In a resolute declaration of Nigeria’s commitment to combat corruption and enhance its business environment, President Bola Tinubu addressed Qatari investors at the Nigeria-Qatar Business and Investment Forum in Doha on Sunday.

The President urged investors not to succumb to bribery demands and pledged decisive action against any official engaging in corrupt practices.

“I am here to give you the assurance that reforms are going on; forget about whatever you heard in the past. Whatever is the obstacle or problem that some of you might have experienced; it is in the past because there is no obstacle in the future,” Tinubu said.

“Do not offer a bribe to any of our people, and if it is requested or taken from you, report to us. You will have access to me. Nigeria will no longer be defined by the past, but by what we do now and moving forward. Do not let perceptions become a hindrance to your will to invest. Nigeria is serious about revolutionizing investment promotion.

Acknowledging past challenges, Tinubu assured investors of ongoing reforms aimed at fostering a conducive investment climate. “Forget about whatever you heard in the past. Whatever obstacles existed are now a thing of the past,” he affirmed.

Highlighting the government’s strides against corruption and insecurity, Tinubu lauded the appointment of Nuhu Ribadu, a renowned anti-corruption advocate, as National Security Adviser.
“We have a man who has won many global awards for anti-corruption as an anti-corruption czar,” Tinubu remarked.

In the statements, which were made during a meeting with His Highness, Sheikh Tamim bin Hamad Al Thani, Emir of Qatar, President Tinubu emphasized Nigeria’s openness to investment and underscored the country’s ongoing reforms.

Tinubu hailed the potential of Nigerian youths as invaluable partners for Qatari industries, citing their energy, talent, and reliability. He emphasized Nigeria’s readiness for serious business despite short-term challenges, lauding the government’s collaborative approach to implementing solutions.

In response, Sheikh Tamim bin Hamad Al Thani expressed confidence in Nigeria’s potential and affirmed Qatar’s willingness to explore investment opportunities.

“The investments we make belong to future generations. We are open to creating new opportunities in Nigeria,” Sheikh Tamim remarked, signaling Qatar’s commitment to bilateral cooperation.

President Tinubu appointed Wale Edun, the Coordinating Minister of the Economy and Minister of Finance, to lead discussions with Qatari authorities on investment identification and implementation. Additionally, the Minister of Solid Minerals Development, Dr. Dele Alake, presented opportunities in Nigeria’s mineral sector during bilateral deliberations.

The forum culminated in the signing of seven bilateral agreements spanning education, employment regulation, business council establishment, youth and sports cooperation, tourism, combating illicit trade, and narcotic substances. Nigerian ministers and Qatari officials inked the agreements, symbolizing a significant step towards deeper economic cooperation between the two nations.

In attendance were high-ranking officials including Coordinating Minister of Health and Social Welfare, Professor Muhammad Ali Pate, Minister of Trade, Industry, and Investment, Dr. Doris Uzoka-Anite, and Minister of State for Petroleum Resources (Gas), Mr. Ekperipe Ekpo, among others.

However, analysts have warned that Nigeria’s antecedents, including recent measures such as the clampdown on Bureau de Change operators (BDCs) and cryptocurrency exchanges, could pose concerns for potential investors. These actions have raised uncertainties regarding the government’s approach to economic policies and regulatory frameworks, potentially deterring foreign investment.

The crackdown on BDCs, which occurred in response to concerns about currency speculation and illicit financial activities, has sparked concerns about the stability of Nigeria’s foreign exchange market and the ease of doing business in the country. Similarly, the ban on cryptocurrency transactions has created uncertainty among investors and entrepreneurs operating in the digital asset space, as it raises questions about the regulatory environment for innovative financial technologies.

While President Tinubu’s assurances and pledges to combat corruption and create a conducive business environment are commendable, investors may remain cautious until they see concrete actions and consistent policy implementation. The success of Nigeria-Qatar economic cooperation hinges not only on diplomatic engagements and bilateral agreements but also on the government’s ability to address investor concerns and foster a transparent and predictable regulatory environment.

Despite these challenges, the bilateral engagements between Nigeria and Qatar represent a significant opportunity for both countries to deepen economic ties and explore mutually beneficial investment opportunities. Economic experts said that by addressing investor concerns and demonstrating a commitment to reform and transparency, Nigeria can attract much-needed foreign investment to drive economic growth and development.

The Management of the Geometric Power Plant Aba has moved to address the ongoing controversy surrounding the purported stake of the Abia State Government in the esteemed power project.

In a bid to offer clarity, Mr. Chijioke Ogbodo, the spokesperson for the power entity, has stated unequivocally that the Abia State Government maintains a 3½% equity in the $800 million power plant. This declaration seeks to quell the recent discord stemming from conflicting assertions made by representatives of former Governor Okezie Ikpeazu and those of the incumbent Governor, Alex Otti.

