Ayo Akinyelure, a former senator from Ondo State, has advised Nigerian billionaires to invest in state-based industries in order to employ young people and potentially deter youth-led protests against the government. In addition, he represented the Ondo Central Senatorial District as a senator from 2019 to 2023 and from 2011 to 2015. Akinyelure urged President Bola Tinubu to present laws in the National Assembly mandating billionaires to start businesses in the states where they were born.
More so, he cited Nigerian industrialist Aliko Dangote as an example, whose industries have produced jobs for thousands of people. Akinyelure suggested that employment for 5,000–10,000 graduates might be created and Unemployment could be decreased if at least ten billionaires in each state made investments in business or agriculture. In addition, he recommended that billionaires who have profited from government favoritism put their money back into industries like Manufacturing and power. Akinyelure voiced worry about the riches leaving Nigeria because of investigations into corruption, and instead of going after these billionaires with anti-corruption agencies, she recommended that the government encourage them to make local investments.
He believes in Tinubu’s capacity to handle the problems facing the country.
In order to prevent disorder, he emphasized the need for calm and constructive discourse and asked the demonstrators to communicate with the administration. He also expressed confidence in President Tinubu’s capacity to handle the difficulties facing the country. Nigeria’s telecom sector is one area where industry-led employment creation has been successful. In addition to directly employing thousands of people, businesses like MTN and Airtel have accelerated the expansion of related industries like Retail and services. The Olam Group has made large investments in agriculture, especially in the processing of cocoa and rice milling, creating jobs for thousands of people and boosting local economies.
Globally, nations such as Taiwan and South Korea have exhibited the advantages of focused industrial investment. The “Chaebol” model of South Korea, in which the government provided incentives to big family-owned companies like Samsung and Hyundai to invest in a variety of industries, was crucial in converting the war-torn nation into a major player in the world economy. These instances imply that Nigeria may achieve similar achievements with the appropriate policy. But requiring billionaires to fund regional businesses is not without its difficulties.
Concerns on the possibility of corruption, resource misallocation.
According to economists, if forced investments are not well managed, they may result in inefficiencies and discourage private investment. To prevent entrepreneurship, the legal structure must, for instance, guarantee that these investments are not viewed as mandatory or punitive. Concerns exist regarding the possibility of Corruption and resource misallocation as well, especially if such requirements lack transparency and sound regulation. Furthermore, great thought must be given to the policy’s economic ramifications. Risk assessment, profitability, and market circumstances are usually the driving forces behind Investment decisions.
Making forced investments could result in unprofitable companies that eventually need government assistance or bailouts, which would be expensive for taxpayers. The suggested policy might be implemented gradually in order to overcome these obstacles. Initially, Tax breaks or other Subsidies might be offered by the government to promote voluntary investment in important industries. In order to guarantee that investments are long-term and advantageous to the regional economy, laws may eventually be proposed to formalize these procedures. The National Assembly for legislative support, the Ministry of Finance, and the Central Bank of Nigeria for financial incentives would be the accountable parties.
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Regarding deadlines, a short-term objective may be to approve Legislation within 18 months, and a medium-term objective could be to see major investments in industries like manufacturing, energy, and Agriculture within five years. To guarantee the policy’s efficacy and to lessen any negative effects, it would be essential to conduct regular evaluations and modifications. Through the integration of data, international case studies, and expert opinions, as well as the resolution of any obstacles, Akinyelure’s plan has the potential to be refined into a comprehensive program that will not only lower unemployment but also stimulate sustained Economic Growth in Nigeria.