Opinion: Justifications for Tinubu’s foreign trips, by Kola Amzat
Presently dominant in the public domain are unsavory and very embarrassing submissions by a few un-informed Nigerians who are busy casting doubts and aspersions on the president’s foreign trips, as well as admonishing the Commander in Chief of Nigerian Armed Forces on the need for him to consider staying at home to run the affairs of the country.
But, the crux of the matter is that none of the trips conducted by the president to date was initiated by the presidency.
For emphasize, it’s instructive that in view of Nigeria dominant leadership role within the West African Sub Region, it was vitally important for President Bola Tinubu to attend the ECOWAS meeting, where he was indeed got elected as Chairman of the West African sub-regional body.
Also, as the helmsman of the giant of African continent, it behooves on him to physically present at African Union meeting in Nairobi, Kenya. That attendance was strategic.
The President was at the Paris summit at the instance of President Emman Macron.
The India Prime Minister, Narendra Modi personally invited Asiwaju Tinubu to attend G 20 Summit in New Delhi.
At the behest of American President, Asiwaju Tinubu attended United Nations General Assembly (UNGA) in New York and of course, the ex-Lagos State Governor was at Riyad Summit at the invitation of Saudi Monarch.
For the avoidance of doubt, it was German Chancellor, Olaf Scholz who formally invited Nigerian president to attend Berlin Summit.
At this juncture, it’s important to emphasize that it’s not the trips that matter, but the benefits accruing to the country through them. And, there is no iota of doubt that results of those trips would soon be forthcoming, even in manifold.
It’s doubtful if the president would got elected as ECOWAS Chairman, if he’s not physically present at that meeting. As less-important as chairmanship of that office may seem in the assessment of those who are oblivious of international politics and diplomacy, the office put Nigeria firmly in control of leadership of West African sub region.
In Paris Summit, Tinubu, alongside other global leaders signed New Global Financial Pact that placed vulnerable countries, aftermath the effect of the COVID-19 pandemic on priority list for support and investment from the globe. Is Nigeria not a vulnerable country? Would these benefits have been possible if the president didn’t register his presence at the summit?
It must also be emphasized that, it was during the AU Summit in Nairobi that the president brokered a deal of about $3 billion emergency crude repayment loan with President of African Export-Import Bank (Afreximbank) for Nigerian National Petroleum Company Limited (NNPC) for the purpose of supporting the naira and stabilizing the country foreign exchange market.
The federal government secured the crude-for-cash funding from the African Export-Import Bank (Afreximbank) headquartered in Cairo, Egypt. The NNPC Ltd and Afrexim Bank have jointly signed a commitment letter and Term sheet for the huge emergency facility.
The signing, which took place at the bank’s headquarters in Cairo, Egypt, will provide some immediate disbursement that will enable the NNPC Ltd to support the federal government in its ongoing fiscal and monetary policy reforms aimed at stabilizing the exchange rate market.
As a non-member of G2O, Nigerian president was one of nine other presidents around the globe invited to attend the summit. Other presidents the privilege was extended to, were those of Bangladesh, Egypt, Mauritius, Netherlands, Oman, Singapore, Spain and UAE.
Asiwaju Tinubu seized the opportunity of India trip to formally invite the major players in India business landscape, as well as other global investors who graced the summit, to Nigeria for the purpose of investment. He also reaffirmed Nigeria government preparedness to create enabling business environment for their investments to thrive and flourish.
At UNGA, Nigerian delegation participated in high-level events such as a High-level dialogue on Financing for Development and a high-level meeting on Pandemic Prevention, Preparedness and Response.
In addition, the President and his entourage attended the Climate Ambition Summit, convened by the Secretary-General; the Ministerial meeting of the Summit of the Future; High-level meeting of the Universal Health Coverage.
Dominant in the fallouts from Riyad summit is the pledge of Saudi Arabia authority to invest in revamping Nigeria refineries through Saudi state-owned oil company, Saudi Aramco within 2-3 years, as well as reforming Central Bank of Nigeria by making available a substantial deposit of foreign exchange to boost Nigeria’s forex market.
Nigeria and Saudi Arabia also resolved to strengthen security cooperation to mitigate terrorism, illegal migration and other crisis within West African sub region and Sahel region.
Would these awesome benefits have accrued to Nigeria if President Tinubu prefers to be sedentary by refusing to reach out to where assistance and help would come from?
Beyond the benefits accruable from the foreign trips, what’s paramount is that President Tinubu has constituted a crack Federal Executive Council (FEC) comprising distinguished and well accomplished Nigerians in all field, capable of holding their own anywhere.
Individually, they’ve all been assigned portfolios with attached deliverables in form of Key Performance Index (KPIs), and with timelines. Policy Coordination office has been created by the president, being headed by a Special Adviser in the person of Hadiza Usman, with specific Term of Reference to properly and efficiently coordinating the achievements of the Ministers, taking cognizance of the KPIs.
