Modestus Umenzekwe in this piece x-rays
the speech of His Excellency, Babatunde Raji Fashola (SAN) in his Keynote
Speech at the 2023 Standard Chartered Treasury Leadership Forum (TLF) on the theme,
“The Blueprint For Tomorrow” which took place recently at the Mike Adenuga
Centre, Ikoyi, Lagos State.
In offering
his thoughts about a blue print for tomorrow in Nigeria, the learned SAN, the
former Governor of Lagos and two time Minister under President Muhammdu Buhari Administration,
has shown that he is a nation builder both in and out of office. Reading
critically through his speech one is likely to decipher the thought of a man
who is sincere and passionate about his country, its wellbeing and feature
development.
He
concentrated on what he called first principles, dealing with local and global
issues as a way of critically arriving at his point on all the forum need to
know and need to look at, and from there hope to project what tomorrow offers. In
his word he said “No part of the earth is new except those that are yet to be
discovered by human beings. Powers, Nations and Countries have all existed in
various forms and evolved differently.
“One first
principle that History has taught us, is that Empires have risen and fallen and
this will never stop as we are witnesses to some Empires now in decline.
Simultaneously there is a renaissance in some places not the least Africa, and
this brings on the significance of this gathering. Let us look at Nigeria as
the subject of tomorrow.
“A territory
of 923,770 square Kilometers of land area, bounded by the ocean and desert,
bejeweled with various natural resources and biodiversity with a 200 million
human capital. A market to ignore at your peril. In an increasingly plural
planet, at a time that diversity and identity have become not only a justice
issue but also an economic one, the largest nation of black people in the world
triggers more than a passing interest,” Fashola said.
The soft
spoken erudite scholar cum administrator maintained that Nigeria is blessed
with a huge population of youths which is a critical human capital that cannot
be ignored, and called it a real advantage for tomorrow “At the heart of the
human capital lies a youthful bulk, aged between 18 – 35 who are nowhere near
the peak of their powers. A real advantage for tomorrow. As the world searches
for a new global legal order acceptable to all, one thing is undeniable,
prosperity will be anchored on soft power rather than military might. That is
why Nigeria sustains the largest democratic political undertaking on the
African continent. It is a powerful statement of freedoms which businesses
require to thrive. On the back of that and in recent years she has committed to
an aggressive investment on her public infrastructure to support enterprise and
her youthful and growing population.”
He also said
that infrastructure development is critical to a sustained development agenda
in readiness for tomorrow. “Expansion and upgrade of five major international
airports in Lagos, Port Harcourt, Enugu, Kano, Abuja which, are strategic human
and enterprise hubs, are an important statement of readiness for tomorrow.
Nigeria is expanding her gas supply infrastructure and I point to the Ajaokuta
– Kaduna - Kano project stretching across 614 Km at $3.2 Billion.”
He stated
that Broadband infrastructure deployment is being deployed without fuss. “On
the Abuja-Makurdi 220km highway and the Kano/Maiduguri 560km the ducts to lay
fibre optic cable are being constructed and have been completed respectively. A
new refinery capable of processing 650,000 barrels of crude oil per day has
come on stream and about to commence production, inclusive of a petrochemical
plant and fertilizer plant. This is complemented by a new sea port in Lekki
area of Lagos. These two projects alone account for $22 Billion dollars of
local and international investment. Rail transport assets are also being
developed and deployed for use. Road transport assets are being constructed in
peace time at a rate only comparable to the post-civil war experience of the early
1970s. I have been directly involved in this effort and can provide some
details.”
Speaking on
the contribution of his ministry under Buhari which was indication of
preparedness for tomorrow, he stated. “At the last count in my hand over notes
in May of 2023, we had over 13,117.09 kilometers of roads under construction
and rehabilitation. This is equivalent to driving from Abuja to Johannesburg
and back and at handover over 9,000 km had been executed, and the number grows
daily as work continues Kilometer after Kilometer. These roads link our air and
sea ports, connect to our petroleum depots and strategic agricultural regions
in addition to linking us to Neighbouring countries in the north, east, west
and south of our international borders. They are not roads of desire, but
instead strategic economic roads for internal and international trade on the
back of our signatory to the African Continental Free Trade Area Agreement.
“The last
impact surveys we conducted in 2021 showed that 4 travel time on the completed
portions of these roads reduced by up to 50% and contiguous real estate values
rose by up to 30%. These are not just indices of efficiency and competitiveness
for businesses they are a broad response to multi-dimensional poverty. For
example it would now take a few minutes to drive across the River Niger instead
of a whole day, while a drive from the east of Nigeria to Abuja across the
River Benue reduces travel time by four hours on the new Loko-Oweto Bridge. As
at May of 2023 a total of N3.929 Trillion has been committed by 8 (Eight)
companies to build 85 Roads covering 7,830.71Km under the Tax Credit Policy.
This is money not yet spent but committed. In just 8 (Eight) years she has
doubled her infrastructure to GDP from 20% to 40% and is not relenting.”
