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2018 Will Be Pivotal In Our Quest For Change – Buhari

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By Abdul Rahman Aliagan

 

President Muhammadu Buhari on Monday delivered a national broadcast to Nigerians in his speech, the president spoke on issues of national concerns such as the ongoing fuel scarcity, calls for restructuring, the electricity situation, among others.

 

The President has assured Nigerians that the New Year 2018 promises to be pivotal in our quest for change in the country as he sympathises with Nigerians over the untold hardship the fuel scarcity meted on them, he said: “Unfortunately, I am saddened to acknowledge that for many this Christmas and New Year holidays have been anything but merry and happy. Instead of showing love, companionship and charity, some of our compatriots chose this period to inflict severe hardship on us all by creating unnecessary fuel scarcity across the country.

 

“The consequence was that not many could travel and the few who did had to pay exorbitant transport fares. This is unacceptable given that NNPC had taken measures to ensure availability at all depots. I am determined to get to the root of this collective blackmail of all Nigerians and ensure that whichever groups are behind this manipulated hardship will be prevented from doing so again.

 

“Such unpatriotism will not divert the Administration from the course we have set ourselves. Our government’s watch word and policy thrust is change. We must change our way of doing things or we will stagnate and be left behind in the race to lift our people out of poverty and into prosperity.”

 

He reiterated the determination of his administration on the huge infrastructural deficit, he promised that the government is going to make a significant in-road in advancing road, rail and power projects across the country.

 

“My address to fellow Nigerians this morning is devoted mainly to informing you about the intense efforts this Administration is putting to address our country’s huge infrastructural deficit. We are going to make significant in-roads in advancing road, rail and power projects across the country.

 

“Ministry of Power, Works and Housing is one of the drivers of this Government’s commitment to renew and increase Nigeria’s stock of infrastructure in order to achieve global economic competitiveness as targeted under the Economic Recovery and Growth Plan.

 

“With regards to Railways, we have set ourselves ambitious targets. Already in construction stage is the Lagos-Kano Standard Gauge Railway.

 

“The line should reach Ibadan from Lagos by the end of 2019 and will carry two million passengers per year and five million tons of cargo will be transported every year giving a substantial boost to the country’s economy.

 

“Construction of the Kano – Kaduna segment is expected to commence this year and reach Kaduna by the end of 2019. By the end of 2021 the two ends will be joined so that we will have standard gauge railway across the main North-South trading route.

 

“The Abuja – Kaduna route will be boosted by additional rolling stock next Thursday and will be able to handle one million commuters annually.

 

“At the same time I have approved and negotiations will be concluded in the first part of this year for the Port Harcourt to Maiduguri line covering Aba, Owerri, Umuahia, Enugu, Awka, Abakaliki, Makurdi, Lafia, Jos, Bauchi, Gombe, Yola and Damaturu. The Abuja to Itakpe line will go through Baro and terminate in Warri with construction of a new seaport at Warri.

 

“Negotiations are also advanced for the construction of other railway lines, firstly from Kano to Maradi in Niger Republic passing through Kazaure, Daura, Katsina, Jibia to Maradi.

 

“Secondly, Lagos to Calabar the “Coastal Rail” through Ore, Benin, Agbor, Asaba, Onitsha, Sapele, Ughelli, Warri, Yenagoa, Otuoke, Port Harcourt, Aba, Uyo and Calabar. In the next few years, all these Nigerian cities will be linked by functional modern rail systems, giving enormous boost to the social and economic life of our people.

 

“With respect to the Abuja Capital Light Rail, progress has reached 98% completion, as at 64% completion when we assumed office. Only test runs remain before start of operations.

 

“This train service will stimulate economic activities in the Federal Capital and provide residents with an efficient and safe transportation system. Twelve railway sub-stations around the capital over a 45.2 kilometre route will serve as a catalyst and a pull factor to the economy of the area. The Light Rail System will reduce traffic congestion and carbon emission in line with the Administration’s policy on climate change.

 

“Management of the Federal Road Maintenance Agency (FERMA) has been reconstituted and has been charged with a 12 week rapid intervention in road repairs to cover all the geo-political zones. Government is undertaking repairs and maintenance of 44 roads within the six geo-political zones.

