DIGITAL DIALOGUES A NATIONAL CONVERSATION: MAPPING NIGERIA’S RESPONSE TO COVID-19
POST-EVENT REPORT
THE BOLD ONES: NIGERIAN COMPANIES REINVENTING FOR THE NEW NORMAL
SPECIAL SUPPLEMENT
JULY 2020 AGRIBUSINESS FINANCE MARKETS
NIRSAL exists to create a handshake between the Agricultural Value Chain and the Financial Sector in order to boost productivity, food security and the profitability of agribusiness in Nigeria.
At the heart of our strategy is the Credit Risk Guarantee (CRG) which enhances the flow of finance and investment into fixed Agricultural Value Chains by serving as a buffer that encourages investors to fund verified bankable projects.
Working with financial institutions, farmer groups, mechanization service providers, logistics providers and other actors in the Value Chain, NIRSAL is changing Nigeria's agricultural landscape and delivering food security, financial inclusion, wealth creation and economic growth.
THE NIGERIA INCENTIVE-BASED RISK SHARING SYSTEM FOR AGRICULTURAL LENDING De-Risking Agriculture Facilitating Agribusiness
Office Address Lagos Office Plot 1581, Tigris Crescent CBN Building www.nirsal.com Maitama District Tinubu Square, Marina You u e Abuja, Nigeria Lagos, Nigeria @nirsalconnect
NIRSAL, a Central Bank of Nigeria corporation. DIGITAL DIALOGUES
A NATIONAL CONVERSATION: MAPPING NIGERIA’S RESPONSE TO COVID-19
POST-EVENT REPORT
THE BOLD ONES: NIGERIAN COMPANIES REINVENTING FOR THE NEW NORMAL
SPECIAL SUPPLEMENT Sponsors Moderators and Panelists
ZAINAB PROF. AKIN IBUKUN DR. OBIAGELI ALIYU DR. DOYIN OLISA ENGR. MANSUR PROF. PAUL CHIEF PHILIP MR. DAVE SHAMSUNA ABAYOMI AWOSIKA EZEKWESILI ABDULHAMEED SALAMI AGBAKOBA, AHMED COLLIER ASIODU, CFR, UDUANU, CFA AHMED Commissioner, Chairman, First Member, Advisory MD/CEO NISRAL Chairman, SAN, OON President, Professor of CON CEO, Sigma Honourable Ministry of Health, Bank of Nigeria Panel, Nigeria Economic Advisory Senior Partner, Manufacturers Economics & Former Minister of Pensions Limited Minister of Finance, Lagos State Limited Natural Resources Council Olisa Agbakogba Association of Public Policy, Petroleum Budget & National Charter. Legal Nigeria (MAN) Blavatnik School Planning Fmr Vice President, of Government, & World Bank, Africa Director of The Int’l Growth Centre
DR. REMI BASHORUN EFOSA OJOMO PROF. PROF. OFOVWE AIG- DR. KALU PROF. CHRISTIAN NDIDI PROF. KUNLE ADEKOYA J.K. RANDLE Co-Author, The MAURICE IWU SULEIMAN IMOUKHUEDE IDIKA KALU, HAPPI OKONKWO ABUBAKAR OYELANA Former Political Chairman, Prosperity Paradox, President, Bio ELIAS BOGORO Director, Africa CON, OFR Director, African NWUNELI, MFR SIDDIQUE Managing Director, & Global Prosperity Editor, Warsaw J.K. Randle Resources Executive Initiative for Former Minister of Center of Excellence Co-Founder, Sahel MOHAMMED GSK Lead, Clayton Business Journal International Development Secretary, TETFund Governance Finance for Genomics of Consulting Vice Chair, ANAP Christensen Institute and Conservation Infectious Diseases Foundation, for Distruptive Program (ACEGID), Redeemer’s Covid-19 Think Innovation University Tank
OWEN SUTURA AISHA PROF. DR. WIEBE DR. YEMI KALE DR. CHRISTOF BOYE MADIHA ERNEST PATRICK BOLA OMOGIAFO BELLO ABDULSALAM BOER Statistician- WALTER OLUSANYA AFZAL, PHD NDUKWE, OFR NWAKOGO ONADELE. President & Group PPP Component NASIDI CEO, AllOn General, National Co-Founder, Group COO, Flour David M. Chairman, Country Director KOKO Chief Executive Lead, UK Nigeria Provost of Health Bureau of Statistics Agramondis Mills of Nigeria plc Rubenstein Fellow, MTN Nigeria & CEO at Dale CEO, FMDQ Group Officer, Transcorp. Infrastructure Sciences, University Agricultural Foreign Policy Communications Carnegie Nigeria Advisory of Africa Consultancy The Brookings Plc. Facility(UKNIAF) Institution
EYO EKPO SIM SHAGAYA TEJU ABISOYE HIS DR. CHINNY FOLA LAOYE DR. TUNJI OTTO DR. ACHA LEKE AUSTIN AVURU ABBA GANA CEO, Excredite Founder, ULesson Acting Executive EXCELLENCY OGUNRO Founder & CEO, ADEGBESAN ORONDAAM Africa Chairman, CEO, Pioneer DMD of Consulting Ltd. Secretary LSETF PETER OBI CEO, WellSpring Health Markets Founder, Gidi Founder, McKinsey & Co. Seplat Petroleum NLNG Former Governor Health Africa Mobile Slum2School Devt. Co. Plc Anambra State
CHINWE TOLU OYEKAN ONYECHE DR. ALIYU UKINEBO DARE ADEBOLA SANI DANGOTE KOLA MASHA PROF. JIBRIN AMBASSADOR OMOTOLA EGWIM Boston Consulting TIFASE MODIBBO Managing Director WILLIAMS Vice President, CEO / Founder IBRAHIM YUSUF TUGGAR OYEBANJO Senior Economist, Group CEO, Siemens UMAR Edo Jobs CEO, RED For Dangote Group Babban Gona Senior Fellow, Nigeria’s Head, Corporate FBNQuest Nigeria Former Minister Africa Centre for Ambassador to Affairs & of the FCT Democracy & Germany Communications Development Africa, Upfield
MR EDWIN ADEFUNKE DR. SALAMATU HARUNA JALO- DR. LUCY S. DR. MASOOD ROLAKE KUNLE HENRY A. CHARLES ABAYOMI DEVAKUMAR ADEYEMI HUSSAINI WAZIRI NEWMAN, CPT AHMED AKINKUGBE- SONOLA ADIGUN ROBERTSON AWOBOKUN Group Executive Regional SULEIMAN CEO, Central Independent President, FILANI Head, Commercial Team Lead, Facility Global Chief CEO, Enyo Retail Director, Dangote Director, Africa, Former Minister of Securities Clearing Director/ Center for Global MD, EnergyInc Banking, Union for Oil Sector Economist, & Supply Industries Ltd. International State for Foreign System Governance & Development Advisors & Senior Bank Transformation in Renaissance Air Transport Affairs Performance Africa Advisor, IFU Nigeria Capital Association (IATA) Improvement Danish Investment Advisor Fund A National Conversation: Mapping Nigeria’s Response to COVID-19 (Post-Event Report)
Agenda
Welcome Address by Frank Aigbogun, Publisher, BusinessDay 11:00 - 11:09
PANEL 1 (Tuesday, June 16, 2020) SESSION TIME
Moderator: Dr. Chinny Ogunro, CEO, WellSpring Health COVID-19: How is Nigeria and 11:10 - 12:10 Africa’s trajectory different 1 Professor Akin Abayomi, Commissioner for Health, Lagos State Government from the rest of the world?
2 Mrs. Funke Adeyemi, Regional Director, Africa, International Air Transport Association (IATA)
3 Professor Christie Happi, Director African Center of Excellence for Genomics of Infectious Diseases (ACEGID), Redeemer’s University
4 Professor Maurice Iwu, Chairman, Bioresources Development and Conservation Program
5 Mrs. Fola Laoye, Founder & CEO, Health Markets Africa
6 Professor Abubakar Siddique Mohammed, Vice-Chair, ANAP Foundation COVID-19 Think Tank
7 Mr. Kunle Oyelana, Managing Director, GSK
Fire Side Chat with Mr. Bola Onadele. Koko, CEO FMDQ Group. 12:20 - 12:45 Title: Challenges, Opportunities & Outlook for the Nigerian Capital Market in the aftermath of COVID-19
PANEL 2 (Tuesday, June 16, 2020) SESSION TIME
Moderator: Dr. Olisa Agbakogba, OON, SAN, Senior Partner, Olisa Agbakogba Legal Governance and optimising 12:55 - 13:45 Nigeria’s response to COVID-19 1 Chief Philip Asiodu, CFR, CON, Former Minister of Petroleum Resources
2 Mrs. Ofovwe Aig-Imoukhuede, Director, Africa Initiative for Governance
3 Dr. Oby Ezekwesili, Advisory Panel Member, Nigerian Natural Resources Charter & Former Vice President, World Bank Africa's Division
4 Professor Jibrin Ibrahim, Senior Fellow, Centre for Democracy & Development
5 His Excellency, Peter Obi, Former Governor of Anambra State
6 Bashorun J.K. Randle, Chairman, JK Randle International
7 Ambassador Yusuf Tuggar, Nigeria's Ambassador to Germany
8 Dr. Aliyu Modibbo Umar - Former FCT Minister & Chairman, Rariya Media Services Limited
PANEL 3 (Tuesday, June 16, 2020) SESSION TIME
Moderator: Mr. Frank Aigbogun, Publisher, BusinessDay Mapping Nigeria’s fiscal 13:55 - 14:45 strategy and response 1 Mrs. Zainab Shamsuna Ahmed, Honourable Minister of Finance, Budget & National Planning
2 Engr. Mansur Ahmed, President, Manufacturers Asociation of Nigeria
3 Mrs. Ibukun Awosika, Chairman, First Bank of Nigeria Limited
4 Professor Paul Collier, Professor of Economics & Public Policy, Blavatnik School of Government, and Director of the International Growth Centre
5 Dr. Kalu Idika Kalu, Former Minister of Finance
PANEL 4 (Tuesday, June 16, 2020) SESSION TIME
Moderator: Dr. Ogho Okiti, Managing Director, BusinessDay Global Economic crisis: How 14:55 - 15:45 deep and protracted will the 1 Dr. Masood Ahmed, President, Centre for Global Development recession be?
