Opinion

2021 Teachers’ Day: Setting legacies for the future

4 Mins read

If you’re going to live, leave a legacy. Make a mark on the world that can’t be erased – Maya Angelou (1928-2014), Poet and civil rights activist.

What you leave behind is not what is engraved in stone monuments, but what is woven into the lives of others – Pericles (495-429 BC), Greek Statesman.

Recovery from a breakdown, setback, illness, heartbreak or any form of life’s challenges may not come easy and quick because the building process takes time.

Education was one of those sectors badly affected by the COVID-19 occasioned lockdown in 2020. Apart from the academic calendar that was altered by the pandemic, the education sector experienced a setback that caused many students some delays before the introduction of online classes by some citadels of learning. Exams that could not be conducted virtually were put on hold until the relaxation of lockdowns. While observing the COVID-19 protocols, students have now come to the reality of the ‘new normal’ as they attend classes physically.

World Teachers’ Day is marked on the 5th of October every year. This year’s occasion of the World Teachers’ day anniversary themed, “Teachers at the heart of education recovery”, is timely and very crucial with the COVID-19 ‘new normal’.

Since the discovery of the deadly Coronavirus in 2019, mankind has been grappling with fear as the disease raged, ravaged and reduced the human population with many deaths it left in its wake. Despite the advent of the COVID-19 vaccine, man is still not immune from contracting the deadly disease leaving humanity in susceptibility and vulnerability to attack if the regular preventive measures are dumped and abandoned.

Undoubtedly, the world is still gradually returning to full operations and recovery from the damage caused by the pandemic. So that the education sector won’t collapse, teachers are the principal actors who are saddled with the responsibility of reviving and revitalising the sector for a total recovery from the various negative impacts COVID-19 brought on education.

In this COVID-19 era, teachers are at the centre in the continuous struggle to ensure that the education sector does not suffer further relapse despite the challenges posed by the pandemic. The teachers are daily confronted with the risk of easily contracting COVID-19 because they relate directly with their students. The teachers are not deterred by this as they empty themselves in order to nourish their students with life wisdom. In carrying out their duties, the teachers wear themselves out, all for the students. What a sacrifice!

Teachers’ day is an avenue that is not only meant to celebrate teachers but to also express their rights, responsibilities, teaching and learning conditions. Trained teachers, the world over, have a quality that no professional may exhibit; that quality is patience. They are patient professionals who do their job with total commitment bearing in mind that the student’s performance is a reflection of the teacher’s inputs and efforts. However, many of them are not motivated or encouraged to do so again despite their huge contribution to the development of every society. No nation succeeds without teachers because they are influential forces to be reckoned with in the development of any society. Teachers determine the future of every society because they plant seeds that germinate to be the next generation.

Teachers deserve to be glorified as the profession, these days, appears to be only for the poor or the last resort for job seekers. Teachers, whether in private or public schools, unarguably have a dog’s chance of survival amidst an army of starving lions in our society today if their salaries are anything to go by in comparison with what professionals in other fields earn as a monthly take-home. If the significance of teachers is valued, their welfare would be of high importance to the key stakeholders (government and parents) in education. This narrative must change in order to accord teachers the true honor they deserve.

Celebrities like artists, sportsmen, politicians and others appear to be more glorified than teachers in our society today resulting in a decline in respect for teachers. Motivations should be inviting and high in order to motivate them and other intending teachers. At this age, people tend to reward social achievements far more than academic performances. Accolades and huge rewards are allotted to shows which do not promote nor add up to intellectual improvements while educational shows or competitions come with peanuts as rewards.

A very good way to appreciate and acknowledge teachers, the knowledge icons, is to ensure that the legacies they set by way of teaching are sustained and subsequently passed on to generations to come. As they teach from time to time, the learners or rather, the beneficiaries must do well to prevent the death of the knowledge received when these iconic instructors bow out of the stage of life.

In order to make this day memorable for teachers, I urge every student currently in school to acknowledge them and show gratitude by offering their teachers gifts. Students can also send handwritten messages to them in appreciation of their meritorious impacts on them. School owners, administrators and principals will do well to also give awards to outstanding teachers. Parents are not exempted from rewarding these teachers, who, against all odds, commit their best to their profession in the COVID-19 era.

A few days ago, the Federal Government announced that Nigerian teachers will begin to enjoy an enhanced salary structure effective January 2022. It was also reported that some incentives would be included and that their service year to be extended from 35 to 40. This is a welcome development as it would spur teachers to do more. The future of Nigeria would be secured if the diligent and determined efforts of teachers are handsomely rewarded. Motivation comes when their areas of need are addressed and their welfare is well taken care of.

Special tributes should be paid to all teachers to acknowledge their unflinching contributions to education as part of activities lined up for the commemoration of the day. Teachers have been instrumental to whatever or whoever we all have become today, irrespective of our fields.

To all teachers out there; Happy Teachers’ Day!
Ojewale is of the public affairs and enlightenment department of LASTMA.

   

About author
Time Nigeria is a general interest Magazine with its headquarters in Abuja, the nation’s Capital.
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The Missing Middle of Infrastructure Finance: Why Capital Still Fails to Become Infrastructure

6 Mins read
  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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