Buhari should seek to replace the US in the Trans-Pacific Partnership

Ayo Akinfe

[1] Martin Luther King always spoke about a thing called the "Fierce Urgency of Now." Basically, he meant that we cannot procrastinate and the time to do things is now. Barrack Obama came up with his own version of this when he said: "We are the change we have been waiting for."

[2] My people, there is no time to wait for economic deliverance, we have to do it in 2017. What we need is thinking outside the box and not wait for some messiah to come drop out of the sky and solve our problems

[3] As we speak, the value of the naira is under pressure again due to the fact that global crude oil prices are below $50 a barrel. Also, Nigeria's production is currently down to about 1.6bn barrels a day as Shell have shut down some of their facilities for maintenance work

[4] Now, let us think of something dramatic. Leon Trotsky once said: "Where tradition is lacking, a striking example is essential." Nigeria drastically needs to diversify her economy and stop this crazy dependence on crude oil, which accounts for 90% of government revenue. Let us do something outrageous that will double GDP within a year

[5] In January, President Donald Trump pulled the US out of the Trans-Pacific Partnership (TPP), saying it would cost America jobs. President Muhammadu Buhari should write to the TPP, asking that Nigeria be admitted into the alliance as a replacement for the US

[6] Designed as a major trading bloc, the TPP contains measures to lower both non-tariff and tariff barriers to trade and establish an investor-state dispute settlement mechanism. Ultimately, I believe it will eventually move towards being a common market. When founded, TPP called for a 90% reduction of all tariffs between member countries by 1 January 2006 and reduction of all trade tariffs to zero by the year 2015

[7] Countries currently in the TPP include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

[8] Just imagine if Nigeria could ship her crude oil, cocoa, cashew, coconuts, cassava, yam, shea nuts, etc to these massive economies with almost no tariffs. We should negotiate a deal that grants as first choice as a source for primary products they have to import

[9] In exchange, we could grant their companies access to the Nigeria market as long as they offer technology transfer, locate their facilities in the country, employ Nigerians and help build our infrastructure

[10] Do you know the World Bank found that if ratified by signatories, the TPP agreement could raise member countries' trade by 11% 2030? Just imagine what this could do to Nigeria that enjoys an average of 7% growth. It could boost our GDP growth by as much as 20%. Over to you President Buhari!

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