The state of national assets in the nation is not anything to write home about as they have remained fallow, dilapidated, and in a sorry state for years.
It is an eye-sore for these multi-billion dollar properties to be left to decay without remedy by successive governments.
These valuable properties owned by the federal government which are essential in economic growth and development are fast becoming a liability to the country.
They involve the tangible assets which comprise real estate, infrastructure, natural resources and financial assets, while the intangible assets are reputation, brand names, logos, trademark etc. In Nigeria, it is sad to note that these federal government properties established to create services to the nation are no longer existing.
Also, they were founded to alleviate unemployment in the federation by offering the teeming youths sources of survival. Again, they served as places of excursion and academic research which aided in the formation of result oriented policies that facilitated development.
The establishments also served as sources of Gross Democratic Product (GDP) of the nation thereby strengthening the local currency. No doubt, the shutting down of Nigeria Paper Mill, Jebba, Aluminium shelter Company of Nigeria, ALSCON, Ikot- Abasi, Nigeria Newsprint Manufacturing Company, Oki-buoko, Ajakuta Steel Mill, Nigeria Airways, numerous textile mills, and the refineries can be attributed to some factors which are not far-fetched.
Corruption is one reason that has led to the massive failure of government factories and firms to excel in the nation. For instance, billions of dollars have been appropriated to the servicing and maintenance of the four refineries that have failed to operate optimally. Over dependence on oil is another factor that has led to the neglect of these establishments. Government officials concentrate on oil to the detriment of other sectors of the economy.
Policy inconsistency from government agencies has been a militating factor. Too many policies have made transition impossible and as a result productivity suffered. Inflation triggered high cost of energy, and raw materials thereby raising the cost of goods and services in the country which has led to foreign products competing with the available local goods.
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The effects are not far-fetched as it gave rise to crimes like kidnapping, arm robbery, insurgency, cyber fraud to mention but a few. The nation cannot continue this way, so drastic measures must be adopted to arrest the situation and save the ailing assets from decay.
The government should revisit and utilise the National Asset Register. The document has the list of all the federal government’s property for effective governance and strategic planning. With this register it would be easy for the relevant authority to better utilise, maintain, and ensure value realization from its different assets.
This can be realised by implementing transparency and accountability in the management of these firms to forestall corruption.
Moreover, by properly categorising and leveraging assets, the government can utilise liquidity, lure investment and generate income. The government can explore public-private partnership, lease or sale where beneficiaries contribute their quotas for the nation’s economic progress.
Privatisation is another strategy to employ for the assets to be revamped and made viable. The Port City News called for concerted efforts by all to preserve and put to good use the abandoned national assets for socio-economic development of the nation.
