Mr. Bolaji Balogun, the chief executive officer of Chapel Hill Denham, made the recommendation during his keynote presentation at the “Telecoms Industry 2.0” forum, organised by Financial Derivatives Company (FDC) in Lagos on Tuesday.

The forum gathered key players in the sector to discuss its vast potential, current challenges, and the strategic path forward.

Balogun said that reviewing the telecoms tariffs has become inevitable due to the present business climate in the country.

He argued that 11 years since the tariffs were last reviewed, it makes economic and business sense to encourage investments in the sector that caters for not less than 14% of the nation’s GDP.

He further said that the federal government should lead the way towards localisation and domestication of certain operations and equipment in the sector. 

The shift, he said, would become a critical driver for sustained economic growth, technological advancement and national development.

He emphasised the telecoms sector’s immense potential but warned that this potential would remain untapped without deliberate and strategic interventions focused on localisation.

He said: “Nigeria’s telecommunications sector is poised for exponential growth, but we must prioritize domestication and localisation to unlock its full potential,” Balogun stated. He highlighted the need for a paradigm shift from an import-dependent model to one that nurtures and supports local production capabilities.

“Government policies must pivot to support local manufacturers, ensuring that the production of telecommunications equipment is anchored within Nigeria”.

A key component of Balogun’s roadmap was the urgent need for infrastructure development. 

“Expanding our network infrastructure is non-negotiable,” he asserted. “Broadband accessibility should be at the forefront of our efforts, as it is fundamental to achieving digital inclusion and fostering economic growth.”

Balogun also emphasised the importance of developing local talent to sustain the industry’s growth. 

“Investing in STEM education and creating strong linkages between academia and industry is crucial. Our local talent is the bedrock of our telecommunications future,” he said.

Balogun called for a stable and clear regulatory framework, essential for attracting investment and fostering innovation.

“We need policies that are not only clear but also consistently applied. A supportive regulatory environment will help us achieve our growth objectives,” he noted, adding that efficient dispute resolution mechanisms and proactive government engagement are key to creating a business-friendly atmosphere.

He also pointed out the telecommunications sector’s potential to drive financial inclusion.

“Mobile banking and digital financial services can significantly expand access to financial services, especially in underserved regions. The telecoms sector is central to this transformation.”

Also speaking, Mr. Wale Edun, the minister of Finance and the Coordinating Minister of the Economy, represented by Dr. Armstrong Takang, managing director of the Ministry of Finance Incorporated (MoFI), re-echoed the sentiments about the sector’s potential while expressing concern over the slowing pace of investment and job creation. 

He urged a comprehensive reassessment of the sector’s direction.

“We must critically evaluate whether our current trajectory is sufficient to prepare us for the Fourth Industrial Revolution, where telecommunications will be a cornerstone. Emerging technologies like artificial intelligence offer immense opportunities, but we need to ensure our sector is ready to capitalise on them,” Takang warned.

He also noted that while technological advances may disrupt traditional jobs, history shows that they also pave the way for new opportunities.

In her remarks, Doris Uzoka Anite, the minister of Industry, Trade, and Investment, represented by John Uwajumogu, emphasised the transformative potential of Industry 4.0 and the strategic advantage Nigeria has with its youthful population.

She highlighted the pivotal role of telecommunications in driving digital transformation and advocated for robust public-private partnerships as essential for progress.

“The government is committed to creating a conducive environment through initiatives like the National Broadband Plan and significant investments in digital infrastructure and human capital. However, the true key to success lies in fostering strong public-private partnerships,” she said.

“As the global economy becomes increasingly interconnected and decentralised, collaboration between the public and private sectors will be crucial in driving forward our digital transformation agenda.”

Anite further reinforced the government’s commitment to working closely with industry stakeholders to explore and develop opportunities for partnerships that will drive Nigeria’s telecommunications sector into a new era of growth and innovation.

According to a statement by Presidential Spokesman, Ajuri Ngelale, former Finance Minister, Dr. Shamsudeen Usman is reappointed as Chairman of a 10-man Board of Directors of MOFI, while Dr. Armstrong Ume Takang is also reappointed to serve as the Managing Director/CEO of the organisation.

The other appointees include Tajudeen Datti Ahmed, Executive Director, Portfolio Management; Femi Ogunseinde, Executive Director, Investment Management and Mrs. Oluwakemi Owonubi, Executive Director, Risk.

The non-executive directors are Mr. Ike Chioke, Ms. Chantelle Abdul, Mr. Alheri Nyako, Mr. Bolaji Rafiu Elelu and Mrs. Fatima Nana Mede.

To describe the team as perfect is an understatement, as, when something is described as sweet, it is also important to state what it tastes like.

The crux of this article is the appropriateness of the person of the Managing Director, Dr. Armstrong Ume Takong, saddled with the responsibility of the day-to-day running of the organisation.

In the ever-evolving landscape of finance and governance, the appointment of a CEO/Managing Director plays a pivotal role in shaping the trajectory of an organization.

