With political will, effective implementation, and empowered leadership, Nigeria can emerge stronger, charting a path toward inclusive and sustainable growth, writes Dr Alim Abubakre, the founder of TEXEM and senior lecturer at Sheffield 糖心视频 School and advisory board member of the London 糖心视频 School Africa Society

The rising cost of living presents a formidable challenge for the people of Nigeria. However, this challenge is not unique to Nigeria. Globally, many countries are grappling with inflationary pressures due to a combination of geopolitics and the fiscal fallout from the COVID-19 pandemic. The conflict between Russia and Ukraine has disrupted food and energy supplies, while tensions in the Middle East exacerbate global oil price volatility. Countries such as the United Kingdom have experienced sharp inflationary spikes, Sri Lanka faced severe food shortages, and Argentina continues to endure hyperinflation. As Nigeria embarks on economic reforms鈥攊ncluding the reduction of subsidy payment and the flotation of the naira鈥攖hese challenges must be mitigated through innovative strategies across the short, medium, and long term.

This strategic roadmap offers actionable solutions for Nigeria, focusing on alleviating immediate pressures while building sustainable growth frameworks for the future. Every intervention must not only be informed by global lessons but must also be adapted to Nigeria’s context. The moment is ripe for impactful, transformative change, enabling Nigeria to emerge stronger, charting a path toward an inclusive, sustainable future for its citizens. Alongside these strategies, funding mechanisms will ensure these interventions are practical and impactful.

Empowering leadership through strategic capacity development

A pivotal element in addressing the cost-of-living crisis is enhancing the strategic capacity of Nigeria’s leaders. Investing in leadership development programmes empowers policymakers to adopt holistic and strategic solutions. For instance, countries like Singapore have implemented rigorous leadership training, resulting in visionary policies that drive economic success. In Nigeria, seeking uncommon strategic insights focused on leadership excellence can equip leaders with the skills to navigate complex economic landscapes, fostering innovative approaches to inflation, unemployment, and poverty.

Cultivating the right mindset for sustainable economic growth

Equally important is fostering a progressive mindset among leaders that prioritises sustainable economic growth. This involves embracing transparency, accountability, and a commitment to long-term development over short-term gains. Rwanda’s remarkable transformation, driven by leadership that values sustainability and inclusiveness, serves as a compelling example. Nigerian leaders can adopt similar principles, promoting policies that encourage investment, diversify the economy, and enhance the quality of life for all citizens.

Short-term strategies: Immediate relief for citizens

In the short term, providing quick relief to vulnerable citizens is essential to cushion the impact of higher living costs. One of the most effective ways to achieve this is through direct cash transfers. India demonstrated the efficacy of this approach during the COVID-19 pandemic by disbursing payments to over 200 million women under the Pradhan Mantri Jan Dhan Yojana scheme. A similar initiative in Nigeria, targeted at the poorest households, would offer immediate relief and help prevent households from slipping into deeper poverty.

Additionally, temporary tax reductions on essential goods can lower retail prices and ease the burden on consumers. For instance, Kenya temporarily reduced VAT from 16 per cent to 14 per cent during the pandemic to help citizens cope with rising costs. Nigeria could adopt a similar approach by reducing import duties on staple foods and essential products. (There is already in place an ineffective zero duty on food. Government should check its own policies for effectiveness and self-correct.)

Another immediate intervention is providing subsidies for public transportation. With transport costs constituting a significant portion of household expenses, subsidies can ease commuting costs. Germany exemplified this with its 鈧�9 monthly public transport ticket, a move that was widely appreciated for making travel more affordable. Proper implementation and funding of the conversion and adoption of Compressed Natural Gas (CNG) for public transport could also be explored with vigour. The government should make the kits for conversion cheaper by working directly with manufacturers or, better still, encouraging them to start producing locally.

To prevent market distortions, the government鈥攅specially at the state level鈥攎ust monitor prices and curtail hoarding. India鈥檚 proactive market surveillance, particularly on essential commodities like onions and pulses, has shown that monitoring systems can stabilise prices and prevent panic buying. Nigeria should implement similar anti-hoarding policies, supported by sanctions for violators.

The government can also release more strategic reserves of food and fuel to counteract supply disruptions and stabilise prices. The United States鈥� decision to release oil from its Strategic Petroleum Reserve in 2022 eased global fuel prices, a model Nigeria could replicate with its grain and petroleum reserves.

Furthermore, introducing price caps on essential medicines and healthcare services will ensure affordability in the short term. South Africa鈥檚 Single Exit Price policy for medicines provides an example of how government intervention can keep healthcare accessible for citizens.