 

“Twenty five major highways will be funded under the N100b SUKUK facility. Each geo-political zone will benefit by an equal amount of N16.67b. The following major highways are to receive special attention: Oyo, Ogbomosho, Ofusu – Ore – Ajebandele – Shagamu, Yenagoa Road Junction – Kolo Otuoke – Bayelsa Palm, Enugu – Port Harcourt Dual Carriage Way, Onitsha – Enugu Expressway, Kaduna Eastern Bypass, Dualization of Kano – Maiduguri Road, Dualization of Abuja – Lokoja – Benin Road, Dualization of Suleja – Minna Road.”

 

“Government has approved work to start on the re-construction of Abuja – Kaduna – Zaria – Kano road which is in a state of disrepair. Work will soon start and is expected to be completed in 2019. He added.

 

On Power, the President said, “More Nigerians across the country are experiencing improved power supply to their homes and businesses. However, power remains a concern to this government because too many people still do not have regular and reliable supply.

 

“Payment Assurance Guarantee Scheme which started in January 2016 has enabled the Nigerian Bulk Electricity Trader to raise so far N701 billion to assure Generation Companies of at least 80% payment for any power delivered to the national grid.

 

“Consequently, generation has now reached 7,000MW. On December 8, 2017 the country achieved 5,155MW of power delivered to consumers, the highest level ever recorded.

 

“Several moribund projects have been revived. Repairs of Afam Power Station added 110MW in 2017 and another 240MW will be added this year through a private investment partnership.

 

“Katsina Power Project is now being tested and producing 10MW of power from wind for the first time in Nigeria. It should be fully operational this year.

 

“The Zungeru 700MW Hydroelectric Power Project, stalled by court cases is due for completion in 2019. The transmission and other requirements to operate the 30MW Gurara Phase 1 Hydroelectric Plant, the 40MW Kashimbilla Hydroelectric Plant and the 215 MW Kaduna Gas/LPG/Diesel Power Plant will also be completed this year.

 

“A landmark project, Mambilla Hydroelectric Power Project is at last taking off. This project has been on the drawing Board for 40 years, but now the engineering, procurement and construction contract for the 3,050MW project has been agreed with a Chinese joint venture Company with a financing commitment from the government of China. Completion is targeted for 2023.”

 

President further stated that the Transmission Company of Nigeria can now distribute all the 7,000MW that can be generated. TCN and the Niger Delta Holding Company have added 1,950MVA of 330 down to 132KV transformer capacity of 10 transmission stations and 2,930MVA of 132 down to 33KV transformer capacity of 42 sub-stations including Ikot Ekpene, Aba, Alagbon, Ajah, Ejigbo, Funtua and Zaria.

 

According to national broadcast, Buhari said his Administration is working with the privatised distribution Companies to overcome the continuing challenges of distribution.

 

“These massive public works should spearhead the recovery and lead millions back to employment. You will recall that it was not until last year that we got out of the economic recession into which the country had fallen as a consequence of past unsustainable economic policies which projected short-term illusory growth.”

 

On the economy, Buhari maintained that his government is slowly stabilizing the economy. “It was in order to change the steady and steep decline that we adopted the more sustainable policies and programmes captured in the Economic Recovery Plan. Diversification efforts have resulted in improved output particularly in agriculture and solid minerals sectors. The relative exchange rate stability has improved manufacturing sector performance.

 

“We have got to get used to discipline and direction in economic management. The days of business as usual are numbered.

“Two years ago I appealed to people to go back to the land. I am highly gratified that agriculture has picked up, contributing to the government’s effort to re-structure the economy. Rice imports will stop this year. Local rice, fresher and more nutritious will be on our dishes from now on.”

 

He however appealed to Nigerians to brace up to challenge of unemployment, “I am today appealing to enterprising Nigerians with ideas and unemployed graduates and other able-bodied and literate men and women with ideas not to just sit and wait for employment from the government or the Organized Private Sector. Great nations are built by enterprising people who turn their hands to anything that circumstances dictate.”

 

On political development, President said he had kept a close watch on the on-going debate on Restructuring, admitting that “No human law or edifice is perfect”. He assured that whatever structure we develop must periodically be perfected according to changing circumstances and the country’s socio-economic developments. We Nigerians can be very impatient and want to improve our conditions faster than may be possible considering our resources and capabilities. When all the aggregates of nationwide opinions are considered, my firm view is that our problems are more to do with process than structure.”

