Nigeria and its Wasting Wealth

Recently a friend of mine and I calculated the potential dead capital in Lagos (abandoned and locked up buildings that could have been generating income) and we discovered they are worth billions. Further shocking is the fact that the number of houses that are abandoned are almost at par with the new real estate being built. This enunciates conversations about the viability of the real estate market and the bubble it represents. I don’t see why home prices are perpetually high in Ikoyi when most of the homes are empty.

 This is to show that Nigeria is filled with lots of wealth but yet we are so poor. Wealth truly is about becoming a pioneer, unlocking the things that nobody hither realized existed. It was Henry Ford that unlocked the possibility of paying five dollars in America in the 1920s. I can go through a retinue of sectors that have not been unlocked in Nigeria. The so- called un-governed spaces where bandits roam can be solar generation farms and with the right investment we can put 2GW of solar power on the national grid. Yet Nigeria spends 16billion on diesel to increase global warming by burning fossil fuel. 

In Morocco, Ouarzazate Solar Power Station (OSPS), also called Noor Power Station (Arabic for light) is a solar power complex located in the Drâa-Tafilalet region, 10 kilometres from Ouarzazate town, in Ghessat rural council area. At 510 MW, it is the world’s largest concentrated solar power plant. With an additional 72 MW photovoltaic system the entire project is planned to produce 582 MW at peak when completed. It is being built in three phases and in four parts. The total project’s estimated cost is around $2.5 billion. The Moroccan agency for sustainable energy built this and it seats on 2500 hectares. Just imagine if we can turn Sambisa forest into a solar power station and pay good wage.

 I bet the criminals will like to work there. The problem with Nigeria is that we have so much, but we don’t see far and wide enough to find possibilities. The politicians that steal are oblivious of the fact that if we develop the country there would be enough wealth to go round. It is only in Nigeria and Africa people make money from government. In other climes, they make money from the private sector because they allow enterprise. We need to develop this economy because it is too small and it starts by thinking.

Rufai Oseni, rufaioseni@gmail.com