Sentiments may be gloomy but there are bright spots in Nigeria ’s 50 year history

A BusinessDay special publication www.businessdayonline.com 1Friday 01 — Sunday 03 October 2010

From regional and continental peace maker to global peace keeper

Page 3

Philosophical re-flection on Nige-ria’s constitutions since 1960 Page 6

From public sector dominated econo-my to the next busi-ness destination Page 15

(1967-1970).The end of the war f ina l ly

marked a potential realization of ‘never again’ post civil war commit-ment, the mission of the leadership from then on being to strengthen the fabric of the Federation, ef-fectively replacing the traditional parochial sentiments arising from the creation of the country by the British who colonized it for several decades.

The strength of the country has been applauded by many in the international community and that should not go unrecognized. A unique country, one that has trans-

Desp i te a l l the g loomy sentiments about the ‘old man’, Nigeria, who turns 50 years today, its perfor-mance in times of social,

political and economic difficulties shows there are still huge land-marks to celebrate.

Indeed, Nigeria has firmly ce-mented its place as an independent nation within the international com-munity, making headlines with what its citizens and the country itself has achieved within and outside

Charles Ike-Okohthe country.

Whilst many may not applaud the country for its poor political choices and even its economic implementation programmes and despite the sharp criticisms of its governance structure, the premise on which the country was founded is undeniably of merit as reflected in the many bright spots BusinessDay has chosen to profile as part of the country’s celebration.

As history can attest, the first few steps were not particularly rosy, stunted by the early disrup-tions arising from a protracted civil war that lasted for three years

formed its business environment into one with the structure akin to those of the Western economies. It today, boosts of the largest foreign Direct Investment inflow in the whole of the sub-Sahara Africa .

The resilience of its people have helped to create the economy that the World Bank classifies as a mixed economy emerging market, which also it says has reached middle in-come status by 2007. As 2007 it was ranked 37th in the world in terms of GDP. It is the US largest trad-ing partner in sub-Saharan Africa and supplies a fifth of its oil to (11 percent of oil imports).

Nigeria@50

The Economist Intelligence Unit and the World Bank, put Nigeria ’s GDP purchasing power parity at $292.6 billion by 2007. The GDP per head was equally estimated at $1,754 per person in 2007.

Nigeria made history in April 2006 by becoming the first African country to completely pay off its debt (estimated $30 billion) owed to the Paris Club. That came as a result of the economic stride and huge transformation from an economy that could barely attract foreign investment to a country that is largely viewed globally as the next business destination.

why we are still talking about these factors. Talk about religious conflict, yes we could say in the regions of the world there are religious crisis left right and centre.

When we talk about family value today, this has degenerated too. When you look at youths of today in relation to older ones they lack respect for themselves, authorities, and families. We now have higher risks than what it was while we are growing up. So you can not actually say we are mature tak-ing all these into consideration.

If you look at our educational system, if it were not the advent of the private universities that seems to be redeeming the Nigerian edu-cational system you will discover that we have degenerated. There are so many university graduates that are coming from the public universi-ties that could hardly read or write. Now companies are rushing to take overseas trained graduates.

If you look at the health sector, it has not improved beyond consul-tancy clinics just the way the military government of late Sani Abacha de-scribed it in 1983.

When you look at the issue of in-frastructure, yes as at independence there were only a few towns that have electricity but with the amount of resources we have garnered from oil and some other revenue earnings, we expect that the level of infrastructure either in terms of roads, rail system or water trans-portation make life easier for the people. Today we experience more problems on the roads than most countries of the world. People are dying every day on the roads.

Nigeria should look seriously at sustainable development. Because we know that political development goes hand in hand with economic development which can be used to sustain the level of the economy. I am not a politician , but from the angle of an average Nigerian if we allow current democracy to suc-ceed then the chances are that we would be able to direct our affairs in away that may lead to better development. We know that as Christian it is only god that can direct the affairs of man in away that can satisfy.

In the meantime we should engage in away to development our economy, we have to use our oil well to the benefit of Nigeria and her people. We must encourage the youth in pro-ductive activities. We should try and engage in constructive development of the Niger Delta. We should promote social harmony instead of allowing religious conflicts to create fears in the minds of the citizens.

I could remember that certificates from places like

the United States of America were

sent for evaluation before the holders

were employed

Growing up in Nigeria then and now

Nigeria got her indepen-dence in 1960. I was not yet working at that time. I was still schooling.

One can look at that era with a nostalgia. Life was not all that rosy but much beautiful when we look at the general environ-ment when people were anticipat-ing independence and with a lot of expectation that things would look better. When you listen to politicians listing the benefits of independence, especially the youths it was like we were expecting life from the paradise. But when you look back to the last 50 years, you will see a lot of disap-pointment, a lot of frustrations. Even though there certain aspect of our lives that has made life easier this is because of the technological break-through that has taken place world over which we are beneficiary. But when you look at our environment you see that things would have been much better than it is now.

The political class at the time of independence gave a lot of promises and raised a lot of expectations. Now in retrospect the song of Adeolu Akinsanya came to mind, when he said in Yoruba that “ominira o soro, ati lore loju” (having independence is not a problem but using it to the benefit of all is where the problem lies). He was probably warning us of the challenges ahead.

When I started work after inde-pendence life was hard, but this was also complicated by politicians who engaged in all kinds of things just to favour the boys to the extent that the colonialist vacated so many jobs for Nigerians and down the line so many people benefited. Of course there is the problem of education as regard occupying several positions. Because of this, the Nigerian govern-ment engaged in giving scholarships to Nigeria to be able to get the needed education fill the positions in the civil service.

The Nigerian educational system was fantastic at that time because there was the university college in Ibadan, shortly after, there was Obafemi Awolowo University, it was after independence that we had the University of Nigeria Nssukka then later Ahmadu Bello University.

The standard of education at that time was good because I could re-member that certificates from places like the United States of America were sent for evaluation before the holders were employed. Not unlike today that people run to America to look for jobs. The Western Nigeria civil service served as a model for the rest of West Africa .

The civil service was very strong as it represented agent of develop-ment , the politicians yes, were there but they gave due recognition to the civil service. At that time the permanent secretary who was the accounting officer of the ministry cannot be easily be brushed aside. And also some of the projects for development are being executed. Unlike now that the permanent secretary is being passed at will. The

permanent secretary is responsible to the head of service and the Public Service Commission.

When you remember all these things you will see that Nigeria has not made much from independence.

Today, you see politicians make promises and are not able to fulfill them. It was not the same thing at that time. There a lot of po-litical activities that were totally uncomplimentary and completely opposite of what the British left behind. Hooliganism, witch hunting and killing people and putting them at the back of the house of their opponents.

The native police was used to vic-timize political opponents. The health inspectors would go the homes of political opponent and claim that they saw mosquitoes in the drinking water of their political enemies.

In terms of development govern-ment engaged in development plans because it was the central figure in any area of development. Even though there was an introduction of mix economy approach to de-velopment, government was leaning more towards central planning than capitalist economy system, the type we have today.

The problem came in 1966 when we had the coup. It was the politi-cal wrangling that led to that coup. Nigeria had never been better after that time. We all know what it means fighting civil war. Even though we said the war was prosecuted within a reasonable manner, but some re-sources that were suppose to have been used to develop the economy were diverted to fight the war.

We were getting free money from oil. Yes, oil was already yielding revenue the government. Production was about half a million barrel per

Olusola bello

day at that time. But because of the war, the production from what is now known as Rivers and Bayelsa States was reduced considerably. It was not that the oil money was just flowing. Nigeria depended on agriculture to fuel the economy and the little we were getting from oil was partly used to prosecute the civil war.

As it turned out the war ended and oil started to dominate the economy of the country and within a short period Nigeria was able to produce 1,000,000 barrel per day. By the time the oil shock came in 1973 when it was about $2 per bar-rel and now went to $14 per barrel. This was what was referred to as the oil boom. Life became more abundance in a way than what it was during the era of the civil war.

This was the time of tokunbo. It was known then as home delivery. Transportation was very difficult. And even in Lagos that was the Federal capital of the country. There was only one bridge that linked

Lagos island and mainland and this was carter bridge. It was during this period that government started the construction of Apapa Bridge and roads and also Eko bridge.

Because of the completion of these bridges coupled with influx of motor vehicles and strong middle class that was available at that time, congestion began to set in Lagos . This was what led the General Olusegun Obasanjo administration in 1977 to introduce even and odd numbers in Lagos .

But when you compared the econ-omy then with what we have now, it is something else. I remembered during Shagari’s administration the price of a bag of rice was about N80. But today a bag f rice is about N10,000

We have not developed the way many people had wanted us to. All over the world Nigeria has the repu-tation of under development. We can now see how Nigerians under devel-oped Nigeria . This illustrates the hope of Nigerians that was betrayed.

If you look at the political sys-tem, it so unfortunate that 50 years after Independence , we can only boast of twelve years of political democracy. We have messed up the political system. If we had allowed democracy to thrive we would have been talking of matured democracy. If you look at the economy or the political situation and also the so-cial system, we cannot say we have social cohesion. Just as we have tribalism at that time we equally have tribalism today. If it is not trib-alism we would not be talking about zoning. We would have been saying we don’t care where the president is coming from as long as he has ability to deliver.

Because we have not grown up beyond the level we were shortly af-ter independence, that is the reason

DIRAN FAWIBE tells how it was after Nigeria ’s Independence

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Nigeria@50

Diran Fawibe is managing director/CEO, International

Energy Services

Congo (ONUC) 1960 -1964 Battalion operations New Guinea (UNSF) 1962-1963 Military ObserversTanzania (Bilateral agreement) 1964 Battalion operations India-Pakistan (UNIPOM) 1965 -1966 Military ObserversLebanon (UNIFIL) 1978-1983 Battalion operations and Staff Officers Chad (HARMONY I, bilateral agreement) 1981-1982 Battalion operations and Staff OfficersChad (HARMONY II, OAU) 1982-1983 Brigade operations Iran-Iraq (UNIIMOG) 1988-1991 Military Observers Liberia (ECOMOG) 1990 Division (-) operations Iraq-Kuwait (UNIKOM) 1991 Military Observers Angola (UNAVEM II) 1991-1992 Military Observers Sierra Leone (NATAG) 1991 Training Team Angola (UNAVEM III) 1992-1995 Detachment Namibia (UNTAG) 1989-1990 Military Observers Western Sahara (MINURSO) 1991 Military Observers Cambodia (UNTAC) 1992- 1993 Military Observers Somalia (UNOSOM) 1992-1994 Battalion operations and Staff Officers Former Republic of Yugoslavia (UNPROFOR) 1992 Battalion operations and Staff Officers Mozambique (ONUMOZ) 1992 Military Observers Rwanda (UNAMIR) 1993 Battalion operations Gambia (NATAG) 1993 Training TeamAouzo Strip (UNASOG) 1994 Military Observers Israel (UNTSO) 1995 Military Observers Liberia – ECOMOG Sierra Leone – UNMIL Dafur peace initiative

Some of Nigeria’s international peace-keeping interventions Country Year Deployment

From regional and continental peace maker to global peace keeper

Ikechukwu Eze

NIGERIA AND THE WORLD

Analysts believe that Nigeria’s contributions to regional peace missions in Liberia and Sierra Leone alone are in excess of US $10 Billion, with lives of thousands of soldiers, policemen and civil society members lost in the bid to attain, maintain and guarantee such peace.

In analysing Nigeria’s contribution towards maintaining peace in West Africa, Cecil Ibegbu, an international affairs analyst stated that in the 1990’s Nigeria through ECOWAS launched ECOMOG and also bore most of the cost attendant to such endeavour and “in turn had made the ECOMOG experience an ideal model and bench-mark for UN in the way that it views the role of regional peace keepers, and the need to partner with such regional groups that have a lot at stake in keep-ing the peace in troubled regions.

“Other areas of success will in-clude the Nigerian role through the leadership of President Olusegun Obasanjo in reversing the military coup d’ etat that took place in Sao Tome, and also the ability and leader-ship that was exercised by Nigeria in convincing former Liberia President, Charles Taylor to accept exile in Nigeria thereby paving the way for a peaceful elections in Liberia and a successful return of that country to a democratic regime”.

In deed, Nigeria ’s pole position in African peace keeping is demonstrat-ed by its esteemed place among the nations of the continent. For instance, the African Union plans to establish a permanent African security force, known as the AU Standby Force with five or six brigades of 3,000-5,000 troops each stationed around Africa and able to respond quickly to any unrest. But it is obvious that Nigeria is expected to play a pivotal role in that bid, especially as it is only the

Nigeria-led ECOWAS that has the resources to mobilize 3,000 troops or more at the moment.

