The Vision for Northern Nigeria’s Economic Revival
Malam Mohammed Hayatu-Deen, a former Group Managing Director (GMD) of the Northern Nigerian Development Company (NNDC) and former Chief Executive Officer (CEO) of FSB International Bank, has long been a prominent figure in Nigeria’s corporate landscape. Known for his contributions to the Nigerian Stock Exchange and the Nigerian Economic Summit Group, he recently shared insights on how to develop the economy of the North during an appearance on Trust TV Programme 30 Minutes with Mannir Dan-Ali.
Why Agriculture, Mining, and Power?
Hayatu-Deen emphasized that agriculture, mining, and power are key drivers for the economic revival of Northern Nigeria. His deep connection to the region, where he was born and raised, played a significant role in shaping this perspective. He also highlighted the shift in focus by the Northern Elders Forum (NEF), which traditionally concentrated on governance but now aims to prioritize economic development. This change motivated him to deliver a keynote address at the Northern Nigeria Investment Summit, where he discussed harnessing technology for industrial growth.
Lessons from NNDC
During his tenure as GMD of NNDC, Hayatu-Deen led the organization through a period of significant growth. At its peak, the company had 145 subsidiaries, operating under private-sector principles while covering all segments of the economy. However, the decline of many of these companies can be attributed to changes in governance and economic policies over the years. The transition from military to civilian rule introduced challenges, including weak governance and a lack of consensus among states.
Challenges in Governance
The current state of governance in Northern Nigeria presents several hurdles. The multiplicity of states and the autonomy of governors have made it difficult to implement cohesive strategies. In contrast, the military era allowed for centralized control, making it easier to align efforts. Today, the lack of strong legislative oversight and the presence of powerful governors have created a fragmented environment.
A Blueprint for the Future
Hayatu-Deen proposed a roadmap focused on catching up through strategic investments in mining, agriculture, and power. He also emphasized the importance of manufacturing and the need for technological innovation. By leveraging technology, Northern Nigeria can create new markets and overcome historical disadvantages. However, addressing the issue of youth unemployment remains critical, especially with a large number of uneducated individuals in the region.
Training and Employment Initiatives
To tackle youth unemployment, Hayatu-Deen suggested the creation of a Sovereign Wealth Fund dedicated to training young people in areas such as agritech, blockchain, and data science. This initiative would require collaboration among northern governments and could significantly impact employment rates. While the response from governors is uncertain, there are signs of progress, with some states taking steps to engage in regional economic planning.
Lessons from the South-West
The success of the South-West in reviving their economic institutions offers valuable lessons. Factors such as a common language, fewer states, and effective leadership have contributed to their achievements. Despite having natural advantages, the South-West continues to invest in progress, demonstrating the importance of sustained effort.
Addressing Insecurity and Population Growth
Insecurity and population growth pose additional challenges for Northern Nigeria. The region faces threats from Boko Haram and banditry, compounded by the lack of economic opportunities. Addressing these issues requires a comprehensive approach that includes job creation and social empowerment.
The Role of Media and Accountability
Media attention often focuses on the federal government, but state governments play a crucial role in economic development. Holding state governments accountable is essential for ensuring transparency and effective governance. While the federal government has established systems, the states require similar structures to prevent leakages and promote accountability.
Mobilizing Capital for Development
Financing for economic initiatives can come from various sources, including blended finance, equity, and loans. The growing number of entrepreneurs in the North highlights the potential for self-driven development. Collaboration between the government, private sector, and civil society is vital for creating a conducive environment for investment.
Leveraging External Resources
Northern Nigeria can tap into international funding sources such as the African Development Bank (AfDB), AfreximBank, and the Nigeria Sovereign Investment Authority. Additionally, the Northern diaspora can contribute to economic growth through investments and partnerships. Establishing new development banks and community banks can further support local initiatives.
Conclusion
The path to economic revival for Northern Nigeria requires a multifaceted approach involving governance reform, technological innovation, and community engagement. By learning from successful models and leveraging available resources, the region can overcome its challenges and achieve sustainable growth.
