Nigeria’s quest for strategic investments

President Bola Ahmed Tinubu’s presidency comes with a promise of economic development. With the already cumbersome weight of social issues affecting majority of Nigerians, the president boldly put an end to petroleum subsidy and initiated what is seen to be a far-reaching reform of the country’s financial sector starting with the central bank and its […]

President Bola Ahmed Tinubu’s presidency comes with a promise of economic development. With the already cumbersome weight of social issues affecting majority of Nigerians, the president boldly put an end to petroleum subsidy and initiated what is seen to be a far-reaching reform of the country’s financial sector starting with the central bank and its foreign exchange policy.

In his first official trip as Nigeria’s leader, the president attended the New Global Financing Pact Summit in Paris and was reported to have been relentlessly pushing for foreign direct investment. My hope is that throughout his presidency, Mr Tinubu would harness the power of strategic investments to address the challenges of poverty, hunger, health, education, energy and climate to propel the nation towards achieving the United Nations’ ambitious Sustainable Development Goals (SDGs).

Poverty eradication stands at the forefront of Nigeria’s development agenda. To this end, the government has to channel investments into sectors that generate sustainable job opportunities. By prioritising entrepreneurship and supporting small and medium enterprises, Nigeria can empower its citizens and bridge the wealth gap.

It is evident that investment in agriculture takes centre stage in the battle against hunger. Nigeria’s fertile lands hold tremendous potential, and by allocating funds towards improving farming techniques, irrigation systems, and access to modern inputs, the nation is striving to achieve food security for its people. Research and development investments also drive innovation in the sector, promoting increased productivity and sustainable farming practices. These all require deliberate investment, beyond interventionist policies.

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The goal of ensuring good health and well-being for all Nigerians should also be a top priority. Investment in healthcare infrastructure, medical equipment, and professional training is critical to improving access to quality healthcare services. Nigeria’s commitment should  extend to underserved regions, where increased investment in healthcare facilities will bolster accessibility and address the health disparities faced by vulnerable populations.

As education is a key catalyst for societal progress, Nigeria must recognise its utmost importance, direct investments to enhance the quality of education and expand access for all. By investing in school infrastructure, teacher training, and educational resources, the government can foster a conducive learning environment. Additionally, scholarships and financial aid programmes will support students in their pursuit of education, breaking barriers to equal opportunities. Investments like these are needed to reduce the number of out-of-school children and enhance the quality of education in rural areas.

Addressing Nigeria’s water and sanitation challenges also requires substantial investment. Investments in water supply systems, sewage treatment plants, and water management programmes, can provide clean water and improve sanitation facilities, thereby affecting the health and wealth of the population. Encouraging public-private partnerships will leverage investments and drive innovation in water resource management.

Nigeria recognises the urgent need to transition to affordable and clean energy sources, partly because of the age-long energy problems faced by the country. Investment in renewable energy, such as solar, wind, and hydroelectric power (which we have an edge on), is a key focus. By directing funds to renewable energy infrastructure and promoting energy efficiency, Nigeria is actively reducing its carbon footprint while ensuring a sustainable energy future.

Perhaps the most dire investment needed to spur development is in decent work and economic growth. This is crucial for Nigeria’s sustainable development. Investments in manufacturing, infrastructure development, and the digital economy are key drivers of economic growth, job creation, and poverty reduction. Simultaneously, investments in skills development and entrepreneurship support can foster a skilled workforce and sustainable livelihoods.

To support industrialisation, innovation, and infrastructure development, Nigeria must attract investments into critical sectors. Upgrading transport systems, building resilient infrastructure, and creating technology hubs foster economic diversification and position Nigeria as a regional hub for innovation must not only be sustained but intensified in President Tinubu’s Nigeria.

As regards the built environment, sustainable cities and communities should be priority for Nigeria’s future even as we record a high rate of rural-urban migration. Investments in urban planning, affordable housing, and efficient public transportation have to be ensured.

With the climate change act of 2021, Nigeria acknowledges the urgent need to address climate change. We have to invest in initiatives that mitigate the impacts of climate change. Through investments in renewable energy, energy efficiency, and climate resilience projects, Nigeria can indeed reduce greenhouse gas emissions, adapt to climate challenges, and build a sustainable future for generations to come.

Lastly, preserving Nigeria’s rich marine and terrestrial ecosystems is paramount. Investment in marine and coastal conservation, as well as land conservation, afforestation, and sustainable land management practices, is vital. By directing funds toward initiatives such as marine protected areas, sustainable fishing practices, and forest as well as wildlife protection, Nigeria can safeguard its natural heritage and biodiversity.

I hope that each investment made by or brought about by the Nigerian government takes us a step closer towards a more sustainable future in which no Nigerian is left behind.