OpinionPerspective

Nigeria and the Politics We Play!

5 Mins read

By abiodun KOMOLAFE

The founding fathers of politics in Nigeria came with some ideals girding them. To begin with, one would discover that almost all of them were lawyers while those who were not lawyers were people with discernible convictions. Also, political parties or organisations at the time were always with a sense of direction, to the extent that no two parties were the same in their aspirations and/or the philosophies they believed in. Without doubt, the whittling down of these qualities gave rise to the mumbo jumbo being witnessed, currently, in Nigeria’s political firmament. Unfortunately, Nigerians felt unperturbed.

Once upon a time, Nigeria was not used to having fraudulent people, especially, in her decision-making positions. But how come they have now become thorns in her flesh? Take for instance, when political hoodlums realized that they could help themselves through the instrumentality of terror and violence, they hijacked the process and created for themselves a vibrant specific political space with juicy benefits to boot. Unlike the First Republic where hoodlums were put into their positions according to the dictates of the social stratification and the ranking of social statuses, these days, the texture of our politics has become so frighteningly rough and evil-permeable that a gangster can nurse the governorship ambition of a Nigerian state. These are issues Nigeria’s political class ought to have addressed long ago. But they couldn’t! Well, it’s not that they didn’t understand how to go about resolving them. It is frustratingly annoying that they’re also products of the confusion. Hence the difficulty in speaking to them!

When Obafemi Awolowo was arrested and eventually sentenced to 10 years imprisonment with hard labour for treasonable felony, had Nigeria’s activists woken up to their calling and suppressed the trumped-up charges, Awolowo would not have been unjustly imprisoned. Of course, Nigeria would most certainly have escaped the mess into which she was eventually – and, conveniently, too – plunged. Awolowo went to jail and Nigerians went about their daily activities as if nothing had happened. As fate would have it, only the grace of Gowon saved the sage!

When Adisa Akinloye and _‘men of like minds’_ from the ruling _National Party of Nigeria_ (NPN) went on a spending jamboree in London, Awolowo was the first to warn Nigerians of the economic calamity waiting to happen. Again, Nigerians behaved as if they were untroubled. Instead of sitting up to salvage the situation with unrivalled dexterity, the then President Shehu Shagari-led government chose lampooning the ‘old man’ as a hobby. Regrettably too, Nigerians ignored the warning! Since the old man had no power; and, since the society was gullible, economic depression had its way! Not long after, _‘austerity measures’_ hit the country like a plague. Still, the society did nothing! Of course, that sounded the death knell for a government that was already on edge! Tantalizingly, _‘austerity measures’_ have kept expanding, in different sizes and colours.

When the Wole Soyinkas of this world founded the _Pirates Confraternity,_ there was a set academic standard which must be met before a prospective candidate would become initiated. That’s why conversations with any member of the Confraternity at the time were always laced with impressive delicacy and skill. Again, that was then! Gradually, the low-life popular culture of hooliganism took control and _‘Fadeyi Oloro’_ usurped the functions of the 70-year-old Confraternity!

When on February 1, 1971, Adekunle Ademuyiwa Adepeju was shot and killed at the _University of Ibadan_ (UI), the then General Yakubu Gowon’s regime was almost brought down because no calamity of that magnitude had ever befallen Nigeria’s university system before that time. To a typical Hausa man at the time, it was merely _‘nufin Allah ne’._ So, _‘life continues!’_ The Ibos simply thought that it was a Yoruba boy who was killed. Since the 23-year-old undergraduate was not from their tribe, _‘life’_ also _‘continues.’_ That’s not all! Half of the Yoruba population were not even as knowledgeable as to have understood that no Nigerian, let alone a university student, should be killed. But the elite shouted and Gowon was scared! Unfortunately however, after a time, some never-do-wells emboldened the Head of State. They advised Gowon to merely apologise to the nation, condole with Adepeju’s family on the loss, and assure them that government would look into it, which the junta did! But what has become of the Student Union Building named after the fallen hero? It is doubtful if students of this prestigious university still remember that a Kunle Adepeju was mowed by an unknown police officer in Nigeria.

Time it was in Nigeria when academic journals from Nigeria’s foremost universities were being accorded international recognition. Now, one even wonders whether Nigeria’s academics even have the time to sit down, think and write, let alone get them published in internal journals. The worst part of it is that lecturers are now promoted as professors, not based on their publications, what they do, or international recognition. No! It’s because they have been around for too long, marking time in the Departments; or belong to a cult; or something like that!

In 1972, the Nigerian Students Loans Board was established with the core mission of catering to the financial needs of Nigeria’s indigent students. At the end of the day, the rich and the elite hijacked it for their children while those for which it was originally intended were left gasping for breath. Unfortunately, those children who illegally benefitted from our commonweal have not even deemed it fit to give back to the society, which is one of the worse things. They are either in the UK, USA or Canada, making merry, thereby forgetting their humble beginnings. As such, the opportunity they had was never reproduced so that other people can have what they had.

Well, I have argued elsewhere that a tyrant is a tyrant to the extent that people believe the man is using the frontiers of his ambition and power given to him legitimately. That’s when a tyrant can be seen to be acting. But then, what is missing, centrally, is the control. The tragic truth is that, due to lack of control, those who hitherto had no business in politics came into it and impose their own values. The depth and impact of this tragedy can be felt from our mystifying and super-lifting an individual, simply because he spends a token of our commonwealth to build a substandard road for us, and commissions it with nearly the same amount of the cost of construction. What’s more? Every new and incoming government campaigns on the anvil of the most heinous crimes and dysfunctions of the incumbent government with a view to securing the votes of the masses. However, if one doesn’t have the understanding of the dynamics of power and how it relates to human beings, one is most likely to be offered a seat on the table of mammon in a way that’s likely to make one become a tyrant. And, as we know, when warped values become part of the majority, it becomes a problem.

May the Lamb of God, who takes away the sin of the world, grant us peace in Nigeria!

_*Komolafe wrote in from Ijebu-Jesa, Osun State (ijebujesa@yahoo.co.uk; 07097941459 – SMS only)_

   

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. 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. 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