“Nigerian Government should hands off major businesses and recession will become just a mere word” – Patrick Chidolue.
Chairman/CEO of Chelsea Group Ltd, the acclaimed fastest rising private company in Nigeria, Patrick Chidolue has proffered his opinion as to how to curb the present recession besieging Nigeria. He is vehemently against government’s involvement in most vital sectors of the country and supports the privatization policy. Responding to a question from journalists after the Ohaneze Ndiigbo summit hosted by him, the successful entrepreneur opined thus:
“Government should hands off business and only handle regulations, including building of roads. Major roads should be assigned to companies. Money budgeted should be put in the banks for private businesses to borrow and develop those infrastructure. If the yearly budget is released to the private sector, the country will advance very well. Look at what is happening in the communication sector; NITEL then was a waste pipe draining the purse of the government. Now with the privatization of that sector; there is so much economic activity happening there. Millions of people are gainfully doing one business or the other in the communication sector, not to mention the billions in tax accruing to the government.”
He went further to suggest, “Let us privatise the refineries. It is a shame that after 60 years of oil exploration, we cannot refine oil. If it is given to the private sector, they will turn the place around and save foreign exchange being used to import petroleum products. Also, the power sector privatisation was not properly handled. The privatisation should be revisited, you cannot develop without power.”
“Really, government is killing the potentials of people. If government can remove its hands from most of these sectors, we will be importing labour, because everybody will be adequately engaged. The ultimate benefit is that Nigeria has the potential of being better than Britain, China and Singapore if government will stop holding people down economically. Government should support resource control, not fighting it,” he enthused.