World Report

Nigeria’s Head of State talks about reform and ideas behind the New Partnership for Africa’s Development

s Nigeria still a ‘risk market’ for investors? Why should they now feel more confident about putting their money into the country?

Well, you know old perceptions die hard. A lot of good things are happening in Nigeria. You come here, go through the airport and find it nice. People are courteous and welcome you. You go into your hotel without any problem. But that does not make news.

We have a reform package that the international community, the World Bank, the International Monetary Fund, the United Nations Developments Programme (UNDP) and our bilateral development partners have applauded.

Our National Economic Empowerment and Development Strategy (NEEDS) satisfies all the requirements to develop our socio-economic environment, embracing institutional improvement, privatisation and commercialisation, infrastructure, human development, education and health.

We are fighting corruption in a way it has never been fought before. We are determined to implement reform and give encouragement and incentives to investors – and investors are coming in.

How would you characterise Nigeria’s relationship with the UK and the rest of the Commonwealth?

We have a special relationship with the United Kingdom as a result of historical fact. It is not something that we should be ashamed of, colonialism is a part of our history. It should be an advantage to both sides. We should cherish and nurture it so that it becomes an enduring partnership of mutual respect, understanding, co-operation and agreement.

Being in the Commonwealth offers us a lot. Our civil service and judicial system follows the British model and therefore when we talk of service delivery our law, legislature and legal system are almost the same as Britain’s, Australia’s and Canada’s.

Commonwealth countries like Canada and Australia see the advantage of operating in Nigeria. There’s no language barrier. For instance, we are promoting the mining of solid minerals and Australia has experience of this. We invited them to talk and they are giving us their experience and telling us what will be difficult and when we have to do things differently.

What has the New Partnership for Africa’s Development (Nepad) achieved so far and what challenges lie ahead?

For the first time, we have a programme that encompasses every aspect of our lives: political, economic and social. Nothing has been left out.

All these things are interrelated and intertwined. You cannot tackle health and leave out dealing with the issue of poverty. That is the difference between Nepad and other programmes or plans so far.

Africans themselves conceptualised it, initiated it and developed it. We did not stop there, we took it to our development partners for them to look at it and see whether they could come aboard. They looked at it and said: ‘Africans are now taking their fortune and destiny into their own hands, let’s back them up.’

The emphasis is on partnership. Within countries, the partnership is between the private and public sectors, between young and old, and women and men. Then partnership between country and country within a sub-region, and we are using the regional economic communities as the building blocks. So, you have a sub-region partnership, and then partnership within Africa and then partnership between Africa and the rest of the world.

Another thing that makes Nepad different, is the introduction of the African Peer Review Mechanism (APRM). There is no aspect of the past programmes that allowed us to assess what we are doing by ourselves. Through the APRM, we are able to tell ourselves that we can do what we are doing a little bit better or in different ways. Or we can decide that the way we are going will not be of any help.

Nigeria is preparing for its own African Peer Review Mechanism. Again that is good. We will now have the say as to what we need – self-correction, self-criticism and self-analysis. A panel of eminent people will visit us and look at every aspect.

How does Nigeria see itself as a member of the global community?

We have always maintained that Nigeria should never be an oasis in the midst of a desert. If we did that it would be unhealthy for us. It would not ensure our security. It would not ensure stability. We have God-given resources and we believe that those resources should first of all be enjoyed by Nigerians. However, they should not be limited to Nigeria alone but enjoyed by our neighbours, the rest of Africa and, indeed, the rest of the world.

The Dream Team driving the reform process

Obiageli Ezekwesili
Minister of Solid Minerals

NGOZI OKONJO-IWEALA Finance Minister, one of only two women finance ministers in the world. Internationally respected, she is the key figure in enforcing Nigeria’s fiscal and financial reforms and proved a forceful advocate for cancellation of its external debt.

CHARLES SOLUDO, Governor of the Central Bank of Nigeria, formerly Chief Economic Adviser to the President. Has revolutionised the banking sector by introducing N25 billion (£106 million) minimum capital base requirements designed to consolidate the industry.

OBIAGELI EZEKWESILI Minister of Solid Minerals, overseeing development of one of the most important non-oil resources. Saved the country huge sums in her former post as head of the Budget Monitoring Price Intelligence Unit (BMPIU).

ODE OJOWU Chief Executive of National Planning Commission and Economic Advisor to the President. One of the architects of the National Economic Empowerment and Development Strategy (NEEDS).

MALLAM NASIR EL-RUFAI Governor of the Federal Capital Territories. Known for his campaign against illegal building and land scams in Abuja and its environs.