While seeking the mandate of Nigerians during the last electioneering season, President Bola Tinubu was big and loud on the catalytic effect of consumer credit in driving economic recovery, growth and development, in boosting industrial production and as a strong weapon against corruption.

Long before he declared for the Presidency of Nigeria, President Tinubu had been a big advocate of consumer credit. He made it a key highlight of his remarks at the 2016 edition of the Bola Tinubu Colloquium in Lagos where he called out Chairman of Zenith Bank, Jim Ovia; his UBA counterpart, Tony Elumelu, and other bankers in attendance to begin to rethink consumer credit in Nigeria and charged them to develop good banking products in this regard.

In ‘Financialism: Water from Empty Well’, a book he co-authored with Brian Browne, several pages were devoted to how consumer credit can propel unprecedented growth and shared prosperity. To demonstrate his absolute commitment to achieving this objective and a major campaign promise clearly enunciated in his Renewed Hope Agenda for a better Nigeria, President Tinubu has set in motion the process to entrench consumer credit as one of the building blocks of a virile and productive economy.

Against this backdrop, the Presidential Council on Industrial Revitalisation, on December 20, 2023, just before the Christmas holiday, established a Technical Working Group to develop the needed framework to enhance consumer credit in Nigeria.

The Tinubu-led administration in the words of the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, recognises the importance of consumer credit and its linkage to market efficiencies.

“An efficient consumer credit system is a highly essential component of successful economies, as it works to improve market efficiencies and fill in gaps in consumption and productivity by providing consumers immediate access to credit, allowing them to purchase ahead of ability,” the Minister said.

At the inaugural meeting of the Technical Working Group on Consumer credit system that had other members including the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, Minister of Communications and Digital Economy, Bosun Tijani, Uzoka-Anite lamented how the absence of consumer credit had shrunk the productive capacity of the economy and hampered financial inclusion.

“The absence of a well-structured consumer credit system has been a significant impediment to financial inclusion and economic prosperity,” the Minister of Industry, Trade and Investment declared.

Given the current state of the economy and the strong push by the government to revamp it, the setting up of the Technical Working Group by the Presidential Council on Industrial Revitalization can be said to be timely and strategic. The Technical Working Group among other things will draw up a working proposal and implementation method on how the country can achieve a viable institutional and regulatory framework that will significantly open up the consumer credit landscape.

According to Uzoka-Anite, Nigeria has numerous financial institutions and credit schemes, but many Nigerians still face substantial hurdles in accessing credit due to stringent eligibility criteria, high interest rates, identity-related challenges, fragmented data sources for proof of livelihood and financial worth, lack of awareness or understanding of credit processes, and inadequate credit available for lending. To make sure the agenda of President Tinubu is established on a solid ground and for seamless take-off of the credit scheme, the government has brought together various Ministries and agencies of government that have roles to play to work collaboratively for a successful execution.

The Technical Working Group draws its members from the Central Bank of Nigeria (CBN), Federal Inland Revenue Service (FIRS), National Identity Management Commission (NIMC), the National Insurance Commission (NAICOM), the National Institute of Credit Administration (NICA), the Federal Competition & Consumer Protection Commission (FCCPC) and the Bank of Industry (BOI) amongst others. It must be said that because of the importance attached to the scheme by President Tinubu, the TWG set for itself a five-month timeline to achieve its objectives. This means by May 2024, a comprehensive, life-changing and an all-encompassing consumer credit system will be launched.

Uzoka-Anite who is the Vice Chairman of the Presidential Council on Industrial Revitalisation spoke on the specific objectives and the tasks before her Committee to include: “increasing consumer credit uptake in Nigeria, enabling a sustainable credit system for the country in line with global best practices, and enhancing the supporting infrastructure (technology, data, financial institutions, global partners) to boost credit operations and equip players in the industry.”

In delivering on its core mandate, the TWG has adopted, according to the Vice Chairman, a holistic consultative approach that will draw on the experience, knowledge, and expertise of the credit ecosystem to understand the issues within the industry and define workable solutions to addressing them.