Howevr, following the huge ma-terial and human sacrifice that the country have had to make, many have increasingly been question-ing the rationale behind what they see as ‘wasteful’ interventions in blood and resources which are

Nigeria ’s experience as a global peacekeeper or involve-ment with military campaigns abroad began well before independence. Nigerians

troops actually participated in peace military operations in such places as Palestine, Morocco, Sicily, Germany, Burma (now Myanmar ) and Camer-oon; but then the county was dragged into such assignments by the inconsid-erate colonial masters.

However, soon after indepen-dence in 1960 and after joining the United Nations same year, the nation launched out to define her position as a key player in the effort to rid the world of violent conflicts. Her first major assignment came days after independence when the gov-ernment of Abubakar Tafawa Balewa sent troops to participate in the UN peace mission in the Congo, a central African country that got consumed in political crisis masterminded by its former colonial masters soon after its own independence.

Since then, Nigeria has not only remained consistently committed to the cause of peace keeping in differ-ent parts of the world but has actually risen to occupy a leadership position in international peace keeping.

From the 1980s, Nigeria clearly became Africa’s leader in international peace keeping operations following its rising profile on the global circuit.

According an official government site, “of the 80 countries contributing troops to over 20 global operations, Nigeria has more than 6,500 men keeping the peace outside its borders in places such as Bosnia Herzgovena, Iraq, Kuwait, Western Sahara, Liberia, Angola, Rwanda. Nigerian troops have also served in Somalia , Mozambique and Cambodia , The Congo, Chad , Lebanon, India , Pakistan ( Kashmir )”.

Ruth Morgenthau, former advisor to many United States Presidents in-cluding Kennedy, Johnson and Carter once described Nigeria as one of the “most committed countries to main-taining the degree of international order that the present UN decision making process permits.”

Notably, Nigeria distinguished herself as a crusader for the libera-tion of the entire continent from exploitative colonialism and for the enthronement of justice and equity in the continent’s free states . Along this line, the country contributed immensely towards the success of liberation struggles in many African countries, especially in Southern Africa where her efforts to free the region of colonial rule and end the segregationist apartheid regime earned for her the status of a front-line state.

But it is actually in the West African sub-region that Nigeria has proved itself as peace keeping champion fol-lowing recent conflicts that tended to plunge the entire sub-region into disaster zone.

In the early 1990’s, struggle for power in Liberia brought about a bloody political conflict and long-drawn war that threatened to engulf the entire sub-region. Its spill over effect was soon felt in such coun-tries as Sierra Leone and even Cote d’Ivoire . It was ‘Big Brother’ Nigeria that saved the day by initiating and leading an Ecowas intervention force that helped restore peace to the troubled countries.

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Nigeria@50

often undertaken without a clearly understood motive.

The position of the government has always been that it is a pre-emptive measure meant to save the country and the sub-region from the destabi-lising spill over effect of conflicts and wars. Even then, it appears Nigeria leaders are now having a rethink and applying some control.

Reacting to such criticism, the Per-manent Secretary of the Ministry of Foreign Affairs, Hakeem Baba-Ahmed, recently wrote that the country now has a new foreign policy focus, stress-ing: “the mantra in the new foreign policy reform is to put Nigeria first in any relationship.’’

The government has in the past decade actually been tinkering with how to factor in economic consid-erations in the nation’s international military operations. In what has been variously described as the dawn of economic or citizen diplomacy by a couple of past foreign ministers, the country is not only thinking of reducing the obvious huge peace keeping budget but also thinking of how to limit the needless exposure of our men and women to dangerous conflicts in other lands, especially in the era of terrorism where the rules of war and peace keeping are hardly observed by warring parties. That is why despite the pressure being mounted on Nigeria ’s leadership by both the United States and the European Union, Nigeria has been resisting the call to send troops to war-torn Somalia . President Jona-than repeated this position last week before the United nations General Assembly where he tasked the west-ern powers to do more in the area of conflict prevention.

The same sentiment ran through the one month period of Nigeria’s presidency at the United Nations Security Council last June when the nation’s UN Permanent Representa-tive, Joy Ogwu called for a review of the rising human and financial costs of international peacekeeping op-erations along the lines of “ adopting early warning mechanisms in resolving conflicts at the region” as is presently done by ECOWAS.

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Nigeria@50

How entrance of new generation banks revolutionalised banking in Nigeria

Despite some shortcomings of the banking sector, which are however not peculiar to Ni-geria , the industry could be said to have recorded some

achievements in the past 50 years of the country’s independence. Specifically, the entrance of the new generation banks like Zenith, the defunct Standard Trust Bank, Guarantee Trust Bank, among others brought some revolutionary feelings and actions typified by quality and personalized services.

The emergence of these new gen-eration banks in the late ‘90s changed the face of banking practices in the country’s economic turf accompanied with vigour and vitality to the banking industry, however, the new orienta-tion was typically based on the use of computers.

Indeed, If there is one sector of the Nigerian economy where computeri-sation has enjoyed a boom it is in the banking industry. Computers have made all the difference between the old style, conservative banks, and the new genera-tion banks which have brought fierce competition to a sector previously

John Omachonu

BANKING

marked for its sloth. Revolution in the financial services

industry leading to an increase in the quality of services provided to the av-erage Nigerian increased the number and sophistication of financial prod-ucts offered by the traditional bank. The impact on the economy can be observed through the, availability of credit to private sector, which grew by 435 percent from N1.52trn in 2003 to N8.13trn in Feb 2009.

Phenomenal growth in the usage of electronic payment systems including the issuance of debit and credit cards, Issuance of over 25 million cards being used to process payment transactions on over 11,000 Point of Sales (POS) terminals, 15,000 Automated Teller Machines (ATMs), 500 web locations and 80,000 mobile devices. Improved standard of living via introduction of consumer finance products (i.e. Leasing of cars, electronic appliances, laptops/desktop computers and availability of mortgage loans and credit lines).

Industry revolutionized with compe-tition leading to increased product roll out & growth in credit to economy, Total Assets rose 439 percent to N16trn. International Expansion with over 60 branches in Foreign markets. Nigerian

banks accounted for over 65 percent of stock market capitalization.

Some of these banks have taken computerisation a stage further and in the process transformed traditional banking habits in the country. Dedicated Wide Area Networks (WANs) link their branches by computer making it possible for customers to cash their cheques at any of the banks’ branches. This had been achieved through a highly efficient workforce.

In fact, Banking decree No. 1 of Feb-ruary 1969 and the Banking Amendment Decree No. 3 of 1970 imposed more stringent conditions in the industry, then, dominated by government owned banks via Indigenization Act of 1971. By 1980 there were 26 banks, while another Reform of 1982 - 2004 Na-tional Economic Emergency Decree in the wake of Financial distress in the 80s and 90s, brought about 120 banks (66 Commercial, 54 Merchant), with Pru-dential Guidelines Introduced in 1990 to regulate and monitor their operations. Bank branches jumped from 40 in 1985 to over 2000 in 1992, thereby making them qualified to handle Public sector accounts, which were transferred from CBN to banks in 1999.

Interestingly, the coming on board

of the new generation banks, was re-inforced with the introduction of the Universal Banking in 2001 with N1bn minimum capital base, later increased to N2bn,then by 1150 percent to N25bn with the number of operating banks reduced from 89 to 24. This was so be-cause the concept gave banks the latitude to express themselves in their areas of competences, with the resultant effects of banks embarking on syndication of loans to fund long term projects. Nigerian banks now operate beyond their shores, with a growing variety of modern retail and consumer banking products.

Although, the universal banking concept has been modified in the current banking reforms due to its abuses, it is on records that it contrib-uted substantially to the realization of the achievements by the sector. The universal banking guide-lines which were issued in January, according to operators then, marked a revolution in the Nigeria ‘s financial system as it changed the face of banking in Ni-geria . In fact, part of the guide-lines then stated that henceforth “banks are free to choose which activity or activities to undertake (money or capital market activities or insurance marketing services or a combination

thereof, and are expected to comply with the guide-lines, specified for such activity or activities.”

Tony Emumelu, former Managing Director of the defunct Standard Trust Bank Ltd had this to say about the con-cept when it was introduced, “Universal banking is the system whereby all finan-cial institutions are allowed to perform an array of functions and services that they are best suited for.” Segun Aina, former Managing Director, defunct Fountain Trust Bank Ltd said “simply put, the concept allows a bank to decide its own portfolio of businesses, and ap-propriate service delivery channels and infrastructure, yet within an applicable regulatory framework.

The release of the guide-lines, ac-cording to operators, marked a revolu-tion in the financial system that contrib-uted to changing the face of banking in Nigeria . The combination of the en-trance of the new generation banks and the enabling environment, occasioned by the universal banking concept laid the foundation for the heights achieved by the banks today, including, dominance of the capital market activities, funding of long term projects and expansion/extension of quality services beyond the shores of this country.

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Nigeria@50Timeline-Land mark events captured in graphic format-1960-2010

October 1, 1960 - Nigeria became an independent state . Abubaker Tafawa Balewa became the Prime Minister

October 1, 1963- Nigeria became a Republic

1963 - Mid Western state be-came the first (region) state to be created out of the existing three (Northern, Western and Northern regions)

1964 - A national census deter-mined for the first time that the North had a larger population than the three other regions combined.

1964 - The North was granted a majority of representative in the national legislature after the census. The census was rejected by both Western and Eastern regions.

January 1966 - a coup led by General Aguiyi Ironsi, toppled the gov-ernment of Abubakar Tafawa Balewa. 15 people died during the coup.

July 1966 - A counter coup led by Lt Col. Yakubu Gowon was staged. 24 people died from the counter coup.

October 1966 - Economic blockade of Eastern Nigeria by air, land and sea began.

May 30, 1967 - The Igbos of the Eastern region under the leader-ship of Lt Col. Odumegwu Ojukwu, decided to secede from the rest of Nigeria and form Biafra, marking the start of the Nigeria civil war.

May 27, 1967 - Nigeria was divided into 12 states by Colonel Gowon

12 January 1970 - Biafran surrenders. More than one million people had died in 30 months of civil war. Gowon declares “no vic-tor, no vanquished” and announces a programme of reconstruction and rehabilitation.

1972 - Gowon first landmark declaration-the indigenization De-cree, which declared many sectors of the Nigerian economy off-limits to foreign investment.

October 1, 1974 - Gowan says he won’t hand over to civilians and announced indefinite postponement of handover date to civilians.

29 July 1975 - Gowon is toppled by Maj-Gen Murtala Mohammed while attending an Organisation of African Unity summit in Kam-pala , Uganda . He goes into exile in Britain .

13 February 1976 - Gen Mo-hammed is assassinated in an aborted coup. His next in command, Maj-Gen Olusegun Obasanjo, becomes head of state.

1 October 1979 - Gen. Obasan-jo hands over power to President Shehu Shagari, who won that year’s elections on the platform of the Na-tional Party of Nigeria, bringing to an end 13 years of military rule.

31 December 1983 - President Shagari is toppled in a military coup three months after winning a second

Charles Ike-Okoh term at elections marred by violence and allegations of widespread rigging. The new military ruler is Maj-Gen Muhammadu Buhari.

27 august 1985 - Buhari is overthrown by his army chief, Maj-Gen Ibrahim Babangida, who makes it clear from the outset that he prefers the title of president.

May 1986 - Roughly twenty students and bystanders at Ahmadu Bello University (ABU) in Zaria are massacred by security forces after staging peaceful protests over impending introduction of SAP. More students are killed in protests against SAP and the ABU massacre during the following days at Kaduna Polytechnic, the University of Benin , and the University of Lagos .

april 1988 - Students demon-strate at 33 universities against fuel price increase demanded by IMF-inspired SAP.

May-June 1989 - Dozens of people are killed and hundreds are arrested in riots and strikes against SAP in Lagos, Benin City, and Port Harcourt. Government is forced to offer a welfare program called an “SAP Relief Package,” the establish-ment of a mass transit scheme and a “People’s Bank,” and a review of the minimum wage.

March-May 1990 - Students and faculty on campuses nationwide protest government’s decision to accept a $150 million university restructuring loan from the World Bank, especially conditions requiring closure of many departments and programs. The military government stages armed assaults and hundreds of arrests, with hundreds more ex-pelled from the university system.

22 april 1990 - Babangida survives a bloody coup attempt by mainly junior army officers. In the courts martial that follow more than 200 soldiers are sentenced to death and executed.

