Eneanya Emeka speaks on Nigeria's Economy, The way Forward and the high rate of Corruption in Nigerian Prisons

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Emeka popularly reffered to as Nwachimereze by friends is the son of Anambra State Oil Magnete CEO Orange Petroleum. He is an Economist by qualification and his expression on Nigerian Economy on his Instagram Page @eneanyac is what I refer to as Wisdom

"In this hard time where nations like Nigeria, UAE and their allies that depends solely on Crude oil are facing hard economic time, My country Nigeria, lets go back to the drawing board...

How far have we faired with D local Content Policy (L.C.P)
Local content means the development of local skills, technology
transfer, use of local manpower and local manufacturing. This had
become an increasingly important issue that could support the Federal
Government of Nigeria to upgrade her manpower capacity, with results
that benefit the government, private companies, and Nigeria’s economy;
hence the enactment into law on Thursday, April 22, 2010 of the
Nigeria Oil and Gas Industry Content Development Act 2010 (the “Act’).
The enactment of the “Act’ seeks to increase Nigerian participation
not only in oil and gas industry thereby increasing Nigerian
participation in the upstream and service sectors of the Nigerian
energy industry but also seeks to regulate support services in the
sector as well. These support services include but are not limited to
financial, insurance and legal services.

The objective of local content in the Nigerian context are to:
1. Increase value-added content, thereby contributing to national
economic development as well as that of our stakeholders, partners,
clients, company, employees and contractors.
2. Transfer technology and develop local know-how.
Hence foreign companies wishing to operate in the Nigerian Oil & Gas
industry amongst others must increase their Nigerian content to meet
new government target via a number of suitable arrangements including
joint ventures, partnerships, sub-contracting or other mutually
suitable vehicles, etc.
Under the Act as well, NIGERIANS shall be given first consideration in
the award of oil blocks, oil field licenses, oil lifting license and
shipping service and all project for which contracts are to be awarded
in the industry; subject to the fulfillment of such conditions as may
be specified and there shall be exclusive consideration for Nigerian
indigenous services. It will also check a situation where jobs are
given to unqualified personnel just because they are Nigerians, it
will be appropriate to give such jobs to qualified foreigner who can
satisfactorily execute the jobs.
The NBA-SBL since inception has assumed the responsibility of
providing the link to interface with the Government, Regulators, Legal
jurists and industries thus creating a meeting of minds for relevant
deliberations between industry experts on pivotal issues in our
Telecommunications, Maritime and Manufacturing sectors of the Nigerian
economy; and the task was to analyse and evolve strategies on
maximizing the effectiveness of the “Act” in the Nigerian economy.
In actualizing the objectives of the Nigerian
government’s economic agenda for development, the Nigerian Local
Content initiative will turn out to be a major driver of the economy;
and a Nigerian local content policy that is properly implemented will
have tremendous positive impact on all the sectors of the economy
beyond the Oil & Gas.

The rate at which the Nigerian economy is declining is quite alarming and relatively crucial; from an Economist point of view, it technically seems the economy might experience a recession at any point in time if not properly handled although Nigeria is the fastest growing Economy in Africa "YES"
because previously we as a Nation was sinking in its economy.

The Naira has experienced an unreasonable and overwhelming depreciation in the parallel market in comparison with other international currencies which is mainly attributed to the greediness of fellow Nigerians especially
Companies engaged in Foreign Exchange and the high demand for foreign currencies by business owners for international transactions simply because there is No competitive Market relative to a Government supervised Institution engaged in Foreign Exchange. This phenomenon has such an adverse effect on the Nigerian economy too because oil which is Nigeria's major source of revenue bringing the foreign exchange reserves down to an 11 year low at $27.85 as at February 11th.

As a concerned Nigerian and an economist researching on the other numerous resources our beloved country possess and I have come to a conclusion that we need to diversify to increase our revenue base in order to relief the stress of oil as our major export commodity. A country primarily dependent on one source of export to create revenue is a country headed for doom, as nothing is known to be constant except CHANGE of course.

Nigeria is blessed with abundant natural resources which the government has neglected over the years, which could in turn pose as a potential source of revenue if taken into serious consideration. The central bank has staged some policies to bring the Nigerian economy out of its grieve but has failed to lay foundations to support creation of wealth in states especially through the use of extracting natural resources.