2 Ms. Sutura Aisha Bello, PPP Component Lead, UK Nigeria Infrastructure Advisory Facility
3 Dr. Yemi Kale, Statistician General, National Bureau of Statistics
4 Dr. Acha Leke, Africa Chairman, McKinsey & Co
5 Mr. Charles Robertson, Global Chief Economist, Renaissance Capital
6 Dr. Doyin Salami, Chairman, Economic Advisory Council
6 A National Conversation: Mapping Nigeria’s Response to COVID-19 (Post-Event Report)
PANEL 5 (Wednesday, June 17, 2020) SESSION TIME
Moderator: Mr. Tolu Oyekan, Principal, Boston Consulting Group
1 Mr. Austin Avuru, CEO, Seplat Petroleum Development Company Plc Fueling Economic 11:05 - 11:55 Diversification: Reigniting 2 Mr. Abayomi Awobokun, CEO, Enyo Retail & Supply Nigeria’s Energy Sector
3 Dr. Wiebe Boer, CEO, AllOn
4 Mr. Eyo Ekpo, CEO, Excredite Consulting Limited
5 Mrs. Rolake Akinkugbe-Filani, Managing Director, EnergyInc Advisors
6 Mrs. Owen Omogiafor, President & Group CEO, Transcorp PLC
7 Mrs. Onyeche Tifase, CEO, Siemens Nigeria
8 Mr. Henry Adigun, Team Lead of the Facility for Oil Sector Transformation in Nigeria (FOSTER)
PANEL 6 (Wednesday, June 17, 2020) SESSION TIME
Moderator – Dr. Remi Adekoya, Former Political Editor, Warsaw Business Journal Nigeria’s Education System in 12:05 - 12:55 the era of virtual classrooms 1 Dr. Tunji Adegbesan, Founder, Gidi Mobile
2 Dr. Madiha Afzal, David M. Rubenstein Fellow, Foreign Policy, The Brookings Institution
3 Professor Suliman Elias Bogoro, Executive Secretary, TETFund
4 Mr. Patrick Nwakogo, Country Director & CEO, Dale Carnegie Nigeria
5 Mr. Otto Orondaam, Founder, Slum2School
6 Mr. Kunle Sonola, Executive Director, Commercial Banking, Union Bank Plc
7 Mr. Sim Shagaya, Founder, uLesson
PANEL 7 (Wednesday, June 17, 2020) SESSION TIME
Moderator: Dr. Christof Walter, Co-founder, Agramondis Agricultural Consulting Safeguarding the Nation: 13:05 - 13:55 Agricultural credit and 1 Mr. Aliyu Abdulhameed, Managing Director, NIRSAL PLC national food security in an economic downturn 2 Mr. Sani Dangote, Vice President, Dangote Group
3 Mr. Kola Masha, Managing Director, Babban Gona Nigeria
4 Mrs. Ndidi Okonkwo Nwuneli, MFR, Co-Founder, Sahel Consulting
5 Mr. Boye Olusanya, Chief Operating Officer, Flour Mills of Nigeria Plc
PANEL 8 (Wednesday, June 17, 2020) SESSION TIME
Moderator: Ms. Chinwe Egwim, Senior Economist, FBN Merchant Bank Investing in Nigeria’s Future 14:05 - 14:55
1 Ms. Teju Abisoye, Ag. Executive Secretary, Lagos State Employment Trust Fund
2 Mrs. Ukinebo Dare, Managing Director, Edo State Skills Development Agency (EdoJobs)
3 Dr. Lucy Newman, CPT, Independent Director / Governance & Performance Improvement Advisor
4 Dr. Efosa Ojomo, Harvard Business School
5 Mr. Haruna Jalo-Waziri, CEO, Central Securities Clearing System
6 Mr. Debola Williams, CEO, RED for Africa
PANEL 9 (Wednesday, June 17, 2020) SESSION TIME
Moderator: Mr. Frank Aigbogun, Publisher, BusinessDay Success Stories in Nigeria 15:05 - 15:55
1 Mr. Edwin Devakumar, Group Executive Director, Dangote Industries Limited
2 Alhaji Abba Gana, Pioneer Deputy Managing Director, Nigeria LNG Limited
3 Dr. Salamatu Hussaini Suleiman, Former Minister of State for Foreign Affairs
4 Professor Abdulsalam Nasidi, Provost of Health Services, University of Africa
5 Mr. Ernest Ndukwe, OFR, Chairman, MTN Nigeria Communications Plc
6 Mr. Dave Uduanu, CFA, CEO, Sigma Pensions
7
A National Conversation: Mapping Nigeria’s Response to COVID-19 (Post-Event Report)
Contents
Sponsors 4
Moderators and Panelists 5
Agenda 6
Part 1
A Natonal Conversation: Mapping Nigeria’s Response to Covid-19 (Post-Event Report) 11
Opening Speech 12
Highlights 13
Audience Engagement 23
Top 10 Business Risks for H2 2020 25
Managing Productivity and Talent during COVID-19 Pandemic and Upskilling for the Future 28
Part 2
The Bold Ones: Nigerian Companies Reinventing for the New Normal Special Supplement 32
FMDQ, Leading through Innovation in a Crisis 33
COVID-19: Employee Safety and Wellbeing in the New Normal by Hadiel 35
Maintaining Uninterrupted Uptime: How Rack Centre keeps Humming 36
How Eat’N’Go keeps the food chain unbroken 37
External turbulence but flight on course: How FBN Holdings is navigating the rough weather 38
Still delivering career growth choices through the cycle: How Jobberman.com is placing talent where its most needed 40
Enabling connections in the age of social distancing - How Pan African Towers built a resilient busi- ness in 2 years 42
9 + FREE 50CL COKE
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Part 1
A Natonal Conversation: Mapping Nigeria’s Response to Covid-19 Post-Event Report
11 A National Conversation: Mapping Nigeria’s Response to COVID-19 (Post-Event Report)
Opening Speech
he last few months have truly been Covid-19 pandemic in Nigeria and Africa, how it is ceeded with Ebola, the contributory pension scheme, the most unsettling and troubling for shaping and driving business, social and economic the liquefied natural gas project, the cement and the individuals, small and large businesses conditions in the countries, and what the future holds telecoms revolution that have helped to reposition the alike, as well as for nations. Nigeria is in terms of jobs, poverty, growth, inequality and of economy of Nigeria. Our hope is that our leaders can no exception. In the immediate days course Nigeria’s economic prosperity. be inspired to replicate these successes in other areas T where Nigeria continues to struggle today. and weeks after the sudden closure of economies Over the next two days, you will be hearing from an around the world, we have had some conversations array of thought leaders and policy makers during this I hope this will help you all in decisions about your to understand the nature of the shock from Covid-19 ground-breaking conversation around the manage- life and your business or investment and perhaps also and the pandemic that it has caused, how is was going ment of Covid-19 and its trajectories in Nigeria and about your future. to shape businesses both domestically and globally also how this is affecting the different sections of the and especially how Nigeria should respond. Those Nigerian economy. In addition, we recognise that the Finally before I handover to the moderator for the events were helpful in sharing the first set of ideas and impact is also dependent on the pre-Covid-19 condi- first panel today, permit me to thank our generous knowledge of the crisis and how it affects businesses tions, we have assembled speakers to provide histori- partners for this event. We thank most especially the and how Nigeria was responding. cal context to what we currently face in our country. Nigerian Incentive-Based Risk Sharing System for Agricultural Lending, (NIRSAL), the Central Securi- Although this is still unravelling, there is now one Today and tomorrow, you will thus hear how the ties Clearing System, First Bank Nigeria Holdings Plc, thing that is clear to all of us: while the pandemic is Nigerian government, its agencies and its people are Union Bank Plc, FMDQ Group, Hadiel, Jobberman, universal, the management of it has not been uniform responding to this most unprecedented, severe eco- Nigeria Natural Resource Charter and Upfield, for across nations and surely the outcomes have not been nomic crisis following Covid-19 and the constraints their support in staging these conversations. the same. Nonetheless, many countries share in the that they face in that response. devastating scale and severity of the economic and business disruption never once imagined or seen. It We will be focusing on the interception of governance is, therefore, a time to share a deeper knowledge of and economic development as well as celebrating Frank Aigbogun where we are in relation to the management of some of our successes as a nation and in this regard, we have a session devoted to examine how we suc- Publisher, Businessday media limited
12 A National Conversation: Mapping Nigeria’s Response to COVID-19 (Post-Event Report)
Highlights