May 1992 - Students at Univer-sities of Ibadan and Lagos protest against implementation of SAP, which they accuse of being responsible for the deterioration of campus facilities and education programs as well as the doubling of transport prices. Police respond by shooting demon-strators, wounding at least five.

12 June 1993 - Nigerians vote in presidential elections to end military rule. The candidates are Moshood Abiola of the Social Democratic Party and Bashir Tofa of the National Republican Convention. Early results show Abiola with a runaway lead.

15 June 1993 - The electoral commission announces the suspen-sion of publication of the results, citing a need to obey a pre-election ruling by a court, which had ordered that the election should not be held. The commission had earlier disobeyed the court ruling because a military decree had stripped the courts of their power to accept election-related lawsuits.

23 June 1993 - A statement from Gen Babangida’s office declares

the election annulled. For the next two months massive demonstrations organised by pro-democracy activ-ists paralyse several Nigerian cities.

27 august 1993 - Babangida steps down as president under intense pressure. He hands over to an interim government headed by Ernest Shonekan, a civilian business-man he handpicked, and mandated to organise fresh elections.

17 november 1993 - The in-terim government is toppled by the defence minister, Gen. Sani Abacha. He dissolves all civilian institutions, including the national legislature and state governments.

10 november 1995 - Re-nowned writer and environmental campaigner, Ken Saro-Wiwa, is ex-ecuted along with eight other Ogoni minority rights activists on murder charges, after a trail generally per-ceived to be flawed. The execution draws international outrage and the Abacha regime becomes an interna-tional pariah.

8 June 1998 - Abacha dies sud-denly of apparent heart failure. He is succeeded by the most senior military officer, Gen Abdulsalami Abubakar, who pledges rapid re-forms to restore democracy.

15 June 1998 - Abubakar frees former military ruler Gen. Obasanjo from jail where he was serving a 15-year term. He had been convicted in 1995 along with several military officers and civilians on what was believed by many Nigerians to be trumped-up charges of plotting Abacha’s fall.

7 July 1998 - Abiola, who had been detained by Abacha since 1994 for laying claims to the presidency on the basis of the annulled 1993 vote, dies suddenly in detention of apparent heart failure. His release was being prepared by the Abubakar regime.

23 February 1999 - Nigeri-ans vote in presidential ballot. The candidates are Gen. Obasanjo of the People’s Democratic Party and Olu Falae, the joint candidate of the Alliance for Democracy and the All People’s Party. Obasanjo emerges victorious, winning nearly 70 percent of the vote.

29 May 1999 - Obasanjo is sworn in and a new civilian govern-ment is inaugurated ending more than 15 years of domination of power by unelected military rulers.

20 november 1999 - Odi, a prdominantly Ijaw town in Bayelsa state was attacked by the military with nearly 2500 civilians killed.

5 Jul 2005 - Nigeria gets $18 billion debt relief

May 2007 - Late President Umaru Musa Yar’Adua becomes the elected president of Nigeria . He takes over from Olusegun Obasanjo who served two terms.

5 May 2010 - President Umaru Musa Yar’Adua dies in Aso Rock presidential villa. An Islamic burial took place on 6 May 2010 in his hometown.

Abubaker Tafawa Balewa

Lt. Col. Yakubu Gowon

Maj-Gen Murtala Mohammed

Maj-Gen Olusegun Obasanjo

Sehu Shagari

Maj-Gen Muhammadu Buhari Goodluck Jonathan

Gaj-Gen Ibrahim Babangida

Gen. Sani Abacha

Gen. Abdulsalami Abubakar

Maj-Gen Olusegun Obasanjo

Umaru Musa YaríAdua

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Nigeria@50Philosophical reflection on Nigeria’s constitutions since 1960

Thorny path to nationhood

The constitution is a corpus representing the supreme laws of a country. The con-stitution of any nation takes primacy over any other law,

including all Acts of parliament and any other law thereof. It is solemn, sacred and sacrosanct such that not a word of it should be taken lightly.

It is a creed that consummates the collective socio-cultural as well as political ethos of a people. Therefore, its preparation should be rigorous, involving inputs from different strata of the citizenry either directly through memoranda or through their represen-tatives. But it must never be the wishes or machinations of one individual no matter how highly placed or the senti-ments of a few individuals representing a narrow interest. Once a constitution has been accepted, its abrogation or review should not be an every day, every regime adventure. It ought to endure seasons and regimes.

Unfortunately, post-Independence Nigeria has turned the serious business of forging a constitution into a game of cards. Constitutions are nullified at the behest of every regime change. In 50 years, the nation has toyed with different constitutions in a manner that mocks logic. The checklist: the 1960 and 1963 Constitutions that heralded Indepen-dence and the First Republic; the 1979 Constitution for the Second Republic; and the 1999 Constitution that birthed the Fourth Republic. In between them was the short-lived 1993 Constitution for the aborted Third Republic .

The integrity of any constitution is determined by two key elements: process and content (body of articles of the constitution). A constitution is considered defective if one of these el-ements is breached. It is on this score that most of the nation’s constitutions are said to be gravely flawed. They were forged without due process

Although the Nigerian government has set all machinery in motion to celebrate the nation’s 50th In-

dependence anniversary in a big way, some political pundits insist there’s nothing, indeed, to celebrate. They ar-gue that the nation has wasted 50 years in search of identity and nationhood.

Maitama Sule, one of the eminent icons of democracy in the country, observed that Nigeria was yet to achieve nationhood.

“In our 50 years, it is sad to note that Nigeria is still divided along re-ligious and ethnic lines. All the values we cherished in our culture have been destroyed. There is corruption, immo-rality, disrespect for elders and for the laws of the land, and there is mad crave for materialism. Every sector is ill…and I have a dream that one day Nigeria will achieve nationhood,” he said.

Ken Ugbechie

Zebulon Agomuo

and foisted on the people by imperial regimes. While the 1960 Constitu-tion was the product of an imperial colonial government, the rest, save the 1963 Constitution, were fashioned in the foundry of autocratic military junta. The 1979 Constitution was rati-fied by the Supreme Military Council, SMC, headed by the then Head of State, General Olusegun Obasanjo while the 1999 version was ratified by the General Abdulsalami Abubakar Provisional Ruling Council, PRC.

Whereas a constitution is the property of the citizenry and a prod-uct of their collective principles and values, all the constitutions since Inde-pendence , except the Independence and Republican Constitutions, are devoid of this age-long ‘we the people’ mantra. This grossly circumscribed their efficacy as acceptable anthology of the people’s creed. The prefacing phrase, “we the people of the Federal Republic of Nigeria: having firmly and solemnly resolved…” in the 1999 constitution, for instance, is seen as a blatant fraud because never were the people of Nigeria ever involved in the forging of that constitution. Neither the SMC nor the PRC or for that matter, the colonialists, approximate to ‘we the people’. In this context, the nation’s constitutional history is a mix of convoluted contradictions.

Besides, these constitutions do not address the core issue of Nigeria as a federation. The unitary nature of our constitutional history underscores the fact that Nigeria is not a true federation but operates on the ramparts of uni-tary political system. In a true federa-tion, the component units (the states) have a constitutional life of their own. They forge their separate constitutions, which are subordinate to the Federal constitution. The United States which presidential system we have crudely copied best exemplifies constitution-making in a true federation.

The tragedy of the nation’s con-stitutional history is that all the con-

stitutions were products of illegal or at best aberrant regimes. Often, the military tries to give the impression that the constitution has the impri-matur of the people. For instance, the Abdulsalami Abubakar military regime set up a 25-member Constitution De-bate Coordinating Committee headed by the eminent Justice Niki Tobi. The committee was given only two months

to forge a befitting constitution to usher in the Fourth Republic . There was public outrage to the effect that two months was too short a time to fashion a constitution to drive the nation’s democratic enterprise. At the end, what was ratified by that military regime was an ‘improved’ copy of the draft constitution forged by the late General Sani Abacha regime.

Since the First Republic , only the 1999 Constitution (As amended) could be said to reflect the wishes of the citi-zenry through their representatives in parliaments across the nation. But even this is still a subject of controversial disquisition and legal disquiet in the nation’s socio-political circuit.

Globally, all constitutions of integrity are fashioned by the citizens and their representatives. These are men and women of proven moral rectitude and pristine intellectual aptitude. They sit to make the constitution with the under-standing and conviction that their future and that of generations unborn would be shaped by that sacred legal document. Constitution-making is not a secrecy or a ritual performed in the surreal conclaves of the militia or any such body that rep-resents a parochial interest as against the more diverse interest of the nation.

Unfortunately, Nigerians have rarely had any opportunity to make their own Constitution. It was a little more tolerable under colonial rule as there was comparatively wide consultation but not so under the military. Under the tyrannical jackboot of the military, constitutions were treated as privileged documents for a privileged few and its making was considered a job for a few hand-picked men with clearly defined terms of reference. At the end, what is produced does not reflect the collective creeds and values of the citizenry with regard to equity, fairness and justice but a document that reflects the narrow-minded inclinations of a few elite.

The amended 1999 Constitution still does not take into cognisance the fact that Nigeria is a Federation of 36 federating units called states, which in a true federation, ought to have constitu-tional lives of their own. Our 11 years of unbroken democracy presents us with the rare opportunity to evolve a people-centric constitution that would address the obvious inequities and incongruities that threaten the peace and stability of the nation. The nation must seize the moment, now!

Leonard Umunna, a cleric and politi-cal analyst, told BusinessDay that it was not yet a celebration time for Nigeria .

“If we are talking about mere num-ber, celebration is justified; but if we are talking about achievement within the 50 years, I can tell you there’s nothing to be happy about. The nation is sinking deeper into corruption, maladministra-tion, unemployment and everything that is negative is encouraged here by those who are supposed to show the light. The only people who can celebrate are the politicians who have appropriated to themselves the entire money of the country and made the masses poor. It is a pity that after 50 years we cannot point to any sector of the economy that is working. We are still in search of nation-hood. How do we talk about celebration where there are massive killings in parts of the country, intolerance, kidnapping and all manner of crimes all over the place? My prayer is that God will have mercy on the country,” the cleric said.

In the morning of Independence on October 1, 1960, no doubt, Nigerians heaved a sigh of relief, thinking that freedom from the colonial masters was all they needed for a comfortable life on earth. Events since independence have, however, shown that it was a wishful thinking and a mere hallucination.

In the recent past, reflecting on the progress of the country several years after independence, a senior lecturer at the University of Nigeria , Nsukka, said Nigeria has not moved beyond its status at independence.

“Nigeria was described as a poten-tially great country and after several de-cades, the best that can be said of Nigeria is exactly what was said in 1960; that it is a potentially great country,” she said.

Corroborating this assertion in his book: “The Trouble with Nigeria ”, Chinua Achebe painted the country as “one of the most disorderly, corrupt, insensitive, inefficient places under the sun,” adding that it is “a flamboyant,

imaginary self-concept, an image of greatness largely belied by prevailing political, social and economic malaise.”

At Independence , the late Nnamdi Azikiwe was appointed the first indige-nous governor-general of the country and Abubakar Tafawa Balewa, prime minister. At this time there were high hopes for a better country because of the personalities involved.

On January 15, 1966, however, Chuk-wuemeka Kaduna Nzeogwu, a major, led the first ever military coup d’etat in the history of Nigeria , in which Balewa was assassinated alongside Ahmadu Bello and Ladoke Akintola, the northern and western premiers, respectively.

The Balewa’s exit paved way for Aguiyi Ironsi, a major, to assume office as the new head of state having suppressed the insurrection as the head of the Army. He was also killed six months later on July 1966 in a second military coup.

The vacuum created by the force-ful exit of Ironsi was filled by Yakubu

Gowon (a lieutenant colonel). On July 9, 1975, he was torpedoed

in coup that was to be the number three in the history of the country.

This development catapulted Ramat Mohammed (a brigadier) to the seat of power. He was, however, murdered in the fourth coup led by Buka Suka Dimka, a lieutenant colonel) on February 13, 1976.

The vacant power stool was occu-pied by Olusegun Obasanjo between 1976 and 1979, when he eventu-ally handed over to a democratically-elected government of Shehu Shagari on October 1, 1979.

On December 31, 1983 the mili-tary struck again to bring to an end the Shagari-administration.

Muhammadu Buhari stepped into power with his lieutenant, Tunde Idi-agbon (now late).

The regime was toppled by yet an-

Continues on page 7

NLNG, a positive sign post for the oil and gas industry

7www.businessdayonline.comFriday 01 — Sunday 03 October 2010BUSINESSDAY

Nigeria@50

After several years on the drawing board the Nigeria Liquefied Gas Limited was kick started in the late 1980s. Nigeria Liquefied Natural Gas

Limited was incorporated as a limited liability company on 17 May 1989, to produce LNG and natural gas liquids (NGL) for export. The plant was built by TSKJ consortium which was led by former Halliburton’s subsidiary KBR.

