| Buhari at Chatham House on Thursday | 
Read the speech below...
Permit me to start by thanking Chatham House for the invitation to talk about this important topic at this crucial time. When speaking about Nigeria overseas, I normally prefer to be my country's public relations and marketing officer, extolling her virtues and hoping to attract investments and tourists. But as we all know, Nigeria is now battling with many challenges, and if I refer to them, I do so only to impress on our friends in the United Kingdom that we are quite aware of our shortcomings and are doing our best to address them.
The 2015 general election in Nigeria is 
generating a lot of interests within and outside the country. This is 
understandable. Nigeria, Africa's most populous country and largest 
economy, is at a defining moment, a moment that has great implications 
beyond the democratic project and beyond the borders of my dear country.
So let me say upfront that the global 
interest in Nigeria's landmark election is not misplaced at all and 
indeed should be commended; for this is an election that has serious 
import for the world. I urge the international community to continue to 
focus on Nigeria at this very critical moment. Given increasing global 
linkages, it is in our collective interests that the postponed elections
 should hold on the rescheduled dates; that they should be free and 
fair; that their outcomes should be respected by all parties; and that 
any form of extension, under whichever guise, is unconstitutional and 
will not be tolerated.
With the fall of the Berlin Wall in 
1989, the dissolution of the USSR in 1991, the collapse of communism and
 the end of the Cold War, democracy became the dominant and most 
preferred system of government across the globe. That global transition 
has been aptly captured as the triumph of democracy and the 'most 
pre-eminent political idea of our time.' On a personal note, the phased 
end of the USSR was a turning point for me. It convinced me that change 
can be brought about without firing a single shot.
As you all know, I had been a military 
head of state in Nigeria for twenty months. We intervened because we 
were unhappy with the state of affairs in our country. We wanted to 
arrest the drift. Driven by patriotism, influenced by the prevalence and
 popularity of such drastic measures all over Africa and elsewhere, we 
fought our way to power. But the global triumph of democracy has shown 
that another and a preferable path to change is possible. It is an 
important lesson I have carried with me since, and a lesson that is not 
lost on the African continent.
In the last two decades, democracy has 
grown strong roots in Africa. Elections, once so rare, are now so 
commonplace. As at the time I was a military head of state between 1983 
and 1985, only four African countries held regular multi-party 
elections. But the number of electoral democracies in Africa, according 
to Freedom House, jumped to 10 in 1992/1993 then to 18 in 1994/1995 and 
to 24 in 2005/2006. According to the New York Times, 42 of the 48 
countries in Sub-Saharan Africa conducted multi-party elections between 
1990 and 2002.
The newspaper also reported that between
 2000 and 2002, ruling parties in four African countries (Senegal, 
Mauritius, Ghana and Mali) peacefully handed over power to victorious 
opposition parties. In addition, the proportion of African countries 
categorized as not free by Freedom House declined from 59% in 1983 to 
35% in 2003. Without doubt, Africa has been part of the current global 
wave of democratisation.
But the growth of democracy on the 
continent has been uneven. According to Freedom House, the number of 
electoral democracies in Africa slipped from 24 in 2007/2008 to 19 in 
2011/2012; while the percentage of countries categorised as 'not free' 
assuming for the sake of argument that we accept their definition of 
"free" increased from 35% in 2003 to 41% in 2013. Also, there have been 
some reversals at different times in Burkina Faso, Central African 
Republic, Cote D'Ivoire, Guinea, Guinea-Bissau, Lesotho, Mali, 
Madagascar, Mauritania and Togo. We can choose to look at the glass of 
democracy in Africa as either half full or half empty.
While you can't have representative 
democracy without elections, it is equally important to look at the 
quality of the elections and to remember that mere elections do not 
democracy make. It is globally agreed that democracy is not an event, 
but a journey. And that the destination of that journey is democratic 
consolidation – that state where democracy has become so rooted and so 
routine and widely accepted by all actors.
With this important destination in mind,
 it is clear that though many African countries now hold regular 
elections, very few of them have consolidated the practice of democracy.