Fireside Chat market? How can capital market sup- hemisphere. will look at the entire end-to-end of a port the SMEs?” passenger’s journey right from the data, temperature, and social distancing. Challenges, Opportunities The private sector should be interested and Outlook for the in what is in it for the sector. Nigerian Capital Markets in On the issue of economic diversifica- the aftermath of COVID-19. tion and capital flow, I am not sure we While the pandemic continues to dry are sincere enough about it. Leadership major sources of revenue to Nigeria, is very critical to the issue of diversifi- stakeholders believe that its capital cation. Our leaders need to be able to markets still have the potential to fund envision a Nigeria not dependent on the nation’s critical infrastructure, a crde oil for the next 40 years.If we are situation which the government must not careful, we are going to miss the admit. During this session, Mr. Bola opportunity again. Thanks to the CBN Onadele. Koko gave status update on for opening up the opportunity for the capital market and the key features private capital. Our ambition is to be that defines its future. He added that the leading private capital destination government finances alone cannot de- come 2024. Private companies must Fola Laoye liver all the infrastructure the country be able to unleash the entrepreneurial Founder and Chief Executive needs, such as in education, power, potential of the country.” Officer, Health Market Africa Prof Maurice M. Iwu housing, roads, etc. President, Bioresources Development Group Panel 1 Bola Onadele. Koko My own take is that the entire phar- CEO, FMDQ Group maceutical industry has to change. COVID-19: How is Nigeria We have to embrace the fact that we and Africa’s trajectory do not have to rely on others for our different from the rest of own medical need without in-country the world? synthesis of active ingredients. We are so vulnerable that even if we do all the This session set the stage for the eco- tests in the world and we do not have a nomic, political and social analysis that means of taking care of ourselves then followed over the two-day period of the we are very vulnerable. Luckily there is National conversation. inward thinking now that most people The panelists used their medical and have realized that we not only need to health background to provide updates test more but also develop compounds that are Nigerian. on where we are in the management Large private sector response is an of COVID-19 in Nigeria and Africa, opportunity for us to think of how to dealt with issues around the trajectory merge all our resources which we know of Nigeria and Africa’s numbers, and we have; not just in terms of capital, but provided understanding of the pecu- Capital market is the sector that can in terms of expertise and supply chains liarities in relation to pre COVID-19 deliver Nigeria out of the current chal- health care systems, while also attempt- When COVID came calling the private lenges. The capital market is very criti- ing to map the end of the pandemic in sector realised that we really need to cal at this point in the economy. Nigeria and Africa. have a joint resource with the govern- Let us look at what we have in place and ment and it was going to be important.. what we need to put in place, in terms Prof. Akin Abayomi of infrastructure. If you look at the box Lagos State Commissioner for Adefunke Aderemi of infrastructure, the people to drive Health Regional Director, Africa IATA the business, Nigeria has them - NSE, FMDQ, CSCS, FMDQ Clear. What we When managing a public health threat, Over the last three months, passenger need is the legal framework. Without we normally as government look at the travel reduced by 90 per cent and that the legal framework, we cannot attract tripod of biosecurity threat and that led to a loss of GDP for Africa of about the required capital. includes the public health crisis itself $28.5bn with 3.2 million jobs at risk. Kunle Oyelana which might take you into an economic Managing Director GSK We need to clearly define our philoso- crisis. And when you have both crises For Nigeria, this means a lot also; about One of the things that will enable the phy. We have erase any doubt as to what lined up side by side, then you have $7 million was lost and about 90,000 full reopening of all the economies our philosophy is. A simple alignment the third leg of the tripod which is jobs are at risk across the entire avia- will be the availability of vaccines. One of our philosophy, combined with the security breakdown in law and order. tion industry. The industry has been of the things we should do now is to right government regulation will help The job of the government is always to working to proactively see how we can promote and encourage collaboration us succeed, otherwise we will have to find a medium of stability among the mitigate the risk of a spread and at the between the global pharmaceutical struggle for long. three legs during a public health threat. same time trying to maintain compli- multinationals and local manufactur- Lagos is driving a heavy data-informed ance of both the government and pas- ers in terms of manufacturing that We need to ask the following questions: outbreak response which suggests that sengers travel. will encourage technology transfer “How do we begin to create the kind we have a slightly different profile from IATA has come up with a series of from global companies to local manu- of alignment between private sector the disease that we saw in the northern and government in relation to capital temporary biosecurity measures that facturers. This will further strengthen
13 A National Conversation: Mapping Nigeria’s Response to COVID-19 (Post-Event Report)
our drug supply system and of course This panel considered how governance, states, but look at the local government. quality of the public servant and lack our ability to prepare for the next the absence of it or its weak and inap- of accountability, but if you compare all pandemic. propriate structure have contributed to Our entire budget for five years in the the systems in place in the civil service Nigeria’s poor economic performance most critical two areas is not up to that – the training, performance system, and development, as well as how that of South Africa for one year. managing system, selection process, has exposed or made the country vul- Presently we have an engine fault; remuneration, all these are weak. nerable at the emergence of COVID changing the driver should not be – 19? We need to invest in them. If we do what should bother anybody unless not raise them to a level where they What reforms will allow States to grow you fix the engine. The country needs are empowered, effective, we may not and diminish their dependence on the to restructure. get the results that we are looking for. allocation of diminishing oil revenues? What structure will work and how does Bashorun J.K. Randle COVID–19 speed up that process, Chairman, JK Randle and what does this mean for future International federalism?
Dr Christie Happi Director, African Centre of Excellence for Genomics of Infectious Disease (AGEGID)
A lot of resilience has been shown by the pharmaceutical industry in the Dr Aliyu Modibbo Umar aspect of global response and manage- Chairman, Rariya Media Services ment of the crisis. One of the things that Limited happened to us basically in Nigeria is that the industry has ensured a robust There is a void; we must start by criti- In the old days, Zik, Awolowo, supply chain by prioritising actions to cally looking at the recruitment process Sardauna, even the Governor General deliver the management of COVID-19. into the public service. of Nigeria, were accessible. Unknown Chief Philip Asiodu, CFR, When I say that, I mean the whole to the present generation, there was a Specifically we are combining innova- CON telephone directory of everybody from tive technology to develop a COVID-19 Former Minister of Petroleum process of the civil services to reduce those divisions and dichotomy be- Governor General to Inspector Gen- vaccine which will enter clinical trials eral, Chief of Army Staff. They listed I see terrible degradation in the terms tween political authority and central in the second half of this year. I’m aware their address as well as their telephone of competence and in the willingness to bureaucracy. of quite a number of candidates in the numbers. I remember I sent a message work. Government can say what they developing research. to the Prime Minister that I would like like, plan very well but the destruction There is this disconnect between the to come and interview him for my col- The vaccines that we are working on of public service [started] in 1975 com- political authority and civil servant. lege magazine, and I got a reply within together with our partners, if the vac- pounded again in 1988, the so-called For example, people say there is no a week. cine is successful from the Research reforms, which was revised in 1993. It planning going on or we keep repeat- and Development (R&D) phase and of is so painful. ing it, but I say planning is going on every year, we are just not doing it in What we are now dealing with is not course subject to regulatory consider- just a crisis of monumental dimension The dramatic purge of public services the right process. ations, would be available in the second regarding the coronavirus and the brought the idea of making hay while half of 2021. It’s a huge endeavour and consequential destruction. We now the sun shines, while people were dis- probably to be the fastest timeline to Ofovwe Aig-Imoukhuede must contend with the process of shock missed indiscriminately. Director, Africa Initiative for get any vaccine available. and imminent second wave. We were Governance We must talk about how to improve caught unawares by the first outbreak people and how people can deliver in in March, some of the states, Lagos, the public services and agencies. quickly delivered the response. Even as we clamour for return to His Excellency, Peter Obi normal, reality has compelled us to former Governor of Anambra redefine new normal. For sure, things State will never be the same again. We are almost overwhelmed by glaring evi- dence that despite all the zeal and the and resources invested in convincing all and sundry that COVID-19 is real, a significant percentage are in denial.
