Home Latest Insights | News Towards an Effective Restructuring of Nigeria for Economic Development

Towards an Effective Restructuring of Nigeria for Economic Development

Towards an Effective Restructuring of Nigeria for Economic Development

The Punch published a brilliant new year editorial titled “2024: Reset Nigeria and avert the storm”, and partly wrote: “The PUNCH strongly recommends that while not neglecting others, Tinubu should attach utmost priority and give his full attention to four areas namely; the economy, security, corruption, and restructuring, the last being the most crucial for Nigeria’s survival

[….]

“Until like the defunct regions, the states become self-sustaining, productive units each with autonomous economic plans with sector-specific, job-creating targets and robust taxation and investment policies, poverty, unemployment, hunger, and insecurity will linger.

Tekedia Mini-MBA edition 16 (Feb 10 – May 3, 2025) opens registrations; register today for early bird discounts.

Tekedia AI in Business Masterclass opens registrations here.

Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.

“They must be unshackled to participate fully in mining, power, railways, and ports; the template of only one government (the centre) with implementable comprehensive economic plans negates the federalism principle. It is the aggregate of the production of the central and sub-national governments that drive the economies of the United States, India, Brazil, Malaysia, Australia, and other federal countries.”

Yes, restructuring is very fundamental and the benefits are self-evident. Yet, I noted in 2017 that it may not be the magic strike to save Nigeria: “Why restructuring looks good on paper, there is nothing that says it will work. Most of the former governors are in courts fighting corruption cases. In short, restructuring will simply make it easier for them to have more to steal. In Nigeria, I am yet to see any evidence that more money will lead to more economic development. When the Paris Club money was released, some governors just got bigger cars. Their teachers were on strike, they did not care. One governor used the money to buy a mansion in excess of N500 million for a traditional ruler. Are these same governors the people that will run the post-restructured states?

“Technically, the only consolation for most people will be that their tribal men are the ones stealing their commonwealth, instead of someone from another tribe. That is the only consolation: the money belongs here and the son of the soil is the one stealing it, so be it. Except that, mere restructuring has marginal benefits.”

Nonetheless, I do support restructuring because it has a clear path to push Nigeria to evolve into a merit-based pragmatic society where honest leaders will run the show. For that to work, you will restructure with state police, state electoral systems, state banking charters, state CAC (corporate affairs commission), etc. If not, nothing will change.

Beyond Restructuring, How To Make Nigeria Great


---

Register for Tekedia Mini-MBA (Feb 10 - May 3, 2025), and join Prof Ndubuisi Ekekwe and our global faculty; click here.

No posts to display

1 THOUGHT ON Towards an Effective Restructuring of Nigeria for Economic Development

  1. You yearned for democracy and the military handed you one with a flawed constitution. Have you been able to improve your lot since? Now a cry for restructuring is gaining ground, to be handed by which gang this time, unscrupulous and vile politicians? Most times we ask for things without ever minding the sort of creatures that would deliver them. How exactly are they going to do it without inserting themselves as the first beneficiaries?

    The 2013/2014 Confab had a big cohort, with many points raised and agreed upon, but what happened? The very people who boycotted the Confab were handed power in 2015. Any Nigerian who didn’t see that as a great anomaly would qualify as one of the most dishonest and thoughtless creature in the land. Do you really know what it meant to reward those who despised COMMON GOOD with power? I don’t take such misnomer lightly, and it’s a mistake you don’t recover from often.

    We have been amending the Electoral Act, has that led to better elections where true leaders emerge and lead with decency and honour? You can neither legislate love nor faith. This we must know.

    Incompetence comes in different shapes, and when you are looking to do something that can transform, you need competent and honest people.

Post Comment

Please enter your comment!
Please enter your name here