As he declared in his New Year National Broadcast, President Tinubu committed himself to removing every obstacle that impedes economic recovery and competitiveness of the business environment. In the new year speech, he also assured that his administration would race against time to deliver necessary reforms that will make life better for all Nigerians. This move by the government to recalibrate consumer credit system is one important reform that will give a new lease of life to Nigerians to be able to own the consumer goods they desire without the burden of having to pay all at once.

The strategy will also be calibrated to promote local industries and boost productivity among Nigerians towards achieving the lofty economic growth and development promises of the Tinubu administration, as Nigerians will be encouraged to patronise local goods and services. This way, the velocity of credit will be enhanced and the dreams of President Bola Ahmed Tinubu for the transformative power of credit and capital will be achieved.

-Ajayi is Senior Special Assistant to the President on Media & Publicity

He gave the charge when the Chief of Staff to the President and former Speaker of the House Of Representatives, Hon. Femi Gbajabiamila, led the graduating class of the second cohort of the Legislative Mentorship Initiative on a visit to him at the Presidential Villa, Abuja.

“I believe passionately that in this room, there are future Presidents, Vice Presidents, Senators, Members of the House of Representatives, and governors. We also have future drivers and captains of industry,” Senator Shettima noted.

The VP struck a chord of empowerment when he urged the graduates to reject disillusionment and embrace their potential within Nigeria.

“Let no one make you feel inferior as a Nigerian. One out of every four black men is a Nigerian. Let no one deceive you that the grass is greener at the other end. Certainly, we can make it green on our home turf,” he noted.

The Vice President acknowledged the country’s current challenges, offering a resolute vision for overcoming them.

He said, “Our country is going through some difficulties and challenges, but we are going to surmount it. We are going to cross the Rubicon. We are going to cross the Red Sea and take you to the land of opportunities and blessings.”

VP Shettima specifically praised the graduates’ digital prowess, encouraging them to leverage their skills for national development. “Most of you here are digital Wizkids – you are digitally savvy. Let no one deceive you about careering out of this country. Let’s stay here and make this country work. This is our country. The future belongs to you.”

He further challenged their perception of leadership, shifting the focus from physical strength to intellectual agility, even as he stated that “the hallmark of true leadership is not the ability to lift a bag of cement, but the ability to come up with robust solutions to a nation’s problems.

“Give us a couple of months, this country will bounce back. Say no to the naysayers and to the prophets of doom. It doesn’t serve any purpose. Our ability to accept each other; and our tolerance threshold will determine how far we can go as a nation. And the quality of governance is crucial to the goal and trajectory of our nation,” he added.

The Vice President called on the LMI graduates to become active participants in shaping Nigeria’s destiny.

“Their digital skills, combined with their newfound sense of purpose and national pride, have the potential to transform the nation’s landscape and certainly, we can make it green on our home turf,” he added.

Responding, the founder of the LMI programme, Hon. Gbajabiamila said the generation of young men and women in the cohort is a generation like no other.

He said, “Things have changed and we of the older generation have to change along with the time. These young people here came from a pot of over 5,000 applicants. These young men and women before us are going to be doing greater and mightier things than those who came before them last year. I wish I had somebody to mentor me when I was growing up. You guys are lucky.”

This was disclosed in a statement issued by the minister’s spokesman, Ismail Omipidan, on Wednesday morning, in Abuja.

The committee is to review the Standard Operating Procedures for Truck Traffic Management along the Lagos port corridor.

Omipidan who noted that the committee was expected to meet with other critical stakeholders in Lagos on Thursday for the review, quoted the minister as saying “every possible abuse of the system by human should be x-rayed and solutions provided with a view to ensuring that it is abuse-free.”

Although, the E-call up system was introduced by the Nigerian Ports Authority (NPA) in February 2021 for trucks at the Lagos Ports, which truckers are expected to use to book turns to enter the Ports, recent reports have suggested potential compromises in the functionality of this system.

