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Shamsuddeen Usman

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Shamsuddeen Usman
Minister of National Planning of Nigeria
Incumbent
Assumed office
January 2009
PresidentUmaru Yar'Adua
Preceded bySanusi Daggash
Finance Minister of Nigeria
In office
June 2007 – January 2009
Preceded byNnenadi Usman
Deputy Governor, Central Bank of Nigeria- Operations
In office
2004 – June 2007
Preceded byMahey Rasheed
Deputy Governor, Central Bank of Nigeria- Financial Sector Surveillance
In office
June 1999 – 2004
Preceded byNone
Personal details
Born (1949-09-18) September 18, 1949 (age 75)
Kano State, Nigeria
Alma materLondon School of Economics and Political Science (Ph.D, MSc. )
Ahmadu Bello University (BSc.)

Shamsuddeen Usman (born 18 September, 1949 in Garangamawa area of Kano city, Nigeria) is the Minister of National Planning, Chairman of the Steering Committee on Nigeria Vision 2020 and immidiate past Finance Minister of Nigeria. He is an Officer of the Order of the Federal Republic (OFR) and a Member of the Federal Executive Council, National Economic Council and the Economic Management Team.


Dr Usman was the first Nigerian Minister to publicly declare his assets before assuming office as a public officer, an act considered as a sign of accountability and transparency in a country noted for its high levels of corruption.

Education & Personal Life

Shamsuddeen Usman was born to a poor family living in Takai Village in Kano State. His Father died when he was about six years old, while his mother did not have enough money to pay for his school fees and to take care of him and his siblings. As a result, his early life as a child was very tough as he had to depend on others for support.


He began his education at Dandago Primary School. After a secondary school education at the prestigious Government College Keffi and King's College, Lagos, he gained a BSc. in Economics from Ahmadu Bello University in Zaria, Nigeria. He later won a National scholarship to study for his MSc. and PhD at the London School of Economics and Political Science [1] between 1977-1980. During his first two years at the London School of Economics [2], he served as a teaching assistant for the final year class in Public Finance.

Work Life

From 1974-1976, Usman worked as the Planning Officer for the Kano State Ministry of Economic Planning. He taught Economic Analysis and Public Finance to students in Ahmadu Bello University, Bayero University Kano and University of Jos between 1976-1981. He was a Controller at the Nigerian Industrial Development Bank (NIDB) and then served as the Director of Budget/ Special Economic Adviser to the Kano State Government between 1981-1985. Usman was then appointed the General Manager of NAL Merchant Bank (currently Sterling Bank).

Impact of Privatisation and Commercialisation (Phase I) on Nigerian Economy

From 1989-1991 Usman served as Director General of The Technical Committee of Privatisation and Commercialisation, now the Bureau of Public Enterprises and was responsible for the Phase I programme with the task to reform public enterprises, as an integral and critical component of the IMF led Structural Adjustment Programme (SAP), which was started in 1986.


Under his supervision, about 88 public enterprises were either fully or partially privatised without any foreign technical assistance. The programme succeeded in relieving the government of the huge and growing burden of financing public enterprises, minimised the overstretching of government’s managerial capacity through a redefinition of the role of the supervising ministries, created a large body of shareholders and deepened and broadened the Nigerian Capital Market to the position of being the most developed in black Africa. The market capitalisation of the Nigerian Stock Exchange (NSE) through which the shares were sold has grown from N8.9 billion in 1987 (before privatisation) to N65.5 billion in 1994 (after the Phase-I). The catalytic effect of the volume of shares released into the market via the privatisation exercise cannot be over empahsised.[1]


The TCPC transformed to the current Bureau of Public Enterprises (BPE) in 1993.

In summary, we can say that the Phase-I of the privatisation has given the Nigerian economy some benefits, like:

  • Performance of the privatised enterprises so far has led to a considerable increase in the volume of corporate taxes accruing to the national treasury.
  • The sale of shares and assets realised over N3.7 billion as gross privatisation proceeds from the privatisation of 55 enterprises whose total original investment according to the records of the Ministry of Financed Incorporated (MOFI) was N652 million. This represents less than 2% of the total value of the Federal Government’s investments as at 30th November 1990 which stood at N36 billion.
  • By reducing the reliance of public enterprises on the government for finance, the programme of privatisation has encouraged new investments in the enterprises concerned.
  • The new operational autonomy of these enterprises and their liberation from political interference in day to day management has improved the internal efficiency of these enterprises allowing them to liberalise their purchasing as well as rationalise labour practices.
  • Flotation of shares of privatised enterprises have greatly stimulated the rapid growth of the Nigerian Capital Market and helped to deepen and broaden it.

Banking

Dr Usman was head-hunted to become the Executive Director of United Bank for Africa in charge of the International and Investments Sector and due to his strong performance, their biggest rival at the time, Union Bank of Nigeria appointed him to become their Executive Director and Head of Corporate and International Banking. His time at Union Bank was short-lived as NAL Merchant Bank recruited him to become their Managing Director and Chief Executive Officer, a post that he kept for over five years.


