressively taking over critical sectors of the East African economy to the extent of even repopulating their landscape.
Nigeria needs patriotic leaders to save our country from the foreign owners and take us to Uhuru.
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