With plant construction scheduled to begin in 1991 other aspects of the project involved the construction of gas pipelines for distribution to domestic, residential, and commercial users and a supply of gas to the NNPC chemical complex at Port Harcourt . Much of the gas was intended for export, however, and the first LNG tanker was launched in October 1990 through the coopera-tive efforts of Nigeria and Japan .

The first train came into opera-tion in 1999, the companies oper-ates six liquefaction units (LNG trains) producing 22 million metric tonnes of LNG per year (mmtpa).This amounts to roughly 10 per cent of the world’s LNG consump-tion. Trains 1, 2 and 3 have produc-tion capacities of 3.2 mmtpa, whilst trains 4, 5 and 6 have capacities of 4.1 mmtpa each. The final invest-ment decision on the train 7 has not yet been made.

The base project (Trains 1 and 2) which cost US$3.6 billion,was financed by NLNG’s shareholders. The third train (expansion project), including additional storage, cost US$1.8 billion and was funded by shareholders as well as reinvested revenue from the base project.

The NLNGPlus project (Trains 4 & 5) cost US$2.2 billion and was funded with a combination of inter-nally generated revenue and third party loans amounting to US$1.06 billion. Train 6 (NLNGSix project) cost US$1.748 billion, financing was handled by shareholders. The total cost of building six LNG trains was US$9.348 billion.

The company has a wholly–owned subsidiary set up in 1989, the Bonny Gas Transport (BGT) Limited, which provides shipping services for NLNG. BGT was set up in Bermuda with an ordinary equity holding from Nigeria LNG Limited and preferential equity holding from the sponsors, NLNG’s shareholders. Another wholly-owned subsidiary of Nigeria LNG Limited is Nigeria LNG Ship Manning Limited (NSML), which was set up in 2008 to give dedicated attention to providing, developing and managing high calibre personnel for NLNG’s maritime business.

According the managing director of the Seplat Petroluem, Austin Avuru, the NLNG is a major positive step within the Nigerian oil and gas industry. The company has continued to do well.

The upstream oil industry is the single most important sector in the economy. Nigeria has proved oil reserves of abou37.22 billion bar-

Olusola Bello

rels, 2.92 per cent of the world’s reserves. The Nigerian government plans to expand its proven reserves to 40 billion barrels by 2010. Most of this is produced from the prolific Niger River Delta. Despite prob-lems associated with ethnic unrest, border disputes and government funding, Nigeria ’s wealth of oil makes it most attractive to the major oil-multinationals, most of whom are represented in Nigeria , with the major foreign stakeholder being Shell.

The country has proven natural gas reserves of 5.29 trillion cubic me-tres,2.98 per cent of the world total. Nigeria has set a target of zero flare by 2010 and is providing incentives for the production and use of gas.

Nigeria has four deep water oil fields, namely, Bongo, Erha, Agbami and Akpo. The Bongo oil field was first discovered in 2001 and is licensed to Royal Dutch Shell. It has a production capacity of about 225,000 bpd and a storage capacity of 2 million bpd. The Erha field was discovered in 2006 and is leased to Exxon Mobil Corporation. The field produces about 150,000 bpd and Erha North produces approxi-mately 40,000 bpd. Additionally, Erha produces 300 million cubic feet a day of associated gas.Chevron joined Shell and Exxon in deep water production in June 2008 in the Agbami oil field. It has a production capacity of 250,000 bpd and has 450 million cubic feet of gas. Additionally, Agbami has a storage capacity of 2.2 million barrels. In March 2009 the Akpo oil field was discovered and is leased to Total. It is estimated to have 620 million barrels of condensate as well as over 1 trillion cubic feet of gas. Nigeria intends to increase its pro-

duction levels from 2.2 million bpd to 4 million bpd by 2010. The deep water oil fields are crucial to the realisation of this goal. Usan deepwater has also joined the club with the expected production level of 180,000 barrels per day in year 2012.

The managing director of Niger Delta petroleum Production limited ,

commitment to the enhancement of local participation in the industry. Consequently, a total of II companies were granted exploration licenses be-tween 1990 and 1991 under the fresh indigenisation programme. Under the programme, Government allows individual beneficiaries to enter into partnership with foreign companies as technical partners to which it could assign not more than 40 per cent participating interest in its operation.

By December 1991, one of the companies -Consolidated Oil, had successfully drilled and made a com-mercial discovery. These early posi-tive results elicited fresh optimism and by the end of 1997, additional 17 companies had been licensed. Since 1990 the programme has recorded modest success. Today, no fewer than 24 wells have been drilled by the indigenous participants while about 17 of the companies are actively engaged in various stages of explo-ration and development. Two of the companies -Famfa Oil and South At-lantic Petroleum, with their technical partners Texaco and TUPNI respec-tively have made huge commercial discoveries -Agbami and Akpo, in the deep offshore .Consequently, contri-bution of the indigenous companies to the country’s reserve has grown from near zero in 1994 to over 2 billion barrels (including those of the deep water operators). At present the indigenous companies produce more than 5 per cent of daily na-tional output.

To compliment this was the recent signing into of the Nigeria content de-velopment act which meant to further reinforce local participation in the oil and gas sector.

Continued from page 6

CASE STUDY

other set of military adventurists led by Ibrahim Badamasi Babangida, who subse-quently became the new head of state on August 27, 1985. He held unto the reins of power till August 26, 1993 when he was stampeded out of office. Before his forceful exit, he had put in place an undemocratic government christened: Interim National Government (ING), headed by Ernest Shonekan. This arrange-ment, however, did not go down well with some top brass in the military; hence, he was shoved aside on November 17, 1993, by Sani Abacha, who became the new head of state the following day.

Abacha held on to the post till June 8, 1998 when he mysteriously died in Abuja , the seat of power. He was succeeded by Abdulsalam Abubakar, a general.

On May 29, 1999, Abubakar re-turned the nation to a civilian rule with the election of Obasanjo of the Yoruba extraction as the president of the Federal Republic of Nigeria.

His election was to placate the South West that was denied the position with the annulment by the military junta headed by Babangida of the June 12, 1993, presidential elec-tion presumably won by Moshood Kashimawo Olawale Abiola.

After two terms of eight years, Obasanjo on May 29, 2007 handed over power to Umaru Musa Yar’Adua (now late).

The Katsina-born lecturer-turned politician could not complete a ten-ure of four years owing to a terminal illness that eventually claimed his life on May 5, 2010.

Upon his death, Goodluck Jona-than, his erstwhile deputy, assumed office as the substantive president the next day.

Kingsley Ibua, a constitutional lawyer, said the only arm of govern-ment that deserves celebration is the judiciary. According to him, despite the corrupting influence of politicians on the judiciary, it has lived above board.

“We are no strangers to the role of the judiciary in this country, especially in the last 12 years or thereabout; de-spite the pull to dance to the tune of politicians, the judiciary has fared well. In the last few years, a good number of lawyers have been stripped of their wigs and gowns as a result of corruption; it is true we still have a few bad eggs in the system, the judiciary has done well; but the general political firmament of the country has since been fouled and no sector of the economy is working. I think the level of celebration as planned by government does not match the achievement on ground,” Ibua said.

Kayode Olowokere, a House of Representatives aspirant, went down memory lane, noting that the country has been faltering.

Olowokere said: “To me, the fall of the First Republic in 1966, the Second Republic in 1983, and the stillborn Third Republic in 1993 with many years of military regimes that succeeded in leaving behind socio-economic and political scares on the nation are clear evidence that we have not had it good. Somebody may say, we have been having democracy since 1999, but the question is what manner of democracy and what has been our achievement? We are yet to get there. Instead of celebration we should rather declare the day as a day of mourning for us to genuinely seek the face of the Almighty God. I think we must begin afresh, we should not deceive ourselves.”

The country has prov-en natural gas reserves

of 5.29 trillion cubic metres,2.98 per cent

of the world total. Nigeria has set a target of zero flare by 2010

and is providing incen-tives for the produc-tion and use of gas

Layi Fatona said the indigenous par-ticipation is one the positive aspect of the oil and gas industry in the last 50 years. The Federal Government commitment to the involvement of indigenous operator in the explora-tion and production (E & P) sector of the petroleum industry dates back to the late 60’s and 70’s. However, not much success was recorded.

In spite of the unimpressive per-formance from these two attempts, Government revived the programme in 1990 to further demonstrate its

Thorny path...

www.businessdayonline.comFriday 01 — Sunday 03 October 2010BUSINESSDAY8

Nigeria@50Nigeria will get to the Promised Land - Tafida

Tafida views this special year for Nigeria as an occasion for pomp and pageantry but also for sober reflection. He firmly believes that much

has been achieved over the past 50 years but that the tremendous growth recorded may not have fol-lowed the best path in terms of the stages and orders of development. He is happy that above all, Nigeria has remained as one country – “the cohesiveness of the Federation should never be taken for granted” - and that, notwithstanding the many challenges on home soil, Nigeria has reached out to the rest of the world in the past 50 years, establishing ex-cellent relationships with many other countries. It was actively involved in the struggle to free Africa from all forms of colonialism and played a key role in the liquidation of the apart-heid system in South Africa . Indeed, Nigeria ’s peacekeeping role on the African continent has been widely recognised and applauded, leading to Nigeria ’s leadership of the ECOWAS Peace Monitoring Group, ECOMOG. As Dr. Tafida puts it “Africa is the cor-nerstone of Nigeria ’s foreign policy and has been since Independence . We have fostered the formation and development of ECOWAS and of the African Union and remain key players in those groupings. Nigeria is always ready to help its brothers. On an average of once a month, an African leader will ask Nigeria for assistance of one sort or another and we are always happy to oblige”.

Given the huge quantum of natu-ral resources which Nigeria has, the country should have reached a far more advanced stage of development by now but Dr. Tafida sees merit in the fact that the country does not deny this. The government recognises and accepts that more should have been done and this was clearly spelt out in the late President Yar’Adua’s 7 point agenda which set out the key areas for attention which follow through to the Vision 20:20:20 national develop-ment plan.

2011 elections As the 2011 elections draw ever

nearer, discussion centres on electoral reform and whether it has gone far enough to eradicate the turmoil seen in the 2007 elections. Dr. Tafida ap-pears satisfied with the progress to date and stresses that all changes ef-fected have been done in a democratic manner. He is keen to emphasise that Nigeria is a vast country which still has a fledgling democracy and believes that electoral reform by necessity must be incremental.

As he says “democracy and the

free and fair elections that go with it are not a one day affair. Rather it is a system that evolves over time. One thing is certain - the Federal Government of Nigeria is deter-mined to improve the situation and has therefore reconstituted the body that is responsible for the conduct of the elections - Independent National Electoral Commission (INEC)”.

Dr. Tafida proceeds to illustrate three key changes that have been made to corroborate his views :

• Non-partisanship was key to the appointment of the new Chairman of INEC, Professor Attahiru Mohammed Jega, OFR. A number of contenders were dropped by virtue of their having engaged in partisan politics.

• Areas of electoral law that were worrying the electorate have been either expunged or modified by the National Assembly and signed into law by the President.

• The unfettered power that INEC previously had has been curtailed. Previously, INEC could decide who would be the chosen candidate even though such person had not stood in a primary election. Such will no lon-ger happen. Indeed, those who came to office in that manner in the past election have since been removed by the courts. Henceforth, the individual

winning the primary election will be the one to stand in the election.

“This is what has been done to date” says Dr. Tafida “so we are moving in the right direction”.

Nigeria has only had 11 years of democracy to date and Dr. Tafida asks Nigeria ’s detractors to give the country more time and to encourage the country to improve.

But he is always ready to admit mistakes where they have occurred. In terms of judgement of the 2007b elec-tions he says “we know that Nigeria got a bad name as a result of what hap-pened in 2007 and we are determined to change that. The next election will be better than the last and the one after that even better.”

He stresses that more rapid change could generate electoral and political complexities that would be beyond the institutional capacity of INEC and cognate institutions to handle ef-fectively. He believes that the recent changes within INEC have given the public greater confidence in the capac-ity of the agency to conduct free, fair and credible elections come 2011.

The point is put to Dr. Tafida that Nigeria’s political culture is such that elections are often about who can build the broadest coalition of power brokers rather than the

merits of any individual candidate. But he believes that a new cadre of credible candidates is slowly emerg-ing and that the wider Nigerian public have reached a stage of ma-turity that will cause them to cast their vote based upon individual candidates’ policies, integrity and capacity to perform rather than sheer primordial political consid-erations.