"How can a country like Nigeria so rich in Gold still import / buy Gold from countries like Dubai and France? Nigerians spend nothing less than 20 million dollars monthly purchasing gold from these countries and we all know Gold never loses its value,

we need to make and give Gold its Value in our country where Gold

can be found to increase our revenue base and in essence the standard of
living of the people."
Listed below are the natural resources each state can proudly boast of and the proposed budget to be allocated to each state. "To my demise, none of the states had an avenue for creation of industries or expansion for these
natural resources".
• ABIA State blessed with GOLD, LEAD/ZINC, LIMESTONE, OIL/GAS and SALT (N96.7 Billion)
• ABUJA blessed with CASSITERITE, CLAY, DOLOMITE, GOLD, LEAD/ZINC, MARBLE
and TANTALITE
• ADAMAWA State blessed with BENTONITE, GYPSIUM, KAOLIN and MAGNESITE
(N100.89 Billion)
• AKWA IBOM blessed with CLAY, LEAD/ZINC, LIGNITE, LIMESTONE, OIL/GAS, SALT and URANIUM (N426 Billion)
• ANAMBRA State blessed with CLAY, GLASS-SAND, GYPSIUM, IRON-ORE, LEAD/ZINC,
LIGNITE, LIMESTONE, PHOSPHATE and SALT (N101.4 billion)
• BAUCHI State enriched with GOLD, TIN ORE, COLUMBITE, GYPSIUM, WOLFRAM,
COAL, LIMESTONE, LIGNITE, IRON ORE AND CLAY (N102 Billion)
• BAYELSA State is enriched with CLAY, GYPSIUM, LEAD/ZINC, LIGNITE,
LIMESTONE, MAGANESE, OIL/GAS and URANIUM (N150.645 Billion)

• BENUE State blessed with BARITE, CLAY, COAL, GEMSTONE. GYPSIUM, IRON-ORE,
LEAD/ZINC, LIMESTONE, MARBLE AND SALT (N133 Billion)
• BORNO State blessed with BENTONITE, CLAY, DIATOMITE, GYPSIUM,HYDRO-CARBON, KAOLIN and LIMESTONE (N155 BILLION)
• CROSS RIVER enriched with BARITE, LEAD/ZINC, LIGNITE, LIMESTONE, MANGANESE, OIL/GAS, SALT AND URANIUM (N350 Billion)
• DELTA State blessed with CLAY, GLASS-SAND, GYPSIUM, IRON-ORE, KAOLIN,LIGNITE, MARBLE and OIL/GAS (N266 BILION)
• EBONYI State blessed with GOLD, LEAD/ZINC and SALT (N101.1 Billion)
• EDO State endowed with BITUMEN, CLAY DOLOMITE, PHOSPHATE, GLASS-SAND,GOLD, GYPSIUM, IRON-ORE, LIGNITE, LIMESTONE, MARBLE and OIL/GAS (N111.5 Billion)

• EKITI State blessed with FELDSPAR, GRANITE, KAOLIN, SYENITE, and TATIUM
(N67 Billion)
• ENUGU State popularly known as the COAL CITY STATE is blessed with COAL, LEAD/ZINC and LIMESTONE (N85 Billion)

• GOMBE State blessed with very precious GEMSTONE and GYPSIUM (N107.8 Billion)
• IMO State blessed with GYPSIUM, LEAD/ZINC, LIGNITE, LIMESTONE, MARCASITE, OIL/GAS, PHOSPHATE and SALT(N141.2 Billion)

• JIGAWA State is enriched with BUTYLES (N137.2 Billion)
• KADUNA State is endowed with AMETHYST, AQUA MARINE, ASBESTOS, CLAY, FLOSPER, GEMSTONE, GOLD, GRAPHITE, KAOLIN, HYANITE, MICA, ROCK, CRYSTAL,RUBY, SAPPHIRE, SIHNITE, SUPERNTINITE, TENTALIME, TOPAZ and TOURMALINE
(N171.7 Billion)
• KANO State blessed with GASSITERITE, COPPER, GEMSTONE, GLASS-SAND, LEAD/ZINCPYROCHINRE and TANTALITE (N275 Billion)
• KATSINA State blessed richly with KAOLIN, MARBLE and SALT (N110 Billion)
• KEBBI State blessed with GOLD (N107 Billion)
• KOGI State blessed with COLE, DOLOMITE, FELDSPAR, GYPSIUM, IRON-ORE, KAOLIN, MARBLE, TALC and TENTALINE (N75 Billion)
• KWARA State enriched with CASSITERITE, COLUMBITE, FELDSPAR, GOLD, IRON-ORE, MARBLE, MICA and TANTALITE (N116.2 Billion)