This derives from long standing mis- trust, deep-seated resentment and out- right cynicism. Even when palliatives If there is no proper governance, plan- were being distributed by politicians ning, budget, rules, nothing would be during the pandemic, the response from the beneficiaries instead of grati- Panel 2 done, and you have seen the challenges that we Nigerians have faced. The is- tude and appreciation was to carry out a sue is that a lot of people have failed to double check among themselves. Elec- Governance and optimising tions are the only time the government You would just be in a situation where recognise is that we were able to be suc- Nigeria’s response and politicians remember they exist. you want to fly and you have ten planes, cessful in the past. Like Chief Asiodu As Mother Theresa pointed out, “The When compared to the period at one or two pilots and the rest are drivers has mentioned, the Nigerian public feeling of being unwanted is the most dependence, the Nigeria population they don’t know how to fly because they service was effective in the past after terrible poverty.” is more impoverished today. As we do not know what to do. independence up to 1980, what makes approach 60 years of independence, things different now? I think a key fac- We have a situation where the govern- Our leadership selection process must Nigeria has failed in the management tor is lack of investment in governance ment is not ready to slash down on its change, so we have capacity to change. of its vast oil resources and in people’s and public servants. recurrent expenditure, not ready to It cuts across the various strata of gov- participation in the country’s decision- compromise on capital expenditure; making process. ernment, federal government, if I use One of the panellists talked about the
14 A National Conversation: Mapping Nigeria’s Response to COVID-19 (Post-Event Report)
what we have is massive borrowing. Advisory Panel Member, is based on data advocacy to show that reforms that we needed to implement. When you borrow massively, two Nigerian Natural Resources we are not governing the way we are things are likely to happen: you have Charter & Former Vice President, supposed to govern because we are not Currently we are looking at how to foreign exchange issues and on top of World Bank Africa’s Division focussing on the right policies, building right-size the government by doing that, capital flight. In addition, you are the right institution, and we are not some alignment of some government going to deal with the disruption in investing in the right policies that will agencies and departments. We are able your economy. enable inclusive growth that will be to further deregulate the exchange rate beneficial to citizens. moving from the official rate of N305 to N360. We are also on the journey to merging to a single exchange rate. It is Panel 3 a process, we made a commitment and we are going to get there. Mapping Nigeria’s fiscal strategy and response Ibukun Awosika Chairman First Bank Plc As COVID-19 started to unravel, oil prices started to fall and at one point reached negative. This panel focused discussions on options and choices available to government in the face of Poor governance in Nigeria correlates dramatically dwindling revenue and to the country’s poor governance of even lower capacity to borrow. its natural resources. The poor gover- nance of the petroleum sector could be The Federal government had said it a proxy for the entity Nigeria and the would no longer provide subsidy for Prof Jibrin Ibrahim reason is not farfetched. the consumption of petroleum prod- Senior Fellow, Centre for ucts. Second, it has suggested it wants In the work of political economy of Democracy & Development to merge and scrap some agencies natural resources, we have seen that of government, reducing the cost of My sense is that it is not really a ques- the political class of economies with governance tion of a better governance model. It is natural resources tend to be fetish in In trying to protect foreign exchange a question of understanding the gover- turning the governance into a series of However, the last five years have dem- the country has continued to regulate nance system and seeing what results transactions that are built around that onstrated that the government is more the products that have access to foreign such governance systems produce. commodity. comfortable pursuing expansion of exchange in terms of getting the raw the State than providing the required Our constitution says the purpose of It is important to specify that until we materials that are required. A lot of incentives for the expansion of private governance is the security and welfare get good governance of the oil and businesses are dependent on daily cash investment in Nigeria. How is the gov- of the people. What COVID-19 does is gas sector, the natural resources, it is flows. Those that are big enough to have ernment responding and how should show you that there is no relationship impossible to have a political class that access to financing from financing in- it? Will subsidy return after COVID-19 between governance and the welfare will have good governance that we all stitutions, it is good to listen to minister if oil prices go up? This session is about and security of the people. crave for. of finance talk about all of the different the policies, the choices and the strat- plans they have to help provide capital Two states in this country, Kogi and The responsibility of government in egy available to the government for businesses at different levels, it Cross River, declared there is no CO- any country is to improve the quality shows that they recognise the problem VID-19 in their states because it makes of lives of the citizens. In natural re- and government is proactively trying to them look good. In both states the sources in which the system of gover- find a way to solve that. medical associations said we are getting nance is not well articulated what you patients with COVID-19 every day we tend to see is that there is a complete There is always so much focus on the should work out how to take care of compromise of the quality of lives of micros and small and there are many these patients. the citizens. businesses at that level that are subsis- tence businesses and you have small to I think when governance gets to the We have not done this yet because we medium who are the bigger businesses stage it has in Nigeria, you need to haven’t found a constitutional man- and real employers of labour and this is identify what is broken and what is date for ensuring that an arrangement where the jobs that we need to protect broken is simple and straightforward: enables a smoothening of expenditure exist. the accountability mechanism to the when the volatility of the pricing of citizens and those who exercise power natural resources comes upon us. But that is the group we think tradition- on their behalf. ally should be OK or they should be So constitutional provisions have to be able to get money from their banks. I When you look at 22 years old democ- made on how we govern the proceeds have the unusual opportunity of sitting racy, two key events were important: of oil so that we have it in a way that Zainab Ahmed on both sides of the table and in reality, the 2003 and 2007 elections when the it is not left to the capriciousness of a Minister of Finance, Budget and people tend to forget that banks are political class showed the Nigerians political class that has zero incentives National Planning not national institutions, they are not that we are not going to be in power of the proceeds of natural resources for government owned. They are business because you voted for us; we are going the betterment of the country. Where we are today is that as a nation institutions and the responsibility of to be in power because we have other we find ourselves just like everybody The last point for me is that the di- financial institutions is to make sure means of overriding you and exercis- in the world in a global health crisis they run efficiently and generate profit ing power. versification agenda has always been that has very quickly snowballed and a reciprocal one. Now why is it that for their shareholders and create value become a global economic crisis. for their stakeholders. This means they do not have any re- government after government has not sponsibility to the Nigerian system. So succeeded in doing this. It is because The pandemic has helped us to take a Banks are business and creating some if we have a better model theoretically, the citizens themselves have not created very critical look at our health infra- sort of support behind the scene is far once you don’t go back that essence a demand pressure to insist that there structure. It has helped us to fast track more interesting and helps to far more of what is the purpose of governance, is a quality of outcome below which key economic reforms which were too effectively reach more businesses. In what type of people are to exercise gov- citizens would not accept. difficult to do. For instance, because Egypt the government provided a ernance and what should above all be of the decline in crude oil prices it be- To that effect, when the government $5billion bank guarantee loan support content of that governance rather than came easy to pull out the fuel subsidy, for businesses. serving the welfare and security of the does not produce results, there are so we used this opportunity to exit the people of the country then we will be absolutely no consequences. fuel subsidy. It also gave us an oppor- The banks, traditionally, will always tunity to look very closely at the cost wasting our time. It goes back to the issue that with these work with the government and with of operations of the oil and gas sector kind of political class, you need to have the very strict tight regulator setting which is reported as the highest in the Dr. Oby Ezekwesili a very strong citizen engagement that the pace of how the banks are engaged world today. It helped us to look at the in the process of supporting the gov-
15 A National Conversation: Mapping Nigeria’s Response to COVID-19 (Post-Event Report)
ernment to achieve its objective. They of the manufacturing sector is anxiety. Aisha Bello So we are going to hit the peak later on still have the responsibility to ensure Anxiety because, we are in a situation PPP Component lead, UK and it is going to be higher, that is the that they do not go on a party in terms where we do not have all the answers, Nigeria Infrastructure Advisory implication. of giving out loans and then run up and cannot predict where we are Facility NPLs that are high. There needs to be heading. The pandemic is introducing So what does that mean for supply partnerships between the banks and new limitations. The feeling of anxiety chains, the reality is that the rest of the the government and to find the most among manufacturers is due to the lack world is starting to recover to a certain efficient way to use the resources avail- of direction in government policies and extent. able to the government, use the infra- plans. How will the government react? But the question is as we reopen our structure and resources of the banks as What would be the consequences of domestic economies, how much of the well to achieve the most we can in order this reaction on our industry and lives. international economy will be willing to reflect the economy of the country For example, one of our goals for vision to trade with us when we have not and help the businesses to remain so 2020 is to have a private and market- reached our peak yet and I think that we can preserve jobs, we can grow the driven oil sector but here we are today. is the challenge we are going to face economy and we can add the value that we want to create for our stakeholders. PANEL 4 Dr. Yemi Kale Statistician-General, National Prof Paul Collier Bureau of Statistics professor of Economics and Global economic crisis: Public Policy, Blavatnik School of How deep and protracted Since 2016, the Nigerian economy has Government, Oxford University will the recession be? Nigeria is in a very difficult financial been trying to recover from recession, position and ignoring the private sector but recovery has been slow. At the end of 2019, Nigeria recorded as a partner to provide infrastructural growth rate of 2.3%, the largest growth services will delay any recovery from rate since 2015, but lower than the any recession. It is important for the growth rate of the country’s population. government to try and work with the As we expect Q1 2020 growth data, private sector. They need to bring them this session looked at the two critical in both locally and internationally to questions– how deep and protracted be able to provide some of the infra- will the recession be? Will it be a V structures that we need in order for the shaped economic recovery, a U shaped economy to grow. It is ok to borrow, economy or an L shaped economic re- but if the borrowing is not going to covery. This session analysed Nigeria’s productive sectors, if it is going to the past recessions of 1987 and 2016 and recurrent expenditure, how do we pay provided an understanding of how this some of that money back? For a very may compare. long time, investors have had a very There is a chance to reset the national uncertain message when it comes to We were witnessing gradual improve- narrative. The fall in oil price is not PPPs in Nigeria. So it is very important ments in the economy right up to the going to recover anytime soon, I think for the country to have a post-COVID first quarter of 2020. A lot of people till three years we are looking at low clear pipeline of critical transformation will say the lockdown in Nigeria only global commodity prices and a pretty investable projects that investors can started at the beginning of the second uncertain environment. This time is clearly appreciate. The gap between quarter, and so there was no impact of different. It could be really dangerous the rich and the poor is going to get COVID-19 on the growth in the first banking on the proposition oil prices bigger in this pandemic. So what- quarter; but that is not exactly true going back to $70 This takes me to the ever infrastructure that you direct your because the Nigerian economy is still importance of resetting the narrative. stimulus for, if that infrastructure does tied to the global economy and many What is the narrative? It is the funda- not take into account people first, then countries that Nigeria depends on in- mental shift Nigeria needs, which is to the transformation you are looking for cluding China, India, US and some in move resources away from rent-seeking will not be as large as you want it to be Europe were already feeling the impact into production. Rent-seeking means of COVID-19, which also affected oil getting money from the government in Dr. Acha Leke demand and price. I have said several various ways. Any scale of productivity Africa Chairman, McKinsey & Co. times that even though oil has only 10% needs two things, which are connectiv- Charlie Robertson contribution to GDP, it has a huge effect ity and good electricity. And for years Global Chief Economist, on the Nigerian economy. Nigeria didn’t have connectivity in its Renaissance Capital transport system and never quite fixed We are already seeing the impact of its electricity. The difficulty of Nigeria in capturing COVID-19 on the Nigerian economy the rebound is firstly oil. Oil price over even when we had not registered any Now is the time for those two funda- the last 20 years averaged about $63 and cases at that time. So what we expect in mentals. we don’t think that it will get to $63 next the second quarter is the full-blown im- year. No one really knows. pact of COVID-19 arising from domes- tic factors and I am certain the quarter I have been researching on which coun- will show strong negative growth. As tries get it right in industrialization regards the question of a recession in Nigeria is getting there but has not hit the third quarter, it is likely to occur the 70 percent metric of adult literacy but will depend on a lot of things we which seems to be, for 200 years now, do between now and then. The Hon- the essential levels that you need before The challenge we have is that we had to start reopening our economics before ourable Minister of Finance, Budget you can be industrialized. Ghana has and National Planning in the previous three times electricity per person than we hit the peak. The reality is that we had to reopen our economics to be able session, stated plans by the government Nigeria, their adult literacy is nearly which if implemented quickly will help 80 percent more than Nigeria at 60-65 to preserve our livelihood. We were doing that before we hit the peak. So us avoid negative growth in the third percent. So the factories and foreign quarter. Even though it is unlikely, if investors are more likely to put their implications of that are that, it will take longer for us to hit the peak because we avoid negative growth in the third investment in Ghana than Nigeria. quarter then we would avoid a techni- Engr Ahmed Mansur more people are going out and they are The government needs to get education going to catch the disease. And we are cal recession, although I believe that President Manufacturers for the entire 2020, GDP growth will Association of Nigeria and electricity right and if it gets that already seeing the exponential update right, it will get the investment right. in S.A, Egypt and we are starting to see be negative. I think the first reaction from members it in Nigeria as well.
