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•At Oxford University, Senator sells Nigeria to the world
By Kehinde Aderemi
Chairman of the Senate Committee on Finance, Senator Sani Musa recently sold Nigeria to the world.
It was at an event at the EU-Africa Dialogue where global audiences and experts gathered to deliberate on the need to create windows of opportunities for business owners from across the world. The event was organised by the Oxford Africa Governance Forum (OAGF), at St Peter’s college, University of Oxford, UK and was chaired by the President of the Oxford Africa Governance Forum, Mr Ryan Cauwenberghs, Scholars, diplomats and investors were also in attendance at the business forum.
Speaking on the title ‘De-risking and Driving Capital: Financing Africa’s Investment Gap,’ Senator Musa said Nigeria’s macroeconomic stabilisation efforts and demographic advantages make it the continent’s most strategic destination for long-term investment.
He assured the global audience that Nigeria has been positioned for accelerated economic growth under President Bola Ahmed Tinubu’s reform agenda.
The senator also spoke about the various opportunities that Nigeria can offer the global community. He highlighted the impact of the new business initiative embarked upon by the Tinubu administration, pointing out that efforts are also on to reposition Nigeria, making it the foremost business hub in Africa.
Senator Musa expressed concern over the paradox of Africa’s vast economic potential and the low volume of capital inflows into the continent.
“Nigeria is a case study for other African countries. We are the most populated nation on the continent, with a productive youth population. What we need now is investment that matches this strength.
“Africa accounts for 17 per cent of the world’s population, yet attracts less than six per cent of global investments. That gap must be closed,” he assured.
Musa, who represents Niger-East at the Red Chamber, urged the development partners to prioritise investments that create real value and local opportunities. He explained that agriculture remained one of the greatest gifts of nature, insisting that Nigeria’s potential and untapped natural endowments are in agriculture.
“Sixty per cent of our land is arable. Agriculture is a goldmine waiting to be maximised,” he noted.
He also spoke about reforms and the track record of the Tinubu’s administration, maintaining that the early economic challenges are beginning to yield improvements.
“Inflation is easing, the foreign exchange market is stabilising, and massive infrastructure projects are underway. Every reform comes with pain, but the future looks bright,” he stated.
While addressing concerns over Nigeria’s borrowing profile, Musa explained that all recent loans were approved under the Medium-Term Expenditure Framework (MTEF) and subjected to legislative scrutiny.
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He said the lawmakers are up to the task in doing what is expected of them as representatives of the people. He added that the National Assembly has mandated MDAs to report all loan-funded projects for proper oversight. Senator Musa stated further that Nigeria’s main barrier to growth was not the lack of capital, but the scarcity of properly packaged, bankable projects.
“We did not approve blind borrowing. Every loan was planned, debated, and backed by law. Capital is available. What we lack are bankable projects. We must learn how to package,” he said
According to him, there is a need for Nigeria to prioritise development needs even as the country engages in transition efforts that can lead to stronger alignment among policymakers, investors, and development stakeholders.
“If I had my way, Nigeria should leave OPEC and drill more oil. You cannot ask poor nations to abandon what they have before offering alternatives,” he said, drawing mixed reactions from the audience.
“Nigeria’s demographics, land resources, stabilising economy and governance reforms make the country investable. What is needed is partnership, not hesitation,” he said.
The EU Head of Delegation to the African Union, Ambassador Javier Nuno Perez, had, in his earlier remarks, assured of Europe’s commitment to deepening economic partnerships with Africa. Perez stated that Africa is viable enough for global business.
“We invest more and import more from Africa than the US or China. We are engaging with an open mind”, he said.
Private-sector players, including Feng Liu of WSD Capital, also shared insights on risk-sharing and cross-border investment mechanisms.
Meanwhile, the regional director for West Africa, of the Oxford Africa Governance Forum, Dr Muhammad Hamisu, expressed delight at the outcome of the summit. He said the senator was able to assure the global community that Nigeria is ready for global business
A part of the event was the interactive session when the audience had the opportunity to interact with the discussants.
During the interactive session, Tunde Ajisola posed a question to Senator Musa, asking to know what he would have done differently had he emerged the Senate President, particularly, in relation to the loan agreements being approved and stamped by the Legislative Arm.
The Senator, in his response said the Senate had a thorough culture of legislative plan that had endured successfully for years.
The legislative plan, he said, can be executed thoroughly irrespective of who becomes the Senate president. He maintained that such culture is still applicable till date.
Some notable Nigerians at the event include Hon. Wale Adewunmi, Founder AUK radio, Nneka Unogu, Hon. Nike Bamisaye, and Samson Onwe, among others.
