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What Ak<strong>in</strong>wumi<br />

Ades<strong>in</strong>a told Buhari<br />

By Prisca Sam-Duru<br />

The state of the nation is gett<strong>in</strong>g more<br />

pathetic by the day, with so much<br />

hunger, <strong>in</strong>security, violence and high<br />

unemployment rate driv<strong>in</strong>g the country to<br />

the br<strong>in</strong>k.<br />

The speech by the President of the African<br />

Development Bank Group, Dr. Ak<strong>in</strong>wumi<br />

A. Ades<strong>in</strong>a, at the Mid-Term M<strong>in</strong>isterial<br />

Performance Review Retreat, comes as a<br />

panacea to Nigeria’s rec<strong>over</strong>y.<br />

Speak<strong>in</strong>g on the <strong>top</strong>ic, ‘Nigeria’s<br />

Economic Resurgence: Learn<strong>in</strong>g from the<br />

African Experience’, Dr Ades<strong>in</strong>a who was<br />

Guest Speaker at the retreat held October<br />

11, 2021, <strong>in</strong> Abuja, gifted the federal<br />

g<strong>over</strong>nment of Nigeria, a most loaded and<br />

padded speech; the content of which if<br />

implemented, will engender the country’s<br />

economic resurgence.<br />

Stat<strong>in</strong>g the fact that the corona virus<br />

“pandemic has caused so many deaths and<br />

upended global economic growth”, he noted<br />

that “due to COVID-19, Nigeria’s economic<br />

growth rate decl<strong>in</strong>ed to -1.8% <strong>in</strong> 2020. This<br />

mirrors the pattern across Africa, as the<br />

cont<strong>in</strong>ent posted a -2.1% growth rate <strong>in</strong> GDP,<br />

its lowest <strong>in</strong> two decades”.<br />

He however posited that the country’s<br />

rec<strong>over</strong>y, expected <strong>in</strong> 2022, “will depend on<br />

two critical issues: access to vacc<strong>in</strong>es and<br />

tackl<strong>in</strong>g debt issues”. He added that Nigeria<br />

must build quality health care systems that<br />

will protect its population, today and well<br />

<strong>in</strong>to the future, as well as world-class local<br />

pharmaceutical <strong>in</strong>dustries, able to<br />

effectively tackle the production of<br />

therapeutic drugs and vacc<strong>in</strong>es. “Nigeria<br />

must revamp its local pharmaceutical<br />

<strong>in</strong>dustry and launch strategic <strong>in</strong>vestments<br />

for local vacc<strong>in</strong>e manufactur<strong>in</strong>g. Africa<br />

should not be begg<strong>in</strong>g for vacc<strong>in</strong>es; Africa<br />

should be produc<strong>in</strong>g vacc<strong>in</strong>es.<br />

“The African Development Bank will<br />

<strong>in</strong>vest $3 billion <strong>in</strong> support of local<br />

pharmaceutical <strong>in</strong>dustries <strong>in</strong> Africa,<br />

<strong>in</strong>clud<strong>in</strong>g <strong>in</strong> Nigeria”.<br />

Ades<strong>in</strong>a also <strong>in</strong>sisted that “Nigeria must<br />

decisively tackle its debt challenges. The<br />

issue is not about debt-to-GDP ratio, as<br />

Nigeria’s debt-to-GDP ratio at 35% is still<br />

moderate. The big issue is how to service<br />

the debt and what that means for resources<br />

for domestic <strong>in</strong>vestments needed to spur<br />

faster economic growth. “The debt service<br />

to revenue ratio of Nigeria is high at<br />

73%.Th<strong>in</strong>gs will improve as oil prices<br />

rec<strong>over</strong>, but the situation has revealed the<br />

vulnerability of Nigeria’s economy. To have<br />

economic resurgence, we need to fix the<br />

structure of the economy and address some<br />

fundamentals”.<br />

Dr Ades<strong>in</strong>a advised g<strong>over</strong>nment to<br />

“significantly boost productivity and<br />

revenues from its non-oil sector, with<br />

appropriate fiscal and macroeconomic<br />

policies, especially flexible exchange rates<br />

that will enhance <strong>in</strong>ternational<br />

competitiveness”, add<strong>in</strong>g that “The private<br />

sector should be given <strong>in</strong>centives to <strong>in</strong>vest<br />