16 A National Conversation: Mapping Nigeria’s Response to COVID-19 (Post-Event Report)
Panel 5 Onyeche Tifase Abayomi Owobokun we are going, UNDP estimates that we CEO Siemens Nigeria CEO of Enyo Retail and Supply have a deficiency in energy infrastruc- ture and there would be a 50-year delay Fueling Economic COVID-19 has thrown a challenge at in universal energy access. Diversification: Reigniting everyone. Nigeria’s Energy Sector The financing gap implies that no single Let me start with pricing. At the start institution is capable of meeting it. This was an all-encompassing energy of the year, we have the government session, bringing together the dynamics through the [Petroleum Product Pric- I think one of the biggest impacts we of oil and gas (investments, production, ing Regulatory Agency] PPPRA drop are seeing with COVID-19 is the com- policies, prices, governance etc), pe- prices initially to N125 and later to a petition for credit globally. There is a troleum industry bill, and meeting the band of between N123.50 and N121. global push for a low carbon future, so energy needs of Nigerians. Discussions Those prices ought to be a reflection of most of the traditional global sources focused on how the domestic needs of what is happening on the international of finance are now turning their gaze the country in terms of the energy in- crude space. deliberately to transition fuels such as dustry supporting growth, be balanced gas, and renewables. Unfortunately, or fortunately, crude with the required investments and prices are now trending upwards. If The credit space for hydrocarbons, policy imperatives that drive exports, , The declining oil and gas price and the we don’t get the price regime right and for instance for Nigeria that is heavily reduces wastes, improves local content, global pandemic are evidently inter- educate the public, we may go from no dependent on hydrocarbon, has been and enables community participation. related. subsidy to subsidy. squeezed. We see increasing push from custom- There is a lot of narrative of full de- Once we start focusing on the domestic ers, who are frustrated with the state of regulation. One of the challenges is consumption market, we should also things and small businesses closing, as that the legal framework needs to be be encouraging domestic sources of a result of lack of electricity and this is clearer. There ought to be an enabling funding. directly linked into the fact that we have law to support that and the agencies a struggling oil and gas sector. Nigeria’s financial sector should have that support the regulated space must the opportunity to build the capital adapt to support a deregulated regime. Projects are being shifted while busi- base required for gas infrastructure. We nesses that are heavily dependent on There are attendant issues when you don’t have the financial depth and that the oil and sector are asking for mas- deregulate such as inflation, cost of is as a result of several factors. sive discounts and shifting projects logistics, and we must find a way to because of cost pressures arising from The capital size of Nigerian banks and manage all that. the pandemic. the ability to draw money from external sources have obviously been limited. What we are trying to do is to work with the government in a very inclusive I think that Nigeria needs to move to and collaborative way. Organisations single digit longer term funding and Austin Avuru should not just highlight the problems financing in local currency. CEO of Seplat Petroleum but must also come together to find the solution. It is unfortunate that our market is still Let me just give a few basic facts that playing catch up. For many of these have emerged from the pandemic The infrastructure needs must also be projects, you need to mix your currency crisis. linked with what the consumers, and sources. In order to plug that gap, we small and large businesses want; and need to develop and enhance the capac- Oil prices have crashed, and to shore be able to resolve the challenges of ity of our local capital market to fund up oil prices, there have been volume infrastructure gaps. this infrastructure. restrictions from the Organisation of Petroleum Exporting Countries Unfortunately, there is a power infra- This implies our pension system is (OPEC). So, there is a combination structure deficit, and we are at the peak The downstream employs 100,000 low potentially a good base for building a of volume restrictions and lower oil of 5.5 gigawatts of electricity a far cry paid workers right across the country, local capital market source of funding prices. This means lower revenue for from the minimum of 20 gigawatts therefore we must prepare the men and for long term infrastructure which is operators, lower revenue for the host needed to drive this economy forward. women in that sector. one key area we need to look at to plug country in terms of rent. The immedi- the huge energy infrastructure gap. ate impact is that the operators had to Public perception is that 60 gigawatts In all, our biggest concern is that the cut down on their capex. When you cut of electricity is required to thrive the government as both a participant and economy at this stage, However, for 200 regulator need to be more engaging Eyo Ekpo down on your capex, it means you are Excredite Consulting Limited terminating contracts. million people, you should be targeting with investors, the private sector, to about 200 gigawatts of electricity. prepare the industry for the expected I take our case for instance, we are go- changes. ing to be operating about four to five What we have today is an obsolete rigs, including about eighteen wells. infrastructure that needs to be re- habilitated. We have massive power Rolake Akinkugbe-Filan We have cut down that to seven wells. MD Energy Inc Advisor Hence, three to four rigs have been projects that are coming up and there let go and each of those rigs has 200 is a massive gap between transmission personnel on board and that is the and distribution in ensuring that the number of staff whose jobs are at risk. customers get the best of this. The entire multiplier effects will be job There is a poor payment culture from losses and lower revenue for companies consumers and we are also seeing mas- and countries. sive efforts from the government to This year, with the crisis at hand, oil and resolve these issues. Our collaboration gas revenue will be probably less than with the government on the Presiden- All that the pandemic has done is to 40 percent revenues. tial power initiative is a very strategic one in closing some gaps and filling up accelerate the crisis that is already com- That is telling us that the place of oil thriving opportunities. ing. Looking at the electricity sector, we and gas as a major revenue earner for have really been in crisis for the past the federal budget is slipping away and Ultimately, it is not just about resolving five years and we must deal with these the diversification that we have been the infrastructure gap, we also have a challenges. speaking of for decades now is upon massive capacity gap. We’ve seen that By 2030, we are looking at the $90 I think that the crisis rests on one sin- us. We have to seek other sources of those at the driving centre of some of billion dollars annually to close the gular factor, and it is the absence of a revenue to fund our budget. the projects are poorly trained and investment gap. That means also meet- market, a market that has quality assets skilled. ing them in Nigeria. At the current rate that you can invest in.
