Dear Dr. Jumoke Oduwole, Congratulations on your nomination as Nigeria's Minister of Industry, Trade and Investments.
Your impressive background as an academic, advisor, and former Special Adviser on Ease of Doing Business as well as your recent stint as Senior Special Assistant to the President on Industry, Trade & Investment in the Office of the Vice President undoubtedly equips you with valuable insights for this crucial role.
However, as you prepare to take office upon confirmation, I feel compelled to bring to your attention some pressing concerns that could significantly impact your ability to fulfill your mandate.
Dr. Oduwole, you are stepping into this ministry at a critical juncture. Nigeria desperately needs increased investment, industrial growth, and expanded trade to drive economic development. Yet, the path ahead is fraught with challenges that extend beyond mere policy implementation.
Of particular concern are the allegations surrounding the misuse of regulatory agencies for personal gain. Reports suggest that certain government officials have been exploiting bodies like the main consumer protection agency in the country, the regulator in charge of information technology development, the regulator for telecommunications, the data protection agency, and the anti-corruption agency among others to harass and frustrate companies operating in Nigeria.
This behavior not only undermines the ease of doing business but also erodes investor confidence - the very things you've worked so hard to improve in your previous roles.
I urge you to remain vigilant against attempts to manipulate regulatory frameworks for personal benefit. There are troubling claims of a high-ranking government aide, closely connected to the presidency, using their influence to:
Push businesses out of the market to create opportunities for personal ventures
Rewrite regulations to target specific companies
Install allies in key positions within regulatory bodies
These actions, if true, represent a form of state capture that could severely hamper your efforts to attract investment and boost industry. The exit of multinational corporations, the shuttering of local businesses, and a decline in foreign direct investment have already created a precarious economic environment. Systemic corruption, cronyism, and nepotism only serve to exacerbate these issues.
Dr. Oduwole, your success in this role will depend on your ability to navigate this complex web of political and economic interests. You must establish clear boundaries between regulatory agencies and political influence, implement transparent processes for regulatory decisions and enforcement actions, and collaborate with stakeholders to create a more predictable and fair business environment.
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Reining in regulatory overreach, particularly from agencies like the consumer protection agency, the regulator in charge of information technology development, the regulator for telecommunications, the data protection agency, and the anti-corruption agency among others, will be crucial. These bodies must be redirected to serve their intended purpose of fostering fair competition and protecting consumers, rather than being used as tools for personal or political agendas.
The task ahead is monumental, but with your experience and expertise, you have the potential to make a significant positive impact on Nigeria's economic landscape. Your ability to address these deep-rooted issues while promoting industry, trade, and investment will be closely watched by both domestic and international observers.
Dr. Oduwole, as you take on this new role, I implore you to stand firm against the forces that would seek to undermine Nigeria's economic progress for personal gain. Your success could mark a turning point for our nation's economic future.
Wishing you strength, wisdom, and courage in your new role.
Sincerely,
Zacheous Arelu writes from Abuja
