The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has signed Memorandums of Understanding (MoUs) with several Chinese firms for over $80 billion new investments, spanning five years, in the oil and gas industry covering pipelines, refineries, gas and power, facility refurbishments and upstream financing.
That is the way to go. Anyone, who has taken time to study comprehensively, the 30 year National Integrated Infrastructure Development Master Plan developed by the last regime in collaboration with the global bests will definitely applaud this lone star-Dr Kachukwu Ibe in his untiring efforts to reposition the whole value chain of our Oil and Gas Sector. That comprehensive infrastructure development master plan, which cuts across all the sectors of the Nigerian economy, clearly outlines the funding requirements and other resources required to transform the Nigerian economy in a very consolidated and sustainable manner in the next 30 years.
The key sectors that were comprehensively addressed by that master plan include, Power, Housing, Works, Oil and Gas, Health, Education, Agriculture, Maritime, Transport-Rail, Aviation, Waterways etc. It is very obvious to even the deaf and blind that there is no way this country can successfully implement this development master plan wholly depending on the trickles coming from fiscal revenues , derivable from mainly crude oil sales. No way.
The first step any competent, discerning, capable and foresighted Federal Minister or head of any of the agencies at the Federal level would have taken even before resumption at his/her desk would have been to extract the portion of that master plan that relates to his/her sector, empanel a team of sectoral experts to fashion out an all inclusive and implementable strategic work plan (integrated to other sectors/tiers of government) on how their sectors can be developed and funded outside the limited fiscal revenues to achieve critical mass/national development
Nigeria is a gold field. Nigeria is a land flowing with milk and honey. Nigeria is a country that has as much potential if not more potentials as the USA to develop and grow geometrically if we have mainly folks with sound grey matters in their skulls occupying these key positions in our MDAs and passionately doing their jobs beyond the dictates of their stomach infrastructure needs. We have all the factors of production in abundance in Nigeria. We have the land mass, we have the water ways, we have the human resources but limited capital and technologies , which can easily be procured, with solid foundations and policy frameworks to entice investors. Capital, labour and technology moves to climes and places where they are better compensated. They most times do not succumb to the dance beats of "charity"
WHAT IS KACHUKWU DOING DIFFERENTLY IN HIS MINISTRY THAT HAS SET HIM APART.
The first thing that Dr Kachukwu Ibe did upon resumption at his desk was to do a human resource audit and mapping. He discovered that he may need to bring in experts and proven professionals to help him achieve his ministry goals/targets. Against the normal dictates of political expediency and nepotistic tendencies unlike other professional, he went into the labour field to poach ambitious, capable, competent, passionately innovative and accomplished human resources from the private sector to help him out.
Having accomplished that, the team set out to first of all reorient the minds of the staffers and members of the NNPC and the Ministry of Petroleum resources on the new way of doing things professionally and ethically. He also empaneled a team of experts working with the global national infrastructure development master plan document to fashion out a comprehensive 5-10 years strategic work plan that clearly identified/ articulated schematically and resourcefully, the oil and gas infrastructure gaps. They also comprehensively outlined the Investment opportunities and incentives for potential investors in the Power, Gas infrastructure, Refineries, Joint Ventures, Downstream, Upstream Gas development etc. with detailed projects opportunities that can be explored were comprehensively laid out with defined time-limes.
He also enunciated incentives that will make Investors -scarce /limited resources to find its way as FDIs into Nigeria, rather than migrate to Ghana, Angola, Chad or other countries that are competing with us.
Having completed this phase and taking steps to overhaul the operational dynamics of the NNPC, complete assets audit and conditions of our oil and gas assets/ as well as identified gap needs. he now sat down to draw up a list of potential investors and partners with identified locations to approach.
Just one week into his first road show to Asia, he has signed MOU for almost $100billion with several Chinese firms for new investments covering diverse value chains in the oil and gas sector. He will still go to other parts of the world to meet other ready investors that have already been sounded out and will be willing to take a bet on Nigeria.
Other ministers can also learn from Kachukwu's model. Just like my boss Sunny Obazee thought me in my mid management Investment Banking level, you cannot reinvent the wheel. You only modify it to suit your local contents and needs. The bottom-line and the overarching assignment before our leaders and economic managers is to map out an all encompassing see through means of how we would raise the over $3trillion (N855trillion) in the next 30 years to bring our infrastructure development level to that of 2nd world countries.
We must lay the foundations across the different sectors now. There must be a central national economic intelligence and management team populated by very skillful, knowledgeable, experienced and passionately innovative Nigerians manning the secretariat and ensuring a comprehensive, collaborative, supportive and partnership handshake across the different layers, branch, tiers, levels and agencies of governments in Nigeria to achieve synergy and united approach to attaining our goals.
I pray that God will help our leaders to do the right things and shun NEPOTISM and CLANNISHNESS- the twin demons killing Nigeria. Once again Kudos to Monsieur Kachukwu Ibe. Gracias bros.
Post credit: Dr Nnaemeka Obiaraeri