In April 2022, I wrote, ‘Under the  “3T2030 Plan for Greater Nigeria”, a plan to turn Nigeria’s sub-$500b GDP into $3 trillion by 2030, we will institutionalize excellence, uniting all citizens to a shared vision that is open, dynamic, prosperous and hopeful.’

Ndubuisi Ekekwe’s  “3T2030 Plan for Nigeria” is a plan that designed to push the GDP of Nigeria from the current sub-$500b to $3 trillion by 2030. It is structured, as encapsulated  by a federal minister, within the tech or economic component, to ramp up development, and accelerate shared prosperity. It is a 100-page document which is updated regularly, and my hope is that one day, the moment will come. Yes, I will walk into that office, ready on Day 1 because I have been planning for ages.

You know what? The Nigerian government does believe in the feasibility and possibility of that $3 trillion by 20230: “Distinguished ladies and Gentlemen, a $1 trillion economy is possible by the year 2026 and a $3 trillion economy is possible within this decade. We can do it,” the government noted today during the 29th edition of the Nigeria Economic Summit.

President Bola Tinubu has unveiled an ambitious economic growth plan, aiming to elevate Nigeria’s economy to $1 trillion by 2026 and further expand it to $3 trillion by the end of the decade in 2030.

He made this declaration during the opening address at the 29th edition of the Nigeria Economic Summit held in Abuja.

President Tinubu expressed confidence in the feasibility of these targets, emphasizing the country’s potential for double-digit, inclusive, and sustainable competitive growth. He called upon the captains of industry present to rally behind this vision of renewed economic hope.

Good People, Nigeria has latent capabilities to unlock abundance in the land. Yes, we can have a 6X GDP acceleration in seven years, and what that means is that we will have (literally) 6 Zenith Banks, 6 Dangote Groups, 6 Tekedia, 6 everything within the market system! 

If that happens, my model which posits that Nigeria does not have enough trained young people to run its economy will become evident. We may even need to import workers because every person who needs a job, and is open for training and retraining, will have one. 

I want to wish the government good luck on this 3T2030 playbook. Make it happen!

Nigeria escapes $11 billion by making a case and supporting it with data, that its representatives were corrupt: “Nigeria on Monday hailed a landmark victory after it won its bid to overturn an $11 billion damages bill for a collapsed gas project, in a case a judge at London’s High Court said exemplified the ravages of greed and corruption.

“Africa’s most populous country had previously been ordered to pay the sum – representing around a third of its foreign exchange reserves – to Process & Industrial Developments (P&ID), a company based in the British Virgin Islands.

“But Judge Robin Knowles found that P&ID had paid bribes to a Nigerian oil ministry official in connection with the gas contract signed in 2010, and had failed to disclose this when it later took Nigeria to arbitration over the collapse of the deal.”

In 2019 as this case went to gear 1, I wrote “As the whole process continues to unfold, I still hope and pray that the nation would come out triumphantly, somehow.” Yes, Nigeria’s case was strong because it could claim that its workers were bribed by P&ID, making it a victim. Today, the English Court agreed, and Nigeria is free. But this is not over: “The judge said a further hearing would take place to decide whether to send the case back to arbitration or ditch the $11 billion award without further delay.” Judge, ditch this because it belongs to the trash can!

Sure, this is not to celebrate that a federal employee was corrupt to the point that Nigeria used it to save itself $11 billion!

Download the judgement here (PDF)

More from Reuters…

Nigerian President Bola Tinubu described the judgment as a blow against economic malpractice and the exploitation of Africa.

“Nation states will no longer be held hostage by economic conspiracies between private firms and solitarily corrupt officials,” he said in a statement.

The ruling is a major boost for Africa’s biggest economy, which is saddled with mounting debt, high inflation and unemployment.

“The economic prospects of an entire country have been held hostage by a tainted arbitral award that was built on bribes and lies,” said campaign group Spotlight on Corruption.

In 2017, an arbitration tribunal had awarded P&ID $6.6 billion for lost profit after its 20-year contract to construct and operate a gas processing plant in southern Nigeria had fallen apart.

The sum had since swelled with interest to over $11 billion, representing 10 times the country’s 2019 health budget.

“DRIVEN BY GREED”

However, Nigeria’s lawyers went to court to overturn the award, saying P&ID had bribed senior officials to obtain the contract and corrupted the country’s lawyers to obtain confidential documents during the arbitration. P&ID denied this and accused Nigeria of institutional incompetence.

But Knowles allowed Nigeria’s challenge, writing that the case showed what some people would do for money, “driven by greed and prepared to use corruption; giving no thought to what their enrichment would mean in terms of harm for others”.

The judge said a further hearing would take place to decide whether to send the case back to arbitration or ditch the $11 billion award without further delay.

Lawyers representing P&ID said the firm was disappointed and considering steps available to it.

In a rare rebuke, the judge said two British lawyers who stood to receive astronomical sums had Nigeria been forced to pay the $11 billion-plus bill had misconducted themselves out of greed.

Trevor Burke, an eminent criminal barrister and a nephew of P&ID’s co-founder, would have received $850 million while Seamus Andrew, who represented P&ID during the arbitration, would have received up to $3 billion.

Both received confidential Nigerian documents during the arbitration that they knew they were not entitled to see, the judge found. Their decision to say nothing and not to return the documents was “indefensible”, he wrote.

They did so “because of the money they hoped to make” and gave untruthful evidence about it, Knowles added, referring his ruling to legal standards regulators.

Burke and Andrew said in separate statements they did not accept the judge’s criticisms and believed they would be exonerated by the regulators.