FULL TEXT OF AN ADDRESS BY HIS EXCELLENCY, RT. HON. YAKUBU DOGARA, CFR, CHANCELLOR, ACHIEVERS UNIVERSITY, OWO, ONDO STATE, AT THE 14TH CONVOCATION CEREMONY OF THE UNIVERSITY, ON SATURDAY, DECEMBER 14TH, 2024.
Fueling Hope: Overcoming Economic Woes and Empowering the Next Generation
Introduction
It is with immense pleasure and profound gratitude to Almighty God that I stand before you today as we mark the 14th Convocation Ceremony of Achievers University, Owo. Today is a day of unmatched joy, as we witness the culmination of years of dedication and hard work by our students, their parents, and the entire university community.
Before I delve into the central theme of my address, let me express my profound gratitude to the Board of Trustees and the University Governing Council for the confidence reposed in me to serve as the Chancellor of this esteemed institution in the last five years and most especially for the relentless love and support extended to me for which I will remain eternally indebted. This role has been both an honor and a priceless privilege.
Just yesterday, I had the distinct privilege of laying the foundation of the Yakubu Dogara Institute of Legal and Democratic Studies. This institute, domiciled in the College of Law, will serve as a beacon of hope for legal scholarship and democratic advancement in Nigeria. It reflects our collective commitment to building a Nigeria where democracy, its promises and tools are deployed towards building a nation where no man is oppressed in line with our national creed.
The Nigerian Economy: Challenges and Prospects
Ladies and gentlemen, to say that our nation stands at a precipice of major economic disaster, is a gross understatement. The president himself has acknowledged that, quote, “there is hunger and anger” meaning that we are now living in a troubled democracy. For those of us who have ever wondered how the bottom of an economy in a state of unmitigated disaster looks like, this is it, arrived at by decades of weak, wasteful and visionless leadership at all levels of our Government.
Reading or listening to the news these days, it is easy for one to despair about the state of our democracy relating to its failure to protect our economic and social rights. Nearly two decades of unbroken democracy has not resulted in adequate security of lives and properties of our citizens, quality infrastructure, decent employment, access to qualitative education, health, shelter, food and water nor afforded the generality of our people adequate standard of living – these are the economic and social rights that enable people to live with dignity and participate fully in society.
There is no hiding place for us any more because Nigeria is no longer the same. Structural injustices, mass illiteracy, mass poverty, mass unemployment and underemployment have all combined to pull out those we have pushed to the fringes of society to our streets and villages with heavy tolls on Nigerian lives and devastations at all levels. The numbers are staggering: with over 33% unemployment rate, assuming the numbers are not deliberately understated, and nearly 60% youth unemployment, our young people face an uncertain future.
We now have a critical mass of highly educated Nigerian youths who are questioning everything including questioning the questions themselves. It is obvious that the frustration we are feeding them has reached a tipping point whereby even the illiterates won’t take it anymore, much less the educated youths who have freed themselves from fictional constraints and are asking questions like never before.
The question is how did we get here? This is a question that has been well answered and there is abounding literature on it. Since this is not a lecture, time will fail me if I were to talk about exacerbating factors such as: over reliance on oil revenue, removal of fuel subsidy, astronomical increase in interest rates, infrastructural deficit, policy inconsistency and uncertainty, corruption and mismanagement, weak industrial base, decades of systematic looting of LGA funds meant for development at the grassroots by states which serve as the middlemen in the allocation process and dollarization of the economy which has led to loss of monetary policy control, inflation and exchange rate volatility.
To my mind, the most important question is not how we got here but how do we get out of here.
To this question, I had provided my most considered opinion in a speech I delivered at The Platform on Democracy And The Free Market Economy on 12th June this year in Lagos. Since then, nothing much has changed to warrant a change of position. I would gladly refer you to that speech which is accessible on the internet .
But let me not loose this opportunity to add just a few more issues which must be tackled if we were to get our economy out of the doldrums.
Let us fix the energy crisis, for without power, our efforts to industrialize would continue to be a pipe dream.
How ludicrous is it when I hear people talk about transitioning from a consumer nation to a producer nation when we cannot generate enough electricity to power our homes after years of massive investment in that sector without any demonstrable results.
In order to make progress, I suggest that the country should be zoned and the generation, transmission, distribution broken down into manageable units.
The concentration of power provision systems into giant/unmanageable units is a big mistake, as is evident from the historic record breaking national grid collapses within a year leading to frequent supply disruptions. This has continued to cause huge economic losses to our country, in terms of lost GDP.
