Shettima: Nigeria’s Economic Growth Rests on Improved Public-Private  Partnership

* Inaugurates presidential enabling business environment council

Deji Elumoye in Abuja

Vice President Kashim Shettima has stressed the importance of improved public-private  partnership in infrastructure as critical catalysts for Nigeria’s economic growth.
Shettima who stated this in Abuja, yesterday, during the public presentation of two books authored by one of Nigeria’s legal luminaries, Mallam Yusuf Ali (SAN), recalled President Bola Tinubu’s legacies as governor of Lagos State, a feat he said the President was set to replicate at the national level in the bid to reposition the country.

Delivering his speech titled, “Mallam Yusuf Ali: Enduring Reflection in Law, History, and Public Policy,” the Vice President said, “There is, of course, no politician in the country today who can match President Bola Ahmed Tinubu’s experience in both brokering public-private partnership and understanding what must be done to bridge our infrastructure gaps.

“You only need to gaze into the realities of Lagos State before and after his progressive leadership as Executive Governor to realise his spectacular legacy, a skill-set he’s again brought into play to reposition Nigeria as a competitive global player.”

Noting that the President’s Renewed Hope Agenda was built on the realisation of improved infrastructure as a critical catalyst for the nation’s economic growth, Shettima pointed out that the projections of the administration’s sound economic team on revolutionising investment in infrastructure were in tandem with those of its development partners.
He said: “I am here to acknowledge that such a grand vision is the reason we are exploring innovative funding mechanisms like Public Private Partnerships, with avenues like the Infrastructure Concessions Regulatory Commission (ICRC) as testimony to such ambition. The on-going review of the ICRC (Establishment ETC) Act, 2005, is telling.”

The Vice President described the two unveiled books, “The Supreme Court and the Jurisprudence of the Right to Fair Hearing,” and “Public Private Partnerships: An Essential Guide for Stakeholders,”  as an eagle-eyed contribution to the “nation’s pursuit of order and development.”
“These books aren’t well-timed solely due to their thematic interests. They are not being celebrated solely for their interpretation of paramount aspects of our nation’s journey, nor for a yearning for such interventions in our collective responsibility to serve the nation. These two books stand out due to the intellectual and professional pedigree of the author,” he added.

Describing the author of the two books, Ali  as a friend and brother, Shettima also described the senior lawyer as a, “reservoir of knowledge acquired over decades of sincere engagement with the legal intricacies of our dear nation.”
“His decision to document these treasures of wisdom reflects a legacy that shall echo through the corridors of scholarship beyond the practice and learning of law,” he noted.
The Vice President further observed that the author was able to capture readers’ attention by recognising the need for a clearer perspective on collaborations between the public and private sectors.
According to him: “Nigeria’s infrastructure deficit depends on our understanding of the complex interests of all parties involved in deals that do not disadvantage the nation. It’s crucial to ensure that we are not blinded by any legal requirements.

“It’s worth noting that one astute lawyer can bankrupt a country, but it also takes just one astute lawyer to save a nation. We have witnessed this, even in the recent case of Nigeria versus P&ID, which could have resulted in an unbelievable $11 billion arbitral award against us.”
Reviewing the book, Prof. Wahab Olasupo Egbewole, said apart from the numerous contributions to knowledge by the author, the book offers an absorbing, interesting and informative insight on the Supreme Court’s jurisprudence on the right to fair hearing in Nigeria.

He noted that the book is a well-researched study focusing on the principles of fair hearing as laid down by the Supreme Court of Nigeria, adding that it is a must-read for not only lawyers and judges but also for all other stakeholders involved in the justice sector.
The other book on Public Private Partnerships in Nigeria, according to him, was written with the aim of providing stakeholders with the requisite knowledge and guidance regarding the operations and implementations of the Public-Private Partnerships initiative in Nigeria.
Meanwhile, Shettima yesterday, inaugurated the Third Cohort of the Presidential Enabling Business Environment Council (PEBEC) with a call on its members to be 100 per cent committed to promoting a conducive business environment.

This, according to him, would directly reflect the strong political will behind the transformative initiatives of President Bola Ahmed Tinubu-led government.
Speaking during the inaugural meeting of the PEBEC at the State House, Abuja, Shettima also implored members of the Council to align themselves effortlessly with the eight-point Renewed Hope agenda of the Tinubu administration.
According to him: “Aligning seamlessly with the vision of President Bola Ahmed Tinubu, and the eight-point Renewed Hope agenda of this administration, our commitment to fostering a conducive business environment is a direct reflection of the strong political will driving the transformative initiatives of this government.

“Today, we stand on a robust foundation, and we recognise that achieving PEBEC’s mandate directly contributes to the success of our shared economic prosperity as a nation.
“Undoubtedly, reforms are formidable undertakings, particularly in our region. However, history has proven that they are achievable, and we draw inspiration from past successes. As a council, our dedication to these reforms must be unwavering, and each member must take ownership of this mission with 100 per cent commitment.

“The PEBEC is an enabler for the MDAs in government. Our role, therefore, calls for a unified and collaborative effort across the council and MDAs. Reforms require a collective commitment, and success will be a shared triumph, resonating not only within our council but throughout the nation”.
Recalling that emerging markets, particularly in Africa, were slowed down in the face of global economic challenges occasioned by the disruptions of the COVID-19 pandemic, the Vice President regretted that “heightened geopolitical tensions in the West African Sahel, coupled with concerns about national debt sustainability, contributed to a slowdown in Sub-Saharan Africa’s economic growth to 3.6 per cent in 2022.

Earlier in her speech, the Special Adviser to the President on PEBEC and Investment, Dr Jumoke Oduwole, noted that PEBEC’s mandate was to deliver Nigeria’s business environment reform, with the dual mandate to remove bureaucratic and legislative constraints to doing business and improve the perception about the ease of doing business in Nigeria.

“PEBEC’s model aligns with global best practices and includes a strong performance tracking element that ensures MDAs are accountable for reform implementation,” she said.

Oduwole said  one of the key considerations for PEBEC Cohort under the chairmanship of Vice President Shettima is the political will from President  Tinubu’s administration and his irrevocable commitment to Ease of Doing Business in line with the eight-point agenda of the administration and added that the Vice President has decided to adopt the PEBEC model and build on the past work.