• LAGOS State blessed with BITUMEN, CLAY and GLASS-SAND (662.58 Billion)
• NASARAWA State is blessed with AMETHYST, BARYTEX, BARITE, CASSIRITE,
CHALCOPYRITE, CLAY, COLUMBITE, COKING COLE, DOLOMITE/MARBLE, FELDSPAR,GALENA, IRON-ORE, LIMESTONE, MICA, SALT, SAPPHIRE, TALC, TANTALITE,TOURMALINE, QUARTZ and ZIREAON (N77 Billion)
• NIGER State blessed with GOLD, LEAD/ZINC and TALC(N74.7 Billion)
• OGUN State richly blessed with BITUMEN, CLAY, FELDSPAR, GEMSTONE, KAOLINE,
LIMESTONE and PHOSPHATE (N200 Billion)
• ONDO State richly blessed with BITUMEN, CLAY, COAL, DIMENSION STONES,
FELDSPAR, GEMSTONE, GLASS- SAND, GRANITE, GYPSIUM, KAOLIN, LIMESTONE and OIL/GAS (N118.990 Billion)
• OSUN State blessed with COLUMBITE, GOLD, GRANITE, TALC, TANTALITE and
TOURMALINE (N150.7 Billion)
• OYO State blessed with AQUA MARINE,CASSITERITE, CLAY, DOLOMITE, GEMSTONE,GOLD, KAOLIN, MARBLE, SILIMONITE, TALC and TENTALITE (N165.5 Billion0
• PLATEAU State blessed with BARITE, BAUXITE, BENTONITE, BISMUTH,
CASSITERITE, CLAY, COAL, EMERALD, FLUORIDE, GEMSTONE, GRANITE, IRON-ORE,
KAOLIN, LEAD/ZINC, MARBLE, MOLYBDENITE, PHROCHLORE, SALT,
TANTALITE/COLUMBITE, TIN and WOLFRAM (N154 Billion)
• RIVERS State is blessed with CLAY, GLASS-SAND, LIGNITE, MARBLE and OIL/GAS
(N370 Billion)
• SOKOTO State is enriched with CLAY, FLAKES, GOLD, GRANITE, GYPSIUM, KAOLIN, LATERITE, LIMESTONE, PHOSPHATE, POTASH, SILICA, SAND and SALT (N112.5 Billion)
• TARABA State is blessed with LEAD/ZINC (N68.8 Billion)
• YOBE State blessed with SODA ASH and TINTOMITE (N80.6 Billion)
• ZAMFARA State is endowed with COAL, COTTON and GOLD (N92.8 Billion)

This is the highest budget ever presented by the Federal Republic of Nigeria with a total of N6.08 Trillion. The diverse opportunities the natural resources sector proposes cannot be neglected; we as a country have so much resource to explore and export. I see a Nigeria with massive job opportunities and substantial revenue base from diversifying into natural resources. A budget with no avenue for creating more revenue is a pointless
budget; there is room for investment and expansion in the solid mineral sector if granted by the Federal Ministry of Solid Minerals Development.
Some empires and fedrations have survived prospered , some are living a frightened existence, not knowing whether to go forward or backward "This is the life Nigerian Youths are Living which is so sad" Almost 70% of Nigerian youths who have graduated within the last 3 years have no job, leading them to doing menial jobs and increasing crime rates which could all be avoided by providing people who are willing and able to work with job opportunities. It is a shame to see states not being able to pay its workers, because all these states do is receive and nothing to give back.

"Nigerian Youths are tired

Nigerian Youths Voted for Change

because of a better future"

Industral development should be our priority especially in Natural Resources. An investment of 5 Billion Naira by each State on Natural Resources will not only create a minimum of 1000 jobs directly and indirectly from each state, it will help grow our nation and provide revenue for the State.

Mr President, His Excellencies State Governors my fellow Nigerians

"We need to start drilling,

We need to start extracting,

We need to start processing and refining, We need to start diversifying our

state budgets into productive and job

creation activities.

We are a nation with great industrious

capabilities.

Let us put our heads together to

make Nigeria a wealthy and prosperous

Nation. God bless Nigeria.

Eneanya Chukwuemeka