<strong>in</strong> <strong>in</strong>frastructure.<br />

”The Federal <strong>Gov</strong>ernment’s15 trillion<br />

Naira Infrastructure Fund is a good idea,<br />

so is the <strong>in</strong>itiative for tax credits for private<br />

sector <strong>in</strong>vestment <strong>in</strong> <strong>in</strong>frastructure. To be<br />

susta<strong>in</strong>able and more efficient, Public-<br />

Private Partnerships (PPPs) should be<br />

accelerated to f<strong>in</strong>ance major <strong>in</strong>frastructure<br />

across Nigeria”, he stated. Regard<strong>in</strong>g trade,<br />

<strong>in</strong>vestment, and competitiveness, he<br />

expla<strong>in</strong>ed that “The Africa Cont<strong>in</strong>ental Free<br />

Trade Area presents a major opportunity for<br />

Nigeria. Consumer and bus<strong>in</strong>ess<br />

expenditures <strong>in</strong> Africa are projected to rise<br />

to $6.7 trillion by 2030.<br />

“Significant support should be directed<br />

toward boost<strong>in</strong>g <strong>in</strong>dustrial manufactur<strong>in</strong>g<br />

capacities. Nigeria should also move<br />

rapidly to the <strong>top</strong> of selected value cha<strong>in</strong>s,<br />

such as automobiles, computers and<br />

electronics, textile and garments, and food<br />

manufactur<strong>in</strong>g, transport, and logistics”.<br />

Much, he noted <strong>in</strong> this regard, will depend<br />

on the ports of Nigeria. “Accord<strong>in</strong>g to the<br />

sector operators, the cost of export<strong>in</strong>g 100<br />

tons of cargo <strong>in</strong> Nigeria is $35,000,<br />

compared to $4,000 <strong>in</strong> Ghana. Today, the<br />

lead<strong>in</strong>g ports for West Africa are <strong>in</strong> Cote<br />

d’Ivoire, Ghana, Togo, and Ben<strong>in</strong> Republic.<br />

All these countries have modernized their<br />

port management systems, leav<strong>in</strong>g Nigeria<br />

far beh<strong>in</strong>d”.<br />

Nigeria, he said can “learn from<br />

Morocco’s world-class Tangier-Med port.<br />

•Ades<strong>in</strong>a<br />

The port is unique <strong>in</strong> that it is an <strong>in</strong>dustrial<br />

port complex, and a platform that has <strong>over</strong><br />

1,100 companies. They collectively exported<br />

<strong>over</strong> • 8 billion worth of goods <strong>in</strong> 2020".<br />

Shar<strong>in</strong>g his experience at the Tangier-<br />

Med Port, Dr Ades<strong>in</strong>a said, “I actually<br />

thought they were on vacation, as I did not<br />

see people; just mach<strong>in</strong>es, haulers,<br />

automated systems mov<strong>in</strong>g conta<strong>in</strong>ers <strong>in</strong><br />

what looked like a well-synchronized maze,<br />

with <strong>in</strong>credible efficiency. There were no<br />

kilometers of trucks wait<strong>in</strong>g to get to the<br />

port”.<br />

Suggest<strong>in</strong>g the adoption of the Morocco<br />

port model, he declared that “We should not<br />

be decongest<strong>in</strong>g the ports <strong>in</strong> Nigeria, we<br />

should be transform<strong>in</strong>g the ports. Nigeria<br />

should rapidly modernize and transform its<br />

ports. Ports are not there for revenue<br />

generation. They are for facilitat<strong>in</strong>g bus<strong>in</strong>ess<br />

and exports, and stimulat<strong>in</strong>g <strong>in</strong>dustrial<br />

manufactur<strong>in</strong>g, and competitiveness of local<br />

bus<strong>in</strong>esses and exports”.<br />

Another approach to Nigeria’s rec<strong>over</strong>y<br />

he recognized, is to boost food security,<br />

reduce the price of food, and ensure greater<br />

competitiveness of the agricultural sector.<br />

The ‘Growth Enhancement Scheme’ and the<br />

e-wallet system which he deployed while as<br />

M<strong>in</strong>ister of Agriculture <strong>in</strong> Nigeria, which<br />