Unequal society? Whilst Nigeria’s burgeoning

middle class will have no doubt about progress in living standards over the past 50 years, the poor man in the street (the vast majority of Nigeria’s 150 million population), will find it hard to see how life has improved for him and it remains a struggle to get one good meal a day for many. Dr. Tafida thinks that government alone cannot change this situation - “There is too much emphasis on government (the public sector) being viewed as the only answer to this problem. The private sector must enforce its role as the driver of a sustainable economy and, equally, young people should explore the opportunities for self employment more.”

Many opportunities exist in Ni-geria but it is probably agriculture that can alone make the greatest

thousands of new jobs.

national development Of course, the development of

agriculture also requires infrastruc-tural development – produce needs transporting and that needs roads, railways and, in some cases, air transport. The government has been clear on how Nigeria ’s oil revenues will feed into this development in coming years. The first National Implementation Plan, 2010 – 2013, illustrates that attention will be given to not only generation and distribution of power but also road building, railways and navigable in-land waterways. The development of 12 major inland waterways covering around 800 kilometres is envisaged whilst air transport development will focus on 21 airports and 62 ad-ditional airstrips. There will be sea port and shipping development with emphasis given to the enhancement of Nigerian shipping companies facilitating their carriage of crude oil and agricultural produce.

Telecommunications have played a tremendous role in contributing to Nigeria ’s overall development in re-cent years and will continue to do so. Ten years ago, Nigeria had just 400,000 telephone land lines as against an amazing 80 million mobile connections today, the latter number increasing by the hour. 50% of the population now has access to some form of telecom-munication whilst around 25% have direct or indirect access to the inter-net. A new fibre optic connection will shortly give Nigeria broadband con-nectivity promising dramatic impact on the way business is done.

Dr. Tafida recognises that the power sector is key to energising and supporting Information and Commu-nications Technology (ICT) for Nigeria ’s population, ensuring the building of an economy with globally competitive industrial and service sectors. He sees the eventual deployment and use of ICT’s within government as essential to efficient delivery of healthcare, agriculture, security, governance, social services and a much improved electoral system.

As he puts it “As Britain is in Eu-rope so will Nigeria be in Africa with Lagos becoming the preferred centre of business and telecommunications for the whole of Africa ”.

The colonial legacy Dr. Tafida speaks affectionately of

Nigeria ’s relationship with Britain , “our former colonial masters” as he puts it. Part of his medical studies during the 1970s were undertaken in

In an exclusive interview with Clive Carpenter for African Review, Dalhatu Sarki Tafida, OFR, Nigeria’s High Commissioner to the United Kingdom, reviews Nigeria’s progress during 50 years of Independence as well as his own career as a medical doctor, a politician, a farmer and an international diplomat

Golden Jubilee – Looking back on the achievements to date

Many opportunities exist in Nigeria but

it is probably agricul-ture that can alone make the greatest

contribution to cre-ating jobs, reducing

imports and improv-ing living standards

contribution to creating jobs, re-ducing imports and improving living standards. Sadly, the incentives to venture into agriculture are few but Dr. Tafida points out that agriculture is much more than just ploughing a field. Crops need storage facilities, they need transporting and they need processing. The colonial era tended to entrench a culture of agricultural production and export with little attention to in-country processing. It is the processing that can spawn many agricultural-related local industries and create many Continues on page 9

9www.businessdayonline.comFriday 01 — Sunday 03 October 2010BUSINESSDAY

Nigeria@50From state owned only to private participation Daniel Obi

Newcastle-upon-Tyne and Liverpool so his relationship with Britain con-siderably pre-dates his appointment as High Commissioner in 2008.

He believes that “ Britain has done well for Nigeria ” and recognises that the British government has made “many concessions” towards the con-tinuing positive development of the bi-lateral relationship, a relationship that is mutually beneficial.

The U.K. remains the hub of choice for Nigerians travelling across the world.

However, Tafida can also see that Britain must share some responsibility for Nigeria ’s current obsession with producing raw materials for export rather than processing and convert-ing them to finished or semi-finished products that could be consumed locally with the creation of many employment opportunities.

“At the time of Independence, Brit-ain saw Nigeria as a valuable producer of raw materials and so encouraged

us to continue in that category. In retrospect, I think more could have been done to train us and encourage us to process our raw materials into finished or semi-finished products which would have created sustainable industries in Nigeria employing thou-sands of people. Britain can still help us to change this mindset. Perhaps it is those Nigerians now living in the U.K. who are the catalyst to implementing the necessary change. They could be encouraged to return home carrying with them the skills and experience they have gathered to change the orientation in Nigeria. Just as China can produce many quality products more cheaply than other countries, so Nigeria should be able to do likewise. However, we must also look inwards at what we are producing. Mining plays a key role in providing the primary raw materials for industrialisation. For example, iron ore is utilised in the iron and steel industry whilst crude oil and natural gas are essential for the petrochemical and fertiliser industries. Nigeria is therefore highly blessed in having an abundant supply of the

minerals necessary to support a wide range of industries,” he says.

Dr. Tafida refers also to Nige-ria’s great potential for tourism commenting that some countries survive comfortably on earnings from this alone. He says “Nigeria is sitting on a fortune of natural

The media industry in Nigeria is certainly not the same as of 50 years ago. In spite of the envi-ronmental challenges, there has been phenomenal growth

in the sector with great successes.

electronic media Prior to 1992 when government

grip on the electronic media was tight, the Nigerian Television Authority and other regional television stations offered Nigerians straight jacket con-tent. The deregulation of the industry in that year opened a new vista of opportunity for the private sector.

According to media analysts, that means that the deregulation of 1992, which saw the emergence of AIT, was the beginning of the revolution that was witnessed in the last 18 years in the broadcasting industry. With the subsequent birth of over 25 other private T.V stations across the coun-try, it has boosted content, increased access to variety of information as opposed to hitherto the government side news dissemination. It has offered more employment to Nigerians.

Of particular note is Channels TV, Superscreen, Television Continental and Sylverbird.

There has also been more entry of radio stations against the monopoly enjoyed by Federal Government radio stations. Plurality of radio stations has brought live to radio programming. WAZOBIA radio concept is a unique model which perhaps could not be

MEDIA

resources but oil and gas have blinded us to their potential.”

agriculture As a successful farmer himself,

Nigeria’s agricultural potential has special interest for him. A question is asked of him as to why a country like Kenya is flourishing from its exports of flowers, fruit and vegetables to European markets whereas Nigeria, which is closer to Europe and has a better climate for such activities, is barely scratching the surface. He agrees that it is a fair question – “You know, Kenyans appreciate flowers as a result of the British influence in that country over a comparatively long period of colonialism. But the British were in Nigeria for a much shorter time and so Nigerians have yet to appreciate the value of flow-ers.” He laughs heartily whilst sug-gesting that the average Nigerian will ask what value there is in a flower if it cannot be eaten!

However, on a more serious note, he agrees on agriculture’s vast

possible with monopoly. The scope of the media as a tra-

ditional market place for ideas has been broadened with the entry of private television stations thereby creating various agenda for discuss in the public domain which previously was restricted.

Media experts also noted the contribution of the Nigerian media especially the electronic ones to the growth of local music and Nollywood industry which has saved Nigeria millions of dollars annually on film importation.

The print In the last 50 years, the entry of

multi disciplinary professionals in the print industry has assisted to deepen content offered to readers.

It is incontrovertible that the media has made some modest achievements within the period of its existence. Apart from the spirit of nationalism and togetherness which it has engen-dered among the citizens, some level of progress has been recorded in its contribution to checking the govern-ment excesses.

It was the pressure from the media that made Ibrahim Babangida to step aside in 1992 as the head of state, the media sacked some former speakers of House of Assembly over illegalities and it has been able to bring order in the system.

General newspapers like ThisDay, The Punch, Tribune, Guardian and a host of others have through their re-portage checked excesses of both the government and other institutions.

potential and believes that things are changing. In fact, flowers are being exported from Nigeria to Israel and more flowers will be produced in due course. Some Nigerian farmers have recognised the need to service the particular food needs of Nigerians in the Diaspora and so have started exporting yams to the U.K.

Dr. Tafida thinks that the relatively long gestation period required to see profits come in from agriculture puts many Nigerians off. Nigerians see that the oil sector can provide almost instant profit. Another challenge is that of getting medium to long-term finance for agricultural development. There is a problem of short-termism in Nigeria that infiltrates even the banks. Depositors with banks are not keen to tie their funds up for more than a few months and so banks equally cannot lend long-term.

Adedayo Ojo, a media analyst said the entry of technology in Nigeria has given the media the power to give instant news and make people quickly aware of developments. Ac-cording to him, this is a bright spot for the industry.

He said the entry of more spe-cialized magazines and newspapers has created the adequate coverage of those sectors. Of particular men-tion is the BusinessDay which was established in 2001 and since then, it has offered in-depth business news which investors and other stakehold-ers have used for business decisions. Other areas are sports and social life where the niche newspapers have made impact.

advertising The advertising industry in the last

50 years witnessed the establishment of Advertising Practitioners Council of Nigeria, APCON to regulate advertis-ing. This has ensured discipline in the advertising industry.

The industry grew from about from about 23 agencies in 1970s to 96 and from a cumulative advert billings of about N20 million to N100 billion, the industry could be said to have witnessed a lot of growth.

Though, there are areas of im-provement in the media industry, such as proper investigation of news, monetization of news and passage of Freedom of Information bill, but gen-erally the media has witnessed bright spots which in the last 50 years of Nigeria’s independence.

Continued from page 8

‘Nigeria will get to the Promised Land’

This article is reproduced here by kind consent of African Review of Busi-

ness and Technology which published this interview in its September, 2010 issue.

Dalhatu Sarki Tafida

www.businessdayonline.comFriday 01 — Sunday 03 October 2010BUSINESSDAY10

Nigeria@50Fela’s achievement for global Nigerian brand

Fela Anikulapo Kuti was an international personality from childhood, even with his music which endeared him to the world. He was

loved by many at home and abroad for his kind of music and socio-critical stance.

At a time, Quincy Troupe, a New York teacher, who was teaching at Staten Island Community College and living at the old building in Park West Village , had just returned from Nigeria , where he had spent considerable time with Fela as he is popularly called. Speaking with Hugh Masekela, a famous South African ar-tiste, about Fela he said: “Hey, Hugh, Fela wants you to get in touch with him, man. He told me he looked for you in 1969 when he was in Los Angeles (L.A), but couldn’t hook up with you. He gave me a beautiful time in Lagos . Make sure to get in touch with him. This is a baaad brother.”

About this baaad brother of Masekela, Quincy did not have to push for any conviction – He (Masekela) already wanted to meet his baaad brother.

Fela was an international per-sonality from childhood --- a year younger than Masekela, Fela was a child of professional parents --- his father was an Anglican pastor, principal of a grammar school, an accomplished pianist and his social-activist mother wanted their son to become a doctor.

His parents sent him to London in 1958 for a medical education, but Fela registered at the Trinity College of Music instead. According to Masekela, Fela grew tired of studying European composers, and by 1961 he and his band, Koola Lobitos, were a fixture on the London club scene, playing a hybrid of Nigerian folk and urban dance music with a touch of jazz. He made an inter-national brand with his music; his sound was strongly influenced by ‘highlife’, a popular Ghanaian dance groove, with which he mixed a diaspora’s worth of influences, including big-band swing arrangements, folk chants, a touch of calypso, grand musical phraseology, and South Africa township mbhaqanga.

He returned to Nigeria in 1963 and started another version of Loola Lobitos that added to his crazy musical mix the James Brown-style singing of Geraldo Pino from Sierra Leone . Combining this with elements of traditional highlight and jazz, Fela dubbed this infectiously rhythmic hybrid ‘Afro Beat’, partly as a critique of African performers who he felt had turned their back on their musical roots in order to emulate American pop music trends.

A frequent performer in the United States , Fela absorbed the po-

Enam Obiosio

litical principles of black conscious-ness and the civil rights movement in America , which helped define the Africanism in his music.

The last album Fela released was ‘Underground System’, a raucous, emotionally charged tribute to Thomas Sankara, the assassinated president of Burkina Faso , which came out in 1992. Between this release and his death from AIDS-induced heart failure in August 1997, the musician merely played tens of unrecorded songs at his Afrika Shrine nightclub in Lagos , or at his various concerts mainly in the city.

