Reviving Northern Economy Through Investment Summits -By Ibrahim Mustapha Pambegua

Northern Nigeria which is being plagued by numerous challenges such as insecurity, poverty and high level of illiteracy will soon find a respite. Although, the region is blessed with abundant fertile arable land suitable for agricultural production, today the region lacks behind and has since become a laughing stock in the country. Until the creation of states by the military governments, Northern Nigeria was a monolithic which held the economy fortune of the country. The region, despite its diverse ethnic composition, spoke with one voice and charted its economic development and the country at large. Since the 1966 military coup d’etat that cut short the lives of their first generation leaders who have the region at heart, successive crops of leaders paid only lip service to the social-economy development of the country. It is sad to note, for more than three decades, northern Nigeria has remained backward and continued to become a huge burden to the country development.

The region problem is entirely that of leadership failure. Besides vast and fertile land stretching different states of the region, some states like Zamfara and Bauchi are blessed with natural resources such as gold and crude oil. These resources if properly harnessed will boost revenue generation, provide job opportunities and improve the living standard of the region and by extension the country. Sadly, the leaders of the region have failed to make it as a matter of top priority to explore and exploit these resources for the benefit of their people. As the region struggles to conquer its multi-facet challenges, the Northern Elders Forum(NEF) ,deeply disturbed by the slow pace of development of the region, conveyed Northern Nigeria Investment and Industrialisation summit (NNIIS) in Abuja recently. The two- day summit, themed” Unlocking Strategic opportunities in Mining, Agriculture and power (MAP2025)” brought together an extensive coalition of stakeholders, including government officials, northern governors, the NNDC, private sector leaders, development partners, financiers, academics, and civic society representative

Interestingly, the participants pledged over $10 billion in new investments across mining, agriculture and power. This is a welcome development. No doubt, northern Nigeria has all what it takes to become the economy hub of Nigeria. By identifying three distinct areas: Mining, Agriculture and power for investment, the conveners are conversant with northern unique comparative advantages. If the potential investors will key and tap into Agriculture, Mining and power, the probability of high return in investment is very assuring. In what seems to be a quick succession, after Northern Elders Forum (NEF),investment and Industrialisation summit, Bauchi State organised another wonderful investment summit. The summit, the first of its kind in the state’s history, concluded on a high note with the signing of 47 Memoranda of Understanding (MoUs) across key sectors, including agriculture, solid minerals, power, tourism, and extractive industries. The total investment value of these partnerships stands at over $5.2 billion (approximately ₦7.8 trillion).

Northern Nigeria has no reason to be poor. It is a region blessed with abundant human and natural resources. The inability of the region to harness its endowment is what hamstrung its development. However, the various investment summits being currently organised will open up the region and rekindle the hope for more economic developments. The ills affecting the region such as poverty and inequality will be fully addressed. But this can be achieved if the region keeps tap with the outcomes of the summits and pays serious attention to its proper implementation. The seriousness with which the Northern Elders forum takes the just concluded Northern Investment and Industrialisation summit points a paradigm shift from similar failed attempts in the past. One is optimistic that ,immediately after the summit ,the forum announced the establishment of Northern Nigeria economic development council (NNEDC),a new coordinating body to drive Industrialisation, attract investment and harmonise development policies.

Moreover, other northern states governors should toe the line of Bauchi State government, organise their investment summit, showcase their potentialities and attract much needed investors. It is also advisable, the northern states governors should co-opt or align their blueprint with Northern Nigeria economic development council to drive economy development of the region.

Ibrahim Mustapha Pambegua, Kaduna State. 08169056963.