Finally, community feeding programmes can offer immediate relief to vulnerable populations. Brazil鈥檚 Zero Hunger Programme successfully used community kitchens to provide meals to those in need. Nigeria could expand its school feeding programmes and establish community kitchens to support the most affected populations. This should be negotiated into corporate social responsibility mandates for corporations. The government should minimise direct involvement in such activities to reduce the risk of corruption.

Medium-term strategies: Building resilience through strategic investments

Medium-term strategies are crucial to foster economic resilience and prevent future crises. One priority is to boost local production through agricultural support. Ethiopia鈥檚 Agricultural Transformation Agency exemplifies how targeted interventions鈥攕uch as improved seed distribution and farming techniques鈥攃an increase food production and reduce dependency on imports. Nigeria can leverage its agricultural potential by providing farmers with access to better inputs and technical training.

Encouraging small and medium enterprises (SMEs) through financial incentives and business development support will stimulate job creation and income growth. Malaysia鈥檚 SME Masterplan successfully facilitated economic growth and employment by providing capital and training to entrepreneurs. Nigeria should prioritise similar initiatives, focusing on sectors with high growth potential.

Investment in public transportation infrastructure can alleviate commuting costs while addressing urban congestion. Colombia鈥檚 TransMilenio system in Bogot谩 improved mobility for millions of citizens and reduced their transport expenses. Expanding Nigeria鈥檚 public transportation network, especially in urban centres, will similarly lower commuting costs. Encouraging all subnational governments to build suitable mass transit networks鈥攚hether rail, buses, or trams鈥攑owered by CNG, renewable electricity, or diesel, is essential.

Supporting renewable energy adoption is another essential medium-term strategy. Morocco鈥檚 investment in solar energy through the Noor Ouarzazate Solar Complex created jobs and lowered energy costs. Nigeria can incentivise renewable energy solutions鈥攕uch as solar panels in rural areas鈥攖o reduce reliance on expensive fossil fuels. Indeed, Nigeria has massive potential for solar energy nationwide and wind energy in the North-West and North-East is crucial. Sub-national governments should start building medium to large solar and wind farms for power generation. New legislation allows every state to generate and sell power.

Food price stabilisation funds can provide a buffer during periods of price volatility. Indonesia鈥檚 State Logistics Agency (Bulog) stabilises rice prices by managing reserves and offering subsidies. Nigeria could establish a similar fund for key staples to cushion against market fluctuations.

To address housing costs, developing affordable housing programs is vital. Singapore鈥檚 Housing and Development Board provides affordable homes for over 80 per cent of its population. Nigeria could partner private developers to build affordable housing units and offer mortgage subsidies to middle- and low-income families.

Finally, strengthening social safety nets through expanded welfare programmes, such as unemployment benefits and health insurance, will protect vulnerable citizens from economic shocks. Chile鈥檚 Solidarity and Social Investment Fund offers a model of comprehensive social support that Nigeria can emulate to enhance the well-being of its population.

Long-term strategies: Building a sustainable, inclusive economy

For long-term stability, Nigeria must focus on diversifying the economy. The UAE鈥檚 success in reducing its reliance on oil by investing in tourism, aviation, and finance offers a blueprint for Nigeria. Developing sectors such as technology, manufacturing, security and agriculture will reduce economic vulnerability and provide sustainable employment opportunities.

Investing in education and skill development is essential for creating a skilled workforce capable of thriving in a modern economy. South Korea鈥檚 emphasis on education and skills training propelled its economic growth and technological leadership. Nigeria should prioritise educational reform, focusing on vocational training and digital skills to prepare its youth for the future.

Promoting industrialisation will further enhance domestic production and reduce dependency on imports. China鈥檚 focus on manufacturing has transformed it into the 鈥渨orld鈥檚 factory,鈥� creating millions of jobs and making goods more affordable. Nigeria can adopt a similar approach by fostering manufacturing hubs and offering incentives to investors.

Advancing agricultural technology is another long-term strategy that will increase productivity and food security. The Netherlands鈥� leadership in agricultural innovation enabled it to become the world鈥檚 second-largest exporter of agricultural products. Nigeria should invest in research and technology to enhance farming practices and boost yields.

Expanding renewable energy infrastructure is critical for reducing energy costs and environmental impact. Denmark鈥檚 investment in wind energy, which now supplies nearly half of the country鈥檚 electricity, is a testament to the potential of renewable energy. Nigeria can pursue large-scale renewable projects to diversify its energy sources.

