Northerners must invest in the region – Mustafa Bello

The North is currently bedevilled with numerous travails of economic collapse, insecurity, poverty, Boko Haram etc. What is now the position of the NIPC Investment in the North scheme?   Investments generally generate jobs and employment. Employment means constructive engagement of the people in activities to earn a living, prosper and overall have better life. […]

The North is currently bedevilled with numerous travails of economic collapse, insecurity, poverty, Boko Haram etc. What is now the position of the NIPC Investment in the North scheme?

 

Investments generally generate jobs and employment. Employment means constructive engagement of the people in activities to earn a living, prosper and overall have better life. The Northern Nigeria is naturally endowed with vast arable land and large solid minerals deposits. It is through investments that these potentials and prospects can be explored, exploited and developed for economic growth and prosperity of the region. It is of great concern and an embarrassing challenge to every indigene of former Northern Region of Nigeria to remain a spectator, watching with unpatriotic indifference, as the once sprawling economy of the Northern Region was allowed to rapidly drift into total collapse; characterized by the highest prevalence of poverty, unemployment and resultant youth restiveness that has found expression in the various crises and security concerns now bedeviling the North.

It is against this background and in the new spirit of saving our North from total economic collapse, and the consequential social and political implications to all Northerners that extensive and intensive consultations were made which led to the incorporation of a Special Purpose Vehicle (SPV), the “Invest-In Northern – Nigeria Limited (IINNL) The IINNL is a wholly private sector driven initiative, designed to raise a threshold of funds for the purpose of investing in critical sectors and projects that will serve as the basis for the socio-economic transformation of old Northern region of Nigeria.

The IINNL is expected to raise at least, one hundred billion naira annually through maximum equity subscription of one million naira per person, payable in full or in parts for a period of up to ten years. With an estimated one hundred thousand private equity subscribers annually, the project is expected to generate equity subscribers annually; the project is expected to generate one trillion naira within ten years. The objectives of the initiative are to provide opportunities for citizens of the North to invest, in a community-based participation effort and be part of the socio-economic transformation of the North, appealing to our sense of patriotism and ensuring that history will not judge us wrongly; provide critical infrastructure for the North using various business models and enhance the competitiveness of the region to attract and retain value-added investments; create the basis of the unity and sense of oneness of all of us in the North by coming together to productivity engage our collective efforts, resources and channeling same for the good of all our citizens and create a viable alternative to the current practices of total dependence  on National Revenue Sharing.

Through the instrumentality of the Northern Nigeria Private Equity Fund, the North can embark on development activities and grow the economy of the North from the funds realized and maintain a sustainable stream of investments projects. At the Nigerian Investment Promotion Commission (NIPC) level, we have created a Desk, Northern Nigeria Development Company (NNDC) at our One Stop Investment Centre (OSIC) to facilitate investment into the Northern part of the country.

We have also established our Zonal Offices in Kano for North – Western Zone, Jos for North – Central Zone and Maiduguri for North – Eastern Zone, this is with a view to bringing our activities closer to the people and be in a position to make local and foreign investments to work for the local economy.

Also, we have been encouraging the Governments of the Northern States to set up a replica of our Stop Investment Centre in their respective States in order to promote and facilitate investment into their states with the broader investment Promotion Agency that every state should put in place.  We have been working in close collaboration with the various states investment agencies to evolve strategies on how to promote the abundant investment opportunities in their various localities as well as build capacity for professionalism in dealing with investors. Concerning the insecurity in the North, it can be easily seen that it is caused by restiveness of the largely unemployed youths in the North who the economics of the North cannot provide employment for, coupled with mass poverty by average household with a resultant collapse in the value system which the North cherished and the hallmark of the Northern Nigeria.

To address the issue of insecurity in the North therefore, is to reverse the negative trend by creating massive employment opportunities, increased access to good life and prosperity of the North which will go a long way in ending current security concerns, while the Invest-In-Northern Nigeria Limited will serve as catalyst for jump starting the economy of the region with concomitant employment generation, better living condition for the people and good value system that the North has been known for. This will no doubt be a great service to the North and Nigeria.

How well has the people of the north responded to the scheme?

Well, at the Northern Nigeria Economic Summit held in Kaduna, as well as at the December 5 and December 6, 2011, ACF Summit on Peace and Security also held in Kaduna, we made a case in a presentation on the need to seek alternative sources of mobilizing funds to finance identified infrastructure challenges that are key to the economic survival of the North.

In each of these two summits the presentation was unanimously accepted and adopted as a key resolution and perhaps the last feasible opportunity for the North to embrace to enable it do something urgently to arrest and reverse its economic downturn, in line with the vision and legacies of the late Premier of the North, Alhaji, Sir Ahamdu Bello, the Sardauna of Sokoto. We are also mobilising the relevant stakeholders to buy into the project.

Now, I think it’s very important to get your views on the best approach to take towards ending the region’s socio-economic problems?

The time has come for well meaning citizens of the North, passionate of the North and willing to be part of a process of sacrifice, to team up with all of us for the transformation and development of the region, with a lot of hope and future, as well as bequeath to our children an enduring legacy.

We invite all well meaning Nigerians to join us in the recapitalisation process of saving the collapsing economy of the Northern Nigeria.