“I have a number of suggestions on how I believe the system can be strengthened. But I want inputs from the stakeholders. This is why I have set up this committee to interface with the service provider and other stakeholders in the industry to come up with a best way of dealing decisively with the saboteurs,” the minister said.

Osinkolu assured that Nigeria is coming to witness a great turn around by the time the economic team swings into full action.

The Ayede-Ekiti born All Progressives Congress (APC) Chieftain in a statement issued on Friday and released to newsmen, described the appointments of the Central Bank of Nigeria Governor, Yemi Cardoso and Minister of Finance, Wale Edun as a round peg in a round hole.

Osinkolu, who was a banker of repute, described them as gentlemen and men of integrity, who are masters on their field of appointments.

He commended President Bola Tinubu for the appointments, describing it as well deserved and has raised the bar and shown that competence is the parameter for public service.

“I want to formally thank President Bola Tinubu for considering the duo of the CBN Governor and Finance Minister for their appointment.

“I commend his open-mindedness to embrace and usher in vibrant patriots into the national mainstream politics.

“I wish to state that their appointment is not only well deserving, but also falls in line with Mr. President’s penchant for talent discovery that has characterised his bold and giant strides in Lagos state and the nation at large.

“I affirm that this particular appointment is a round peg in a round hole,”he stated.

He urged the duo of the CBN Governor and finance minister to focus on the vision and mission of Mr President, by refocusing through their short, medium and long term measures.

He assured Nigerians that the CBN and it’s Finance ministry under their watch will operate transparent monetary policies, while his administration will not tolerate and work towards correcting the errors made by past administrations.

He further urged the duo to comply with all constitutional duties and ensure that financial policies of the country are of international standard and in support of the Tinubu-led administration.

An All Progressives Congress (APC) Chieftain, Dr Olusegun Osinkolu, has expressed satisfaction with the budget presented by President Bola Tinubu to the National Assembly, giving priorities to national defence and internal security, among others.

Osinkolu, while reacting to the budget presentation, described it as a budget of renewed hope and a realistic one, looking at its parameters.

He said “there are various indications that the budget proposal is realistic, looking at the main focus of local job creation, macro-economic stability, investment environment optimisation, human capital development, poverty reduction, and social security, all these are what is needed in the country to place it on a progressive ladder.

It will be recalled that President Tinubu, while addressing a joint session of the National Assembly on the 2024 Federal budget proposal in Abuja, said that the nation’s internal security architecture will be overhauled to enhance law enforcement capabilities with a view to safeguarding lives, property, and investments across the country.

He said the proposed budget prioritizes human capital development, with particular attention given to children, because human capital remains the most critical resource for national development.

Osinkolu, in a statement he personally signed and made available to newsmen on Thursday, said that, “with the sectoral allocations, I believe it is a budget for the common man.”

He appealed to the National Assembly to play its role by ensuring that all standing committees worked assiduously to realise an implementable budget.

The Ayede-Ekiti born politician, said the budget proposal was realisable, noting that, “from the presentation, every part of the country got something out of the budget.

“Everybody looking for the prospect of the economy got a glimmer of the hope from the budget proposal presented by the President.

“We need to do what we ought to do not to lose time while we re-organise the budget from January to December, by rolling over some of the projects and plans and all these have been captured in the budget presentation.”

He said the budget proposal by the President demonstrated that he was up to the task for the remaining term he had in office.

“The President demonstrated that he is capable of running another campaign and govern this country for another four years. We believe in his vision for this country. We are his foot soldiers.”

He commended the President “for his resilience and the way he spoke for the period of the presentation.

“It is a good development that we are seeing our president well. I am really happy about that and at the same time, happy that it will emancipate Nigerians.”

He reminded Nigerians that the battle President Tinubu is fighting to rid this country of endemic corruption is a battle that can not be left in his hands alone.

“Therefore, all heads of Ministries Departments and Agencies must stand up to let him know the wrath in their various establishments and let the change begin with them.

“Be the change champion to support President Tinubu in this fight against the scourge giving the country a bad image, let us not allow the cabals, who are making moves to take over the administration from President Tinubu to succeed.

