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An Absentee President in a Season of Coronavirus

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By Festus Adedayo 

Why is Aso Rock pushing Nigerians to their limit like this? Is it such an impossible task to tell Nigerians that Buhari suffers from some disability, which will make his cognition of the process of talking to Nigerians difficult? And does the Villa think Nigerians don’t know already?

If citizens of the world didn’t know that they lived in a global village, the COVID-19, otherwise known as the coronavirus disease, has demonstrated this starkly. Virtually all parts of the world have paused on account of the ravaging pestilence, with very earth-shaking implications for the global economy. Even world leaders with war-like inclinations have come to realise, to their shame, that the virus is killing more people than bullets and an armoury can at the war front. In this global shutdown, Nigeria has also wriggled herself into its consequences.

As barrels of crude oil become ten-a-penny in the global market, its impact for a Nigerian economy with its monolithic colour, a kick-and-follow economy that is cobbled together by shoe strings, becomes very scary. And when individualising a people who are used to milling around one another becomes a solution to the ravaging virus, dictating that the people go back into their individual cocoons, Nigeria and an egregious Africa are suffering the virus’ aftermath more than other societies. Our locus of social joy like owambe parties have to go for the anger of the virus to subside; the euphoria of religion, sustained over time by people gathering together to worship, has to be deflated and our togetherness has to be prised apart because the virus demands isolation. It has been long since the globe felt a blow as total and consequential as this.

The coronavirus affliction statistics are benumbing. As of now, the world is battling with 284, 712 cases of those already affected, with worldwide fatalities from the virus is surging past 11,842. The death toll is said to have surpassed 5,000 in Europe – Italy, Spain and Germany – reporting a steep rise in the number of infected. As at Saturday, according to a Johns Hopkins University in the United States data, over 277,000 infections in the world have been recorded and a number of 88,000 recovery made of victims. It is so bad that Armageddon preachers are harvesting tonnes of converts into their teaching that the end of the world has indeed come.

In Nigeria, figures being bandied still look too unrealistic and incomprehensible, taking into consideration who we are and what we are – a statistically inept people. As I write this, Nigeria has had 22 cases. Right now, no cogent case could be said to have been scientifically apprehended. Due to the proximity of the coronavirus to hay fever in its presentation, as well as to some other similar ailments, anyone exhibiting symptoms similar to that of the disease is immediately bundled into quarantine. But anyone who knows the ancient lackadaisical attitudes of Nigerian governments and people, as well as the porous Nigerian borders would know that some things just don’t add up on the coronavirus infection figure in Nigeria. For instance, there are several unmanned Nigerian borders where land migrations occur almost every hour. There is a direct flight from Sudan to Kano and other airports other than Lagos. If you add these to the fact that the average Nigerian self-medicates, we jolly well could have figures of the infection that are far more than the official statistics has given.

The pestilence of silence from Buhari is perhaps more catastrophic than the coronavirus. It is so loud that it gives credence to strong permutations, rumours and indications that sieve in that Buhari is gravely incapacitated and Nigerians may just be contending with a James Hadley Chase’s Make the Corpse Walk effigy.

In the midst of these grim realities, world leaders are giving hope to their constituents. In Africa, leaders of Ghana, South Africa, Zimbabwe and other lesser countries are giving the pet talks that coaches give their footballing sides at moments when the balls are not hitting the nets, to their people. Not only have those presidents been giving succour to their people by articulating what their governments have done so far to defeat the deadly virus, it is at moments like this that phrasal nuggets come out of their lips. “Together, we shall overcome,” “this virus cannot break our will to live,” “humanity is stronger than Corona” are some of the phrases that citizens of the world have heard from their leaders which give them hope and a can-do spirit to defeat this deadly epidemic. In Nigeria, President Muhammadu Buhari is, as they say in the Army, AWOL from his own people. He has always been anyway. Mum is the word from a man who was ostensibly elected by millions of Nigerians to be their burden-bearer. Except in photo-ops where he is shown in bubbling moods, Nigerians have recorded sparse or nil interface with their president since he was sworn in. He doesn’t speak to them, they have no moment whatsoever with him, except from the omnibus press releases issued from the Villa. It is so bad that even journalists who cover the Aso Villa, cannot say the last time they heard the Nigerian President speak at functions.

This Buhari government’s hubris is unprecedented in the dialogical history of Nigeria’s heads of state and the people. Even General Sani Abacha, with his suspected deficiency in communication, at a conservative estimate, dialogued with Nigerians more than Buhari does. The situation is so bad that recently, a photograph of the president commissioning a project was shared on Twitter. When enlarged and scrutinised, it showed that the one-sentence statement Buhari was meant to make, recited off-hand by people with flowing cognitive abilities, was gummed to his front. Which gods did the Nigerian people offend to arrive at this gory and unimaginable pass?

