The presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has promised to work with the private sector to improve Nigeria’s economy if elected as president in the 2023 general election.
Atiku said many challenges bewildering Nigeria are connected to poor economic performance, noting that a robust relationship with the private sector is needed for any economic policy or programme to succeed.
The former Vice President stated that his economic growth and development agenda is aimed primarily at stimulating the growth of the economy, adding that it envisions an economy that is modern, dynamic, competitive, and capable of joining the top 20 economies of the world.
He said this at the Nigeria Economic Summit Group (NESG) Presidential Dialogue on the Economy in Lagos on Monday.
The PDP presidential flag-bearer said as a businessman, he understands the economic challenges facing Nigeria and knows what to do to get the country’s economy growing.
Atiku vowed to provide jobs, incomes and wealth for Nigerians and reduce hunger, unemployment, and related social problems, including insecurity if elected as president in 2023.
He further berated the All Progressives Congress (APC)-led Federal Government over the high rate of unemployment, saying more than 23 million people are out of jobs in the country.
Atiku said: “The oil and gas sector, which is the country’s main foreign exchange earner has declined for most of the period since 2014. For many economic sectors and for the ordinary citizens it still feels like we are in a recession.
“Under the current administration, our people are not working. More than 23 million people are out of jobs. In just 5 years between 2015 and 2020, the number of fully employed people dropped by 54%, from 68 million to 31 million people. This is frightening in a country of 200 million people.
“And the majority of the unemployed are young men and women, who lack not only the means to survive but any hope for the future. The number of unemployed youths increased by 9 million from 4 million in 2015 to 13 million in 2020.
“High youth unemployment and limited employment opportunities pose serious economic and security challenges. It is, therefore, an urgent matter to ensure that there are enough jobs for Nigeria’s youth.
“The Nigeria Infrastructure Master Plan shows that Nigeria has an infrastructure financing deficit of approximately $3 trillion over the next 30 years. This means a financing requirement of approximately $100 billion per annum which, we know, cannot be met by the public sector alone.
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“A warm handshake with the private sector is therefore needed for any economic policy or programme to succeed. Indeed, private sector leadership in driving growth is the first of the three key principles of my economic growth and development agenda.
“The APC-led government is dressing Nigeria in borrowed robes!
“A household that is borrowing money in order to feed would be considered broke. In that sense Nigeria is broke. Nigeria under the APC-led government has consistently run budget deficits since it came to power in 2015. These budget deficits are often above the 3% threshold permissible under the Fiscal Responsibility Law.
“For the first time in Nigeria’s history, the FGN paid more in debt service than it earned. By spending more than 100% of its revenue for debt service, the government is breaching one of the applicable debt-sustainability thresholds.
“The failure of leadership by the APC-led government is staring every Nigerian in the face as the country’s economic, social, political and security challenges persist and assume frightening dimensions.
“Nigeria has the potential to double its GDP by 2030 and achieve a per capita income of approximately US$5,000.”
Speaking on his plans to tackle the various challenges, Atiku said: “I have carefully outlined five priority areas to focus on in order to rescue and reposition this country for sustained economic growth, improved welfare, peace and security for our people – Unify the country; revive the Economy, improve Security, improve Infrastructure, and develop Human Capital.
“These priority areas are connected to one another and cannot be treated in isolation. And they would have the most impact on all other aspects of our national life. They are also intended to give my government a focus rather than us scratching at everything and doing nothing well. In this brief presentation, however, I will focus on my economic plan.
“My economic growth and development agenda is aimed primarily at stimulating the growth of the economy. It envisions an economy that is modern, dynamic, and competitive, capable of joining the top 20 economies of the world.
“We anticipate growth from our policies that seek to revitalize the real sectors including agriculture, manufacturing and Micro, Small and Medium Enterprises (MSMEs).
“We will re-build our infrastructure and reduce infrastructure deficit in order to enhance the carrying capacity of the economy and unleash growth and wealth creation.
“Production for export and the promotion export of manufactured goods will be a top policy and long-term investment priority of my administration.
“In order to deliver on these lofty goals we will have a warm handshake with the private sector. We will support the private sector to drive growth. We will establish strong partnership with the private sector in investing in infrastructure, creating jobs, income and in the fight against poverty.
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“My government will create a suitable investment environment for the private sector to thrive. Thus, we will listen to the private sector more, understand its needs and challenges and secure it buy-in when policies are designed. Through regular dialogue with the private sector, we will build consensus, improve trust between us and make new reform initiatives easier to implement and sustain.
“There will be more clarity, coherence, and consistency in policy. Policy flip-flops create uncertainty and threaten investment flows,” the PDP presidential candidate stated.
Atiku, who said conflicts and insecurity scare investors away from the country, said his administration, if elected as president, would take tough and difficult decisions on security matters without fear or favour.
“We shall put more boots on the ground and ensure that the security forces are well equipped, well trained and well paid. Those who confront deadly criminals everyday must have the resources needed to do their job and be well-rewarded for doing so. In the medium to long term I shall work with National Assembly and State governments towards allowing state police for the states that so desire.
“My government will tackle the deficit in infrastructure financing head-on. We will establish an ‘Infrastructure Development Unit’ in the Presidency, with a coordinating function and a specific mandate of working with the MDAs to fast track and drive the process of infrastructure development in the country,” the former Vice President stressed.
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