“Rather, we must all rise up and stop their evil moves to ensure that the President delivers to Nigerians his visions and missions and make Nigeria a better place than he met it,”he said.

President Bola Ahmed Tinubu declared on Sunday that with the hitherto abandoned Ajaokuta Steel Complex now nearing completion, the project will have the capacity to employ 500,000 Nigerians once designated as a free trade zone.

The President further promised to fully harness the potentials of the Complex once it is completed, as it would boost Nigeria’s foreign direct investment and provide avenue for the creation of the much-needed conducive business environment for all sectors to thrive.

Vice President Kashim Shettima, who represented the President, made this known at the flag-off of the All Progressives Congress (APC) governorship campaign in Lokoja, the Kogi State capital.

The governorship poll in the state is slated for November 11.

Addressing a mammoth crowd in Lokoja, VP Shettima also noted that Tinubu remained committed to completing the constructions of the River Niger, the Kabba-Lokoja and the Abuja-Lokoja roads.

President Tinubu, VP Shettima stated, is a man of plenty ideas who is determined to reposition the nation in its rightful place, especially as it borders on restructuring and stimulating the Nigerian economy.

“Given Mr President’s commitment to the development of Kogi State and indeed the entirety of Nigeria, Kogi in particular being a confluence state, cannot afford to have a governor who is hostile to the center. We must be partners in progress and work hand in hand to develop this great nation,” the Vice President said.

He further hinted about plans by the Tinubu administration to make the Itakpe crop processing project a dream come true, just as he promised jobs and affordable education under the present government.

Reemphasising that the welfare of the citizenry would never be willfully compromised, VP Shettima called on Kogi citizens to come out en masse on November 11 to vote for the candidate of the APC, Ahmed Usman Ododo, in order to consolidate on the achievements of the APC government in the state.

He added that the natural endowments of Kogi State would be harnessed for the development of the state and the nation at large, adding that President Tinubu had further given his nod for the rehabilitation of Obajana-Okene road in Kogi State.

Speaking earlier, Kogi State Governor, Alh. Yahaya Bello, thanked President Tinubu for accepting to flag off the governorship campaign in his state, disclosing that his administration has achieved a lot, and it is time for consolidation in order to move the state forward.

“We have done a lot in the area of security, education and health, among others. We want to consolidate on that. I am, therefore, calling on the people of our dear state to vote for our candidate in order to move Kogi State forward,” he said.

For his part, APC National Chairman, Dr. Abdullahi Ganduje, said because Governor Yahaya Bello has provided good governance to the people of Kogi, the state cannot afford to be left behind by giving power to another party different from the one at the center.

Also, the Chairman of the APC Campaign Council for Kogi State, Governor Dapo Abiodun of Ogun State, enjoined the people of Kogi State to clean up their voter cards and turn out in numbers to vote for the candidate of the APC in the November 11 governorship election.

On his part, Kogi State APC governorship candidate, Ahmed Ododo, pledged to carry the people of the state along if elected, saying he remained committed to the development agenda of Kogi State.

“We will build on the legacies of my mentor, Governor Yahaya Bello. We will give attention to security, education, agriculture and health. Our women will also be empowered,” he said.

Other dignitaries at the campaign rally were the Chairman of Nigeria Governors Forum, Governor Abdulrahman Abdulrazaq; Minister of Steel Development, Shuaibu Abubakar Audu, and members of the National Working Committee of the APC, among others.

The Vice President’s engagements in Kogi had started with an audience with traditional rulers and other stakeholders of the state ahead of the November 11 governorship election.

At the audience with the stakeholders, VP Shettima also solicited support for the APC candidate in the forthcoming election.

Responding on behalf of his colleagues, the President, Kogi State Traditional Council and the Attah of Igala, HRH Mathew Ipaluwa, pledged their support for President Bola Tinubu.

The royal father commended the state governor, Yahaya Bello, for working hard in addressing security challenges in the state.

The representatives of the two countries made this known on Tuesday, during their separate meetings with the minister of Marine and Blue Economy, Adegboyega Oyetola, at his office in Abuja.

