LABARI

Emir of Kano, Sanusi Lamido. "We did not have money. Oil prices had collapsed. Niger Delta Avengers were blowing up oil wells. The scarce dollars we had, we were selling cheaply, subsidizing people. What was the argument? We need to promote manufacturing. Right? Thank you. But, what percentage of your GDP is manufacturing? Eight percent. Let me ask you Commissioner, you are a manufacturer, you are able to secure $10 million from the Central Bank to import raw materials and produce goods, you spend N2 billion to get $10 million, and somebody says to you: “Listen, I will pay you N3 billion for this $10 million, so that you make a profit of 50 per cent for just doing nothing. Just buy the dollars and sell.” Your option is to buy raw materials, establish a letter of credit, import raw materials, maintain generators, buy diesel, pay labour, produce your goods, take the risk you may not sell at a profit, transport it, or to make a profit margin of 10 per cent over a 120 term period,...