17 A National Conversation: Mapping Nigeria’s Response to COVID-19 (Post-Event Report)
Fundamentally, it is the crisis that the been postponed, and how children have One significant issue in education one root cause, we will keep going in cycles. electricity sector is having and that remained at home. Even in this situa- is funding. The sector needs 1 trillion crisis rests on three factors. tion, there is evidence of polarisation, naira every year. We have about 70 Data shows that Nigeria has the young- as most students in private primary million young individuals between the est population in the world and this First is the crisis of responsibility. Mar- and secondary schools in urban areas ages of 5 to 19. The funding money will population will continue to increase. ket participants don’t simply adhere attend online schools but their coun- not come from the federal and state Over 75 percent of people below 35 to the rules of the markets; we don’t terparts in public schools are left to government alone. The spend Nigeria years are in Nigeria. In the next 30 follow rules put out by the regulator their own fate. Then finally, the panel s currently incurring on education can- years, that number is going to increase for the market. assessed how COVID-19 will shape not achieve the desired result Nigerians with huge potential. Another one is governance, which the future of education and learning want. Government needs to find out the For Nigeria what I think is a great po- takes me to the quality of the regulatory in Nigeria. objectives of education to the youths, tential and resources that we can tap leadership that we have had in the last take a cursory look at the jobs and and maximise is our human resources four five years. Something is lacking livelihood issues, the 28 million youths and the only way we can achieve that which needs to be addressed on the who don’t have jobs, and the remaining is by delivering quality education to governance side. 100 million below who are on the way. young people. Then the government needs to begin The absence of a credible market is our to think of the type of education to In 2017 a new data was provided by challenge in the power sector. The true give, who it should be for, in addition UNESCO which put the number of electricity market is the one that gives to how well it is coming. This will help out- of- school children at 13.2 mil- us power regularly. us look at the curriculum and personal lion. Today we know that that number mastery. is not the same with the resultant effect of COVID-19. The north-eastern part of Nigeria have less that 7 percent achievement num- This number is going to increase be- bers and this is clear from the increase cause when schools resume, about in banditry, terrorism, kidnapping etc. 30 percent of learners will not return This effect is everywhere, and the edu- with the majority of them girls getting Prof. Suleiman Elias Bogoro Executive Secretary Tertiary cation crisis and job crisis are Nigeria’s pregnant and the boys feeling that the Education Trust Fund two biggest crises. If we don’t do some- relevance of education is no more excit- thing about them, it will be too bad. ing to these children. The figures of out-of-school children in Nigeria will be anything from 10 to The effects are obvious, if you look at Nigeria is filled with great potential, our 13 million. The disturbing part is that a performance numbers at the end of young people are very talented, but we particular geographical location in the high school nationwide and mark them need to get our government to take the country which is the northern part of on conflict zones in the country, it maps lead on this conversation. Nigeria accounts for about 90 percent 100 percent. Henry Ademola Adigun Patrick Nwakogo Facility for Oil Sector of these figures. Nigeria needs to improve education country director, CEO Dale Transformation (FOSTER) in terms of access and quality of the For any development expert, that is not Carnegie, Nigeria. teaching; we need to improve on what The Minister said this is the year of good. A country can only be produc- tive and have sustainable development the children are being taught and what gas. However, the year of gas has been students learn. on for years, with no tangible thing to that is impactful, when development show for it. is inclusive. It is sad that a significant . segment of our youths don’t have the We are an oil country with gas. The gas benefit of education. Otto Orandaam must be developed through a policy Founder, Slum2school framework. We have one approved by COVID-19 has challenged us to be the President three years ago. more innovative as many people are going for e-learning. For online train- Gas is what you develop through a ing and digital learning, using scenarios commercial process across the value in Tetfund, we are overwhelmingly chain, to ensure that they are properly delighted to fund infrastructure in priced without being over regulated tertiary institutions. We are addressing or under regulated and with the right the issue of bandwidth, basic hardware incentives. and software facilities; we are support- My organisation works with corporate ing training at various levels. organisations to help close skill gaps. From the experiences I have garnered Panel 6 Dr. Tunji Adegbesan over these years, it already tells me that Founder Gidimobile we have a problem with what the school Nigeria’s Education system is giving in terms of content. System in the era of virtual classrooms An average bank spends about three Each time we have conversations months to train the graduates before This panel focussed on assessing around prioritising education, it is they start their careers in the bank. Nigeria’s education system as seen very important that we address this not What they are training them for in- from three important specifics: (1) from the resultant effect, but from the cludes communication skills, critical Nigeria’s education from primary to root causes. thinking, analytical skills. It takes higher education has become increas- Why are we where we are and how can the bank three months to train these ingly polarised, along wealth, ethnic, we get ourselves out of this position? It graduates on things we believe should and religion. (2) Nigeria’s education, is very imperative that as a nation, edu- have been incorporated into the school especially higher education has failed cation is tied to a national vision. Why system. to keep up with the rest of the world are children in primary, secondary What is the whole essence of educa- in terms of quality, teaching, curricu- and universities going to school? And lum, and research. (3) COVID-19 also tion? There are three people are im- how will their education impact the pacted by education met the poor enrolment of children in The fundamental challenges in the edu- economy or the vision of the nation? schools, especially in the North, with cation section have not changed. The First is the individual. People go to over 13 million children estimated to be education sector has several issues in A lot of times, we have government, school with the hope and believe that out of school. The session also looked terms of institutions, teachers, learners, private and non for profit organisations there will be a bright future. So educa- at how the pandemic has disrupted environment and content. These issues working in silos, we are not putting tion should impact the individual. learning across all our institutions of are there, remain there and need to be resources together to achieve a very learning, how all examinations have tackled. clear impact, if we don’t address this Second is the company where these
18 A National Conversation: Mapping Nigeria’s Response to COVID-19 (Post-Event Report) individuals want to go and work. That and entrepreneurship, such that when officials or entrepreneurs, but it’s the This has been compounded by rising is for those who want to go after paid they graduate, they become problem willingness to apply the vision. unemployment due to labour losses employment and there should also be solvers and not job seekers. and reduction in remittances and the an expectation that if the company is Nigeria has to be able to try new experi- decline in purchasing power. Across the recruiting someone who is a graduate, On the part of graduates that want to ments in education that is much more country we are seeing food price hikes. there is an expectation of what such a take up corporate jobs, companies are efficient from an investment point of In some regions as low as 20 percent graduate should be able to do. still looking for talents with critical view. Some may fail as an experiment, and in others as high as 100 percent. thinking skills, communication skills. but one thing is sure that where the The third entity that is impacted by They are looking for analytical skills, country education spends right now We have also seen a shortage of raw education is the country. Therefore in graduates that can assess and analyse cannot take us to the future the country materials which has affected processors terms of what the content of educa- data. wants to achieve. with some either having to shut down tion should be from the context of the or reduce their operations. There has company, Nigeria should be looking at In summary these are some of the is- The coronavirus pandemic has forced been a slight delay in the start of the how the educational system helps build sues those building Nigeria’s education us into this experiment, I hope Nigeria planting season in parts of Nigeria and responsible citizenship behaviour. system should take a back seat and doesn’t waste the chance of this crisis. we have also seen a greater interest in assess. They must provide answers to I don’t think the country will because the utilisation of technology for pro- On the part of the individuals who companies employing graduates to already the market is saying the digital cessing food by the middle and upper work, a survey carried out by Dale know what the gaps that companies change is welcomed. income households. Carnegie shows that 80% of Nigerians see and how they can incorporate those are working where they are not pas- gaps into the educational system. Increased price sensitivity by con- sionate to be. You cannot give your best Panel 7 sumers and down trading and also a in a job you are not passionate about. So Sim Shagaya decline in purchase of nutritious food, part of what the school system there- Founder of uLesson Safeguarding the Nation: so, generally we’ve seen a rising level of fore should be doing is helping students Agricultural credit and hunger, malnutrition and social unrest through the process of self-discovery. national food security in an in the country. economic downturn Most times students are not passionate COVID-19 presents us with a wonder- about the courses they studied at the This panel aimed at answering the ful opportunity to re-imagine, retool university, so they get into the work- following questions; What is required and rebuild. It is painful, but we have to place where they lack passion for the to feed 200 million people daily? How create an ecosystem that is strong and work. On the part of the individual much of it is produced in the country? Nigeria has to commit to feeding itself therefore, I think the school system and the rest of Africa. should help them discover what their What is growth rate of food produc- passions are; build a sense of purpose tion in Nigeria? How has that growth I think if we collaborate, invest, and in those individuals. and expansion been met – through the rethink systemically about how to ad- use of more land or through increased dress this, we can achieve measurable In terms of content, some of the con- productivity? Is the investment in ag- impact. tents we have built in school like critical riculture appropriately applied? How and problem solving skills that is what Nigeria is basically operating an educa- can these investments be appropriately Sani Dangote the companies are looking for. tional system that was built in the 19th integrated? Should smallholder farmers Vice President, Dangote Group century for a 21st century economy. or big agriculture companies, focus on On the part of the individuals, the domestic consumption or for exports? school system should be helping them Our experience as a company over with initiative and entrepreneurship. the years has shown that the market What is missing in the agriculture I question an educational system that of learners is ready for new ways of value chains? How about storage? How you graduate after going through the learning. The pillar of our approach to about security of crops and properties? school system for 6 years primary, 6 learning is highly personalised. years secondary and 4 years university What other sectors outside agriculture and if nobody gives you a job, you can- The old industrial era way of learning affects the industry the most? What not create one. where everybody moves in clusters has COVID- 19 thought us about food clearly does work and it is not invest- security and how should we respond? It has become imperative given that ment efficient. A researcher noted that the jobs are not even there in Nigeria if you can get a child to learn in a per- Ndidi Okonkwo-Nwuneli, that the school system builds as part of sonalised manner, then performance MFR its curriculum, content initiative and goes up dramatically. It is called two Managing Partner, Sahel entrepreneurship. This will ensure that signal problems. Consulting The issue of food security is a fact of graduates can be solution providers and reality, which we have come to realise not job seekers. The rate, at which one student learns, as a problem we have not faced squarely is not the same rate at which others in Nigeria with this pandemic. This school system that we operate can learn. So this is one aspect we have now was largely formulated in 1893 by