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Christmas in the Southeast 

5 Mins read

By IfeanyiChukwu Afuba
For much of the world  – ancient and modern – Christmas is at once a season and a mood with distinct flavour. God’s manifestation as man is a once – and – for – all phenomenon that will not happen again. By his eternal kingship, the birth of Christ  was a universal milestone. It stands out as the only prophetic ministry, kingship, divine mission, foretold centuries before fulfillment. Drawn by power of the supernatural events, the three wise men  from East tore through mountains and desert to Bethlehem in homage to the child – king; in an epic trip captured pungently by T. S. Eliot in the poem, “Journey of the Magi.” The light of Christmas transcends. A deliberate  adjustment in date of commemoration by the apostles sent the reigning sungod feast at the time into oblivion.
And the aura of the incarnation continues to resound across time and space.
Especially for Christendom, Christmas ushers in the joy and hope of human salvation. The mission of man’s redemption which climaxes with the Easter Resurrection, begins at Christmas. Thus, Christmas unfolds beautifully like morning flower, radiant, colourful, sweet – smelling. It is a reminder of the oneness, of a common heritage as God’s people and therefore, members of the same society. This sense of community, gives the commemoration a publicness, drawing  non – Christians into the celebration. Bhuddists are known to join in the festivities.
Christmas in this part of the world comes at a time of the hazy, harmattan weather.  It’s windy, whistling air has a rustling effect on the body. The cool climate be soul – stirring too. An epicure said the weather is clement for guzzling beer. But, the weather is only one side of the season’s trend in Nigeria, more specifically, southeast Nigeria. It would be no more than the wrapping in which the sumptuous food  is served.
At the turn of Advent in the Church’s liturgical calendar, a certain mystical appeal begins to unravel. The scent of the season hangs in the air. The faithful are called to a retreat of preparation for the
Nativity. Emphasis is on repentance, on acquiring the right disposition for the wonder of God’s revelation. Ironically, the foremost aspect of spiritual renewal is relegated to the bottom of Christmas consciousness. The charm that many find in the season consists mainly of the extended feasting and holidays. In a sense, the celebration assumes more importance than the event itself. Preparations for Christmas take on an all – consuming force that literally put every other thing on hold. The race to make it, to have everything ready  before Christmas, cuts across age and gender. It’s a compulsive time to hustle. Mass movement is not only about benefitting from the spending spree. Traveling to one’s native town for the festivities is a given for many. It’s a prized opportunity to reconnect with the home front, enjoy the warmth of reunions and play a part in charting efforts. In the mix of it all, there’s surge in prices of goods and services. And the poor, whose expectations and appetite had been raised with tunes of “Jingle Bell”, “Silent Night”, “Mary’s Born Child” etc end up experiencing higher level of shortages.
It’s almost sixty years from the timeline of Chinua Achebe’s 1968 poem “Christmas in Biafra”. The social condition of 1968 was the collective siege, hunger and displacement.  Everyone, including those on the other side were part of J.P. Clark’s “Casualties” of the war. Christmas in Biafra was a round walk from nostalgia to dreams. Today, the danger of insecurity lurks at every corner of Nigeria. In the southeast, the violence of kidnapping, cultism, robbery and touts, puts the population at general risk. Feeling of insecurity led to the holding of traditional marriage rites in “foreign” towns considered relatively safer, a practice alien to Igbo customs. For the same reason, some in the Diaspora and some in other parts of the country will not be coming home this December. It’s acknowledged that each state in the southeast has local, security formations in place. The big question however, is on the common framework for collaboratively tackling the threat in the region. Where is the synergy toward intelligence – driven, technology – based, security operations? Governors of the southeast states ought to appreciate better than anyone else that a robust security network is a solid incentive for investment and economic growth.
Governments exist to serve the people. Considering the subscription of the population to Christian civilisation,  a meeting point by government and society at this juncture is desireable.  Attending to the welfare of the people has no time boundary or lapse and would assume emphasis under certain conditions. A period of special significance such as Christmas is one which the government should be associated with. Progressive governments are ever mindful of the social conditions of the people as well as their responsibility towards improving living standards. The naira’s continued loss of purchasing power has left majority of Nigerians in poverty straits. Worse, many a privileged Nigerian seize every opportunity to corner the commonwealth for themselves. We just learnt about a corrupt public officer who spends $5m a year to sponsor his children’s education abroad. The sum, Mr Peter Obi tells us, could educate 600 pupils and pay the salary of 450 teachers a year. Studies by international bodies show that road construction costs in Nigeria are about the highest in Africa. Can the narrative of bad governance be changed? It can, even if it has to start with small gestures of concern and care.
Christmas empowerment could be one such reaching out. In the past, it was mainly a case of governments giving workers a ten kg of rice and a bottle of vegetable oil. Sometimes, it came in the equivalent of cash. How did the states fare this year? Reports offer a varied picture. Enugu State announced the offer of free transportation from Lagos and Abuja for citizens of the State. Workers in Imo and Abia States were awarded the thirteenth month by their Governors. Ebonyi State Governor Francis Nwifuru reportedly declared one hundred and fifty thousand naira grant for each member of the state workforce. Ebonyi State government further disbursed N254m to 5008 widows and elderly. Anambra State’s package was not available at the time of writing but Governor Charles Soludo in 2024 approved fifteen thousand naira bonus to employees of the government. The benefits afforded by Ebonyi, Abia and Imo state governments are notable. They should be commended. Ebonyi State stands out as the highest giver. She also takes the lead for extending the Christmas goodwill beyond the workers’ line.
The progress achieved on the Ebonyi front encourages us that state welfare intervention is practicable. The envisioned programme is a support scheme that targets several  groups. Adding students to the Ebonyi template which includes widows, workers and the elderly, would be a good take – off point. Students in higher institutions today go through a lot of stress, not least, financial. If bursary award was deemed worthwhile decades ago when higher education was a walk in the park, why is educational palliative not necessary today? The plea of insufficient funds does not absolve government from social responsibility. Performance is as much a matter of funding as it is of priority and will. It should be borne in mind that Nigerians do not experience government subsidies on basic needs as enjoyed by citizens in many countries. Advocacy for state social protection in Nigeria is therefore not utopian. Societal mission advises that this pacification of vulnerable groups fits into the Christmas theme.

   

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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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