The smartest thing to do is to borrow a leaf from other nations. Breaking up the supply architecture into more manageable units, and involving the private sector, is highly recommended. Also, allowing mini grids to sprout all across the country, should be part of our overall long term strategy. Let no one beguile us, for without adequate and reliable power supply, our dream of a robust MSME ecosystem would remain only that, a dream! The privatization of the power sector, started in the past, should be continued and accelerated with the speed of light.
Above all, we must understand that it is lack of leadership that plunged us into the mess we are in right now of failure to prevent bad problems from getting progressively worse and it is effective leadership that will move us out of here.
To blame others is not the path effective leaders take. Grit, gravitas and gumption are what define effective leaders who do not bother about the next elections but their legacies and the next generation. Instead of spreading blame, or avoiding or circumventing tough conundrums or situations, effective leaders own and tackle those situations as if they were of their own making.
Any transformational leader must be brave especially when those you are leading are depending on you to show up when it is really, really back breaking to do so. show me a leader who delivers sustainably strong results and I will proof to you that he is never a wishy -washy leader. I will show you a leader who believes that history does not just happen to us, we make history happen. I will show you a leader who knows that not everything that is faced can be changed but nothing can be changed until it is faced.
With what President Tinubu has done, whether it is the freeing of LGAs from the chokehold of economic stagnation the states had hitherto subjected them to or the groundbreaking bold tax reforms proposals he has placed before the National Assembly, I see a glimmer of hope that we may well be dealing with a leader who is prepared to lead with unbridled courage even at personal cost.
It gladdens my heart that we are now dealing with a leader who is not avoiding stubborn tasks and very much unwilling to put off difficult conversations.
With him courage has become a habit and that habit has the power to transform our leadership as the miracles we are desperately yearning for may well lie in the tasks and difficult conversations we are avoiding.
I have said before and let me say it again that I support the President’s tax reforms not because they are perfect but because it is the right thing to do.
However, I must concede the fact that those opposed to it have the right to do so but I do not share their jaundiced nay tenuous and puerile position that because they disagree with some aspects of the reforms, then the reforms must be withdrawn or killed. Leaders who are dedicated to reforms and progress don’t make such poor judgment calls, at all.
What is acceptable, to my mind, is that all those opposed to the reforms should clearly spell out what they are disagreeing with and make better propositions than that of the president for us to compare and contrast in order to make informed choices.
Even laws are subject to amendment when we discover there are mischiefs embedded in them that must be cured, much less proposals that have not been passed into law.
For me, I did say because so many families are hurting, I do not subscribe to hiking any form of taxes and that the issue of derivation should be clearly spelt out in a manner that would leave no room for prevarication.
I have my proposal in that regard and have no hesitation to stand my ground on any forum. I urge all of us who disagree with any aspect of the proposed reforms to also do so. But to say that our response to a call for long overdue beneficial reforms is that we should do nothing, is either bad politics or share buffoonery or a combination of both.
Addressing Nigeria’s economic challenges requires bold, decisive, and coordinated actions across multiple fronts.
Achieving this vision will demand sacrifices, accountability, and collective resolve from all Nigerians.
Our youths must be at the center of this transformation. Through education, innovation, and a shared commitment to excellence, we can build a Nigeria that fulfills the aspirations of its people.
The time for action is now not later or tomorrow, as we have not been promised tomorrow and with determination, we can turn these challenges into opportunities for a brighter future of incredible economic growth and prosperity.
The Role of Universities
As centers of learning and innovation, universities like ours must play a central role in addressing these challenges. Research and development should focus on practical solutions to Nigeria’s economic problems. Partnerships with industries and government will also ensure that the knowledge generated within our walls has real-world applications. Innovation must be the watchword because in an increasingly competitive world, anyone who out innovates you in any field will out compete you.
The Power of Hope
To our graduating students, I urge you to remain hopeful and resilient. The road ahead may be fraught with challenges, but you are equipped with the tools to overcome them. You are the leaders of tomorrow, the architects of a better Nigeria. Take pride in your achievements and embrace the responsibility that comes with them. The training you have acquired here have given you the license to be traced in life but the future belongs to those of you who will put to work what they have learnt here. You will soon realize that one is not wise because he knows the right things but because he does the right things he knows.
Conclusion
As I reflect on the privilege of serving as your Chancellor over the past five years, I am reminded of the transformative power of education. Achievers University continues to distinguish itself as a center of excellence, shaping minds and nurturing talents for the development of our nation. You have done well but there is room to do even more as they say, “the reward for hard work is more work”.
Let us, as a community and a nation, commit to building an economy that works for all—a Nigeria where every citizen can achieve their full potential.
Congratulations once again to the graduating class of 2024. May your journey ahead be filled with success and fulfillment and may your sun never go down.
Thank you for listening, and may God bless Achievers University and the Federal Republic of Nigeria.