built into our product the U lesson such We have never been serious about fac- a committee of 10 in the US that built that if you don’t master the first stage, ing the issue of food security. We are people for manufacturing jobs and later you do not move onto the second stage 200 million people and when we talk in the 20th century, a little bit modified and so on. about food security it is not just about for the knowledge economy. what we have to consume but what we The education system Nigeria has built have in case of any crisis. Now we are in the innovation econ- right now basically means that every- omy where machines are taking over body moves in log steps and this in What are the main grains to be worked the jobs that our school systems are general is a world problem that is not on in terms of need, demand and sup- preparing people to do routine jobs. serving us. ply and in terms of reserve to sustain It is therefore important to note that the country in a crisis, more so at in terms of content, Nigeria needs to What we are seeing is that digital tech- Our ecosystem was already fragile affordable prices across low and high- realise that in the Covid-19 era where nology comprises smartphones, hyper before COVID-19 hit and we already income earners? everything is flattened, our graduates fast speed internet connectivity which had challenges around productivity, are no more competing with only is coming to Nigeria, faster processors, infrastructure, post-harvest losses etc. If you look at the whole cry about rice someone in Nigeria, but people from cheaper computing, all of these things What COVID-19 has done through the production, there is no statistic to show other countries. So the school system together are forcing us to rethink our partial and full lockdown restrictions in how much was produced last year, needs to start preparing students in the approach to education. movement, disruptions to supply chain previous years or even the coming year. area of entrepreneurship. What is our plan? What do we expect The current challenges in the education and trade as well as challenges trans- porting inputs to farmers and farmers the production to be, and from which A school system where critical thinking sector are not a matter of vision. It’s not transporting produce to markets, is sector to which sector, which part of the and problem solving skills becomes im- so much that the country lacks vision that it further weakened our ecosystem. country and which state. Also, if you perative, building people for initiative from the point of view of government look at what we have in the reserve for
19 A National Conversation: Mapping Nigeria’s Response to COVID-19 (Post-Event Report)
any of the main grains, especially rice, ment rates on the planet, about 0.7 African then you are talking about short-term horizon in planning mean- there is no data in terms of such. percent, while Nigeria is on track to SSA. We have to be doing advanced while given the contributions we have have a 25 percent unemployment rate. agriculture between the 21 century but to population growth, our human de- There is no proper statistic to show the incorporating the small holder farmers. velopment index, unemployment and smallholder farmers we are working How did Thailand do that? Beginning We have to work with the reality of the all the other things that come with it. with through different intervention in the early 1980s, they were able to rep- smallholders. We don’t even have a We need to plan longer term more col- programs with the CBN, what is the licate and scale models similar to Baban grain reserve, other countries are keep- laboratively and commit to delivering. plan there. We know the CBN has made Gona that dramatically improved the ing their food, nobody will sell food to funds available to smallholder farmers productivity and profitability of their you at any scale and even if they do, The other [issue] is in terms of work. to access, but it is not so coordinated farmers then layering on that, they where are the dollars, oil price is low? Gone are the days that people will sit between all the ministries. strategically devalued their currency back and say my organisation has a to enable their farmers be competitive The reality is there. This is a double career development plan, they want to If we look at the ministry of agriculture, on the global market so they could warning for all of us; we need to think plan my career and send me on train- what are they planning for the next year start to export significant volumes of outside the box. ing and all that. Now, the reality is that or for this year? What is the ministry commodities. employers might likely trim down on of water’s plan for the reservoirs and building capacity for their people. They the dams? The ministry of agriculture Panel 8 will only build capacity in areas where is completely disconnected from the it has to do with compliance, regulation ministry of water resources. Investing in Nigeria’s and also new technology acquired and We have over 230 dams in the coun- Future even then the tendency of an employer is to take the person that they will least try, how many of them are utilised for Nigeria has a large youth population agricultural purposes. The few in use invest in. What I tell people when I which signals vast potential for the coach and mentor is: invest in yourself, for irrigation less than 10 percent have future of the nation. However, optimis- farmers on their own drawing water take like 10 percent of your full income ing this potential requires deliberate and then replace it as your own life lines and using the water because it is human capital investment. This ses- not fully organised. learning budget and if you need to go sion looked at the required skills and on any capacity building training, take investments that must be made in the your leave when you return to present Boye Olusanya Nigerian youth to ensure a bright future your certificate. Group COO, Flour Mills of Once they were able to dominate the for tomorrow’s generation of leaders. Nigeria Plc export for commodities, they started For our country, we need to think to attract foreign investment in par- This panel also brought together young about investing in our people. It is a ticular from Japan to integrate into people who had exceled in various knowledge economy; hence we need to higher value agro-processing. As they sectors and are portraying Nigeria in a build capacity by ourselves. Do not wait built up one of the world’s largest positive light on the global scene. These for the system to give you capacity. Plan agro-processing industries, they were individuals represent a beacon of hope by yourself and invest in yourself. Find able to continue evolving into higher for the nation’s large youth demogra- where you can learn, network and you value manufacturing. Today, Thailand phy. Despite all the shortcomings of Ni- will be surprised where the opportunity produces 3 million cars a year, more geria as a nation, we can indeed begin will come from. In the meantime, give than the UK to change the narrative by deliberately your best to the country. And, do not investing in our youth and projecting forget to plough back. Go to the 17 SDG I feel fundamentally, that is the kind of the right role models. goals and see what you can do for the journey Nigeria needs to follow, and it country. is important to recognise it is a journey Discussants spoke about their indi- and we take it step by step and over vidual successes in the light of new There is the need for a structured and a period of 15 to 20 years we can see challenges and opportunities posed by developed ecosystem that supports dramatic transformations. COVID-19, with discussions cutting the entire agriculture value chain. across education and skills migration, One thing we need to note that has citizenship, governance, and civil so- Aliyu Abdulhameed ciety etc. happened with the country in the last Managing Director, NIRSAL few years and has come with the lack of structure and processes is there has been an increase in area under cultiva- tion but decrease in yield. That means we have been putting a lot of people to farm, but making them poorer which is the biggest disincentive for anyone HARUNA JALO-WAZIRI going into farming. CEO, Central Securities Clearing For farming to be viable, it has to be System on a commercial scale. However, it What actually makes education is the does not discount the fact that in Asian content, what is being taught either countries, many of which Nigeria looks in the classroom or outside you could to for models also used smallholder have a school with a big hostel, football farming to ramp up employment and In Nigeria, 60-70 percent of the labour Dr. Lucy Newman pitch but if you don’t have the basic develop agriculture. Independent Director/ force are involved in agriculture and necessity which is the curriculum and the small holder farmers account for Governance & Performance First step is giving support to small- Improvement Advisor who would pass the curriculum, you holder farming, but on its own requires 80 percent of the farming population. are still wasting your time. We need to an incentive for the farmer to be in it We have a population growth rate of If you look at the SDG there was an look at what others have done, focusing for the long term and invest not just in 2.6 percent per annum. assessment of Africa in 2019, sadly on what is important in building the capacity for delivering basic education. this year’s harvest but also for next year. You can see the mismatch there. With Nigeria had 45 on the list with a score Making him have a sense of ownership of 47.1 percent we did not even feature 200 million people to feed morning The statistics around Nigeria are hor- or belonging to the land. in the top. The sustainable development and night, the reality of the COVID-19 rible in terms of out of school children goals are a 15-year-old plan that started pandemic is that nobody will help us compared to the population and the in 2015 so we are like one- third out of Kola Masha out even if you have all the dollars in growth and the amount of the output that, meanwhile countries Mauritius CEO/Founder, Babban Gona the world. Even if you go to India to of what this system brings out which is got 66.2 percent, Ghana came 9th with import rice, they will say no thank you far below what is required for growth In 1980, Thailand and Nigeria had the 61.2 and South Africa came 10th with because they are protecting their own in an economy. same per capita GDP, today Thailand national security. 60.4. has a GDP four times that of Nigeria In many areas in Nigeria, it is usual The sovereign issue is that we have a and has one of the lowest unemploy- When you talk about the majority of to see children roaming or hawking
20 A National Conversation: Mapping Nigeria’s Response to COVID-19 (Post-Event Report)
around during the week and no one this is not the time to shy away from One of the ways we have used the me- makes sense but if the research is about asks what these children are doing out getting mentors from asking questions dia in the last 15 years is to use it as a publishing papers so we can present in of school. There is no one to enforce and from following people that you catalyst to motivate young people. We international conferences, that would that these children are in school. Typi- know can help you not just for your have used the media to demystify en- not take us far. cally, this responsibility lies with the business to survive but to endure you trepreneurship; we have used the media parents; but what is the level of their can grow it. to spotlight sectors that young people The purpose of education and research education to understand the need for ordinarily will not pay attention to like must be connected to an African education? Lastly, collaboration between the agriculture, manufacturing. We have problem or a local problem or a global private and public sector to solve the used the media to create and curate a problem that we are best suited to solve. The Internet has democratized knowl- unemployment situations. critical mass of young people. edge. It is a huge tool and it has really I think when we talk about brain drain, brought learning to the doorsteps of Talking about unemployment, the we do not think about the dollar gain. Ukinebo Dare When people leave their countries, they everyone. When we begin to look at Managing Director, Edo State media is important in demystifying leave for better opportunities. how we want to go forward on how Skills Development Agency sectors. It is also important for dissemi- the learning environment will look, we (EdoJobs) nating information and opportunities. Research has shown that a country cannot take the Internet away. For instance, many SMEs do not know leaving a low-income country is much how to access loans from BOI and the When we are writing policies or bring- more productive when they get to a CBN. The media is important for that higher income country and this leads ing out ideas on how to invest in our task youths, in terms of education and to a lot of remittances. knowledge, I think the key element or The Nigerian film industry is about $5 catalyst will be the Internet. The effort billion, the second largest in the world. should be targeted towards making In SA, for every 1 Rand invested in the the Internet land on the doorsteps of media, you get 4.9 jobs in return. One everyone. It has its own flaws but if used film production company in Nigeria appropriately, it is a good tool. can employ up to one hundred people. One series production company in Teju Abisoye, Nigeria can employ up to one thousand Ag. Executive Secretary, Lagos people. State Employment Trust Fund In Edo Jobs we work with young people and connect them to jobs. We are re- China has invested in technology mas- ally focused in five sectors which are sively. When I was growing up, China manufacturing, construction, ICT, was