The US delegation was led by Ambassador Jessye Lapenn, the Senior Coordinator for Atlantic Cooperation, while that of the British was led by the British High Commissioner to Nigeria, Dr. Richard Montgomery.

Speaking during the visit, Ambassador Lapenn, who noted that the minister was the first person she was visiting after the ministerial meeting for Atlantic Cooperation, which was convened by the US Secretary of State, Anthony Blinken on the margins of the 78th United Nations General Assembly, UNGA in New York, said the US government was willing to offer technical support to the ministry with a view to supporting Nigeria’s economic growth through the sector.

She further said that the two countries would also be exploring technology to solve some of the challenges in the Marine and Blue Economy sector.

On his part, the British High Commissioner, Dr. Richard Montgomery, expressed the government’s desire to partner with the Nigerian Government to tackle the challenge of illegal fishing in Nigeria’s waters, just as he applauded the decision of the minister to embark on a PPP arrangement in terms of investment in the sector.

He noted that the British Government was willing and ready to share information and precautionary lessons with Nigeria with a view to partnering it to protect its marine resources.

The minister while separately thanking the teams for the visits, noted that Nigeria through the new ministry, would be willing to develop coastal tourism and create a conducive atmosphere for businesses to thrive.

He expressed Nigeria’s commitment to implementing the Atlantic Cooperation initiative declarations.

“We are committed to rehabilitating our ports for efficiency. I am particularly excited about the desire to partner with us to tackle the challenge of illegal fishing in our waters.

“We believe that marine fishing will support our economic growth and create job opportunities, especially for our youths. We will equally be leveraging the UK’s Blue Planet Fund, aimed at supporting developing countries like us to protect the marine environment and reduce poverty, especially now that there is a Ministry of Marine and Blue Economy in place in Nigeria,” Oyetola added.

Adeyemo, who is the most senior official of African descent in President Joe Biden’s administration, said this yesterday during a media interaction in Lagos.

Whereas the U.S. is deeply interested in sustaining its strong economic tie with Nigeria, he told the media that some of the American businesses he spoke with are not investing much in the country because of weak macroeconomic indicators.

He commended the liberalisation of the foreign exchange (FX) market but noted that there are several many other steps the government needs to take to stabilise the local currency to unlock the country’s investment potential.

Earlier in his address at the Lagos Business School (LBS), Adeyemo said Nigeria must strengthen its macro-economic framework and institutions as well as ensure ease of capital flow to incentivise and attract investors.

Adding that the U.S. remains committed to a strong U.S.-Nigeria relationship built on shared values and mutual benefits as well as foreign investments in Africa’s biggest economy, he said companies need to feel comfortable and assured that their funds will not be trapped to bring their money into the country.

Speaking further, he said the US wants to partner Nigeria to accelerate economic reforms, unlock Nigeria’s economic success and make the country its largest trading partner in Africa. He added that they are already one of the largest foreign investors in Nigeria and in addition to both countries’ trading activities, they provided Nigeria with over $1 billion in assistance last year.

Adeyemo said this a critical moment for Nigeria, where decisive actions by the government can create the changes needed to unlock unrealised opportunities. Adding that Nigeria’s greatest resource is not oil but the people, he said creating jobs and access to opportunity for the masses is essential to Nigeria’s success.

“It is clear from my conversations with investors and foreign companies that they are eager to invest in Nigeria to help grow a diversified economy that can meet your needs. We know that with the right macroeconomic framework, Nigeria can be a destination of choice for FDI,” he said.

He said that while demographics and capital can fuel an economic boom, small and medium-sized enterprises (SMEs) remain key to sustaining growth.

“There are over 40 million micro, small and medium-sized enterprises (MSMEs) in the country, which employ more than 80 per cent of Nigerians and these businesses represent the heart of the Nigerian economy. For these businesses to thrive, they need government policy to go from being the problem to providing solutions. These businesses can be drivers of growth, but require an ecosystem of public-private partnership that fosters investment,” he said.