 

He said, Nigeria tried the Parliamentary system: we jettisoned it. Now there are shrill cries for a return to the Parliamentary structure. In older democracies these systems took centuries to evolve so we cannot expect a copied system to fit neatly our purposes. We must give a long period of trial and improvement before the system we have adopted is anywhere near fit for purpose.

 

“However, there is a strong case for a closer look at the cost of government and for the public services long used to extravagance, waste and corruption to change for the better. I assure you that government is ever receptive to ideas which will improve governance and contribute to the country’s peace and stability.

 

He however charged politician, saying that, “as the electioneering season approaches politicians must avoid exploiting ethnicity and religion by linking ethnicity with religion and religion with politics. Such must be avoided at all costs if we are to live in harmony.”

 

According to his New Year National broadcast, he noted: “In this respect the rest of Nigeria could learn from the South Western States who have successfully internalized religion, ethnicity and politics.

 

“Political discourse should be conducted with civility, decorum and in a constitutional manner. We all have a collective responsibility to strengthen our democracy and entrench the rule of law. We should draw encouragement from the series of bye-elections conducted by INEC last year which were generally violence free and their outcomes adjudged to be free and fair.”

 

He reassured Nigerian citizens that security of life and property is still top of our government’s agenda. We have since beaten Boko Haram. Isolated attacks still occur, but even the best-policed countries cannot prevent determined criminals from committing terrible acts of terror as we have seen during the past years in Europe, Asia, Middle East, elsewhere in Africa and in America.

 

He maintained, “Our government remains determined to protect all Nigerians in line with our election pledge and promises. On behalf of all Nigerians let me offer our thanks to the Armed forces, the Police, other para-military forces and traditional authorities who are working round the clock to ensure that you and I go about our normal business in reasonable safety.

 

“Terrorism and urban crimes are world-wide phenomena and our security forces are continuously adapting their responses to changing threats.

 

“With regard to rampant cases of kidnappings, we are taking immediate short-term measures to combat this new evil creeping into our societies. Tighter police methods and swift and severe punishment for those proved to be engaged in kidnapping are on the way.

 

“With respect to Niger Delta, Government is still engaging responsible leadership of the Communities to help in identifying and addressing genuine grievances of the region. Our clean-up programme in collaboration with the United Nations is making satisfactory progress.

 

President Buhari show his appreciation to Governor and other political stakeholders, community leaders of Niger Delta states for their part in bringing relative peace to the areas.

 

“Finally let me again express my heartfelt thanks to all Nigerians who prayed for me during my illness last year. I feel deeply humbled by your prayers and good wishes and I am more determined than ever to serve you to the best of my ability.” He concluded.

   

About author
Time Nigeria is a modern and general interest Magazine with its Headquarters in Abuja. The Magazine has a remarkable difference in editorial philosophy and goals, it adheres strictly to the ethics of Journalism by using the finest ethos of the profession to promote peace among citizens; identifying and harnessing the nation’s vast resources; celebrating achievements of government agencies, individuals, groups and corporate organizations and above all, repositioning Nigeria for the needed growth and development. Time Nigeria gives emphasis to places and issues that have not been given adequate attention by others. The Magazine is national in outlook and is currently being read and patronized both in print and on our vibrant and active online platform (www.timenigeria.com).
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The Missing Middle of Infrastructure Finance: Why Capital Still Fails to Become Infrastructure