led to fall <strong>in</strong> prices of food due to <strong>in</strong>crease <strong>in</strong><br />

production, he revealed, have been adopted<br />

<strong>in</strong> Togo, Liberia, and other African countries,<br />

“Yet <strong>in</strong> Nigeria where they were developed,<br />

they are no longer be<strong>in</strong>g implemented”. He<br />

po<strong>in</strong>ted out that lack of ra<strong>in</strong>, <strong>in</strong>security,<br />

middlemen, are not the major factors<br />

responsible for low food production but “the<br />

ma<strong>in</strong> reason is that farmers no longer have<br />

access to quality improved seeds, fertilizers,<br />

•Buhari<br />

and farm <strong>in</strong>puts at scale”.<br />

While jo<strong>in</strong><strong>in</strong>g farmers across the country<br />

to plead with the Federal <strong>Gov</strong>ernment to<br />

restore the popular Growth Enhancement<br />

Support Scheme and the e-Wallet system so<br />

as to put millions of farmers at the heart of<br />

agriculture at scale, Dr Ades<strong>in</strong>a said, “if this<br />

is done, and run well, I can assure you that<br />

you will see a dramatic turnaround <strong>in</strong><br />

national food production”.<br />

He further called on g<strong>over</strong>nment to take<br />

“bold policy measures to drive the structural<br />

transformation of agriculture, with<br />

<strong>in</strong>frastructure and spatial economic<br />

policies”.<br />

”The key for this is the development of<br />

Special Agro-<strong>in</strong>dustrial Process<strong>in</strong>g Zones<br />

(SAPZs)across the country. Nigeria should<br />

establish Special Agro-<strong>in</strong>dustrial Process<strong>in</strong>g<br />

Zones all across the country. The e-Wallet<br />

System and Growth Enhancement Scheme,<br />

to boost farmers access to productivity<br />

enhanc<strong>in</strong>g farm <strong>in</strong>puts should be re<strong>in</strong>stated<br />

and enshr<strong>in</strong>ed <strong>in</strong> law. Policy reversals should<br />

be avoided”, he ma<strong>in</strong>ta<strong>in</strong>ed.<br />

With the rate of unemployment and youth<br />

<strong>in</strong>volvement <strong>in</strong> societal ills soar<strong>in</strong>g, as part<br />

of the rec<strong>over</strong>y strategies for the country, Dr<br />

Ades<strong>in</strong>a suggested, that it was high time<br />

Nigeria unleashed the potential of her youth.<br />

“Today, <strong>over</strong> 75% of the population is under<br />

the age of 35. More decisive actions are<br />

needed to turn this demographic asset <strong>in</strong>to<br />

an economic dividend. A young, productive,<br />

youthful population, with access to<br />

education, skills, social protection,<br />

affordable hous<strong>in</strong>g, and medical care, will<br />

power Nigeria’s economy, now and well <strong>in</strong>to<br />

the future”, he expla<strong>in</strong>ed, emphasiz<strong>in</strong>g that<br />

“We must move away from so-called ‘youth<br />

By Omeiza Ajayi, Abuja<br />

he Social Democratic Party SDP has expressed deep anger at the<br />

Tpropensity of political money bags to rig elections <strong>in</strong> the country,<br />

say<strong>in</strong>g ahead of the 2023 general election, it has become imperative to<br />

advocate the death penalty for election riggers.<br />

This was as the party kicked aga<strong>in</strong>st zon<strong>in</strong>g of the Delta state<br />

<strong>Gov</strong>ernorship ticket to the Central Senatorial District, say<strong>in</strong>g <strong>in</strong> a state<br />

like Delta with its political maturity and as home to eggheads, competence<br />

must trump zon<strong>in</strong>g.<br />

Chairman of the party <strong>in</strong> the state, Amb. Oke Idawene who is<br />

also the Chairman, Forum of SDP State Chairmen, stated this <strong>in</strong><br />

an <strong>in</strong>terview with Saturday Vanguard.<br />

He commended the Independent National Electoral<br />

Commission <strong>INEC</strong> for its decision to deploy the Bimodal Voter<br />

Accreditation System BVAS <strong>in</strong> the September 11 state Assembly<br />

bye election <strong>in</strong> Isoko South 1, Delta state, say<strong>in</strong>g the technology<br />

helped to reduce <strong>in</strong>cidences of multiple vot<strong>in</strong>g.<br />