Reiterating that they are ready and eager to partner with the people and government to build a better future, he said Nigeria needs to invest in digital infrastructure and create a conducive economic environment to not just accelerate SME growth but attract foreign investors.

“Nigeria needs a stable naira. Unifying Nigeria’s foreign exchange rate will also create the kind of macroeconomic stability that is essential to attracting FDI. The path to unification is not easy, but going backward would be even worse.”

“The government also needs to articulate and implement a fiscal strategy that will provide the resources to make critical investments. I recognise the decision to end fuel subsidies is hard for many Nigerian households, but it was an important early step to create resources the government can use to invest in physical and digital infrastructure, education, and a strong small business environment.

“There is nowhere this need is greater than the agriculture industry, which despite the digital revolution taking place remains Nigeria’s top employer. Its full potential is held back by issues like access to fertilizer, limited use of new technology, access to water and land, unavailability of credit and high market entry costs,” he said,

Speaking further, Adeyemo said Nigeria needs to root out corruption and its perception in the business environment. This, he said, would go a long way in removing fears from potential investors. He said creating economic opportunity will require a government-driven effort that addresses these fears by shining a light on corruption, holding people accountable and taking meaningful steps to improve the business climate.

“Nigeria is a hotbed for digital entrepreneurship. Taking simple steps like moving government functions online, so Nigerians can apply for business and manufacturing licenses and visas using their smartphones and computers will help improve services and reduce opportunities for fees to go into pockets rather than government coffers, he said”

Adeyemo said protecting the integrity of Nigeria’s financial system was also imperative in sustaining economic growth. “Making your banking system more secure will help reduce the ability of criminals, terrorists and others to illicitly use the Nigerian financial system. We are ready to help work through these steps and challenges in financial institution supervision, implementing controls in high-risk sectors and pursuing investigations.”

Vice Chancellor, LBS, Prof. Enase Okonedo, who served as moderator, said trading activities between both countries have always been strong and posited that Adeyemo’s visit would spur even more trade and investment opportunities between Nigerians and their U.S. counterparts.

Tinubu urged the world leaders to support Africa as true friends and partners, saying the continent is important to the world’s future.

“Walk with us as true friends and partners. Africa is not a problem to be avoided, nor is it to be pitied. Africa is nothing less than the key to the world’s future,” the president said while addressing world leaders at the 78th United Nations General Assembly in New York on Tuesday, September 19, 2023.

He declared that the time is now for UN member states to show, with their actions, that they mean what they say concerning the crackdown on terror financing, economic sabotage, and illicit mineral and arms smuggling in the developing world.

President Tinubu added: “The fourth important aspect of global trust and solidarity is to secure the continent’s mineral-rich areas from pilfering and conflict. Many such areas have become catacombs of misery and exploitation. The Democratic Republic of the Congo has suffered this for decades, despite the strong UN presence there. The world economy owes the DRC much but gives her very little.

“Foreign entities that are abetted by local criminals, who aspire to be petty warlords, have drafted thousands of our people into servitude to illegally mine gold and other resources. Billions of dollars meant to improve the nation now fuel countless violent enterprises.

“If left unchecked, they will threaten peace and place national security at grave risk. Given the extent of this injustice and the high stakes involved, many Africans are asking whether this phenomenon is by accident or by design. Member nations must reply by working with us to deter their firms and nationals from this 21st-century pillage of the continent’s riches.

“To keep faith with the tenets of this world body and the theme of this year’s Assembly, the poverty of nations must end. The pillage of one nation’s resources by the overreach of firms and people of stronger nations must now end.”

Tinubu, according to a statement issued by his spokesman, Ajuri Ngelale, further noted that his aggressive economic development diplomatic push for new investment has been demonstrably effective in presenting Nigeria as business-ready, but the ease of doing business, according to the president, might not be the major encumbrance to large scale investment.

He said: “The question is not whether Nigeria is open for business. The question is how much of the world is truly open to doing business with Nigeria and Africa in an equal, mutually beneficial manner.

