PersonalityPerspective

Unveiling the New NGF Chairman: AbdulRahman AbdulRazaq of Kwara State

4 Mins read

 

By Rafiu Ajakaye

AbdulRahman AbdulRazaq, Governor of Kwara State and new chairman of the Nigeria Governors’ Forum (NGF), looks many ways like the iconic US President Harry Truman: strategic, humble, foresighted and exceptionally deeper than his critics may admit, and not flippant or garrulous by any stretch. He is a man of consensus who believes in the unity of Nigeria and its people.

AbdulRazaq has maintained a fairly low media profile that many say is at variance with his vast network of friends and protégés within the elite circle of Nigeria, a huge popularity among Kwarans at home and in diaspora anchored on the successes of his first term across many sectors, and his pedigree as the scion of one of Nigeria’s earliest and most decorated lawyers of all time: the late AGF Abdulrazaq, SAN, life bencher, and first lawyer in northern Nigeria.

His phenomenal listening skills, sense of history, willingness to emulate great strides from anywhere and anyone, and in-depth appreciation of the core issues of governance make him a man to watch as he leads his colleagues. His greatest strength is his calculated silence and measured speech in time of tension.

Opinions among politically neutral Kwarans are that his success at the poll matched his performance over the last four years. The outstanding performance of his party at the polls is one of the best by any APC state — a triumph that proved wrong many bookmakers who had predicted that the pre-election struggles within the state APC was going to consume him. Reverse was the case: three in every five Kwarans who voted APC did so because of him.

AbdulRazaq comes to the job with impressive records as a Governor. He has breathed life to the state’s basic education, which had collapsed when he assumed office in 2019. He revived public water. The state’s healthcare system has improved under his watch, with Kwara posting some of the best indices in the sector while acknowledging the huge gaps that still exist. Last week, Kwara emerged the best state in primary healthcare delivery in the entire North Central, beating Abuja to the crown.

He has not only appointed the highest number of women to cabinet positions but has also gone ahead to make gender parity a state policy. He was the first Governor to make such a policy in Nigeria. His love for youth inclusion in government is anchored on his data-driven position that Africa has the youngest population in the world, and it is a disservice to not have them at the decision table. His background as a big private sector player has helped to chart a new course for small-scale businesses in Kwara State while building a new political culture around self-reliance and responsible leadership.

If he holds an opinion on an issue, it is mostly guided by history, a need for moderation, and a patriotic duty to preserve the interest of the underserved or the silent majority.

Asiwaju Bola Tinubu is positioned to resolve many national questions — a duty especially thrust upon him by his antecedents as a federalist, resource control activist, and a pragmatic political figure who must now unite the fractured country. He will need the Governors who are themselves political leaders of their various states to push through such agenda for national acceptance as States wield many powers based on our constitution. He will be working with an NGF whose leadership is an ally who belongs to his party and actively worked for Tinubu’s emergence and shares his views and passion on many issues of national development.

The President-elect can count on AbdulRazaq, himself a smooth political operator, to mobilise his colleagues for a national consensus to tackle myriad of issues, including the challenges of youth bulge and unemployment, expansion of the middle class, herders-farmers’ conundrum and food security, climate change and renewable energy, gender parity, among others.

The Governor is well-versed in the SDGs, which is expected to get better attention and funding under the Tinubu presidency if Nigeria wants to make appreciable progress in human capital development by 2030.

He is rated very high in rural development as a Governor, with several road and other developmental projects in the Kwara hinterlands and improved social mobility across different demographies. That is a major reason for his smooth re-election in the last election.

AbdulRazaq has come under the radar since words got out that his peers were increasingly looking towards him for the NGF seat. He understands the burden of leadership and history this places on him as far as his native Kwara is concerned. If history is a guide, the Governor has a record of attracting development to the state: the $59m AfDB agroprocessing zone, one of the few so far approved for the country, the UBEC smart school, the recently approved $7m diagnostic centre to be sited in Kwara, and the multibillion naira 284-kilometre tax credit road projects approved for BUA in Kwara, among others.

The NGF, an amalgam of equals, has been established for the purpose of rallying resources and political stakeholders for national development, good governance, and effective peer learning among the Governors and related bodies within and outside of Nigeria. It recorded successes, including sustained partnerships with development partners in the areas of healthcare delivery and smoothening relationships between the national and subnational governments.

AbdulRazaq’s leadership of the club is certain to up the ante, given his record of achievements in the healthcare and education sectors, and gender mainstreaming — three thematic areas where he had credited his optimism and feats on collaboration with the development partners.

Ajakaye is Chief Press Secretary to the Governor

 

   

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

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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