a country known for inferior and entertainment and agriculture. cheap products, but today, they are the When you look at China’s growth from ones building our quality roads because the poor country of imitation goods We had incidents of businesses that they invested in technology and human that we used to know them to be, the were completely cut-off from the on- resources. capital did not come from big banks in line market because they didn’t have western countries. The FDI began to the right skill, knowledge, or tools, so For me, I think that the media, the film, and the intellectual property space as come from Chinese nationals who had we solved that problem by setting up emigrated to other parts of the world. an innovation hub that not only has well needs a lot of policies as well that will help in protecting the intellectual As they began to send capital home co-working spaces, but also provide to build factories and new tows, they services to businesses across the state. property and help them improve on the work that they do in shaping the space. began to attract other capitals as well. In agriculture, we do a lot of work with COVID-19 is unprecedented to what What we recognise from COVID-19 is farmers in terms of aggregating their it has done to the world. But the one the need to protect employment more products and getting them to people challenge I will say is that if you are than even trying to create at this time, that can buy them at a good rate so doing things the same way you are so the first thing we are doing is to look they don’t have their produce spoilt or doing before, then You are not push- for resilient companies that we can keep farming products that buyers are ing enough. This is the time to really easily provide more funding to so they not interested in. We recently worked change the paradigm. Rethink what don’t lose the employment they have with the Ministry of Agriculture to ini- your role is in the economy and rethink created or so that people don’t lose their tiate the Edo Jobs Independent Farmer what the role of the private sector is jobs . We are also supporting women Initiative, so we had an Agripreneur and that of the public sector. For us entrepreneurship. We believe women Scheme that worked with larger farm- to achieve anything, we must begin to have the capacity to affect not just their ers, that is, those that had 5 hectares change the paradigm. own immediate environment but their and above. own community. One of the things we are doing is that I think 2020 is a year of dismantling PANEL 9 We are looking for businesses, as in we have the Edo production centre stereotypes and traditions for innova- startups that have ideas that need to where artisans work and we give them tion and progression. Every one of us Moving forward and scale up and need support in terms of access to power. This time around, we has the right to speak on gender parity, inspiration from the past: infrastructure, appraisal, so we provide are setting up a Skills Campus in the women, race and every issue. It is the Nigeria’s past success vouchers to those kinds of businesses so production centre. We are also part- year for collective actions. Africa has a stories they can be technology enabled because nering with NABTEB as well as with other agencies. youth bulge and people, especially the we understand the multiplier effect of This session provided a reminder that youth, should not sit on the sidelines. what technology can do. Nigeria recorded big and huge suc- The major thing is that for everybody, The citizen should not be a bystander. cesses in the past in relation to the this is going to be a trying time for all. The Internet has made us so powerful. At the beginning of this year we hosted attraction of investment, providing However, we should be resilient. We When you realise that 1 in every 4 Afri- a summit where we went with the Nige- policies and incentives for growth, are supporting a lot of SMEs by helping cans is below the age of 16, then Africa rian Governors Forum (NGF) to make and driving job creation. Examples them to get business so they can survive should not wait anymore. You need to sure that every state that was interested include, but not limited to the banking as many of them will not be able to pay start something; you need to innovate in participating and learning about our consolidation of 2005, telecoms sector their office rent. just start something because the best model was present and we had speakers liberalization in early 2000s, the Nigeria time to start is now. from different sectors and organiza- Liquefied Natural Gas (NLNG) project, Debola Williams tions locally and internationally. the establishment of the Nigerian Pen- CEO, Red Media Africa Efosa Ojomo, The right investment should be towards sions Commission (PENCOM) etc. The Clayton Christensen Institute for session also highlighted lessons from promoting innovations or making sure I think the media is key in shaping Disruptive Innovation the proper infrastructure is there to societies. It is key in driving narrative these successes and looked at how they support SMEs. For the SMEs, to survive and it is key in giving people a limitless If the research in schools is tackling could they be replicated in different now, they need advisory support hence sense of self. the problems in society, I think that sectors of the economy.
21 A National Conversation: Mapping Nigeria’s Response to COVID-19 (Post-Event Report)
Mr. Ernest Ndukwe, OFR into it. This means the private sector be questions about the consumers, Chairman, MTN Nigeria must support it completely. whether they will be exploited, but it Communications Plc is not so. Take the cement industry, for example; cement is cheaper today than it used to be twenty years ago. So if you bring in competition and people are forced to drive down their costs in order to maintain their market share. Then, they will compete on equal foot- ing as we have seen in the telecoms and cement industries.
So Nigeria needs to look inwardly and try to encourage competition so Alhaji Abba Gana that the consumer will benefit and the Pioneer Deputy Managing country will benefit as well. Director, Nigeria LNG Limited The coronavirus, quite frankly, has It is not about what we did right, but I must commend the previous speak- Mr. Dave Uduanu, CFA opened an avenue for us to reflect as a about what the government in power ers for their views that Nigeria needs CEO, Sigma Pensions Limited nation. We saw that when COVID-19 at that time did right. There were two to play her match with her first eleven. came everyone ran to his home, so even things. First, they had a decree that Also, when we decide to deregulate or the prevalent attitude of assuming that guaranteed certain privileges to the liberalise a sector, the idea is to attract one can only make it outside Nigeria investors, and those guarantees that private sector investment. So we must has been defeated by the response to were given were really strong incentives make sure to create the right policy COVID-19. We saw how countries shut for foreign partners to come to invest and regulatory environment for that down their borders and everyone has their money. to happen. I want to say right away returned to his or her country. Coun- The second thing was the fact that the that the telecom industry as we know tries also shut down their supplies of government in power then had the it today was founded completely with essential (food and medicine) to take political will to implement the project. private sector dollars, with the govern- care of their own. No one is going to ment playing the role of regulator and make Nigeria work except us, and General Abacha averaged something policymaker, and this is what I want to this end, the private sector should like $12 per barrel in four years but he to suggest as far as the power sector be willing to financially support the was able to give to the project $3 billion is concerned. I am interested in the Economic Sustainability Plan, in the On the power sector, I think one of in cash to fund the project and this is power sector because of how important same way it gave financial support in the things I have seen is players who not a decision many people can take. this sector is to the future prosperity of response to the pandemic. are not well capitalized and are there- this country. So first, the government fore over-leveraged. I think one of the These were the first two things that should empower the regulator and I would advise Nigerians in the dias- things regulators must do beyond the made the NLNG project possible. The shield it from political interference. pora to come back home. They have technical assessment is the commercial other thing is we started with a project Second, the regulatory body must be a big role to play. Throughout this assessment but more importantly to of 60:40 but we discovered that by staffed by competent people. discussion, people have said Nigeri- encourage players who are already in definition that would make NLNG a ans are experts in so many areas all the sector and are successful to come subsidiary of NNPC and foreign inves- Third, for the power industry, I believe over the world. If they come back and into the sector or back entrepreneurs tors wouldn’t like such a situation. we should remove the setting of pricing contribute to their motherland we can coming into the sector with capital by the government. In a deregulated imagine how much advancement we and then these entrepreneurs can raise Eventually, we had to change the gear- industry price subsidy can never work. can achieve as a nation. ing of the shareholding to make it non-debt capital. What has happened We have to allow market forces to de- in power is that operators are leveraged 51:49, we gave the foreigner investors We must also remove ethnicity and all termine the price because consumers both on the holding company level and 51 and NNPC 49. shades of discrimination. have the right to determine how much operator level and it is wrong. I think Abacha asked that foreign shareholders power they can afford to consume. having well-capitalized operators is bring their cash and combined with This means electricity must only be Mr. Edwin Devakumar very important and we have seen that our money, we put it all together in an billed from a meter and the estimated Group Executive Director, work in banking and pension. Dangote Industries Limited escrow account or glass box, so to say. billing regime should be completely eliminated. So the regulator’s job is to Another area I would like to speak on There was a financing agreement that ensure that all consumptions must be is on domestic investment and I think said if any shareholder wanted to pull metered. This would end estimated bill- we need to encourage our companies out of the project he could only take $1 ing which is sometimes used to defraud to achieve scale. We have a lot of frag- out of the box regardless of their contri- the consumers. mentation in some of these industries bution. So that kept the project intact. and when we have companies that Lastly, the role of the minister in this have achieved scale they can become Money itself doesn’t make a project; sector should be restricted to general national or regional champions like what makes a project is the team being policy enactment and also not getting Dangote in the Cement industry. If the put together to manage that project. So involved in operating the various enti- banking industry is doing it then our most of the projects in Nigeria fail be- ties in the sector because you cannot be pension industry also can. cause the wrong people are appointed regulator and operator as that causes to manage the project. confusion in any sector. It is important to encourage domestic The most important thing is to look investors and not just foreign investors When we constructed that NLNG proj- inwardly. In the past decades, all we Dr. Salamatu Hussaini where the focus usually is. ect, from the money we were given, we have seen is that any new government Suleiman saved $200 million because of how we that comes brings in foreign inves- The third area is concerning boards Former Minister of State for managed the project. I can tell for sure and corporate governance. One of the Foreign Affairs tors. In the last 30 years look at how that when we commenced, not even the much foreign investment has come in weaknesses I see in some sectors like foreign shareholders had confidence Unless and until we all come together and what sectors have been the most insurance is that the boards are not as that we could pull it off. and remove those vices that affect us attractive. Most of the investments strong as they should be and therefore as a country and look at ourselves as have been from local players. We need managements are allowed to “get away However, we were able to execute an exclusive country, it would be very people locally that can invest smartly with murder”. the projects because of the fact that difficult for us to move forward. I am and grow like the Dangote Group, so we there were three of us on the board of So I think what is needed is a good highly inspired by the Economic Sus- must encourage local investors because NLNG who had direct contact with combination of well-capitalized do- tainability Plan that came out of the if they do not have the confidence to general Abacha without going through mestic operators building businesses leadership of our vice president which invest, no foreign investor will come in. the ministry of petroleum or NNPC, on scale, and the need to encourage actually has a road map to take us to and we could get a decision out of him. companies to build strong boards. where we aspire to be, if everyone buys Number two, there will also always This propelled the project.
22 A National Conversation: Mapping Nigeria’s Response to COVID-19 (Post-Event Report)
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