For us here in Nigeria, it is important to note that virtually the whole world started poor. So, each developed country at a point only found a way to be rich. We can also. But we must harness ideas, be prudent, disciplined and consistent. #TFLPolicyTownHall #PovertyToWealth
And the summary of the way has not changed in the last century. Every nation that became rich used natural resources – land (farming), timbers (ship), and seas (trade), using ideas, to their advantage. #TFLPolicyTownHall #PovertyToWealth
2. The foundation is the understanding of where we want to go, how we want to go, and what is required to take us, underpinned by a sound legal framework. #TFLPolicyTownHall #PovertyToWealth
3. Today, our law is most shaken than ever before. In the past, government officials pretend what we have always known, which is that “might is right”. Not anymore, @FemAdesina has now provided the thinking in government. #TFLPolicyTownHall #PovertyToWealth
At least three things are wrong with Nigeria’s legal environment. 1. Might is right – physical / wealth / influence. 2. Delayed justice, if it ever comes. 3. Following from the two, justice is largely underpinned by wealth + influence. #TFLPolicyTownHall #PovertyToWealth
5. In relation to investment and growth, these parameters act as interference and lower investment in the long run, drive up the costs of investment, and destroys existing investment. #TFLPolicyTownHall #PovertyToWealth
We are not doing well on legal framework for inv. e.g, we are behind on v. basic thing such as transfer of properties in a proper legal manner. D screaming on Land Use Act has not reached government yet, but it has investment implications. #TFLPolicyTownHall #PovertyToWealth
7. Same can be said about the petroleum industry bill that has taken forever to accomplish. #TFLPolicyTownHall #PovertyToWealth
From a security point of view, the challenges include herdsmen, book haram, kidnapping, armed robbery, cultism etc. The sad part is that the challenges are rising. They have serious implications for investment, both domestic and foreign. #TFLPolicyTownHall #PovertyToWealth
From foreigners' perspective, they see Nigeria as a homogenous country when it comes to security. It means that there is a huge link between Boko Haram, herdsmen and kidnapping in other parts of the country, and investment in Lagos, Oyo, Delta. #TFLPolicyTownHall #PovertyToWealth
What does happen, therefore, is that while FDI is poor, portfolio flows are doing well as long as oil prices are going up. FDI requires the risk analysis of whether Nigeria will enter a civil war or not, but portfolio flows do not. #TFLPolicyTownHall #PovertyToWealth
11. The sad part is that those in government make noise about attracting investment, and spill out fundamentals on the basis of population, but investors are looking at the escalating security situations and the rise in conflicts. #TFLPolicyTownHall #PovertyToWealth
12. Indeed, most government personalities don’t see the link between security challenges in the North East and North Central and investments in other parts of the country. #TFLPolicyTownHall #PovertyToWealth
13. We do not make many policies and reforms to reflect changing global dynamics, but when we do, we bungle them. When we get them right, we change them often. In the end, we leave investors wondering what’s wrong with us. #TFLPolicyTownHall #PovertyToWealth
14.PIB is not so much a bad, but a non-existent law. For so many years now, no tangible investment in the oil and gas industry as the world waits for changes to our laws that never came. #TFLPolicyTownHall #PovertyToWealth
15. And generally, when we make changes to our policies, its often remarkable how they are changed and compromised at the implementation stage. Just check the power privatization and the #MYTO implementation. #TFLPolicyTownHall #PovertyToWealth
16. And generally, when we make changes to our policies, its often remarkable how they are changed and compromised at the implementation stage. Just check the power privatization and the #MYTO implementation. #TFLPolicyTownHall #PovertyToWealth
17. And there is nothing as unpredictable as the yearly ritual called national budget. Haphazard, unpredictable, unworkable, compromised, never impactful etc. #TFLPolicyTownHall #PovertyToWealth