Building comprehensive social welfare systems will ensure that citizens are protected from future economic downturns. Sweden鈥檚 extensive welfare programmes have contributed to low poverty rates and a high standard of living. Nigeria should develop robust systems of healthcare, education, and unemployment insurance to support its citizens.

Strengthening economic governance and anti-corruption measures is essential to attract foreign investment and ensure efficient resource allocation. Botswana鈥檚 anti-corruption efforts have resulted in sustained economic growth and investor confidence. Nigeria must prioritise governance reforms to build a transparent and efficient economy.

Funding the solutions: Realistic, implementable approaches

Funding these initiatives requires innovative strategies. Nigeria can explore public-private partnerships (PPPs) to fund infrastructure projects, replicating the success of India鈥檚 PPP model for highways. Tax reform鈥攊ncluding better collection of existing taxes鈥攃an improve government revenues, as seen in Rwanda鈥檚 efforts to digitise tax collection. The Federal Government’s tax reform committee’s recommendations should be thoroughly reviewed and implemented accordingly.

Nigeria could also issue more diaspora bonds to leverage contributions from Nigerians abroad, following Ethiopia鈥檚 successful use of such bonds to fund infrastructure projects. Debt restructuring and relief negotiations with international creditors, similar to Argentina鈥檚 approach, will free up funds for domestic priorities. More funding initiatives like Sukuk bonds for road construction, successfully utilized by the previous Ministry of Works, should be explored.

The government can increase revenue through state asset privatization, as seen in Saudi Arabia鈥檚 partial privatisation of Saudi Aramco. Carbon credits and environmental levies offer another source of revenue, with countries like Canada generating income from carbon taxes. However, we must assess whether we have viable assets left to sell off, aside from the refineries and federal government owned real estate.

Furthermore, Nigeria should strengthen foreign direct investment (FDI) frameworks, following Singapore鈥檚 model of attracting investors through incentives and policy stability. Remittance facilitation can also enhance foreign exchange reserves, as the Philippines has done by encouraging overseas workers to remit funds.

Conclusion: A sustainable future for Nigeria

While the reduction of the payment of subsidies and the flotation of the naira have presented challenges, they also offer an opportunity for Nigeria to embark on meaningful economic reforms. By empowering leaders through strategic capacity development and cultivating the right mindset toward sustainable growth, Nigeria can effectively implement these short, medium, and long-term strategies. Examples from around the world highlight the transformative impact of visionary leadership and strategic planning.

By adopting these strategies, Nigeria can reduce the cost of living, create more employment, improve national security, build a resilient economy, and improve the well-being of its citizens. Strategic funding mechanisms will ensure these initiatives are realistic and sustainable. With political will, effective implementation, and empowered leadership, Nigeria can emerge stronger, charting a path toward inclusive and sustainable growth.

By Alim Abubakre

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It is with immense pride and heartfelt congratulations that TEXEM celebrates the appointment of Abigail Marshall Katung as the Lord Mayor of Leeds. This monumental achievement is a testament to her dedication, resilience, and unwavering commitment to public service. It also marks a significant milestone in the enduring relationship between Nigeria and the United Kingdom, symbolising a beacon of hope and opportunity for the Nigerian diaspora and the broader African community.

Abigail’s journey from growing up in Nigeria to becoming a distinguished leader in one of the UK’s major cities is nothing short of inspirational. Her election as Lord Mayor is not only a personal triumph but also a collective victory for all Nigerians and Africans who aspire to make meaningful contributions on the global stage. Her role as a councillor for the Labour and Co-operative Party and her previous service as Chair of the Scrutiny Board (Infrastructure, Investment, and Inclusive Growth) underscore her commitment to tackling injustices, inequalities and promoting a fairer, more prosperous society.

On behalf of TEXEM, UK, I extend my deepest gratitude to her husband Senator Katung, whose steadfast support has been instrumental in Abigail’s journey. He is her husband. Senator Sunday Marshall Katung, a Senator Representing Kaduna South Senatorial District since 2023.

This shared success underscores the vital role that family and community support play in achieving remarkable accomplishments. Senator Katung鈥檚 contributions to public service, along with his unwavering support for Abigail, are commendable and reflect the strength and unity of their partnership.

We also recognise the Nigerian Honourable Speaker of the House of Representatives and the Governor of Kaduna State for their recognition and support of Abigail’s achievements. Their acknowledgement not only honours Abigail but also highlights the importance of celebrating and uplifting exemplary citizens who make significant strides in international arenas.