Idawene said the device was able to guarantee the credibility of<br />

voter accreditation by prevent<strong>in</strong>g <strong>in</strong>cidents of multiple vot<strong>in</strong>g or<br />

the use of stolen Permanent Voter Cards PVCs to vote while the use<br />

of the <strong>in</strong>cident form was elim<strong>in</strong>ated.<br />

Election rigg<strong>in</strong>g<br />

On rigg<strong>in</strong>g, he said the problem is not with <strong>INEC</strong> but other<br />

stakeholders. He said; “The problem we have right now is not<br />

SATURDAY Vanguard, OCTOBER 16, 2021—15<br />

empowerment programs’. The youth do not<br />

need handouts. They need <strong>in</strong>vestments.”That<br />

is why the African Development Bank is<br />

currently work<strong>in</strong>g with Central Banks and<br />

countries to design and support the<br />

establishment of Youth entrepreneurship<br />

<strong>in</strong>vestment banks. These will be new<br />

f<strong>in</strong>ancial <strong>in</strong>stitutions, run by young,<br />

professional, and highly competent f<strong>in</strong>ancial<br />

experts and bankers, to develop and deploy<br />

new f<strong>in</strong>ancial products and services for<br />

bus<strong>in</strong>esses and ventures of young people.<br />

Several African countries have already<br />

<strong>in</strong>dicated their read<strong>in</strong>ess to establish Youth<br />

Entrepreneurship Investment Banks”.<br />

By establish<strong>in</strong>g Youth entrepreneurship<br />

<strong>in</strong>vestment banks, he said Nigeria would be<br />

mak<strong>in</strong>g its youth the drivers of the new<br />

economy.<br />

The place of technology as one of the<br />

<strong>in</strong>dustries that will dom<strong>in</strong>ate the future,<br />

cannot be <strong>over</strong>emphasized. On this note, the<br />

African Development Bank Group president,<br />

disclosed that by “2030, 650 million<br />

Africans will have smart phones, and 50<br />

million will have 5G phone networks.<br />

Digital payments, mobile money accounts,<br />

sav<strong>in</strong>gs, credit, and money transfers will<br />

revolutionize bus<strong>in</strong>esses. Nigeria’s F<strong>in</strong>Tech<br />

is surg<strong>in</strong>g as one of the leaders <strong>in</strong> Africa<br />

today”. He therefore, advised g<strong>over</strong>nment<br />

to position the “F<strong>in</strong>Tech <strong>in</strong>dustry as a major<br />

driver of the economy, and <strong>in</strong>vest heavily <strong>in</strong><br />

digital <strong>in</strong>frastructure”.<br />

And then, the biggest issue- <strong>in</strong>security. An<br />

economically resurgent Nigeria Dr Ades<strong>in</strong>a<br />

<strong>in</strong>sisted, “must be a more peaceful and<br />

secure Nigeria”. Accord<strong>in</strong>g to him, “Today,<br />

more than ever, several African countries<br />

are spend<strong>in</strong>g a significant share of their<br />

budgets on security, displac<strong>in</strong>g the resources<br />

needed for development”.<br />

He lamented that on an alarm<strong>in</strong>g rate,<br />

“the <strong>in</strong>vestible space <strong>in</strong> many parts of Africa,<br />

<strong>in</strong>clud<strong>in</strong>g Nigeria, is shr<strong>in</strong>k<strong>in</strong>g due to<br />

<strong>in</strong>security and <strong>in</strong>surgencies.Yet, resources<br />

are not there to enable countries to cope<br />

with these ris<strong>in</strong>g challenges”, add<strong>in</strong>g that<br />

