10 private giant conglomerates that should be floated on about five major stock exchanges with the Nigerian government taking out a 25% stake in them as part of an ambitious industrial plan

Ayo Akinfe

(1) NNPC - Oil processing, distribution and retailing and the manufacturing of industrial equipment. It should also be involved in the production of oil by-products like petrochemicals and fertiliser

(2) Innoson - Manufacturing of industrial goods like automobiles, railway wagons, aircraft, ships, electronic consumer goods and medical equipment

(3) Nigerian Railway Corporation - Railway carriages, engines, tracks, signalling equipment and all ancillary products associated with the rail trade

(4) Air Nigeria - It should have a manufacturing arm that is involved in a joint venture with a company like Boeing or Embraer to assemble aircraft

(5) Transcorp - This company simply has to be revisited. It must manufacture agricultural equipment, electricity transformers, power cables, medical equipment and be engaged in food processing

(6) Power Holding Corporation of Nigeria - This company should have an arm dedicated to building hydro-electric, gas-fired and nuclear power plants. It should also establish solar farms and the world’s largest offshore windmill farm along Nigeria’s Atlantic coastline

(7) The Food Processing Company of Nigeria - It would be charged with adding value to every single crop we grow in Nigeria. Its guiding principle should be nothing is to be exported unless 50% value is added

(8) Man of God Plc - I insist that Nigeria’s rich clergymen must merge their business operations into one conglomerate. This company must be involved in food processing, road construction, running rail franchises, operating airlines and private universities

(9) Nitel - We missed a big trick when the private telecommunications operators took over the industry. Nitel should have re-invented itself as a manufacturer of communications products like mobile phones, laptops, desktop computers, iPads, etc. Vietnam has made this transition and is now one of the world’s largest producer of handsets

(10) Nigerian Textile and Leather Company - This outfit will be charged with manufacturing shoes, handbags, belts, clothing and industrial clothing. It will own cotton ginning plants, leather tanneries, textile factories and aim to supply all the major global fashion retailers. Nigerians shamelessly wear Gucci and Lui Vitton products without contributing one thing to these companies who make millions off them