Pastor Tunde Bakare, at the dinner event for the Renaissance Capital Pan-Africa Conference on Monday, May 18, 2015 listed 8 critical challenges Nigeria's new president Muhammadu Buhari faces in his bid to "CHANGE" Nigeria's economic situation.

The Challenge of Leadership

Buhari needs to find the right dose of leadership strength that can drive the transformation process and must surround himself with people of similar persuasion, making political appointments based on two broad criteria: character and competence.

The Challenge of Vision Casting

A strategic blueprint will necessarily include vision, mission, values, goals and strategy, among other features. National vision or mission, values and broad goals ought to be consistent and sacrosanct and even constitutionally protected

Accurate development modeling
The new government must develop a pragmatic development model that will provide the right mix of government involvement in the economy and private sector participation.


Sourcing for Funds to run the country

Nigeria is currently in debt and there's little cash to run the country. Bakare should embark on financial resource mobilization strategies which should include the recovery of the $19.9 trillion which EFCC says has been stolen from the country's treasury since the year 2000.

Geo-economic structuring

Among other things, Buhari should, towards geopolitical restructuring which ultimately aims to evolve viable and self-sustaining federating units, encourage the creation of Zonal Commissions by states within geopolitical zones as recommended by the 2014 National Conference.

The challenge of constructing a cohesive national ethos

The new government must facilitate an upward and inward looking process of finding a Nigerian ideal based on such values as integrity and excellence, patriotism and diligence, and must not only embody these ideals, but also enforce them in the public sector, and promote them to the private sector with a view to building a prosperous nation under God.

The challenge of institution building

The new government will be confronted with the fact that its administration is constrained by tenure and that it may not have sufficient time to achieve all that it might set out to achieve. Therefore, it must seek to codify and perpetuate best practices; it must strengthen institutions, particularly institutions of law and order.

The challenge of sustaining development

The new government must take sustainability into consideration in the quest for accelerated development as only continued efforts can keep

"Lending to the poor with minimal interest and responsible borrowing must become part of our economic system as we embark on this journey of sustainable national economic transformation." Bakare said.