Hon. Abike Dabiri’s relentless efforts in championing diaspora affairs have paved the way for countless Nigerians abroad to thrive and contribute meaningfully to their host countries and homeland. Her advocacy has been pivotal in creating a supportive environment for the diaspora, enabling success stories like Abigail鈥檚 to flourish.

To President Bola Ahmed Tinubu and the good people of Nigeria, Abigail鈥檚 appointment is a moment of national pride. It reflects the rich potential of Nigerian citizens to excel and lead in various fields globally. Her achievement can serve as a powerful catalyst to strengthen ties between Nigeria and the UK, enhancing diplomatic relations and fostering greater collaboration.

Abigail Katung鈥檚 appointment as Lord Mayor of Leeds presents a unique opportunity to enhance Nigeria鈥檚 and Africa鈥檚 brand equity and soft power. Just as India has leveraged the strength of its diaspora to unlock value in international relations, talent acquisition, volunteer programs, and foreign direct investment, Nigeria can harness more of the potential of its global citizens to achieve similar success. By celebrating and supporting diaspora achievements, Nigeria can attract significant investments and foster initiatives that benefit Nigeria (see my article at  /index.php/2022/10/05/seven-quick-wins-for-national-prosperity-post-62nd-independence-anniversary-dr-alim-abubakre/  ) and the entire African continent.

In conclusion, Abigail Marshall Katung鈥檚 new role is a testament to the power of perseverance, the strength of community, and the boundless potential of the Nigerian diaspora. Her leadership will undoubtedly inspire many and serve as a shining example of what can be achieved through dedication and a commitment to service. We congratulate Abigail and her family on this remarkable achievement and look forward to witnessing the positive impact of her leadership in Leeds and beyond.

*Dr. Alim Abubakre is Founder, TEXEM, UK

Dr Alim Abubakre

As Nigeria celebrates its 63rd independence anniversary, it is a moment of reflection and an opportunity to chart a brighter future for the nation. I have an individual social responsibility to share insights on effective and strategic leadership informed by my privilege of engaging over 4,000 leaders globally. Every time I speak with leaders, I observe that they agree that executives in government and business play pivotal roles in shaping Nigeria鈥檚 destiny.

The billion-dollar question is, what values do Strategic leaders in Nigeria need to succeed in this fast-paced, increasingly volatile and competitive world?

Peter Drucker, a management guru, once asked, 鈥淲hat needs to be done?鈥� This question, along with another critical inquiry, 鈥淲hat is right for the enterprise?鈥� should guide the decisions and actions of our leaders. These two questions encapsulate the essence of effective and strategic leadership.

Successful leaders from emerging countries have demonstrated the below-listed qualities, providing valuable examples for Nigeria.

SMART action plans

Leaders in countries like India, China, and Brazil have excelled by developing Specific, Measurable, Achievable, Relevant, and Time-bound (SMART) action plans. For instance, leaders in UAE (tax-free income initiative has made it a hub for global talent) and Estonia (e-residency programme stimulating start-up growth and innovation) have leveraged global and local talent to boost employment generation and national renewal.

Taking responsibility

When Lee Kuan Yew led Singapore to independence, he took full responsibility for the decisions made. His commitment to good governance and economic development transformed Singapore into a global economic powerhouse. Furthermore, Strategic leaders take responsibility for their decisions, a trait exhibited by Dr Ngozi Okonjo-Iweala, the first African female DG of WTO. Dr Ngozi鈥檚 new focus on sustainability and commendable efforts to inspire the WTO to focus on its core values and strive to update the WTO rulebook to address 21st-century challenges should inspire leaders in Nigeria to take responsibility.

Effective communication

China鈥檚 leaders have understood the importance of effective communication in conveying their vision for the country鈥檚 growth. Their consistent messaging has rallied the nation behind their goals. On the home front, leaders like MKO Abiola and Tony Elumelu are known for their effective communication skills, rallying stakeholders around a shared vision for entrepreneurship, economic empowerment and political liberation in the case of MKO.

Turning challenges to vitamins

Leaders in South Korea, faced with adversity after the Korean War, turned challenges into opportunities by investing in education and technology. Today, South Korea is known for its innovation and economic strength. I observed that effective and strategic leaders embrace what we say at TEXEM and what Albert Einstein said: 鈥淔ailure is success in progress.鈥�

Productive meetings

Jack Ma, the founder of Alibaba Group, is renowned for running productive meetings. His ability to facilitate discussions and encourage collaboration has contributed to his company鈥檚 success. For those who prefer a Nigerian example, I share the nation鈥檚 icon, Amina J. Mohammed, Nigeria鈥檚 Deputy Secretary-General of the United Nations. Ms. Amina is adept at running productive meetings and fostering international cooperation despite the diverse interests of the UN鈥檚 five veto-wielding countries.