This is the 21st Century leadership strategy expected from a developmental, focus, resourceful and committed president and which President is gracefully offering.
The pertinent question here is that: Do this less-informed Nigerians who are crying wolf where there is none, expect the president to stay put in Aso Villa 24/7 deploying valuable time monitoring ministers who he has already given assignments and Term of References, as well as deliverables, when there are huge challenges in the economy and infrastructural landscape to be urgently addressed?
It’s just been revealed by no other personality than the former governor of Nigerian Apex Bank, who is now the incumbent Anambra State helmsman, Governor Charles Soludo that President Tinubu administration inherited a “dead economy”.
According to him, Godwin Emefiele was just printing currency at will, in ₦4, ₦10, ₦15 Trillion etc for federal government and this is an exercise largely backed with absolutely nothing.
Earlier this month, Tinubu, while negotiating an infrastructure loan in Saudi Arabia had also stated his administration inherited substantial fiscal and infrastructure deficits.
Under the same CBN governor, Nigerians were fed with falsehood of foreign reserves account far and ridiculously lower than balance actually in that account. And, of course the development has been making Nigeria finding it difficult to honour payments of its huge import obligations.
The new Central bank Governor Olayemi Cardoso recently submitted that his top priority was to clear the bank’s backlog of unsettled foreign exchange obligations to local lenders, which he estimated could be as high as $7 billion.
This horrible development has rendered forex market highly illiquid, continually worsening the state of Nigerian currency vis-à-vis other currencies, particularly dollar.
Meanwhile, Minister of Federal Capital Territory, Wike Nyesom is efficiently superintending on the affairs of Federal Capital. He has hit the ground running, taking the bull by the horns, deploying resources and making the spirited efforts to restore Abuja to the territory it’s originally conceptualized. Within few months, his impact on infrastructures, security, education, illegality and general administration of the capital city has been profound.
Minister of Interior, Olubunmi-Ojo has surprised many Nigerians, even, himself, with his grasp of operational activities in the ministry. His impact is being significantly felt in all the arms of the ministry: immigration, passport office, correctional centers, NSDSC etc
Of course, at the prompting of the president, Minister of Finance, Wale Edun and CBN governor, Olayemi Cardozo are collaboratively and synergistically working to reposition and redirect the economy through well-guided and harmonious relationship between the fiscal and monetary policies. This is what has been lacking over decade. They’ve individually, and jointly took some critical decisions on the economy, the benefits of which would be unfolding and manifesting in few months to come.
Dele Alake, Minister of Solid Minerals development, even though operating in a non-familiar terrain, has put in some strategic initiatives that are likely to reignite, reinvent and reactivate activities in that ministry, so that the ministry could indeed fulfil the government expectation of the sector being strategic segment to diversifying the nation economy.
The National Security Adviser, Mallam Nuhu Ribadu, has been working in collaboration with Minister of Defence and the Service Chiefs, as well as other security organs to ensuring and guaranteeing internal security across the nation, by neutralizing the destructive effect of banditry, insurgence and other security challenges across the country.
This development would also give confidence to foreign investors that surely, Nigeria is one of the best investment destinations in African continent.
Minister David Umayi has proved to be a resourceful and a perfect fit in the Ministry of Works. He’s displayed understanding and grasp of the ministry’s dynamics, so much that the contractors and consultants are beginning to have the consciousness that it’s no longer business as usual in the ministry.
He has reconfigured and restored many contracts’ costs to what originally they ought to be. He has also identified and pointed many anomalies noticed in federal roads construction across the country. He has been able to receive the mandate of the president to sanitize and restructure the ministry with a view to creating orderliness and professionalism in the scheme of their operations.
SGF, Senator George Akume is bringing forth his huge wealth of experience to bear in the overall operational affairs of public sector. As a former governor, ranked senator and accomplished leader of progressive bloc in the middle belt, he’s significantly providing stability in the office of SGF and this is also rubbing off the governance at the federal level.
Other ministers and cabinet members are also taking charge of their offices and working on their deliverables.
So, why should the president be sedentary in a bid to be monitoring ministers and top functionaries of the government? Is it not logical for the president to be constantly on the move to reach out to international community and foreign investors by physically registering attendance at business summits around the globe with a view to marketing and projecting Nigeria as one of the best investment destinations in the world, as he’s been doing since his inauguration on May 29?.
Rather than condemnation, this writer is of strong conviction that President Tinubu deserves accolades and commendations of all Nigerians for his wonderful initiative in continually connecting Nigeria with the entire world, cultivating the global community to overwhelm our country with an influx of their investments, a move that would eventually ensure prosperity and developments in all facets for the country in a short distance.
Kola AMZAT (FCA, FCIB),
Lagos Based Financial Consultant,
09077509348.