He stated
that the significance for businesses that support construction such as quarry,
lubricants, steel reinforcement, and cement is a matter of excitement for
investors who play in these sectors. Another event that went unnoticed is the
number of Nigerians who gained access to electricity. That number was 96.9
million people in 2015 and rose to 112.63 million in 2019. I know that
reliability of supply is still an issue and for some this may be a matter to be
cynical about.
“For an
investor looking at tomorrow, an increase of 16.03 million consumers with
access to electricity and the possibility to increase that market share is what
tomorrow is about. This is the size of the population of many countries put
together within the African continent and in other continents. But it
represents only part of our journey and the market demand for electric power.
Undeniably on a continent of over ONE Billion people the best place also is the
biggest in economic output measured by GDP, and the place with the most
diverse, most talented and most zestful human capital. When the conversation is
about markets, size matters and Nigeria has it. The number of Nigerian created
unicorns, chart bursting music and movies bear testimony to the productive
capacity that resides in Nigeria. Remember what l said about soft power. On the
back of the infrastructure hardware in transport, energy and digital areas are
legislative and policy initiatives that would herald a new dawn tomorrow. While
climate change poses security challenges on her desert boundaries and drives
migration towards the coastal areas from outside and within the borders, due to
water shortage and flooding in others, Nigeria is convinced about the science
of climate change and is a signatory to COP 23 and the commitment to net zero.
In this regard Nigeria sees climate actions as a viable opportunity to respond
to these challenges. Nigeria is thus the first country in Africa to develop and
implement a comprehensive Energy Transition Plan (ETP) seeking to achieve net
zero by 2060 and universal access to energy by 2030 (7 years from now). This
Plan was launched in Glasgow in 2021. This is a pathway to rapid
industrialization tomorrow. There is also the recently enunciated policy on
Blockchain making Nigeria the lead African country with respect to Blockchain
policy. According to a Baker Mckenzie report, Nigeria “reportedly has the
world’s third largest bitcoin holdings as a percentage of gross domestic
product. The policy approved on 3rd May of 2023 by the Federal Executive
Council at the instance of the Ministry of Communications and Digital Economy
has seven parts aimed at creating a blockchain powered economy that supports
secure transactions, data sharing and value exchange between people, businesses
and Government. In furtherance of implementation, a training programme for
capacity development has been funded for 20,000 young Nigerians and at least
5,000 have enrolled in the programme.
Fashola
stated that the combination of the hardware of infrastructure and policy and
law, only sets the stage for the most important component, the human capital. “My
focus on this aspect is the largest batch of that asset. The youthful ones –
First I invite our attention to their mindset. What I see is an increasing
projection of their originality. A mindset to assert their Nigerianness, from
Dress and fashion; to music and culture, and if you have followed the debate
about jollof rice, you will understand their need to project and protect their
cuisine. They have branded their country in their own way. They don’t call her Nigeria.
They call her NAIJA. They are pushing and propelling that brand at the centre
stage of major Global events. From the World Cup in Qatar, to the King’s
coronation in England, the Champions League football final and most recently
the Juneteenth Memorial celebration of the end of Slavery before a Global
audience. Everywhere you turn, NAIJA is there. These are the type of citizens
who do their duty as envisaged under Section 24 of the constitution to
“…enhance the power, prestige and good name of Nigeria.”’
He said when
a new global legal order is to be agreed upon, these young people will not only
be in the room, they will be at the table because they represent diversity and
they are from the largest nation of black people in the whole world. Are there
challenges? Of course there are. What is the value of a life lived without
challenges? How can we celebrate achievement without adversity?
“I
acknowledge the non-partisan nature of this meeting and I respect it. However,
when we are confronted with challenges, we cannot avoid an assessment of the
role of leadership. Leadership is undeniably a critical factor. Nigeria has
just elected a new president. I am sure he will reveal himself to those who do
not yet know enough of him by the leadership he will offer. But if Morning
shows the day, some of the decisions taken so far especially on the economic
front are already impacting the market and exciting investors. Let me remind us
that he came to power by forging a merger of political parties in 2013 with
President Buhari. That is the first and only successful merger of political
parties in Nigeria for a long time. That party unseated an incumbent President,
a rarity in these parts. Everything the then opposition said was impossible,
Tinubu and his party proved them wrong. These are important leadership traits
that impact business and investment. The merger indicates his ability to forge
partnerships, waiting for 8 years for his partner to run his term before
seeking office shows that he is a faithful partner and can sustain policy. The
reforms he is initiating are not a fleeting fancy, he is here for the long game
as permitted by Law. An example is the judicial reforms led at sub-national
level in Lagos which have gained national acceptance.”
Fashola said
the largest democracy on the African Continent has just produced a political
leadership whose record shows a capacity to thrive against the odds, and said “It
would be a very hard search to find a leader who won an election against such
odds. That kind of resilience and resolve must stand the country in very good
stead as she confronts tomorrow with a leader who does not surrender,” Fashola
said.