“Direct investment in critical industries, opening their ports to a wider range and larger quantity of quality African exports, and meaningful debt relief are important aspects of the cooperation we desire.”

President Tinubu equally noted that the global fight against the effects of climate change cannot be based on a “one size fits all” approach, adding that nations must be cooperated with in the design and implementation of their own strategies, which are tailored to their respective socio-economic strengths and weaknesses.

Below is Tinubu’s speech at the UN General Assembly:

STATEMENT DELIVERED BY HIS EXCELLENCY, BOLA AHMED TINUBU, GCFR PRESIDENT, FEDERAL REPUBLIC OF NIGERIA AT THE GENERAL DEBATE OF THE 78TH SESSION OF UNITED NATIONS GENERAL ASSEMBLY, 18TH SEPTEMBER 2023.

Mr. President, Heads of State and Government, Secretary-General, Distinguished Delegates, Ladies and Gentlemen,

On behalf of the people of Nigeria, I congratulate you on your well-deserved election as President of this Session of the United Nations General Assembly.

We commend your predecessor, His Excellency, Mr. Csaba Korosi (Cha-ba Kor-o-chi) for his able stewardship of the Assembly.

We also commend His Excellency, Antonio Guterres, Secretary General of the United Nations, for his work seeking to forge solutions to humanity’s common challenges.

This is my first address before the General Assembly. Permit me to say a few words on behalf of Nigeria, on behalf of Africa, regarding this year’s theme.

Many proclamations have been made, yet our troubles remain close at hand. Failures in good governance have hindered Africa. But broken promises, unfair treatment and outright exploitation from abroad have also exacted a heavy toll on our ability to progress.

Given this long history, if this year’s theme is to mean anything at all, it must mean something special and particular to Africa.

In the aftermath of the Second World War, nations gathered in an attempt to rebuild their wartorn societies. A new global system was born and this great body, the United Nations, was established as a symbol and protector of the aspirations and finest ideals of humankind.

Nations saw that it was in their own interests to help others exit the rubble and wasteland of war. Reliable and significant assistance allowed countries emaciated by war to grow into strong and productive societies.

The period was a highwater mark for trust in global institutions and the belief that humanity had learned the necessary lessons to move forward in global solidarity and harmony.

Today and for several decades, Africa has been asking for the same level of political commitment and devotion of resource that described the Marshall Plan.

We realize that underlying conditions and causes of the economic challenges facing today’s Africa are significantly different from those of post-war Europe.

We are not asking for identical programs and actions. What we seek is an equally firm commitment to partnership. We seek enhanced international cooperation with African nations to achieve the 2030 agenda and Sustainable Development Goals.

There are five important points I want to highlight.

First, if this year’s theme is to have any impact at all, global institutions, other nations, and their private sector actors must see African development as a priority, not just for Africa but in their interests as well.

Due to both longstanding internal and external factors, Nigeria’s and Africa’s economic structures have been skewed to impede development, industrial expansion, job creation, and the equitable distribution of wealth.

If Nigeria is to fulfil its duty to its people and the rest of Africa, we must create jobs and belief in a better future for our people.

We must also lead by example.

To foster economic growth and investor confidence in Nigeria, I removed the costly and corrupt fuel subsidy while also discarding a noxious exchange rate system in my first days in office. Other growth and job-oriented reforms are in the wings.

I am mindful of the transient hardship that reform can cause. However, it is necessary to go through this phase in order to establish a foundation for durable growth and investment to build the economy our people deserve.

We welcome partnerships with those who do not mind seeing Nigeria and Africa assume larger roles in the global community.

The question is not whether Nigeria is open for business. The question is how much of the world is truly open to doing business with Nigeria and Africa in an equal, mutually beneficial manner.

Direct investment in critical industries, opening their ports to a wider range and larger quantity of African exports and meaningful debt relief are important aspects of the cooperation we seek.

Second, we must affirm democratic governance as the best guarantor of the sovereign will and well-being of the people. Military coups are wrong, as is any tilted civilian political arrangement that perpetuates injustice.

The wave crossing parts of Africa does not demonstrate favour towards coups. It is a demand for solutions to perennial problems.

