Tinubu’s diversification strategy towards a prosperous future

IT would be easy for a casual observer and commentator to dismiss the Bola Tinubu administration for not doing much in its first year. But for the deep, who painstakingly study governments and governance, it wouldn’t be difficult to decipher that a lot has been done in one year with a solid foundation for future prosperity.

The president who has proven to be a square peg in a round hole has, in his first year, oiled the wheels and poured oil on troubled waters to bring the economy to a state of calm and stability decades after falsely living on contrived indices. With his economic reforms, it is perceptive that much more is in the offing with promises showing light at the end of the tunnel.

The first anniversary adverts by Minister for Information and National Orientation, Mohammed Idris, titled: “Reflecting on One Year and Welcoming the Promising Future” did encapsulate some of the silent reforms ongoing as part of the Renewed Hope Agenda of President Bola Tinubu which progressively will crystallise into a better tomorrow for the giant of Africa.

There is a silent but growing revolution in the digital economy space. With a strong commitment to innovation, the information technology sector may soon emerge as one of the fastest-growing industries and a cash cow for Nigeria once the government moves into local fabrication. Experts have suggested an inventory of sources of all hardware and software consumed in the “digital economy” to ignite possible solutions. That was how India started before growing to become a giant and acclaimed internationally in digital technology. The products could suffer initial derision and be plagued by inferiority stigma but with time Nigeria would become giants in the production of home-made software and hardware.

Unlike India which was initially hostile to its IT industry, until a change of mind a decade later, Nigeria under Tinubu presented itself not a one-track mind and has embraced IT with a broad mind to tap into its numerous opportunities. The dividends are manifesting and with appropriate policies and initiatives, the sector could grow exponentially, though not many of its successes are visible. One such initiative is the Three Million Technical Talents (3MTT) which offers training in 12 tech fields, including Artificial Intelligence. It is a major move to improve digital skills and grow the tech industry in Nigeria. It targets training 3 million Nigerians in tech to lower youth unemployment over four years. It has graduated its first set of beneficiaries who are already making waves as fellows, landed internships across Nigeria and participating in hackathons – events where people use their tech skills to solve real-world problems.

The Minister of Communications, Innovation, and Digital Economy, Dr Bosun Tijani, describes the 3MTT programme as a key part of the government’s plan to make Nigeria a leader in the digital world. By training young people in essential tech skills, the programme aims to create a large pool of talented professionals who can drive the country’s digital economy and be exported. The programme which started with 30,000 participants grew significantly and in less than one year has graduated over 300,000 youths. At this rate, in four years of working at it under Tinubu, the programme would have dropped the unemployment rate of 33 per cent substantially, boosting economic growth, and positioning Nigeria as a global leader in digital innovation.

Another initiative is the i-DICE programme, which is a special intervention by the Tinubu government and aims to deliver on the promise to create millions of jobs in the technology space. Its funders include the African Development Bank (AfDB), the French Development Agency (AFD), and the Islamic Development Bank (IsDB) organisations that will fund the programme, giving a breakdown of how the funds will be sourced as follows: AfDB, $170million; IsDB, $70 million; AFD, $116 million; Bank of Industry (BoI) on behalf of the Federal Government of Nigeria (FGN), $45.50 million; Fund Manager (For Equity Fund only), $8.70 million, and private investors, $205 million.

According to the Vice-President, Senator Kashim Shettima, the Tinubu administration is prioritising skill acquisition and job creation. “Two things are clear: one, we won’t ever regret paving the way for the acquisition of skills that meet the needs of the global markets; two, our actions today will shape the economic landscape of tomorrow, and so it is incumbent upon us to ensure that we leave a legacy of prosperity and opportunity for all Nigerians.

“When we empower entrepreneurs and small business owners, we unlock the potential for innovation, job creation, and economic growth. By providing access to financing, training, and mentorship programmes, we unleash the entrepreneurial spirit that lies within every Nigerian, catalysing a wave of economic prosperity that benefits us all. We cannot achieve this without inclusivity and equitable access to opportunities.”

The National Economic Council (NEC) he chairs recently endorsed the implementation of the $617.7 million Investment in Digital and Creative Enterprises (i-DICE) programme in the 36 states of the federation and the FCT.

Also, in March 2024, Tinubu’s administration introduced another initiative named the Outsource to Nigeria Initiative (OTNI) whose goal is to open up opportunities in the Business Process Outsourcing (BPO) and Information Technology (IT)-enabled sectors. It is a joint venture between the government and the private sector. The Outsource to Nigeria Initiative (OTNI) is a privately driven, government-enabled national job creation effort anchored by the Presidency under the Office of the Vice President and initiated by Outsource Global, Nigeria’s leading BPO provider. It seeks to generate millions of jobs in Nigeria through global Business Process Outsourcing and IT-enabled services (BPO/ITES). Business process outsourcing (BPO) is the act of outsourcing some aspect of your business’s operations to a third-party vendor or service provider.

In September 2023, on the sidelines of the 78th United Nations General Assembly (UNGA), President Bola Tinubu launched the National Talent Export Programme (NATEP) in a bid to shore up Nigeria’s foreign exchange earnings. The initiative seeks to position Nigeria as an export hub for talent outsourcing in Africa following the example of India, Bangladesh, Mexico, and The Philippines. It will create millions of jobs for young Nigerians, bring in foreign exchange through remittances from talents that will be exported abroad, and generate huge tax income for sub-national governments.

The Managing Director of the World Economic Forum, Saadia Zahidi, who attended the launch said NATEP is a timely initiative to address the very important areas of skills and jobs for Nigeria and the world. She stated that the WEF looks forward to partnering with Nigeria on the programme. “This is an important programme that is coming at the right time. We at WEF stand ready to work with the Nigerian government on this great initiative.”

In one year, Tinubu has proven to be a square peg in a round hole; he surely knows his onions and is ahead of his pack in terms of achievements and impacts in the first year. Interestingly his government is not running from pillar to post. It has remained focused on its reform agenda despite all odds, including uninformed criticisms and commentaries. Rather than drop the ball due to parrot-fashioned complaints, he has invited those opposed to his ideas to bring something better to the party in terms of good ideas.

Ahmed, a public affairs analyst, writes from Kaduna

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