Many Nigerians like to delude themselves that the Bola Tinubu regime could transform the country. But the signs don’t look good – as shown by the plan to introduce student loans instead of providing free tuition in higher institutions. Fees are already reportedly being hiked by several universities following the student loans announcement. Development will remain a pipedream in Nigeria until the eight steps below become top priority for those in power.
1. Free and adequate education from primary to university (compulsory up to 18). This is actually in the Nigerian constitution, needless to say it is roundly ignored by Nigerian rulers.
2. Free, universal and adequate healthcare for all. Another constitutional requirement.
3. Running water in every household. The constitution has provisions stating the right to adequate shelter.
4. Serious investment in R&D – including facilitating closer links between industry and universities, supporting the commercialisation of research (the transition of successful research ideas to the market).
5. An industrial strategy that fosters local manufacturing via subsidies, tariffs on imports and intellectual property theft.
6. A banking sector that supports the real economy via loans for small businesses, mortgages, etc. If the private sector won’t do it, the government should establish state-owned banks as they have in Germany, China, etc
7. Complete overhaul of the transportation network – rail links to all major cities plus rail connections across West Africa and beyond to open up new markets for Nigerian goods and services.
8. Bring back power supply under public control and transform the sector with investment in renewable energy.
How will this be paid for? Close tax avoidance loopholes for multinationals operating in the country. Nigeria loses more in tax avoidance by multinational corporations than it loses in corruption – billions of $s every year.
None of these things will be done because as political economist Claude Ake said, the problem is not that development has failed, it is that it was never really on the agenda.
