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Lecture delivered under the joint auspices of the Geographical Society and the Federalist Society of Nigeria at the University of Ibadan on 16th May, 1970. CONTINUED FROM LAST WEEK In hailing the debut of this Association, we must not fail to praise the Lagos Chamber of Commerce and Industry and its sister Bodies throughout the country which, in years past, have rendered, and will, in future years, continue to render competent and invaluable services for the promotion of commerce and industry in Nigeria. Having made these preliminary remarks, I want to confine the rest of this address to three main topics, namely: 1) Nigeria’s national objectives and aspirations. 2) Reconstruction and rehabilitation proposals, and the complementary roles of the public and private sectors in executing them. 3) The strengthening of the relationship between the public and private sectors. It is no longer a question of academic speculation and polemic that nations must set themselves economic and social targets for periodic fulfilment. Unlike other matters (including the definition of the word ‘economics’ itself) on which they rarely agree, economists of the socialist and Keynesian schools as well as those of the neo-classical non-Keynesian school, are now unanimous on the imperativeness of planning, and of declaring periodic national objectives and aspirations, which alone can serve as the shining beacons towards which efforts for maximum. growth can be mobilised and geared, but without which all developmental voyage is certain to be bound in drift, chaos, and misery. Nigeria’s national objectives and aspirations can be stated in simple and succinct terms. But this should not be taken as suggesting that our national goals can be achieved with any kind of ease or simplicity. IF WE WANT TO KEEP OUR TEAMING PEOPLES REASONABLY CONTENTED AND HAPPY, WE MUST ASPIRE AND STRIVE TO TRANSFORM THIS LAND OF OURS INTO A MODERN, PROSPEROUS, SELF-SUPPORTING, AND DEVELOPED STATE WITHIN THE NEXT TWO DECADES. AT THE SAME TIME, WE MUST SEEK TO MAKE SIGNIFICANT CONTRIBUTIONS TO WORLD ECONOMY. These, in broad terms, are the objectives which We must and can pursue and achieve in the time stated. Thanks to the development of agricultural science for its discovery of miracle grains capable of increasing output four to six times the normal quantity, and to the extent and natural fertility of our national territory, Nigeria, unlike some other parts of the world, has nothing to fear from Malthus ‘s dire prediction which still haunts many policy scientists all over the world. In our peculiar circumstances, we can aim at a population target of well over 100 millions within the next twenty years, with a full assurance of catering comfortably and satisfactorily to their welfare. For other things being equal, it is such a population that can assure us of a truly self-contained economy, and of voluntary inter-dependence in all things with other countries of the world. Confident, therefore, of the realities of our present population and resources, and of our undoubted prospects for the immediate future, we can embark vigorously on a rapid agricultural and industrial development which is capable of being self-generating and self-sustaining. We can, in the next two decades, aim at supplying most, if not all, of our basic material, and high-level manpower needs. Within the same time, our economy should be capable of sustaining modem urban areas, without the ills of city slums. We can develop a healthy and decent rural life, and provide modem health, housing, and educational facilities as well as other essential social services for all our people. We should and can successfully aim at establishing heavy industries such as iron and steel, fertiliser, chemicals, petro-chemicals, and a wide range of capital goods. We should aim at constructing a vast and pervasive network of roads, railways, and waterways, sufficient to match the speed and mobility of a rapidly expanding and developing economy. In short, we can make the masses of our people contented and happy, and capable of realising their inherent power to appreciate knowledge and beauty, and to live in peace and harmony with themselves as well as with their neighbours. We can do more than cater sufficiently for our people. By the sheer quantum and rich diversity of its natural and manpower resources, and granting a judicious and disciplined exploitation of these resources; Nigeria can make valuable contributions to the development of Africa, and to world economy at large for the benefit of mankind as a whole. From 1975 onwards, it is forecast that our petroleum products will make a tremendous impact on our domestic as well as world economy. In that year, for instance, it is possible for our petroleum export to fulfil 25 per cent of total United Kingdom needs, thus assisting to maintain the strength of the Sterling as a reserve currency. It is also possible, by 1975, for our petroleum exports to different parts of the world to increase our foreign exchange earnings by nearly £300 million per annum to a total of between £500 and £600 million per annum. With the opening of the Coal Mines at Okaba, the total known coal reserves of Nigeria are put at roughly 356 million tons. These can be exploited for the benefit of ourselves, of our immediate neighbours, and of the world at large. With the commissioning last weekend of the giant Kainji Hydro-electric Power Station, we are in a position not only to supply our total power needs, but also to help supply those of our immediate neighbours. CONTINUES NEXT WEEK