The pestilence of silence from Buhari is perhaps more catastrophic than the coronavirus. It is so loud that it gives credence to strong permutations, rumours and indications that sieve in that Buhari is gravely incapacitated and Nigerians may just be contending with a James Hadley Chase’s Make the Corpse Walk effigy. Last month, the polity was jolted when a secret memo dated December 9, 2019, from the national security adviser, Babagana Monguno, was leaked. It indicated that Buhari might have over time been mummified from what happens in the security of Nigeria, and by inference, from the governance of Nigeria as a whole. The memo accuses Buhari’s chief of staff, Abba Kyari, of what it called undue and dangerous interference in matters that border on national security. Monguno alleges that Kyari gives directives to service chiefs as if they emanated from the president, warning that the “Chief of staff to the president is not a presiding head of security, neither is he sworn to an oath of defending the country.”

The need to give hope to the people at this trying times apparently forced the Senate to resolve at plenary last Wednesday that Buhari must address Nigerians on the raging virus. While urging the federal government to shut down all international airports, with the exception of Lagos and Abuja airports, so that the disease could be adequately monitored, the Buhari government was to adhere to the latter advice only and ignored the former. The call came through a point of order raised by Danjuma Goje, a former governor of Gombe State, and was supported by Senators Oluremi Tinubu, George Sekibo, Sam Egwu and Emmanuel Bwacha.

This absolute flight of discretion, apparently borne out of the need to shawl Buhari from a public interface with his failings, suspected to be associated with a cognition challenge and disorders associated with this, have made Buhari and his minders to fester in their self-righteousness. It is getting to the level of an absurdity of Albert Camus’ hue.

With a suddenness akin only to the spread of the virus at issue, the Villa upbraided Nigerians who wondered why their usually absent president had to extend his vacation at this time of a raging calamity. To senior special assistant to the president on media and publicity, Garba Shehu, asking the Nigerian president to speak words of comfort to the people who allegedly elected him into office at this low time in their lives was ‘populist advocacies’ ‘cheap and sensational’, which he said are unnecessary at this time.

“Populist advocacies such as the one accusing the President of ‘complacency’ simply because he has not made a television address by ranking members of our respected parliament are cheap andsensational. These are not the times for populism and cheap politics…We also plead with Nigerians not to see this most peculiar of times as one to be politicised or seen as an opportunity to regurgitate grudges against the government or the ruling All Progressives Congress (APC). North, South, East, and West – all Nigerians must unite to fight this plague, irrespective of religious or ideological affiliation,” he said.

Now, if this is the reasoning of the Nigerian presidency, we have a far greater calamity meandering into our open bodily parts than the coronavirus. So it is sensational, it is politics and it is divisive to have a man who volunteered to preside over Nigeria address his people? It is sensationalism for him to tell Nigerians who are united in their resolve to banish the coronavirus pestilence from their borders that there is no cause for alarm? Of all those members of the Presidential Coordination Committee that is chaired by the secretary to the government of the federation (SGF), which of them did Nigerians elect who can effectively gauge their sorrow and apprehension? More importantly, is it rocket science for a president to address his people? 

This absolute flight of discretion, apparently borne out of the need to shawl Buhari from a public interface with his failings, suspected to be associated with a cognition challenge and disorders associated with this, have made Buhari and his minders to fester in their self-righteousness. It is getting to the level of an absurdity of Albert Camus’ hue. In their rationalisation and legitimisation of the absurdities of the Buhari presidency, the Villa is unwittingly confronting Nigerians with a Buhari whose rule bears a striking resemblance to the absurdity that the Greek myth of Sisyphus connotes. Camus, in his philosophy of the absurd, espoused these absurdities too. Sisyphus, so says the myth, pushes the rock up to the mountain top and immediately he gets to the top, rolls the rock back down the valley, till the end of life. Aso Rock keeps rolling to and fro the Buhari boulder to the top of the mountain and down the valley, hoping this will shroud the reality of his challenges from the public. Why is Aso Rock pushing Nigerians to their limit like this? Is it such an impossible task to tell Nigerians that Buhari suffers from some disability, which will make his cognition of the process of talking to Nigerians difficult? And does the Villa think Nigerians don’t know already?

   

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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. The Missing Middle  This is the Missing Middle of Infrastructure Finance: the institutional architecture that sits between capital that wants to move and infrastructure that needs building, and whose incompleteness explains far more of the global infrastructure gap than any shortfall in committed funds. It consists of project preparation facilities able to fund feasibility and structuring work before commercial viability has been proven. Transaction advisers capable of building deals that satisfy development mandates and commercial return thresholds at once, rather than treating the two as separate constituencies to be managed sequentially. Risk-sharing and guarantee instruments that convert political, regulatory and currency risk into something a commercial balance sheet can underwrite. Aggregation platforms that bundle smaller, individually sub-scale projects into portfolios large enough to justify institutional transaction costs. Standardised documentation that reduces the bespoke legal cost of every new deal. And coordination across ministries, regulators and financiers robust enough that a technically sound project does not die in bureaucratic sequencing after the money has already been found. 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. The Global Comparison  Mature markets solved this problem gradually and mostly invisibly, through decades of institution-building that predates the current infrastructure conversation: specialist project finance units inside banks, standardised PPP frameworks, established regulatory playbooks, deep benches of transaction lawyers and engineers who move between deals rather than between one-off assignments. Emerging and frontier markets are not being asked to meet a lower standard. They are being asked to meet the same standard without having built the same machinery, and then being told, when deals fail to close, that the problem is insufficient funding….
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