OpinionPerspective

2023: The Other Side of the Story

5 Mins read

 

By abiodun KOMOLAFE

In most human societies, visible phenomena are oftentimes credited or associated with the causes of other events. Then, the analysis will take off from there. But, most often, there are other unknown forces or factors that are not easily discernible but are sometimes the real causes, or, responsible for a particular phenomenon. Take, for instance, what started as _#EndSARS_ focussed mainly on police brutality. Somewhere along the line, other unknown-but-important factors such as youth unemployment, hunger, frustrations, lack of opportunities, bad political leadership, economic hardship and subhuman standard of living contributed largely to what was surnamed _#EndSARS._ Unfortunately, ending (the) SARS has not removed the other problems!

SARS was removed and … given another name (which was merely a change in nomenclature) but, so far, it has not changed the societal living conditions. So, _#EndSARS_ was just like an arrowhead. At a glance, the given title of the protest did not portray the whole picture or capture the expressed anger of the people. It was after the decentralised social movement took off that other things, including youth restiveness, started showing up. So, the youths served as ready tools for venting the deep-seated frustrations; _#EndSARS_ only provided an avenue for the free deployment of their energy. Indeed, that’s why it took such a fatal form of expression. Unfortunately, the government took things for granted!

In the same light, prior to the Year 2023 general elections, insecurity had become an exasperating omen in Nigeria. Poverty seemed to be adamant, despite all attempts by the outgoing national government to address it. University students were frustrated and were even on strike for the better part of last year. Their lecturers were agitated and, as at the time of putting this piece together, their demands remained largely unaddressed. In all, President Muhammadu Buhari’s promises on assumption of office in 2015 seem not to have seen the light of day, eight years after. So, generally, Nigerians are frustrated!

Beyond question, all these and other issues are a thing to look for as the starting point for the incoming government. The Bola Tinubu-led government must sum up all these itemised issues with a view to addressing them because it is the minimum irreducible effort that can make Nigerians know that his government will be responsible and responsive. But to just come with the usual whimsical approach that won’t edify democracy or speak directly to what has led us to this sordid pass will not be pleasing to the masses. Therefore, Tinubu must show that he has the capacity to handle the situation better and differently. Doing otherwise will only amount to a journey back to ‘one chance’ government!

Let’s start with Nigeria’s current security situation. Let Tinubu’s government recruit more soldiers, proceed with their training and put them at strategic fighting positions. Let him also import help – munitions and allied military hardware – from abroad so that the country will begin to feel safe. Once that happens and people can see it, they will begin to appreciate the essence of a new era. Without doubt, it is an insult on our collective intelligence for criminal Fulani herdsmen to take their cattle to a man’s farm to eat up what he has all his life laboured for. They won’t even stop at that; they will kill the farmer and nothing will happen! The sadder side is that these herdsmen are not ashamed, because, to them, it is a way of life! So, Tinubu must look beyond RUGA as a method of rearing cattle. Until he does that, nothing is likely going to change!

There’s another major area which Tinubu must look into; and that is, freeing the states to think outside the box! For example, if it is possible for Osun to make camel rearing a profitable venture, let the state rear it to the extent that it can export same with a view to boosting its _Internally Generated Revenue_ (IGR). If Edo State can also think of generating solar energy that can power the entire country, let it go ahead and develop it. To put it succinctly, Tinubu’s government should work towards the states behaving like federal states, not just states that will always go to Abuja every month, cap-in-hand, to beg for alms in the garb of monthly allocations.

At a time like this, failure to notice and analyse the current trend in the judiciary a la Nigeria’s political firmament can only be likened to a monkey missing its branch. Though what the Bar and the Bench see and exploit as technical issues will never be known to a layman, some certain impressions are created which may not sit well with the ethics of the legal profession. Quite sad, too, that what we have in Nigeria, presently, is not teaching us tolerance or how to embrace the rule of law. So, it is either we improve on our electioneering processes or transform our legislative interventions.

A country without a vision goes nowhere! In other words, Nigeria will only develop if and when she has an executable Grand Plan for development. Therefore, the ingredients to bring a vision into fruition are what she needs! If Tinubu wants to move Nigeria towards Little London, let him work towards it until his last day in office. How he micromanages that aspect of his vision is left to him.

As Nigeria marches towards greatness, there’s a need for her to have a superior political will and target. For instance, immediately Lee Kuan Yew became conscious of Singapore’s sociocultural and multi-ethnic diversities, he came up with a policy, with education as its arrowhead. Needless to repeat that Yew’s policy has turned Singapore into a new bride globally. Back home, Lagos wouldn’t have become a dream destination for investors without the foresight of a man who gave the state a Marshall Plan. As fate would have it, that man is Nigeria’s next president!

Tinubu’s administration must also strive to strengthen the Rule of Law. The efficacy of the Rule of Law determines how safe a society is even as it enhances investors’ trust in any system. And this starts with the orientation of obedience to the rules and laws as simple as traffic laws. Yes, the nitty-gritty of business interactions is a high bar! When a foreigner observes that a man is in breach of traffic laws, what therefore gives the impression that such a defaulter will be a gentleman when it comes to contractual agreements? Basically, when people run away because of insecurity, oftentimes, it’s not just about the lack of physical safety, it also means they can’t have justice through the judicial process. People troop to Saudi Arabia today because the natives know their privileges and the foreigners know their limits. In the last 50 years, Dubai has practically striven to become what it is today. Since Nigeria also wants to develop, what stops her from learning from the above-mentioned countries, at least?

Lastly, if we can’t find people who can help transform our university system in Nigeria, why not go searching from other climes so that our universities can truly reflect capacity for the universality of knowledge? For God’s sake, why can’t the vice chancellors come from, say, California in the USA; even from among the Eskimos? With Nigeria’s present situation, getting the best for the university system should no longer be a product of nepotism! Let Tinubu change the terrible orientation for the better! This is the right time to utilize the right tools to get the right results. It is now or never!

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, Nigeria (ijebujesa@yahoo.co.uk; 08098614418 – 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).
Articles
Related posts
Cover StoryDevelopmentOpinion

Pedestrian Bridges: Rising Symbols of Renewed Hope in Abuja

2 Mins read
  By Ogefila Bayo Adewale Every morning, parents watch their children leave for school along Abuja highways, their hearts race each time…
Abuja FileDevelopmentEconomyEnergyFinanceInside LagosOpinionPerspective

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….
Abuja FileCover StoryOpinionPerspectivePolitics

Tinubu’s Reforms Deserve Continuity, Second Term Crucial — Onuigbo

4 Mins read
The President of Globe Legislators International, Rt. Hon. Sir Sam Onuigbo, has called on members and stakeholders of the All Progressives Congress…
Stay on the loop!

Subscribe to our latest news.

Leave a Reply

WP2Social Auto Publish Powered By : XYZScripts.com