“We must recognize the strong l<strong>in</strong>kages<br />

between security, <strong>in</strong>vestment, growth, and<br />

development”.<br />

”Without security there cannot be<br />

<strong>in</strong>vestment, without <strong>in</strong>vestment there cannot<br />

be growth, and without growth there cannot<br />

be development. The African Development<br />

Bank stands ready to help Nigeria <strong>in</strong> the<br />

design and implementation of Security-<br />

Indexed Investment Bonds to raise more<br />

resources to tackle its security challenges”,<br />

he stated.<br />

Not leav<strong>in</strong>g out issue of climate change<br />

which is also crucial to the country’s<br />

economic rec<strong>over</strong>y, Dr Ades<strong>in</strong>a averred that<br />

if Nigeria does not prioritize climate<br />

adaptation and mitigation actions, climate<br />

change will pose challenges to the country’s<br />

economic resurgence. “Climate change has<br />

already decimated the whole of the Lake<br />

Chad bas<strong>in</strong>. Today, that vast area, which used<br />

to provide livelihoods and resources for<br />

fisheries, livestock and food production is<br />

now littered with patch lands, dried up water<br />

beds and scorched earth. He therefore<br />

advised g<strong>over</strong>nment to prioritize the recharg<strong>in</strong>g<br />

of the Lake Chad bas<strong>in</strong>, as well as<br />

drive for a just energy transition, with<br />

natural gas; to protect its economy, assure<br />

energy for <strong>in</strong>dustrialization, while reduc<strong>in</strong>g<br />

greenhouse gas emissions, pledg<strong>in</strong>g that<br />

“The African Development Bank will<br />

mobilize $25 billion <strong>in</strong> climate f<strong>in</strong>ance by<br />

2025 <strong>in</strong> support of African countries”.<br />

And f<strong>in</strong>ally, on how much progress Africa<br />

Development Bank is mak<strong>in</strong>g so far, he said<br />

“This year, Global F<strong>in</strong>ance, the globally<br />

renowned U.S Magaz<strong>in</strong>e, rated the African<br />

Development Bank as the Best Multilateral<br />

F<strong>in</strong>ancial Institution <strong>in</strong> the world for 2021.<br />

“That is the k<strong>in</strong>d of Africa we want! Africa<br />

show<strong>in</strong>g global excellence <strong>in</strong> the midst of a<br />

turbulent world, f<strong>in</strong>d<strong>in</strong>g solutions, and<br />

driv<strong>in</strong>g <strong>in</strong>novation and change, at scale”.<br />

2023: SDP wants death penalty for election riggers,<br />

kicks aga<strong>in</strong>st zon<strong>in</strong>g<br />

<strong>INEC</strong>. It is the people. Somebody tried to snatch a ballot box <strong>in</strong> Isoko<br />

South and he was gunned down. I don’t like bloodshed, but that is the<br />

way to go. Ahead of 2023, the punishment for such electoral<br />

malfeasance should be death by hang<strong>in</strong>g. Anybody rigg<strong>in</strong>g elections<br />

is an enemy of the people and must be so treated.<br />

“With the BVAS, the votes were not adulterated. There was no rigg<strong>in</strong>g<br />

<strong>in</strong> that election. For the first time <strong>in</strong> Nigeria, I went for an election<br />

where until the morn<strong>in</strong>g of the elections, the collation officers were<br />

not known and the vot<strong>in</strong>g pattern was clear.<br />

“To this end, I th<strong>in</strong>k we should give <strong>INEC</strong> all the support for<br />

electronic vot<strong>in</strong>g, electronic collation and transmission of results. It<br />

is only then we can get genu<strong>in</strong>e leadership and see Nigeria tilt<strong>in</strong>g<br />

towards progressive tendencies. I want to call on the National<br />

Assembly to support this BVAS and other technologies<br />

used by <strong>INEC</strong>”.<br />

On Zon<strong>in</strong>g the 2023 presidency to the South and the<br />

Delta <strong>Gov</strong>ernorship ticket to Delta Central, the SDP<br />

Chairman said; “SDP is not for zon<strong>in</strong>g. We are for<br />

competence. It is time we s<strong>top</strong>ped regional tendencies.<br />

Nigeria is one. No matter how you try, you cannot<br />

break us. Let us elect a leader who is a true Nigerian <strong>in</strong><br />

body, soul and spirit so that at the end of the day we can<br />

say we are go<strong>in</strong>g forward.<br />

“SDP is anti-zon<strong>in</strong>g. For the Southern leaders, if you<br />

•Ambassador<br />

Idawene<br />

want the presidency, I call on you to lobby. Power is not<br />

given for free. It is a collective responsibility. Leave<br />

your comfort zones and go to the North and expla<strong>in</strong><br />

why you should be given the opportunity to produce<br />

the next president. Apart from that, every Nigerian is<br />

qualified to run for president.

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