Emphasising 鈥渨e鈥� over 鈥淚鈥�

In Malaysia, leaders like Tun Abdul Razak emphasised collective efforts over personal gain, fostering unity and inclusivity in the nation鈥檚 development. I asked the top leadership of Oracle during some work with this organisation what makes you so successful in database technology. Their resounding response 鈥渋s always have a strong team better than you.鈥� If Oracle could embrace this mantra, so could Nigerian leaders.

Stakeholder engagement

Brazil鈥檚 leaders, especially during the Lula da Silva era, effectively engaged stakeholders to address issues like poverty and inequality, leading to improved social and economic conditions. Also, one of Aliko Dangote鈥檚 unique selling points that is valuable, difficult to imitate and rare is his ability to engage with various stakeholders to build a successful enterprise, employing tens of thousands, providing revenue for thousands of suppliers, generating revenue through tax for government and contributing to national growth.

Building strong teams

China鈥檚 tech giant Tencent, led by leaders like Pony Ma, empowers its teams to innovate and take ownership of projects, resulting in continuous growth and innovation. Also, the founders of Nigeria, such as Obafemi Awolowo, Nnamdi Azikiwe, Anthony Ehahoro and Ahmadu Bello, set aside their differences to collaborate to negotiate independence for Nigeria, which is now celebrating its 63rd anniversary this October 1.

Upholding a moral compass

John D. Rockefeller, a titan in the oil industry, believed that 鈥済ood leadership consists of showing average people how to do the work of superior people.鈥� His commitment to ethical business practices set a standard for corporate responsibility.

Embracing the values of effective and strategic leadership articulated in this article is not just a choice but imperative for Nigeria鈥檚 progress in the 21st century. My experience with diverse, successful global leaders has revealed that if Nigerians incorporate these qualities into their leadership practice, they will succeed in championing good governance and nation-building in Nigeria. It requires leaders to look beyond personal interests and focus on the nation鈥檚 collective well-being. Sun Tzu wisely noted, 鈥淥pportunities multiply as they are seized.鈥� Effective and strategic leaders grasp opportunities to create a better future for all that will endure.

As Nigeria marks its 63rd independence anniversary, let us heed the wisdom of these leaders and commit ourselves to embracing effective and strategic leadership. In the words of Alfred Sloan, former CEO of General Motors, 鈥淭he job of a leader is not to create greatness in people, but to create the conditions under which greatness is possible.鈥� It is time for our leaders in government and business to create these conditions for a prosperous and united Nigeria.

鈥r Alim Abubakre is the Founder of TEXEM, UK, is on the London 糖心视频 School Africa Club advisory board and is a Sheffield 糖心视频 School Senior Lecturer.

By Rebecca Ejifoma

In a sector where internal auditors are often seen as 鈥樷�檅ean counters鈥欌��, Calista Preye Ebimami is turning the tables. As deputy manager at one of Nigeria鈥檚 top leading banks, she has not only demonstrated that internal auditing goes beyond financial records but has proven that proactively identifying and addressing vulnerabilities in the financial sector is pertinent to mitigating risks.

With a  decade of progressive experience in the risk and audit sector, across information technology, finance and operation audits, she has leveraged her expertise to develop analytic driven, results oriented and proactive frameworks in internal audits.

As a seasoned professional, Ebimami designed and implemented a risk-based audit program for payroll application, for over 500 employees and successfully reduced payments and tax filing errors by 20%. She comments, 鈥樷�� We can鈥檛 keep doing the same thing and expecting different results, we have to combat fraud head-on and detect these issues before they escalate into something bigger鈥欌��

According to Ebimami, 鈥樷�橰isk management is not just about mitigating threats, it is  also about seizing the opportunity to safeguard and propel success in the finance sector. Early detection of system vulnerabilities saves not only resources but also precious time, why wait until it happens before reacting鈥欌�� she added鈥欌��

She spearheaded a team of auditors to evaluate IT disaster recovery procedures which enabled them to identify and bridge gaps in recovery objectives and testing completion times, resulting in a 30% improvement in business continuity and management procedures

As risk management and auditing protocols continue to evolve, Ebimami is dedicated to revolutionizing the audit sector with high standards of professionalism and ethics aligning with internal audit systems and best practices to achieve outstanding results that would transform the finance sector.