Overview

In the early hours of May 30th, 2023, a day subsequent to the investiture of Bola Ahmed Tinubu and Kashim Shettim as the 16th democratically elected president of the Federal Republic of Nigeria, I stumbled upon a banner proudly proclaiming “An Inauguration Worthy of Our Nation” by the newly elected president and his vice. This sight perfectly captured the atmosphere swirling around Nigeria, with a thrilling blend of renewed hope and cautious unease, ignited by the aftermath of the  25th February 2023 presidential election.

With Tinubu assuming the mantle of Nigerian presidency, a palpable sense of anticipation, intrigue, and even a touch of anxiety courses through the veins of our nation. Yet, my purpose here is not to delve into the intricate details of politics, but to embark on an engaging exploration of what the future holds for our dwindling business landscape.

You see, I firmly believe that the true mark of a “developed nation” lies not just in its political prowess, but also in its unfaltering commitment to fostering a friendly environment for both local and foreign investments. Without this crucial foundation, no country can truly attain its full potential on the global stage. Therefore, in this article, I invite you to join me on a thought-provoking journey, as we delve into the intricate tapestry of our economic future.

The journey to Tinubu’s presidency was not without its challenges and controversies. Born on March 29, 1952, in Lagos State, Nigeria, Tinbu hails from the Tinubu family, renowned for its historical significance in Lagos politics. Following the relocation of the Federal Capital from Lagos to Abuja on December 12, 1991, leaving it neglected by the Federal Government, the Lagos State handed down to Asiwaju Bola Ahmed Tinubu’s administration in 1999 was plagued by unparalleled difficulties.

BusinessDay stated in this article, while Tinubu’s peers were enjoying their electoral triumphs in 1991, the man of the day promptly assembled a Transition Working Group (TWG) consisting of distinguished individuals and intellectuals, such as Prof. Pat Utomi. The TWG formulated extensive proposals that allowed the government to commence its activities swiftly. These recommendations encompassed the formation of the Lagos Economic Summit (Ehingbeti), reconfirmation of collaboration between the private and public sectors, implementation of strategies to augment revenue for efficient maintenance of current infrastructure, and the establishment of a Ministry of Economic Planning and Budget.

The Bola Ahmed Tinubu administration was faced with the task of managing a budget of N14.2 billion in 1999, and it became evident that significant financial restructuring was necessary to fulfill the high expectations of the people and address the immense challenges at hand. Mr. Olayemi Cardoso, a highly skilled banker, and experienced technocrat, was appointed as the inaugural commissioner of the  Ministry of Economic Planning.  Additionally, Mr. Wale Edun, a financial expert, took on the role of Commissioner for Finance. Together, this dynamic duo spearheaded a team that initiated the most profound reforms in public finance ever witnessed in Nigeria’s history.

This led to significant improvements in financial resources and resulted in the budget size skyrocketing from N14.2Bn in 1999 to N274.8Bn in 2007, representing an extraordinary 1,857% increase, primarily fueled by Internally Generated Revenue. This scenario is something that we, as Nigerians, eagerly anticipated as he present the list of his appointees to the National Assembly. As a president, he cannot be physically present in all places at once. Therefore, the individuals he appoints to oversee the economic infrastructure of our great nation play a crucial role in his quest for success as the President of Nigeria. And we can confidently attest to the fact that he is an advocate for human development.

This is a man who wields significant influence, not only within his state but also in other states. While some may attribute this to his affluence, it is important to note that there are wealthy politicians in Nigeria who have failed to reach the pinnacle of political success in their respective states. Tinubu’s political influence extends far beyond Lagos State. He played a pivotal role in the formation of the All Progressives Congress (APC), a coalition of various opposition parties, which ultimately resulted in the momentous defeat of the incumbent government in the 2015 presidential election.

Furthermore, his command over the nation, supported by his allies, partners, and mentees, has bestowed upon him the authority to shape the direction of this country according to his own vision. Bola Ahmed Tinubu recently participated in an engaging session at the NESG presidential dialogue, during which he fielded questions about Nigerians’ expectations for his first 100 days in office. In response, he pledged to hit the ground running from day one, a promise he promptly fulfilled in his inaugural address as the newly elected President of Nigeria. During his speech, he announced the immediate removal of fuel subsidy and outlined the various policies his administration plans to implement.

This announcement has ignited unrest and foreseen hardships among the citizens as he commences his administration. Well, let us see how he fares in the next 100 days. It is noteworthy that investors are already responding to Tinubu’s pro-market policies, as evidenced by the rally in the country’s dollar bonds. In fact, the stock market performance within the first 24 hours of his inauguration surpassed that of his predecessors. One factor that has greatly contributed to President Bola Ahmed Tinubu’s ability to connect with his supporters is his exceptional personal branding.

Personal branding encompasses more than just one’s achievements; it encompasses the intangible qualities that resonate with others, creating an unbreakable bond of trust and admiration. Bola Ahmed Tinubu didn’t rely solely on his determination, wealth, or influence to secure his first presidential election victory; he also prioritized investing in his personal branding. One effective tactic he employed was the use of the term “Emilokan,” which played a significant role in connecting with his Yoruba supporters. Additionally, banners and billboards were strategically displayed in high-traffic areas, including along highways and in cities. Moreover, at every event he attends or hosts, he delivers a brand message that serves to market himself. Considering the substantial investment he has made in his branding, it is unlikely that he will allow failure to tarnish his reputation.

We eagerly anticipate the implementation of Tinubu’s “Renewed Hope” agenda and his capability to navigate Nigeria toward a more prosperous future. With a mixture of excitement and apprehension in the air, the nation eagerly awaits the actions and policies of its new leader, yearning for a positive and transformative era that will uplift Nigeria.

 

As we delve into the economic landscape under Tinubu’s presidency, we invite you to join the discussion on the implications of his leadership for the Nigerian business sector. Share your insights on the potential challenges and opportunities that lie ahead as we navigate this new era. We encourage you to engage with us in the comments below.

 

At Jibstar Business, we understand the importance of supporting businesses in today’s competitive environment. Our tailored Business and Data Intelligence services are designed to empower businesses across all industries, enabling them to thrive and succeed. Contact us today to discover how our solutions can help your business stay ahead of the curve.

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