Fela has in death produced a chain of followership -- from his im-mediate family to the outside world – a good number of artistes would want to be like him. In 1995, Femi, his son, had released the hit song, ‘Wonder’, result of a recording deal with Motown Records, international label. Executives from Motown had gone to Lagos in 1993 specifically with a contract for Fela, but he had turned down the overture, and the opportunity went to Femi. Seun, one of his sons, is gradually becoming famous in the same trade.

Why he Fela snub Motown? Hedged by band-boys, dancers and acolytes at the Shrine, his gaunt, le-sion-lined face still marked by chalk, camwood and kohl from the night’s worship of African gods (the inter-mission in his weekly performances), Fela launched into one of his fond exercises. He had always been an adept at analyzing words according to Yoruba mysticism and popular astrology, and every excursion came down on the side of opposition politics, and often in Yoruba.

Motown, he declared, meant ‘Mo ta’hun’ (I sell voices). According to Akin Adesokan, a Journalist, author and scholar, who told this story to me, Fela said: “No, he was no longer going

to let some capitalist sorcerer vend my voice all over the world.” This was both strange and familiar; anyone who encountered Fela at this time and who wished to seriously engage him was treated to some of this fancy.

Fela’s game with words had struck the people then as outra-geously beautiful. ‘Imagine’ meant nothing more than ‘Imo jinni’--the knowledge of djinns, the gift of all artistes. Television he explained as ‘Tee le fi soni’. That which you could make into a crocodile; the crocodile was a symbol of spiritual control in Fela’s world. Video stood for ‘Fi de o’; a form of shackle. (On October 15, 1996 when he turned 58, his house was busy as usual, with hangers-on hawking ‘weed’, and girls loitering about the living room. Synthesized sounds of Fela’s voice darted out of the dark like benign vampires, warning of Palaver, exhorting ‘Lady’, but there were no signs of the man. His assistant had emerged with an oracular message that Fela had no wish to mark this particular birthday because 58, as five and eight, added up to thirteen, a powerful number in

astrology. And to celebrate would be to ‘berate the celestial bodies’.)

For Fela, a musician determined to stop the vending of his voice might be protesting unfair treat-ment at the hands of a recording company. His riposte to Motown sounded very much like Ma Rainey’s famous complaint. “In Ma Rainey’s Black Bottom, August Wilson’s play about the early blues, ‘the queen of blues’ memorably accuses the studio executives in Chicago of trying to trap her voice in ‘them buttons and dials,” Adesokan recounted.

Like Fela, Ma Rainey was a hard-nosed artiste, but nonetheless a link in the studio chains; in her time, as a singer, there was very little she could do to break free of the studios. Her temper made up for the rest. With the exception of his politically-motivated maltreatment at the hands of Decca executives in the late 1970s, Fela had always exerted a strong voice in the marketing of his music. Up till the time of his death, he maintained that Decca Records wronged him, and continued to blame the chairman of Decca (West Africa), Moshood Abiola, later to die in jail as undeclared President- elect of Nigeria, for his woes. This musi-cian had always been known to be prolific, too; apart from a two-year lull resulting partly from his impris-onment in 1984, Fela had at least a new record almost every year since 1969. In the 70s, a single release in a year was the exception.

Given this history, the deliber-ate silence after the heady noise of ‘Underground System’ seemed all the more intriguing. There was nothing particularly frosty in the global recep-tion of his Afrobeat at that time.

Fela once relayed a vision he had, in which John Major, then Brit-ish prime minister, was so stunned by Afrobeat that he sent people all

over the world in search of its cre-ator. John Major, the most Torious of Tories, defender of free-market, whose last name fuelled a neologism in the British press—majorality—for political equivocation, as promoter of Afrobeat! That was the future of his music, and nothing would stop it. And one could only follow this captivating fantasia with interest.

He used to resort to the cliché of his name--He who has death in his pouch, believing that “If someone tells you that you’re going to die now, you will start running up and down, doing gbe-gbe-gbe, looking for babalawo, crying, begging, and run-ning after pastor, Imam. Nonsense!” Fela was pronounced dead in Lagos , and his brother, Olikoye Ransome-Kuti (deceased in 2003) admitted that the death was related to AIDS.

A profound irony sits at the heart of Fela’s self-proclaimed immortal-ity and the cause of his demise. The global popularity of Afrobeat, which was broadcast in the exhibition, Black President: The Art and Legacy of Fela Anikulapo-Kuti at the New Museum of Contemporary Art in New York City, makes the irony all the more poignant. Reviews and media reports of this show extolled the genius be-hind Afrobeat, ‘a new musical genre…that merged Nigerian highlife music, Yoruba percussion and American funk and jazz into an infectious groove’. But this was usually as an appendix to the fact of Fela’s marriage to 27 women at a single ceremony, and his death from AIDS, although Fela’s intensely politi-cal life and work--his life-long battles with Nigerian governments, the anti-imperialist core around which his lyrics gathered--were never totally ignored in the exhibition that lasted from July 11 through September 28, 2003 and was expected to travel the world.

It must be recalled that Afro-beat witnessed a real resurgence not long after Fela’s passage, and that this is on-going. Scholars have either published or are working on books about Fela and his work. By 2001, MCA had released at least a dozen CDs of Fela’s songs. Afrobeat musicians like Femi, Tony Allen, and Kayode Samuel are pursuing their own careers, and in Nigeria alone, younger musicians Lagbaja and Dede Mabiaku, Alariwo have openly acknowledged the influence of Fela’s work. The exhibition, or more pre-cisely the Fela Project, is best seen in the context of this global warming. So much for the thaw in Afrobeat bemoaned in the account of the traveling critic of innovative music!

Still the irony must not elude us. Fela spent his life and talent challeng-ing different kinds of standardization, asserting difference. His Pan-African views did not admit of such ‘tools of Western imperialism’ as AIDS and population control.

Fela has in death produced a chain of followership -- from his immedi-ate family to the outside world

11www.businessdayonline.comFriday 01 — Sunday 03 October 2010BUSINESSDAY

Nigeria@50

Nollywood: From shoe-string budget to global phenomenon

In the last few years, things have actu-ally changed. Films have been made about Nigeria nay Africa . One break-through was the critical success of ‘Living in Bondage’ in 1992. The Nige-

rian movies industry grew quickly in the 1990s and 2000s to become the second largest film industry in the world, in terms of number of annual film productions, placing it ahead of the United States and behind the Indian film industry.

The multi-million dollar Nigerian video film industry was built entirely by Nigerians without loans, foreign aid, or government subsidies, follow-ing a widespread economic crisis. Since then, it has defied the belief that Africans are unable to build a success-ful industry without outside aid or protection from competition.

This financial downturn then sig-nificantly depleted the purchasing power of Nigerian filmmakers, causing increased difficulties in financing proj-ects and diminished access to imported celluloid film stock. Responding to the resulting vacuum in the leisure industry and a need to sell his surplus VHS tape inventory, an electronics dealer living in Lagos funded a feature-length film shot entirely with a VHS camera.

‘Living in Bondage’ was Nollywood’s first blockbuster, selling more than 750,000 copies. This VHS format–unique to Nollywood–allows films to be pro-duced inexpensively (average budget ranges between $40,000 and $200,000) and quickly (average shoots last 10 days), as well as sold cheaply (average films retail for US$2.50). According to the National Film and Video Censors Board (NFVCB) and the Nigerian Film Corporation (NFC), the industry is now responsible for one million jobs in Ni-geria , making it the largest employer in the country after agriculture. According to The Economist in 2006, Nollywood has gone on to produce 2,000 feature-length titles per year and now generates $200–300 million in annual revenue.

According to Hala Gorani and Jeff Koinange formerly of CNN, Nigeria has a US$250 million movie industry, churning out some 200 videos for the home video market every month.

Before now, the booming Nigerian film industry, which has developed astonishingly, is the second largest film industry in the world in terms

Enam Obiosio of volume of production– almost on par with Bollywood and eclipsing Hollywood–and the third largest in terms of revenue generation yet the social impacts of its business model have not been fully examined.

Unlike Hollywood and Bollywood, however, Nollywood movies are made on shoe-string budgets. An average production takes just 10 days and costs about US$15,000. Yet in just 13 years, Nollywood has grown from nothing into a $250 million dollar-a-year industry that employs thousands of people. Cur-rently, 300 producers churn out movies at an astonishing rate — somewhere between 500 and 1,000 a year.

This phenomenon is the subject of a recent documentary, ‘This is Nolly-wood’, which follows a Nigerian direc-tor, Bond Emeruwa, as he races to make a feature-length action film in just nine days. Armed only with a digital camera, two lights, and about US$20,000, Bond faces challenges unimaginable in Hol-lywood and Bollywood. “We are telling our own stories in our own way, our Nigerian way, African way,” Bond says. “I cannot tell the white man’s story. I don’t know what his story is all about. He tells me his story in his movies. I want him to see my stories too.”

Although Nigerian films have been produced since the 1960s, the rise of affordable digital filming and edit-ing technologies has stimulated the country’s video film industry.

The first Nigerian films were made by filmmakers such as Ola Balogun and Hubert Ogunde in the 1960s, but they were frustrated by the high cost of film production. However, television broad-casting in Nigeria began in the 1960s and received much government sup-port in its early years. By the mid-1980s every state had its own broadcasting station. Law limited foreign television content so producers in Lagos began televising local popular theater produc-tions. Many of these were circulated on video as well, and a small scale informal video movie trade developed.

The release of the box-office movie ‘Living in Bondage’ by NEK Video Links owned by Kenneth Nnebue in the eastern city of Onitsha set the stage for Nollywood as it is known today. The story goes that Kenneth Nnebue had an excess number of imported video cassettes which he then used to shoot the first film. The huge success of this film set the pace for others to produce

other films or home videos. Through the business instincts

and ethnic links of the Igbo and their dominance of distribution in major cit-ies across Nigeria , home videos began to reach people across the country. Nollywood exploded into a booming industry that pushed foreign media off the shelves, an industry now marketed all over Africa and the rest of the world. The use of English rather than local languages served to expand the market and aggressive marketing using posters, trailers, and television advertising also played a role in Nollywood’s success.

Since then, thousands of movies have been released. One of the first Nigerian movies to reach international renown was the 2003 release ‘Osuofia in London ’, starring Nkem Owoh, the famous Nigerian comedic actor. Modern Nigerian movie’s most prolific auteur is Chico Ejiro, who directed over 80 films in an 8-year period and brags that he can complete production on a movie in as little as three days. Ejiro’s brother Zeb is the best-known director of these videos outside of the country.

The first Nollywood films were produced with traditional analog video, such as Betacam SP, but today all Nollywood movies are produced using digital video technology.

Nigeria ‘s film industry has generat-ed global interest in terms of earnings as some analysts have estimated the industry to bring in US$200 million per year. In 2009, UNESCO described Nollywood as being the second-biggest film industry in the world after Bollywood in terms of output and called for greater support for the

industry, which is the second-largest employer in Nigeria .

Most movies are not produced in studios. Video movies are shot on loca-tion all over Nigeria with hotels, homes, and offices often rented out by their owners and appearing in credits in the movies. The most popular locations are shot in the cities of Lagos , Enugu , and Abuja . However, distinct regional varia-tions appear between the northern movies made primarily in the Hausa language, the western Yoruba movies, the Edo language movies shot in Benin City, and the Igbo movies shot in the southeast. Many of the big producers have offices in Surulere, Lagos .

Nigerian directors adopt new technologies as soon as they become affordable. Bulky videotape cameras gave way to their digital descendents, which are now being replaced by HD cameras. Editing, music, and other post-production work are done with common computer-based systems.

The primary distribution centers are Idumota Market on Lagos Island , and 51 Iweka Road in Onitsha in Ana-mbra State . Currently, Nigerian films outsell Hollywood films in Nigeria and many other African countries. Some 300 producers turn out movies at an astonishing rate—somewhere between 1,000 and 2,000 a year. The films go straight to DVD and VCD discs. Thirty new titles are delivered to Nigerian shops and market stalls every week, where an average film sells 50,000 copies. A hit may sell several hundred thousand. Discs sell for two dollars each, making them affordable for most Nigerians and providing astounding

returns for the producers. Most of the films are produced by

independent by companies and busi-nessmen. However, the big money for films in Nigeria is made in the direct-to-video market. The average film costs between US$17,000 and US$23,000, is shot on video in just a week—selling up to 150,000–200,000 units nationwide in one day. With this type of return, more and more are getting into the film business. By most reports, Nollywood is a $500-million industry. And more filmmakers are heading to Nigeria because of “competitive distribution system and a cheap workforce.”

