I hope that when President Tinubu visits London next month he uses the opportunity to unveil a Vision 2030 plan announcing to the whole world that Nigeria is open for business

Ayo Akinfe

[1] Like India, Nigeria is aiming for annual double digit economic growth between 2026 and 2030. If we enjoy 10% growth every year for a decade, it will increase Nigeria's gross domestic product (GDP) to over $1trn

[2] In 2014, we enjoyed our highest export revenue generation with receipts totalling $102bn. That year we had a trade surplus of about $1.5bn. However, this as we all know was not sustainable because once oil prices fell, the figure dropped dramatically. Our goal is to increase export revenue to a minimum of $300bn by 2030

[3] At the moment, over 90% of government revenue comes from crude oil exports. This soft underbelly makes Nigeria highly vulnerable to the vagaries of the global petroleum market. By 2030, we aim to reduce this to 50% as part of an aggressive economic diversification plan

[4] Given that we have a very young population and are forecast to become one the world's five most populous nations by 2050, job creation is simply a must. Unless we get our youths into factories in their millions, we will continue to have urchin problems. Our goal is to create 20m new manufacturing jobs by 2030

[5] In a bid to end the ongoing communal clashes that has the potential to create a food security problem in the country, we shall address the matter of pastoralism. Nigeria is by and large self-sufficient in food production and is the world's sixth largest farm goods producer. To expand on this, we need six mega ranches, with one in each of the the largest six states of the country - Niger, Borno, Yobe, Taraba, Kaduna and Bauchi

[6] By 2030, we aim to stop exporting crude oil. Basic economics tells us that the more value you add to a product, the higher the margins you make on its sale. Our goal is to only export finished petroleum products by 2030

[7] Cocoa production is one area where we have a comparative advantage to most other countries in the world as you need the canopy of the tropical rain forest to grow what is known as the "food of the gods." At the moment, we are the world's number four cocoa producer behind Ivory Coast, Ghana and Indonesia with an annual output of about 370,000 tonnes. We aim to become the world's leading producer by 2030 with an output of 2.5m tonnes. In addition, we seek to build a vertically integrated market involving grinding, chocolate manufacturing, packaging and branding. By 2030, Nigeria plans to export packaged, branded finished chocolate products directly to supermarket shelves globally

[8] Our power supply problems will not go away even if we generate the planned 10,000MW as demand will keep growing. As we industrialise, as our population grows and we build more towns, the demand for electricity will keep increasing. We simply need to add at least 5,000MW to our capacity annually to cope with rising demand. By 2030, we should aim to generate at least 60,000MW of power

[9] By 2030, every one of Nigeria's 36 states must at least generate its own running costs. At the moment, the only state that does this is Lagos State. All the other 35 are dependent on crude oil receipts and federal handouts, some wholly dependent on this charitable aid. By 2030, we aim to return to the 1958 revenue generation and sharing formula that our founding fathers signed up to at the Lancaster House Agreement in London. Under that arrangement, the federating units would be responsible for collecting revenue in their confines, keeping 50% of all receipts. Under our new structure, they will then pay 20% into the federation account, 10% into a geo-political zone fund and 20% into a Sovereign Welfare Fund (SWF). This 20% in the SWF will be accessible to everyone in cases of emergency and for the funding of major capital projects

[10] By 2030, we aim to get 50% of all cars driven in the country assembled locally as well as get 50% of all consumer goods like fridges, washing machines, TV sets, laptops, mobile phones, cookers, etc, manufactured locally. With a population of 200m, projected to rise to about 300m by 2030, we simply cannot survive off imports. It is delusional to think that another economy can manufacture that amount of goods for us. The infrastructure outlay is simply too large. Factories that will produce that many goods simply need to be in Nigeria. By 2030, we hope to get most of the world's major manufacturers to have plants in Nigeria

ayoakinfe@gmail.com