El-Rufai makes first public statement on Nigerian economy after mother’s death

Former Governor of Kaduna State, Nasir Ahmad El-Rufai, has issued his first public statement on Nigeria’s economic situation following the death of his mother on March 27, 2026, declaring that the country’s persistent underperformance is rooted in a “talent-allocation crisis.”

El-Rufai’s comments come amid a legal battle with the Independent Corrupt Practices Commission, ICPC.

ICPC filed several charges against El-Rufai in Kaduna High Courts, including allegations of money laundering.

DAILY POST recalls that the former governor was temporarily released by the ICPC following his mother’s death but was returned to custody after her burial.

In a detailed statement released on April 1, 2026, El-Rufai argued that Nigeria’s economic challenges are not due to a lack of talent, capital, or ideas, but rather to how incentives drive the deployment of its best minds.

“Nigeria’s growth problem is not primarily a shortage of talent, capital, or ideas. It is a problem of where our best talent goes and why,” he stated.

According to him, highly skilled individuals naturally gravitate toward sectors with the highest returns, noting that in Nigeria, those returns are often concentrated on rent-seeking activities rather than productive ventures like entrepreneurship and innovation.

He maintained that this trend weakens economic growth, as resources are diverted from value creation to competition over existing wealth.

El-Rufai cited key economic indicators to support his position, including Nigeria’s GDP growth of about 4.1 percent in 2024 and a low tax-to-GDP ratio of roughly 8.2 percent, describing them as signs of weak fiscal capacity and an economy that discourages large-scale investment.

He further highlighted structural challenges such as unreliable power supply, inefficient port operations, and a predominance of informal employment, which he said collectively make business expansion difficult.

“These constraints make entrepreneurship a high-risk, low-reward path. Rational talent looks elsewhere,” he noted.

The former governor warned that rent-seeking not only reduces current income levels but also undermines long-term economic growth by pulling skilled individuals away from productive sectors.

While acknowledging some progress in non-oil exports, El-Rufai stressed the need for systemic reforms aimed at rewarding value creation over value capture.

He called for reduced discretionary powers in government, improved regulatory transparency, stronger enforcement of contracts, and policies that encourage business growth and formalization.

“El-Rufai said Nigeria must make it easier to build and scale enterprises than to benefit from state proximity,” the statement added.

He outlined measurable targets for the next 24 months, including improved power supply, reduced port delays, increased wage employment, and higher tax revenue driven by digitalization rather than enforcement pressure.

The former governor concluded that Nigeria’s future depends on whether its system rewards “brokers over builders” or “producers over extractors.”

“Nigeria does not lack talent. Nigeria must reallocate it,” he said.

El-Rufai makes first public statement on Nigerian economy after mother’s death