Nigerian movies are available in even the most remote areas of the continent. The last few years have seen the grow-ing popularity Nigerian films among the people of African diaspora in Europe, North America and the Caribbean . Ni-gerian films are currently receiving wider distribution as Nigerian producers and di-rectors are attending more internationally acclaimed film festivals. In the USA, viewers can watch Nollywood on paid TVs.

Many Nollywood movies have themes that deal with the moral dilemmas facing modern Africans. Some movies promote the Christian or Islamic faiths, and some movies are overtly evangelical. For ex-ample, the 2007 documentary, ‘Welcome to Nollywood’ by director, Jamie Meltzer, gives an overview of the industry. It pays particular attention to directors such as Izu Ojukwu and Chico Ejiro, and acknowledges the unusual, rapid, and en-terprising way that most Nollywood films are created as well as their significance and contribution to the world’s motion picture industry.

www.businessdayonline.comFriday 01 — Sunday 03 October 2010BUSINESSDAY12

Nigeria@50The Nigerian literature and its impact across the globe

Obviously, as part of the celebration of the 50th independence anniver-sary of our country, i t is a lso important

that Nigerian scholars especially those who have pitched their tents in creative writing are given due recognition.

Among writers that have brought Nigeria honour and international recognition are Wole Soyinka, Chi-nua Achebe, Niyi Osundare, Ben Okri, Chimamanda Ngozie Adichie, Helon Habila, E.C. Osondu, Odia Ofeimun and Sefi Atta, Uwem Ak-pan, Buchi Emecheta. Of course, the list is longer than this. These Nigerians have made outstanding contributions to Nigeria in par-ticular and humanity in general in the fields of scholarship, literary creativity and criticism. The feat by these writers has transcended international boundaries, and there are a lot more of them who are do-ing quite well within the country.

These writers are household names all over the literate world. They have won many of the impor-tant literary awards both continental and global. Nigeria became the first country in Africa to win the Nobel Prize in Literature through Wole Soyinka. It is quite interesting that just as happened in the popular game of football where Nigeria became the first African country to win the FIFA-organised youth world cup, opening the gate for others in Africa, as soon as Nigeria won the literature prize for Africa, Egypt got it a few years later through Nagib Mahfouz.

Their works have helped shaped the way Nigerians nay Africans are seen by the rest of the world. With these writers, literature has flow-ered in our land, making Nigeria unarguably the foremost literary nation in Africa . It has a crop of some of the finest writers in the world. Nigeria has some of the best writers in Africa ; writers who are in many faculties of some of the best universities in the world. We have to salute our men and women who have put our country very promi-nently on the world’s literary map.

We have every reason to salute the achievements of these great humanists who have, through dedi-cation and commitment to work, brought fame and in some cases, fortune, to themselves and their fatherland. We share in their glory too because our land gave them birth and nurtured them to become the people that are celebrated in the world today.

A cursory look at the African lit-erature series published by Heine-mann Publishers in London shows that Nigerian writers account for nearly 20 per cent of the total out-put. There is no anthology of novels,

?????????

poetry, short stories or drama in Africa that Nigerian writers will not occupy a prominent place.

By exploring such theme as, “Has Nigerian literature gone abroad”? Some Nigerians have dissected what constitutes Nigerian literature and its impact outside of the coun-try. This has been done with the definition of Nigerian literature as literature written about Nigeria by Nigerians identifying with Nigerian culture. An obvious example being the much-celebrated ‘Things Fall Apart’ by Chinua Achebe.

Soyinka, Achebe and others who have won international prizes, writ-ten a good number of books and essays, have influenced the world on the larger scale while others such as Ahmed Yerima, Philip Begho, Ogaga Ifowodo, Kaine Agary, Mike Nwosu, Olu Oguibe, Akachi Ezeigbo, Uwem Akpam, Promise Okekwe, Akin Adesokan, Nduka Otiono, etc. have shown peculiarities with their nov-els couched in a solid language.

The emphasis of their language and pattern of expression, keep has often raised the question about how much of the local culture has been exported abroad? Based on the fact that literature is represen-tative of a writer’s culture, it could be conclusive that Nigerian litera-ture has not really gone abroad, but the writers.

In no particular order, there is Ben Okri, Nigerian novelist, short story writer, and poet, one of the leading African writers.

At the age of 19, Okri, a mem-ber of the Urhobo people, born in Minna to Grace and Silver Okri, had completed his first novel, Flowers and Shadows (1980), about a suc-cessful businessman whose jealous relatives make his life difficult. In 1978 Okri moved to England where he studied comparative literature at Essex University . This period was difficult in Okri’s life – he wrote, slept occasionally on office floors and was forced to leave without taking a degree because lack of funds. He was a poetry editor of West Africa and worked also for the BBC. In 1984 one of his stories

was selected by Peter Ackroyd in the PEN New Fiction contest.

Okri’ second novel, The Land-scapes Within (1981), traced the adventures of a young and poor painter in Lagos . “Ghetto-dwellers are the great fantasists,”. The novel was followed by two collections of short stories, Incidents at the Shrine (1986) and Stars of the New Curfew (1988), in which Okri started to experiment with new narrative techniques. Several of the stories dealt with the Biafran War, seen from a child’s point of view.

The Famished Road (1991) was

Fattore International Literary Prize, and the Premio Grinzane Cavour. In 2001 he was awarded an OBE. Okri lives, works, and writes in London and he has been a visiting writer-in-residence at Trinity College , Cambridge .

Even after Soyinka and Achebe, things arguably have been falling together at the turn of the century. In 2001, Helon Habila opened the international floodgates by winning the Caine Prize for African Writing, the second person to do so (after Sudanese Leila Aboulela in 2000), and the first Nigerian.

The next year Adichie was short-listed for the Caine Prize. Following that was her win in the 2002/2003 PEN/David TK Wong short story award (now defunct). The next edi-tion of that prize (2004/2005) was won by fellow Nigerian Sefi Atta. In 2004 Chika Unigwe was short-listed for the Caine Prize, and the following year Segun Afolabi took the Prize.

It was between 2002 and 2004 that Adichie’s Purple Hibiscus, Habila’s Waiting for an Angel and Abani’s Graceland were published. All three books, debut novels, es-tablished their authors as outstand-ing writers of fiction, and earned acclaimed prizes.

There is the Nigeria Prize for Literature, sponsored by Nigeria Liquefied Natural Gas (LNG) Lim-ited was launched in 2004, offering $20,000 annually “to honour the author of the best book published in Nigeria within the last four years.” The prize is rotated each year between the genres of fiction, poetry, drama and children’s litera-ture. Today the prize value has risen to $50,000, making it one of the biggest on the continent.

The second half of the first decade of the 21st century would turn out to be even more exciting. All the writers above released their second books, and Adichie’s ‘Half of a Yellow Sun’ won the prestigious 2007 Orange Prize.

The b iennia l $20,000 Wole Soyinka Prize for Literature in Africa was established by The Lu-

mina Foundation in 2005, and first awarded in 2006. The Association of Nigerian Authors (ANA) has in recent years also upped its game, increasing the monetary value of its literary prizes, the oldest surviving in the country (ANA was estab-lished in 1981 with Chinua Achebe as pioneer President).

In 2006, Sefi Atta made the Caine Prize shortlist; in 2007 there were 3 Nigerians on the shortlist: Uwem Ak-pan, EC Osondu and Ada Udechukwu. In 2008 it was the turn of Uzor Maxim Uzoatu to take a place on the shortlist, and in 2009 EC Osondu re-turned, this time to claim the 10,000 pounds sterling Prize.

Adichie launched her annual writing workshop in 2007; it is now in its fourth edition. In 2009 Sefi Atta won the Noma Award for Publishing in Africa . The last three Commonwealth Writers Prizes for Best First Book (Africa Region) have been won by Nigerian writers: Sade Adeniran for ‘Imagine This’ (2008), Uwem Akpan for ‘Say You’re One of Them’ (2009) and Adaobi Tricia Nwaubani for ‘I Do Not Come To You By Chance’ (2010). In 2008 Karen King-Aribisala won the Best Book (Africa region) for ‘The Hangman’s Game’, while Chi-mamanda Adichie won the overall Best First Book prize in 2005, for ‘Purple Hibiscus’.

The number of Nigerian writers – based at home and abroad – with impressive book deals in Europe and America, is rising – the latest entrants to that club being Teju Cole (pub. date 2011); EC Osondu (2010); Lola Shoneyin (2010); Chika Unigwe (2009); Adaobi Tricia Nwaubani (2009); Kachi Ozumba (2009) and Sarah Ladipo Manyika (2008).

Most exciting, however, is this fact: that these writers, even while getting inspiring publication deals abroad, can find devoted homes for their books in Nigeria and West Africa through the efforts of publishing ventures committed to telling Africa’s stories to the world: Kachifo Publishing and Cassava Re-public being outstanding examples. This wasn’t always the case.

The feat by these writers has tran-scended inter-

national bound-aries, and there are a lot more

of them who are doing quite well

within the country

Okri’s literary tour de force and it won the Booker Prize. It has been called the classic magical realist novel of West Africa . The story is set on the eve of independence of Nigeria . Its narrator is Azaro, a “spirit-child,’’ an abiku, a famished baby of ambiguous existence, who is destined to die in infancy and be reborn to the same mother over and over again.

He has been the recipient of many awards, including the Booker Prize (1991), the Commonwealth Writers’ Prize for Africa (1987), the Paris Review Aga Khan prize for fiction, the Chianti Rufino-Antico

Chinua Achebe Wole Soyinka

Capital Market: Storm-hit, yet resilient as wealth creation platform

13www.businessdayonline.comFriday 01 — Sunday 03 October 2010BUSINESSDAY

Nigeria@50

Capital formation is at the heart of countries’ growth and development. And the capital market is acknowl-edged worldwide as a win-

dow where investors provide funds to users and harvest returns.

It is partly for this reason that the Nigerian Stock Exchange was established in 1960 as Lagos Stock Exchange before it was renamed Nigerian Stock Exchange in De-cember 1977. Like Siamese twin with Nigeria , the NSE shares some similarities. In spite of several chal-lenges, they have both emerged resilient. Just like Nigeria which survived a civil war, the exchange has remained pivotal to the nation’s economic development in spite of several crises.

One of the most remarkable

Godfrey Obioma landmark achievements since incep-tion was the transition from call over (manual) trading to Automated Trading System ( ATS)on April 27, 1999. Fashioned after the New York Stock Exchange, the ATS which has facility for remote trading and surveillance allows dealers trade through a network of computers connected to the server.

Rated by Standard and Poor’s as No 1 worldwide in terms of returns on investment for three consecutive years before the 2 year market slump, the Nigerian Capital market is currently among third big-gest markets in Africa after South Africa and Egypt. Although the local capital market took the worst hit at the peak of the global crisis with about 60 percent loss, it has since returned to positive zone, although with increased volatility lately. Not withstanding, the market is still con-sidered an investment destination, largely due to its emerging nature,

the fairly developed platform , on-going financial market reforms and impressive results turned out by companies. Interest in the market is further informed by the enhanced clearing, Delivery and Settlement of transactions which are effected by electronically by the Central Secu-rities and Clearing System Limited, a subsidiary of the Nigerian Stock Exchange. Currently rendering a central depository and custodian service, the CSCS has achieved a transaction cycle of T+3. This means that transactions are settled three days after trading, a rarity in most emerging markets.

Coupled with government abro-gation of the Exchange Control Act of 1992 and the Nigerian Enterpris-es Promotion Decree of 1989, the floodgate was opened to foreign in-vestors in 1995. This was followed by the removal of limits to percent-age holding by Nigerian registered foreign companies. The result was

N250 billion foreign investment in 2007 although this dropped to N153.5 billion in 2008.

Playing its role as a viable win-dow for capital raising and second-ary market trading platform , the Nigeria Stock Exchange (NSE) stands out as one of such institu-tions which have acted as catalyst in the nation’s stride to economic greatness. Many companies have accessed the market for fund to finance long term investment and infrastructure developments with the climax in 2004 following the banking consolidation . The result of the role of the capital market as a catalyst for development is the growth in the all share index from 100 basis points in 1984 to 22,429 on September 29, 2010 with the highest level ever at 66, 731.20 on March 3, 2008 . Market Capi-talization grew to N5.490 trillion with highest level at N13 trillion in 2007.

Apart from equities, the bond market, the debt segment of the capital market has served as a veritable window of financing debt deficits and developments. After several years of inactivity, the fixed income market came alive again with bonds structured into 20 year tenor. The result was a yield curve which now serves as benchmark for pricing, sub-national, municipal and corporate bonds.