Regarding Niger, we are negotiating with the military leaders. As Chairman of ECOWAS, I seek to help re-establish democratic governance in a manner that addresses the political and economic challenges confronting that nation, including the violent extremists who seek to foment instability in our region. I extend a hand of friendship to all who genuinely support this mission.

This brings me to my third crucial point. Our entire region is locked in protracted battle against 10 violent extremists. In the turmoil, a dark channel of inhumane commerce has formed. Along the route, everything is for sale. Men, women and children are seen as chattel.

Yet, thousands risk the Sahara’s hot sand and the Mediterranean’s cold depths in search of a better life. At the same time, mercenaries and extremists with their lethal weapons and vile ideologies invade our region from the north.

This harmful traffic undermines the peace and stability of an entire region. African nations will improve our economies so that our people do not risk their lives to sweep the floors and streets of other nations. We also shall devote ourselves to disbanding extremist groups on our turf.

Yet, to fully corral this threat, the international community must strengthen its commitment to arrest the flow of arms and violent people into West Africa.

The fourth important aspect of global trust and solidarity is to secure the continent’s mineral-rich areas from pilfering and conflict. Many such areas have become catacombs of misery and exploitation. The Democratic Republic of the Congo has suffered this for decades, despite the strong UN presence there. The world economy owes the DRC much but gives her very little.

The mayhem visited on resource-rich areas does not respect national boundaries. Sudan, Mali, Burkina Faso, CAR, the list grows.

The problems also knock Nigeria’s door. Foreign entities abetted by local criminals who aspire to be petty warlords have drafted thousands of people into servitude to illegally mine gold and other resources. Billions of dollars meant to improve the nation now fuel violent enterprises. If left unchecked, they will threaten peace and place national security at grave risk.

Given the extent of this injustice and the high stakes involved, many Africans are asking whether this phenomenon is by accident or by design.

Member nations must reply by working with us to deter their firms and nationals from this 21st century pillage of the continent’s riches.

Fifth, climate change severely impacts Nigeria and Africa. Northern Nigeria is hounded by desert encroachment on once arable land. Our south is pounded by the rising tide of coastal flooding and erosion. In the middle, the rainy season brings floods that kill and displace multitudes.

As I lament deaths at home, I also lament the grave loss of life in Morocco and Libya. The Nigerian people are with you.

African nations will fight climate change but must do so on our own terms. To achieve the needed popular consensus, this campaign must accord with overall economic efforts.

In Nigeria, we shall build political consensus by highlighting remedial actions which also promote 14 economic good. Projects such as a Green Wall to stop desert encroachment, halting the destruction of our forests by mass production and distribution of gas burning stoves, and providing employment in local water management and irrigation projects are examples of efforts that equally advance both economic and climate change objectives.

Continental efforts regarding climate change will register important victories if established economies were more forthcoming with public and private sector investment for Africa’s preferred initiatives.

Again, this would go far in demonstrating that global solidarity is real and working.

As I close, let me emphasize that Nigeria’s objectives accord with the guiding principles of this world body: peace, security, human rights, and development.

In fundamental ways, nature has been kind to Africa, giving abundant land, resources, and creative and industrious people. Yet, man has too often been unkind to his fellow man and this sad tendency has brought sustained hardship to Africa’s doorstep.

To keep faith with the tenets of this world body and the theme of this year’s Assembly, the poverty of nations must end. The pillage of one nation’s resources by the overreach of firms and people of stronger nations must end. The will of the people must be respected. This beauty, generous and forgiving planet must be protected.

As for Africa, we seek to be neither appendage nor patron. We do not wish to replace old shackles with new ones.

Instead, we hope to walk the rich African soil and live under the magnificent African sky free of the wrongs of the past and clear of their associated encumbrances. We desire a prosperous, vibrant democratic living space for our people.

To the rest of the world, I say walk with us as true friends and partners. Africa is not a problem to be avoided nor is it to be pitied. Africa is nothing less than the key to the world’s future.

Source: The Star