 It is important to also state at this point that just as with 
elections, a consolidated democracy cannot be an end by itself. I will 
argue that it is not enough to hold a series of elections or even to 
peacefully alternate power among parties.
It is much more important that the 
promise of democracy goes beyond just allowing people to freely choose 
their leaders. It is much more important that democracy should deliver 
on the promise of choice, of freedoms, of security of lives and 
property, of transparency and accountability, of rule of law, of good 
governance and of shared prosperity. It is very important that the 
promise embedded in the concept of democracy, the promise of a better 
life for the generality of the people, is not delivered in the breach.
Now, let me quickly turn to Nigeria. As 
you all know, Nigeria's fourth republic is in its 16th year and this 
general election will be the fifth in a row. This is a major sign of 
progress for us, given that our first republic lasted five years and 
three months, the second republic ended after four years and two months 
and the third republic was a still-birth. However, longevity is not the 
only reason why everyone is so interested in this election.
The major difference this time around is
 that for the very first time since transition to civil rule in 1999, 
the ruling Peoples Democratic Party (PDP) is facing its stiffest 
opposition so far from our party the All Progressives Congress (APC). We
 once had about 50 political parties, but with no real competition. Now 
Nigeria is transitioning from a dominant party system to a competitive 
electoral polity, which is a major marker on the road to democratic 
consolidation. As you know, peaceful alternation of power through 
competitive elections have happened in Ghana, Senegal, Malawi and 
Mauritius in recent times. The prospects of democratic consolidation in 
Africa will be further brightened when that eventually happens in 
Nigeria.
But there are other reasons why 
Nigerians and the whole world are intensely focussed on this year's 
elections, chief of which is that the elections are holding in the 
shadow of huge security, economic and social uncertainties in Africa's 
most populous country and largest economy. On insecurity, there is a 
genuine cause for worry, both within and outside Nigeria. Apart from the
 civil war era, at no other time in our history has Nigeria been this 
insecure.
Boko Haram has sadly put Nigeria on the 
terrorism map, killing more than 13,000 of our nationals, displacing 
millions internally and externally, and at a time holding on to portions
 of our territory the size of Belgium. What has been consistently 
lacking is the required leadership in our battle against insurgency. I, 
as a retired general and a former head of state, have always known about
 our soldiers: they are capable, well trained, patriotic, brave and 
always ready to do their duty in the service of our country.
You all can bear witness to the gallant 
role of our military in Burma, the Democratic Republic of Congo, Sierra 
Leone, Liberia, Darfur and in many other peacekeeping operations in 
several parts of the world. But in the matter of this insurgency, our 
soldiers have neither received the necessary support nor the required 
incentives to tackle this problem. The government has also failed in any
 effort towards a multi-dimensional response to this problem leading to a
 situation in which we have now become dependent on our neighbours to 
come to our rescue.
Let me assure you that if I am elected 
president, the world will have no cause to worry about Nigeria as it has
 had to recently; that Nigeria will return to its stabilising role in 
West Africa; and that no inch of Nigerian territory will ever be lost to
 the enemy because we will pay special attention to the welfare of our 
soldiers in and out of service, we will give them adequate and modern 
arms and ammunitions to work with, we will improve intelligence 
gathering and border controls to choke Boko Haram's financial and 
equipment channels, we will be tough on terrorism and tough on its root 
causes by initiating a comprehensive economic development plan promoting
 infrastructural development, job creation, agriculture and industry in 
the affected areas. We will always act on time and not allow problems to
 irresponsibly fester, and I, Muhammadu Buhari, will always lead from 
the front and return Nigeria to its leadership role in regional and 
international efforts to combat terrorism.
On the economy, the fall in prices of 
oil has brought our economic and social stress into full relief. After 
the rebasing exercise in April 2014, Nigeria overtook South Africa as 
Africa's largest economy. Our GDP is now valued at $510 billion and our 
economy rated 26th in the world. Also on the bright side, inflation has 
been kept at single digit for a while and our economy has grown at an 
average of 7% for about a decade.
But it is more of paper growth, a growth
 that, on account of mismanagement, profligacy and corruption, has not 
translated to human development or shared prosperity. A development 
economist once said three questions should be asked about a country's 
development: one, what is happening to poverty? Two, what is happening 
to unemployment? And three, what is happening to inequality?