To enable a larger investment community tap the wealth creation opportunities in the capital market, the Nigerian Stock Exchange has branches in Kaduna, Port Harcourt, Kano, Onitsha, Ibadan, Abuja, Yola, Be-nin, Uyo,Ilorin, Abeokuta, Owerri and Bauchi and there are strong indications that as current policies and reforms in the financial market start making the expected impacts, the country ‘s development needs will be actualized through the capital market.

www.businessdayonline.comFriday 01 — Sunday 03 October 2010BUSINESSDAY14

Nigeria@50

Passion for entrepreneurship

One outstanding bright spot of Nigeria in its 50 years of existence as an independent nation is the progress the country has made in entre-

preneurship growth. Going down memory lanes, we

had Nigeria ’s pre-colonial com-mercial heroes and entrepreneurial gurus in the Niger Delta, such as King Jaja of Opobo and Governor Nana Olomu of Itsekiri who reigned supreme in the 19th century. These two distinguished personalities were super merchants and pre-scient business strategists whose business exploits in the Niger Delta can never be wished away. These two super entrepreneurs gave British trading firms a run for their money.

Jaja’s trading policies alarmed other British firms trading in the Niger Delta with the exception of Alexander Miller Brother and Company, which prospered and had stations throughout Southern Ni-geria partly because it co-operated with Jaja. It is however instructive to note that the other eight firms that were virulently opposed to his policies ‘ganged’ up to form the African Association which was incorporated in 1889. Hence, it was this African Association and a few other firms that eventually formed the United African Company (UAC) in 1929.

Thus, the history of the origins of the UAC would not be complete without adequate reference to the intense commercial rivalries be-tween Jaja and the firm of Alexander Miller who were contemptuously referred to as the agents of Jaja by

SIAKA MOMOH, Industry Editor the other firms, on the one hand, and the other eight British firms in opposition to Jaja, on the other.

It was this same UAC that a few Nigerian entrepreneurs had to con-tend with in pre and post indepen-dence periods. The likes of Timothy Adeola Odutola and Hamzat Beyioku Adebowale were good examples. Adeola Odutola, who, according to the Manufacturers Association of Nigeria, is the foremost Nigerian and perhaps, African industrialist in history, had businesses that were household names in the country. His fleet of companies include: Odutola Nigerian Industries Limited - manu-facturers of bicycle tyres and tubes in Ijebu-Ode, Odutola Tyresoles Company Limited with factories in Ibadan, Kano and Onitsha - re-threading automotive tyres, Odutola Tyre & Rubber Company Limited with factories in Ibadan for rubber compounding, Adeola Farms known for growing of rubber and oil palm, Odutola Food Industries Limited known for manufacturing assorted biscuits, and Odutola Stores Limited - department Stores.

This business guru held substantial investments in breweries and phar-maceutical sub-sectors and served as chairman in many other companies including Kabelmetal Nigeria Limited, Bayer Pharmaceuticals Nigeria Limited, and Unichem Nigeria Limited in which he had substantial share holdings.

Adebowale, on his part, started his career with SCOA Group in 1959 as a marketing manager. By 1961, he founded Adebowale Stores as a retail outlet in Lagos . Taking advantage of the Federal Govern-ment’s favourable industrial policies later on, Adebowale incorporated Adebowale Electrical Industries Limited as a manufacturing concern. The move marked a turning point

in his career from a businessman to a manufacturer, especially in 1975, when the young company rolled out its first set of locally manufactured electrical/electronics products, opening branches in Ibadan , Kano and Lagos.

There was a list of other indigenous entrepreneurs that the sixties and 70s and thereafter witnessed. This list included: Aminu Dantata, Odimegwu Ojukwu, Augustine Ilodibe of Ekene Dili Chukwu fame, David Dafinone, James Edewor, Wahab Folawiyo, Chris Ogunbanjo, Rasaq Akanni Okoya of Eleganza Group of Companies, and Adeyemi Lawson.

Only recently, two of our own, Aliko Dangote, president Dangote Group and Femi Otedola, made the Forbes list of world billions. Aliko

Dangote, became the second rich-est black person in the world and Nigeria ‘s first billionaire with an estimated net worth of $3.3 billion dollars. Forbes magazine ranked him as the 334th richest man in the world. Dangote is the founder of the Dangote Group, which has opera-tions in Nigeria and several other countries in West Africa . Dangote began his career as trader at 21 with a loan from his uncle; He went on to build his Dangote Group into a conglomerate with interests in sugar, flour milling, salt processing, cement manufacturing, textiles, real estate, haulage and oil and gas.

Femi Otedola is the Nigerian presi-dent chief executive officer of Zenon Petroleum and Gas limited. In 2009, he joined Aliko Dangote on World’s Richest List (Forbes magazine) with an estimated worth of 1.2 billion Dol-lars.In 2010, due to the reccession his fortune was reduced by half and he no longer figured in the Forbes list.

Femi Otedola is the billionaire owner of multi-billion naira indig-enous oil giant Zenon. He is the dominant force in diesel business among oil marketing concerns. Oted-ola started Zenon few years ago and within a short time seized control of the market. Today he has become the pacesetter in the downstream sector while expanding the frontiers of competition.

Also on the list of contemporary Nigerian entrepreneurs of note is Mike Adenuga Junior chairman /chief executive officer of Globacom. At age 26, Adenuga had already become a millionaire with connections in high places. With his unique flair for risks and sheer tenacity of purpose, in no time he started reaping profits in billions. He owns Equatorial Trust Bank, and Consolidated Oil which carries out crude oil drilling, refining

and marketing. His first shot into the consciousness of Nigerians was when his company, Consolidated Oil became the first indigenous company to strike crude in December1991.

Craze for entrepreneurship Never in the history of Nigeria has

the awareness about entrepreneur-ship be so popular like it has been in the last decade. The reason for this is not far fetched. Job losses came with plant shut downs and we churn out about two billion graduates from our tertiary institutions yearly when we create jobs in thousands.

Now, Nigerians generally think sel f -employment and not paid employment. In answer to this de-velopment, tertiary schools across the country have now introduced entrepreneurship programmes into their curriculum. Moreover, capacity building institutions such as Fate Foundation, Pan African University ’s The Entrepreneur Development Services and a number of other private capacity building institutions are found across the country. When you add all these to small busi-ness development institutions that governments – federal and states - have created over the years, the robust focus on entrepreneurship by government becomes clearer. The Federal government had the National Directorate of employ-ment (NDE), The Small and Medium Development Agency of Nigeria (SMEDAN), and the states have institutions for the development of small businesses. Moreover, the CBN brought on board Microfi-nance Banks to replace moribund people’s banks.

Why wouldn’t we say then that a robust focus on entrepreneurship is a bright spot of Nigeria ’s 50 years of nationhood?

Why wouldn’t we say then that a robust focus on en-trepreneur-

ship is a bright spot of Nigeria ’s 50

years of nationhood

Femi Otedola Mike Adenuga Aliko Dangote

15www.businessdayonline.comFriday 01 — Sunday 03 October 2010BUSINESSDAY

Nigeria@50From public sector dominated economy to the next business destination

On October 1, 1960, Nigeria found its self alone, an inde-pendent nation, arising from decades of colonial ashes. Ni-gerian’s told stories about

how the green-white-green flag was hoisted into the sky, and above the Union Jack. The moral, they said was that Britain underlined its intention to see one of its own grown child chart a cause for itself.

Allowing Nigeria go all but guar-anteed a country left to fend for itself after several years of feeding off the spoon of its creator. Nigeria had to face the task of evolving a sustainable economic growth direc-tion. And it hasn’t done badly at all despite the impact of the colonial rule over the society, polity and indeed the economy.

Like other countries under British colonial administration before they were granted independence, Nigeria is a classic case of an economy or-ganized directly around the require-ments and capacities of the colo-nizer. As a consequence, the economy served as a source for the import of crucial raw materials and primary produce as well as the reception of manufactured goods from Britain-In other words, Nigeria served as the subordinate economy and so the unbalanced focus on commodities pertinent to the needs of the more developed ‘Boss’-Great Britain.

Throughout the 1960s Nigeria did not have the chance to evaluate and rethink this ‘hoisted’ business trend because of the protracted civil war that began May 30, 1967. The only policy, the Import Substitution Policy of 1960, that was enacted to lessen the country’s over dependence on foreign trade and to kick-start the manufac-turing sector, never really took off.

But the country’s business envi-ronment began to assume its mod-ern form in the 1970s and 1980s, when the Federal Government began its moves to involve Nigerian entrepreneurs more in the produc-tive sector of the economy follow-ing years of foreign monopoly.

First in 1971, the Federal Govern-ment announced a policy direction called Indigenization Policy where it outlined its intention to give more room to Nigerians in the ownership, management and control of the pro-ductive enterprise in the country.

The policy had three key thrust. First it was aimed at creating oppor-tunities for Nigerian indigenous busi-nesses, to maximize local retention of profit and to raise the level of interme-diate capital and goods production.

The policy was deeply criticized and taunted as politically motivated

Charles Ike-Okoh and a sort of economic nationalism, particularly in the Western world. Within the country the criticism that trailed it resulted from the perception and the seemingly lack of transparency in the indigenization process.

The Decree however, was a mile-stone that indeed triggered the chain of events that has helped to reshape the Nigerian business environment. It essentially triggered the idea to diversify the economy through import substitution, the production of local market goods that Nigeria could no longer afford to import.

Subsequently, the policy was mod-ernized to accommodate the senti-ments of critics who wanted a broad

based and transparent policy, capable of among other things creating the much needed jobs for a now rapidly growing population.

The new policy enacted in 1977 which contained 3 schedules was called the Nigeria Enterprise Promo-tion Act. This Act gave verve to the emerging wave of Nigerian owned world class businesses, ranging from the financial sector to oil and gas to aviation and across so many other sec-tors. By 1981 when the schedules in the Act were revised, there were over 456 indigenously owned enterprises in each of the schedules.

The 1972 schedule contained 11 schedules, while the 1977 act

contained three schedules. Schedule 1 of 1977 contained 40 enterprises, schedule 11 contained 57 and schedule 111 contained 39.

As it is, with one act Nigerians are in business alongside the govern-ment in growing the economy and transforming the entire business environment. One can argue that the consequence of the act paved the way for Nigerians by way of opening wider access to those institutions previously run as government monopolies.

By the 1980s an even faster ac-cess was created, the privatization policy. By 1988 this access was backed by law under The Privatisa-tion and Commercialisation Act of

1988. The Act allowed Nigerians to be co-owners of previously govern-ment-owned enterprises.

While the thinking that the Nige-ria’s private sector, though immature, had the traditional structure of world’s economy, the public sector-govern-ment owned institution, began to as-sume similar structure with the bold privatization moves of the 1980s.

By 1993, 88 public enterprises had been privatized out of the original 111 that was listed by the Hamza Zayyad led Technical Committee on Privatisa-tion and Commercialisation set up in 1988. 34 other enterprises were commercialized.

The Privatisation and Commer-cialisation Act of 1988 was subse-quently replaced by the Bureau for Public Enterprises Act of 1993. Again, in 1999, the Federal Government created the Public Enterprise (Priva-tisation and Commercialisation) Act, which created the National Council on Privatisation chaired by the then Vice President, Atiku Abubakar.

At this point, Nigerians were active players in the oil and gas sector of the economy, attracting foreign part-ners with technical expertise. In the financial sector, Nigerian banks began their foray into foreign soils as well. The Telecommunication sector was decisively opened to the private sec-tor. This perhaps remains one of the boldest economic transformational statements in all of Nigeria ’s 50 year history.

All of these, no doubt have helped to create the economy that the World Bank classifies as a mixed economy emerging market, which also it says has reached middle income status by 2007. As 2007 it was ranked 37th in the world in terms of GDP. It is the US largest trading partner in sub-Saharan Africa and supplies a fifth of its oil to (11 percent of oil imports).

The Economist Intelligence Unit and the World Bank, put Nigeria ’s GDP purchasing power parity at $292.6 billion by 2007. The GDP per head was equally estimated at $1,754 per person in 2007.

Nigeria made history in April 2006 by becoming the first African country to completely pay off its debt (estimated $30 billion) owed to the Paris Club. That came as a result of the economic stride and huge transformation from an economy that could barely attract foreign investment to a country that is largely viewed globally as the next business destination. Indeed, Foreign Direct Investment (FDI) in Nigeria has risen from a meager $2.1 billion in 2004 to $13.95 bil-lion in2009.

The bulk of the funds were made in the oil and gas sector, telecoms, beverages and banking sectors of the economy.

The country’s business environment began to assume its modern form in the 1970s and 1980s, when the Federal Government began its moves to involve Nigerian entrepreneurs in running the economy