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  By Chidi Nwafor  In October 2023, a Gulf sovereign wealth fund quietly closed a $2 billion allocation to global infrastructure, earmarked in part for emerging-market energy and transport assets. The announcement drew the usual applause: another sign, commentators said, that institutional capital was finally waking up to the infrastructure opportunity in the Global South. Eighteen months later, less than a tenth of that allocation had actually left the fund’s balance sheet. Not because the mandate had changed. Not because the fund had lost appetite. According to two people familiar with the portfolio, the constraint was simpler and more uncomfortable: there were not enough investable projects to put the money into. This is not a story about a reluctant investor. It is a story about capital that wants to move, cannot find enough places willing and able to receive it in a form it can underwrite, and quietly waits instead. Multiply that fund by the hundreds of pension schemes, sovereign wealth vehicles, commercial banks and infrastructure funds now carrying dedicated allocations for emerging-market infrastructure, and a pattern emerges that rarely makes it into a headline: the world is not short of capital for infrastructure. It has capital in historic abundance, sitting adjacent to a historic infrastructure gap, unable to cross the distance between the two. The Comfortable Explanation  The explanation on offer at every major infrastructure summit is a familiar one. Global infrastructure investment needs run into the tens of trillions of dollars over the coming decade; committed capital falls well short; therefore, the problem is one of insufficient funding, and the solution is more of it: more pledges, more blended-finance facilities, more climate funds, more multilateral capital increases. It is a comfortable explanation because it assigns responsibility clearly to governments who under-fund, institutions who under-commit, and it offers a clean remedy: raise more. It is also, on close inspection, not what the evidence shows. Pension funds globally hold trillions in assets under management with explicit infrastructure allocations that remain structurally underweight, not because trustees have rejected the asset class but because deal flow meeting their risk and governance thresholds has not materialised at the pace their mandates assume. Sovereign wealth funds report the same pattern. Commercial banks with dedicated project finance desks describe pipelines that look full at the term-sheet stage and thin dramatically by financial close. Development finance institutions, whose entire purpose is to absorb risk that commercial capital will not, routinely report that their binding constraint is not capital adequacy but the volume of bankable transactions their teams can originate and structure in a given year. None of this fits the scarcity narrative. All of it fits a different one. Availability Is Not Deployability  Capital availability and capital deployability are not the same condition, and the conflation of the two is doing real damage to how the world thinks about the infrastructure gap. Availability asks whether money exists somewhere with a mandate that could, in principle, be pointed at infrastructure. Deployability asks something much narrower and much harder: whether a specific project, at a specific moment, has been engineered, structured, documented and de-risked to the point where an investment committee can approve it without exception. The first condition is met, overwhelmingly, across nearly every category of capital that matters to infrastructure. The second is met by only a small fraction of the projects competing for it. The result is a market that looks, from the outside, like a financing gap, and functions, from the inside, like a conversion problem: an abundance of capital on one side, an abundance of infrastructure need on the other, and an underbuilt set of mechanisms in between capable of turning one into the other at any meaningful scale. Where the Conversion Breaks  The break does not happen at the ends of the process. It happens in the middle, in the unglamorous sequence of work that turns a plausible concept into an instrument a fiduciary can sign. A promising transmission project needs a feasibility study rigorous enough to survive institutional scrutiny rather than optimistic enough to attract early interest. It needs offtake arrangements that hold up under real counterparty and currency risk, not the counterparty risk assumed in a base case. It needs environmental and social documentation calibrated to the standards of the institutions being asked to fund it, not the standards of the jurisdiction hosting it. It needs a legal and commercial structure that allocates risk in ways a commercial lender, not only a development financier, will accept. It needs a sponsor capable of executing what has been proposed, not merely capable of proposing it. Each of these is ordinary project finance discipline. None of it is exotic, and in mature infrastructure markets it happens as a matter of course, absorbed into systems built over decades: specialist advisers, standard-form contracts, established procurement norms, deep pools of transaction expertise. What is missing in the markets where the infrastructure gap is largest is not the standard itself but the machinery that meets it. Projects arrive at investment committees with ambition intact and preparation incomplete, and that gap is treated, again and again, as an individual project’s failure rather than what it actually is: a structural absence in the systems responsible for producing investable transactions at scale. 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None of these are new ideas in isolation. What is missing is their assembly into a coherent system, deliberately funded and institutionally accountable, rather than scattered across donor-funded pilots that end when the grant does. The African Dimension  Africa makes this dynamic unusually visible, and consequently offers an unusually clear opportunity to correct it. The continent’s infrastructure financing need, by any measure, is vast. Less understood is that the shortfall is disproportionately one of preparation rather than capital. Nigerian gas-to-power, off-grid solar and mini-grid developers have each demonstrated that individual projects can clear the bankability bar; what has not emerged is systemic pipeline scale, a steady stream of comparably prepared projects large enough to absorb the capital already circling the sector. The pattern repeats, with local variation, from grid infrastructure in East Africa to transport corridors in West Africa. Interested capital is rarely the scarce input. Investment-ready projects are. 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