The answers to these questions in 
Nigeria show that the current administration has created two economies 
in one country, a sorry tale of two nations: one economy for a few who 
have so much in their tiny island of prosperity; and the other economy 
for the many who have so little in their vast ocean of misery.
Even by official figures, 33.1% of 
Nigerians live in extreme poverty. That's at almost 60 million, almost 
the population of the United Kingdom. There is also the unemployment 
crisis simmering beneath the surface, ready to explode at the slightest 
stress, with officially 23.9% of our adult population and almost 60% of 
our youth unemployed. We also have one of the highest rates of 
inequalities in the world.
With all these, it is not surprising 
that our performance on most governance and development indicators (like
 Mo Ibrahim Index on African Governance and UNDP's Human Development 
Index.) are unflattering. With fall in the prices of oil, which accounts
 for more than 70% of government revenues, and lack of savings from more
 than a decade of oil boom, the poor will be disproportionately 
impacted.
In the face of dwindling revenues, a 
good place to start the repositioning of Nigeria's economy is to swiftly
 tackle two ills that have ballooned under the present administration: 
waste and corruption. And in doing this, I will, if elected, lead the 
way, with the force of personal example.
On corruption, there will be no 
confusion as to where I stand. Corruption will have no place and the 
corrupt will not be appointed into my administration. First and 
foremost, we will plug the holes in the budgetary process. Revenue 
producing entities such as NNPC and Customs and Excise will have one set
 of books only. Their revenues will be publicly disclosed and regularly 
audited. The institutions of state dedicated to fighting corruption will
 be given independence and prosecutorial authority without political 
interference.
But I must emphasise that any war waged 
on corruption should not be misconstrued as settling old scores or a 
witch-hunt. I'm running for President to lead Nigeria to prosperity and 
not adversity.
In reforming the economy, we will use 
savings that arise from blocking these leakages and the proceeds 
recovered from corruption to fund our party's social investments 
programmes in education, health, and safety nets such as free school 
meals for children, emergency public works for unemployed youth and 
pensions for the elderly.
As a progressive party, we must reform 
our political economy to unleash the pent-up ingenuity and productivity 
of the Nigerian people thus freeing them from the curse of poverty. We 
will run a private sector-led economy but maintain an active role for 
government through strong regulatory oversight and deliberate 
interventions and incentives to diversify the base of our economy, 
strengthen productive sectors, improve the productive capacities of our 
people and create jobs for our teeming youths.
In short, we will run a functional 
economy driven by a worldview that sees growth not as an end by itself, 
but as a tool to create a society that works for all, rich and poor 
alike. On March 28,
 Nigeria has a decision to make. To vote for the continuity of failure 
or to elect progressive change. I believe the people will choose wisely.
In sum, I think that given its strategic
 importance, Nigeria can trigger a wave of democratic consolidation in 
Africa. But as a starting point we need to get this critical election 
right by ensuring that they go ahead, and depriving those who want to 
scuttle it the benefit of derailing our fledgling democracy. That way, 
we will all see democracy and democratic consolidation as tools for 
solving pressing problems in a sustainable way, not as ends in 
themselves.
Prospects for Democratic Consolidation in Africa: Nigeria's Transition
Permit me to close this discussion on a 
personal note. I have heard and read references to me as a former 
dictator in many respected British newspapers including the well 
regarded Economist. Let me say without sounding defensive that 
dictatorship goes with military rule, though some might be less 
dictatorial than others. I take responsibility for whatever happened 
under my watch.
I cannot change the past. But I can 
change the present and the future. So before you is a former military 
ruler and a converted democrat who is ready to operate under democratic 
norms and is subjecting himself to the rigours of democratic elections 
for the fourth time.
You may ask: why is he doing this? This 
is a question I ask myself all the time too. And here is my humble 
answer: because the work of making Nigeria great is not yet done, 
because I still believe that change is possible, this time through the 
ballot, and most importantly, because I still have the capacity and the 
passion to dream and work for a Nigeria that will be respected again in 
the comity of nations and that all Nigerians will be proud of.