Dr. Armstrong Takang emerges as the ideal candidate for the leadership role at the Ministry of Finance Incorporated, bringing with him a wealth of experience, a proven track record, and a vision for transformative change.

Dr. Takang’s academic background, marked by advanced degrees in Computer Science, Finance and Business exposure/experience, sets the stage for his understanding of the intricate dynamics within the financial, business and investment sector(s). He is well equipped with strategies for exploring progressive solutions to economic challenges.

With an impressive career spanning over decades, Dr. Takang has honed his leadership skills in both public and private sectors.

His tenure as the Chief Executive Officer of a leading multinational corporation showcased his ability to navigate complex landscapes, implement strategic financial planning, and drive sustainable growth.

These experiences uniquely position him to bring a fresh perspective to the Ministry of Finance Incorporated.

One of Dr. Takang’s standout qualities is his commitment to transparency and accountability.

In an era where financial governance is under intense scrutiny, his track record of implementing robust financial controls and ensuring adherence to international standards is commendable.

This commitment to transparency not only fosters trust but also aligns with MOFI’s mission to uphold the highest standards of fiscal responsibility.

Furthermore, Dr. Takang’s innovative approach to problem-solving sets him apart as a forward-thinking leader.

His past initiatives, such as spearheading digital transformation in financial processes and advocating for sustainable financial practices, underscore his ability to embrace change and leverage technology for efficiency gains.

In an era where agility and adaptability are crucial, Dr. Takang’s progressive mindset positions MOFI for success in the face of evolving economic landscapes.

As a leader, Dr. Takang places a premium on talent development and team collaboration. His previous roles have seen him cultivate high-performing teams by fostering a culture of continuous learning and collaboration.

This emphasis on human capital is pivotal for the MOFI, ensuring that it can effectively navigate the challenges of an ever-changing global economy.

Beyond his professional acumen, Dr. Takang is known for his civic engagement and commitment to corporate social responsibility.

His involvement in community development projects demonstrates a holistic understanding of the impact businesses can have on society. His previous positions, leadership roles and achievements speak volumes for him.

Prior to being MOFI’s CEO, Takang was the CEO of Growth Alliance Partners (GAP), a pan-African firm focused on providing post-investment value-add services to Private Equity backed businesses. He helped to turn around several businesses to create shareholder value.

His decades-long career in investment consultancy and public reforms traverses the public and private sectors across Africa, and in the US, where he worked at the New York Office of the KPMG.

He was Team Lead for a Private Banking Group, managed the Integrated Financial and Economic Management Information System (IFEMIS) Project in Nigeria, and led the Voluntary Asset and Income Declaration Scheme (VAIDS).

Many do not know that Dr Armstrong was pivotal in designing and implementing several national initiatives like the Integrated Payroll and Personnel Information System (IPPIS), the Office for Nigerian Content Development in ICT under NITDA, the ICT component of the Economic and Financial Crimes Commission (EFCC)/Nigeria Financial Intelligence Unit (NFIU), among others.

He is not new in the political environment, particularly, within the Ministry of Finance. He was Special Adviser to the Honourable Minister of Finance, Budget, and National Planning, as well as Lead of the MOFI Transformation Team. It is a terrain that he is very conversant with, and this will ease stakeholder engagement, particularly, when there is a proper stakeholder management strategy in place.

Dr. Armstrong Takang ‘s appointment as the CEO of MOFI is a strategic move toward ushering in a new era of financial leadership, inclusivity, and discipline in managing public investments.

His blend of academic excellence, extensive experience, commitment to transparency, innovative thinking, and emphasis on talent development makes him the perfect fit for steering MOFI towards greater heights.

There is no gainsaying the fact that the leadership of MOFI, as announced, is a perfect combination.

The transformations that MOFI has experienced in the last eleven months, under the leadership of Dr. Shamsudeen Usman as Chairman, and Dr. Armstrong Takong as Chief Executive Officer is evident and must not be paused.

As the financial landscape continues to evolve, Nigerians expect that Dr. Takang’s leadership must not only meet the challenges of the present, but proactively shape the future of financial governance.

It is safe to conclude that Mr. President’s decision to reappoint the duo of Shamsudeen Usman and Armstrong Takong is an act of patriotism.

Permit me to also single out Mr. Ike Chioke, the Group Managing Director at Afrinvest West Africa Limited, who also made the list, as a non-executive director.

With the calibre of persons on the present MOFI leadership team, failure is not an option.

MOFI is expected to support the Federal Government’s efforts towards addressing economic challenges, while spurring the renewal of the economy. There is no better time to be relevant.

Expectations are very high, and Nigerians are in a hurry to see results. Let the Federal Government’s investments work for the country.

The time to act is now!

Dr. Chike Walter Duru (Assistant Professor of Communication) is a communication expert, researcher, public relations, and stakeholder engagement consultant. He could be reached on: walterchike@gmail.com.