UK-based Nigerian journalist, Ayo Akinfe, says the country must generally expand the output of all of its products, especially those that are involved in international trade, if it hopes to benefit economically from the Russian-Ukrainian conflict.
Based on Ayinke’s analysis, Nigeria currently supplies the European Union [EU] with 14% of its gas requirements however there should be plans to boost that supply to 50% by 2023 and 75% by 2024.
Also he suggested that a fresh gas pipeline be built to link the Bonny liquified natural gas terminal with London which must be completed by January 2023.
Furthermore, in order to replace Ukraine as the world’s fifth-largest producer, he added that Nigeria’s maize output should climb from the current 11.6m tonnes to 25m tonnes in 2023 and 40m tonnes by the end of 2024.
He stated also that Nigeria’s current 5m tonnes millet crop should also be increased to 10m tonnes by 2024 as well as it’s sorghum crop output from the current 7m tonnes to 10m tonnes by 2023.
Ayinke stated that the output of Nigeria’s present cassava crop should also be boosted from the current 47.4m tonnes to 65m tonnes by 2024 in response to the crisis situation.
While speaking on foreign businesses currently operating in the country he stated that:
“Gas companies who come to open plants in Nigeria employing at least 500 local staff should be given 10 year tax holidays”.
Also Cereal companies like Kellogg, Quaker Oats, Nestle, etc who open factories in the country with at least 500 employed local staff should be given five year tax holidays
Speaking on, he added that animal feed compounders who open processing plants in Nigeria employing at least 500 local staff should also be given a five year tax holiday
While International breweries who come to open plants in the country using it’s raw materials and employing up to 500 local staff should also be given five year tax holidays.
These factors all together will not just boost the economic situation of the country but will give Nigeria an edge in the international trade market.
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