GUEST WRITER SERIES: GIANTS THAT NEVER WERE- MARK OMODIA

GIANTS THAT NEVER WERE
There is no gain saying that Nigeria is blessed with many resources which if managed well can make us a self sufficient nation and a force to reckon with globally. One of these resources is its population. Having the largest population in Africa and the 7th largest in the world means two relevant things economically: a large labour force and a large market for business. These are two major attractions for any reasonable business looking to succeed.
While it must be stated that the government is not obliged to create companies, it is also good to reflect on certain parastatals (some now either privatized or dead) and just how much they could have contributed to the Nigerian economy. Empires presents eagles that never soared, giants that never were. They include;
NIGERIAN TELECOMMUNICATIONS COMMISSION (NITEL)

The world is now in the mobile age. Virtually anything now can be done with mobile devices, from virtually anywhere; shopping to job applications to chatting. That is the power of the internet. Telecoms companies in Nigeria are the major ISP's in the country. Billions of naira is spent everyday on data plans. Then there are phone calls and sms's. Everyone uses the services of the Telecoms industry, even companies.So it is safe to say that the Telecoms industry can rival the oil sector if allowed to thrive. Carlos Slim was once the richest man in the world largely because of his telecoms companies. According to Businessdayonline.com, MTN made a revenue of 753.578 billion naira in 2013. These companies make billions of naira on a yearly basis. NITEL could have been a part of that. It even had the upper hand as the first telecoms company in the country with an already established network within the country. Unfortunately, NITEL has been privatized and has literally packed up, retrenching several staff last
decade.
          NIGERIAN POSTAL SERVICE

The sister company of NITEL (they were once known as P&T). While it is true that internet and telephone have rendered domestic letter writing (hence postal services) almost obsolete, it is worthy of note that letters are not the only things being delivered. Courier/postal companies have benefited especially from online shopping and delivery of goods. Companies like DHL, Fedex, Abex etc. have dominated the courier market and charge rather exorbitant rates for delivery. DHL and Fedex are billion dollar companies with a vast network around the world. While NIPOST would not become a global giant overnight, it should still be the major courier service in the country, raking in billions of naira just like its counterparts. It has a wide spread in the country beyond every other courier service in the country. Unfortunately, NIPOST has not been flexible or innovative, hence it is not taken seriously compared to other courier services who have long since evolved.
  POWER HOLDING COMPANY OF NIGERIA

Whoever called electricity 'Power' was spot on. Electricity is so far the cleanest form of energy and the best alternative source of energy. Nothing in this modern world can move without electricity. Needless to say, electricity is arguably the most on demand product in the world. For a country with such a large population, imagine how high the demand for power is. Any firm that can efficiently provide power to the entire populace would be one of the richest and most powerful companies in the nation and possibly Africa (especially as NEPA was a monopoly). Unfortunately, NEPA has been privatized and sold off to several companies who are yet to justify the reason for privatization.
                    WATER BOARDS

Nigeria is a coastal country with rivers flowing through it. It is quite astonishing however to find out that many it's citizens (even in the FCT) do not have water, let alone potable water. Many people rely on "mai-ruwa" or borehole for water. I find it funny that a country that experiences flood cannot supply water to all its citizens. Water is life, so you can imagine how high the demand will be. Put that demand in monetary terms and do the math. A national water board would have been a giant.
    NIGERIAN RAILWAY CORPORATION

The traffic jams in cities around the country are increasing as the years go by. The massive and still increasing population needs an alternative to road transport. That is where trains come in. Cornelius Vanderbilt, the man who built the grand central station in New York, became the richest man in America because of railways (though there were no cars or planes then). Trains are the cheapest form of land transport and they can carry more goods and passengers than even planes. They can go from city to city, state to state and even country to country. Today, trains are no longer as slow as they once were. Companies like Russian railways earn billions yearly.
These companies would have contributed immensely to the country's economy providing internal revenue that would have rivaled the likes of NNPC and NPA(which, by the way, could earn much more than they do now).
#foodforthought