At the return to democracy in Nigeria in 1999, Usman was appointed as the Deputy Governor of the Central Bank of Nigeria in charge of Domestic Monetary and Banking Policy, later modified to Financial Sector Surveillance. He was also responsible for heading Project Eagles, the Central Bank of Nigeria's reform programme, responsible for converting the organisation into the one of the most efficient, effective and goal-focused institutions in Nigeria. From January 2004 - June 2007 he was the Deputy Governor of the Central Bank of Nigeria in charge of the Operations Directorate. From 2005, he served as Chairman and then Alternate Chairman of the Nigerian Security Printing and Minting Company Limited (NSPMC). In this role, he oversaw the introduction of N500 and N1000 notes and the reorganisation of the Mint into a more profitable company with greater operating efficiency.


He has served as the Chairman of the Abuja Stock Exchange, Nigerian Export Import Bank (NEXIM) and Financial Institutions Training Centre. Dr Shamsuddeen Usman has also served as a President of the Nigerian Economic Society and is currently a Fellow of the Society. He is also a Board Member of the African Economic Research Consortium and the African Export-Import Bank.

Economy & Finance

Dr Usman was appointed as the Minister of Finance of Nigeria from May 2007 - January 2009. In this role, he served as the Head of the Economic Management Team and as the Vice Chairman of the National Council on Privatisation. Usman introduced a system of performance-based budgeting and pursued various economic reforms such as reducing the average Nigerian Ports Clearing time from approx. 2 months to approx. 14 days during his tenure; increasing the capitalization, trust and effectiveness of the insurance sector together with pursing the implementation of the Insurance Act; cancellation of illegal waivers and concessions which led to revenue leakages of over $2 billion; reducing Nigeria's external debt; and easing customs charges and capital market charges for operators to promote a vibrant and hassle-free environment for investment in the economy.


In times leading to the presentation of the Budget by the President (Umaru Musa Yar'Adua) to the National Assembly; Usman did not enjoy a cordial relationship with a few Members of the Senate and House of Assembly as both on all occasions during the preparation of the budget were pushing for increased government spending against Usman's wishes, particularly as the Nation was suffering from dwindling oil revenues. Usman claimed the reason for this is that the Nigerian Economy lacked the capacity to take this increased spending, given their deflated revenue base and in order to control inflation and curtail corruption and improper implementation as in the Power Sector during the Obasanjo administration, this should be avoided. Usman blamed the low level of execution of the 2008 budget partly to the delays casued by the National Assembly in approving the Budget, a statement that the Members of the National Assembly were very unhappy with.


In preparing the 2007 (appropriation), 2008, 2008 (appropriation) and 2009 budgets, Usman also introduced a system of budgeting based on Medium Term Development Plans as opposed to misguided annual budgeting which showed coherency with respect to national development plans in succeeding years, as was done in the past.


In a similar manner to Trevor Manuel, the previous Finance Minister of South Africa, Usman was appointed as the Minister/ Vice Chairman of the National Planning Commission and as the Chairman of the Steering Committee on Nigeria Vision 2020 in January 2009. In this role, he is responsible for Economic and Development Strategy of the Nation through the formulation of a Medium Term National Plan/ Policy Framework, a Long-Term National Plan (Nigeria Vision 2020) and working with the Ministry of Finance to set the overall objectives of the Annual Budget (Short-Term Plan).


He is also responsible for supervising the Monitoring and Implementation of these National Development Plans, the European Development Fund (EDF) Country Strategy Paper (CSP) and the National Indicative Programme (NIP). As the Minister of National Planning, he also oversees the National Bureau of Statistics, the Centre for Management and Development and the Nigerian Institute of Social and Economic Research (NISER).


He is also a member of the Presidential Steering Comittee on the global financial crisis.

Philantropy

Dr Shamsuddeen Usman is the Chairman and one of the founding members of the Kano Peace and Development Initiative (KAPEDI), a group of concerned indigenes of Kano State individuals driven to resuscitate the economic activity of Kano State especially after the religious conflict in 2004.


He also started Gidauniyar Alheri, an NGO in the Garangamawa area of Kano city that provides human resource development training to youth in Nigeria, and particularly in Kano State. OICI has trained some of their staff in microenterprise development, and they now assist in providing microenterprise training to OICI's Nigeria JOBS beneficiaries. The NGO also comprises of The Gidauniyar Alheri Enterprise and Development Centre, Gidauniya Alheri Microfinance Bank Limited and a community hospital. It also plays a huge role in microcredit schemes particularly to women in the local area; IT training and extra-tuition for youths in the local area.

Awards

  • ThisDay Minister of the Year 2007
  • Vanguard Banker's Award: Banking Icon [3]
  • Honorary Fellow, Chartered Institute of Bankers of Nigeria (CIBN) [4]
  • ThisDay Tomorrow's 50 Leaders (2004) [5]
  • Fellow, Nigerian Economic Society

Relevant Presentations & Press Briefings


References

  1. ^ http://www.nigerianembassy.nl/Prof.%20Anya.htm
Preceded by Minister of National Planning
January, 2009–Incumbent 		Succeeded by
Preceded by Finance Minister of Nigeria
June, 2007–January, 2009 		Succeeded by
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