The imbroglio was exacerbated following assertions by Prof. Nnaji, suggesting the absence of any investment by the Abia State Government in the project. However, former Commissioner for Trade and Investment during the Ikpeazu administration, Chief John Okiyi Kalu, vehemently refuted this claim, saying the previous administration made a payment of $3.56 million to Geometric Power through Stanbic Bank.

Kalu further advanced the position that Ikpeazu’s administration had allocated 5% equity in the project. Conversely, Mr. Ferdinand Ekeoma, the media adviser to Governor Otti, rebutted these contentions, citing a lack of tangible evidence to substantiate the claims. Ekeoma said that the previous administration failed to disclose any such investment in the handover documentation provided to Governor Otti.

In response, Commissioner for Information, Prince Okey Kanu, reiterated the State Government’s commitment to conducting comprehensive inquiries to ascertain the veracity of the purported investment. However, the conflicting narratives have left many stakeholders and observers questioning the true extent of Abia State’s involvement in the Geometric Power project.

The Geometric Power Plant Aba, a privately-driven initiative, aims to generate a robust 188 megawatts of power, with 100 megawatts earmarked for distribution within the nine Local Government Areas comprising the Aba re-fenced area. The surplus capacity, totaling 88 megawatts, is intended for export to the national grid, thereby holding the promise of ameliorating power deficits in Aba and its environs.

During the formal inauguration of the project in February 26, Owner Professor Barth Nnaji avowed to ensure a consistent power supply to Aba, contingent upon a steady gas supply to the plant. The Geometric Power Plant Aba stands as the largest single investment in the South East, eliciting optimism for a transformative power paradigm in the region.

The recent disclosure of a formal communication, reportedly addressed to Governor Alex Otti from the Chairman/CEO of Geometric Power corroborates the previous administration’s payment for a 3.5% equity stake, amounting to $3.56 million in the company. However, Governor Otti, during a televised interview with Channels Television, professed a lack of evidence regarding the state’s investment in the Geometric Power Aba project.

In response, Kalu underscored that the transaction was meticulously recorded in the handover documentation provided to Governor Otti and was further detailed in the state’s 2022 financial report disseminated during the Otti administration. He expressed incredulity over Governor Otti’s disavowal of the investment’s existence, insinuating a possible discrepancy between his statements and documented evidence.

The leaked correspondence from Prof. Barth Nnaji to Governor Otti, confirming Abia’s financial commitment to the project, has precipitated a chorus of queries regarding the transparency and accountability of the current administration. The glaring disparity between Governor Otti’s public proclamations and the documented evidence has engendered widespread skepticism regarding the stewardship of state investments.

As discussions continue regarding Abia State’s involvement in the Geometric Power Plant, stakeholders, and citizens eagerly anticipate additional clarity from the government to clear up the existing uncertainty surrounding this crucial infrastructure project.

Good People, my postulation that Nigeria must pursue development via a regional framework does not mean that we cannot still push for fiscal federalism (states keep their wealth but pay tax to the federal government). Yes, they’re not mutually exclusive which means you can have a state-level fiscal federalism and also a regional-based development.

As I noted, excluding about four states (Lagos, Delta, Rivers and Akwa Ibom), catalytic and transformal projects in Nigeria at state levels may be challenging as most states do not have the resources. From 2016 to 2022, Nigeria’s federal capital budget performance was less than 40% which means that even in the small budget we have for 220 million people, we cannot even execute all the components fully. At the state level, on average, that number is lower. 

So, what is the solution? Let regions pool resources and execute projects which can benefit and transform them.

Take an example: in the United States, the states of New York and New Jersey are independent with full fiscal autonomy on the tenets of American federalism, yet, these two states co-developed their port system: “The Port Authority is jointly controlled by the governors of New York and New Jersey, who appoint the members of the agency’s Board of Commissioners”.

So, my proposal on a regional-based development does not mean we cannot still pursue fiscal federalism at the state level. Failure to pursue developments at regional level could lead to lost decades as most states have no capacity to execute any meaningful capital projects. If you expect Kano State’s budget, which is less than Imo State’s N592 billion, to do something huge, you are not paying attention.

And while Lagos with its close to N2 trillion budget can do whatever it wants to do, Imo State cannot dream big. However, if Imo and other Southeast states pool resources, they can build something catalytic for shared-development.

Good People, my postulation that Nigeria must pursue development via a regional framework does not mean that we cannot still push for fiscal federalism (states keep their wealth but pay tax to the federal government). Yes, they’re not mutually exclusive. As I noted, excluding… pic.twitter.com/REdqReImS3

— Ndubuisi Ekekwe (@ndekekwe) March 3, 2024