MAKING GOOD THINGS HAPPEN THE ATIKU ABUBAKAR POLICY DOCUMENT. Continued! 1.2 Background Nigeria is today at crossroads. The Olusegun Obasanjo administration witnessed a modest turnaround in Nigeria’s economy, including the introduction of some initiatives that have the potential of accelerating Nigeria’s economic growth. Amongst others, the factors responsible for the turnaround to date and greater optimism include: • The pension fund reforms • The global commodity boom leading to sustained increase in oil prices • Better fiscal management • Stable exchange rate underpinned by increased foreign exchange reserves • Paris club debt relief • Institutionalisation of due process procurement mechanism • Privatisation/liberalisation thereby creating greater opportunities for the local business class • Increased non-oil foreign direct investment (especially in telecoms and banking etc) and increased foreign portfolio investment • Improved agricultural production and productivity The benefits of growth, however, are generally perceived to be primarily limited to the upper strata of the society. While the changes have resulted in positive GDP growth, a lot remains to be done to ensure sustained accelerated economic growth that directly affect the middle-class and the poor particularly in areas such as health services, quality education, food, clothing and affordable housing. Amongst the factors militating against a broader economic recovery with greater linkages and impact on employment and poverty are: Inadequate and decaying infrastructure Weak real sector Insecurity and the increasing inability of the state to impose its authority over certain sectors of the economy and parts of the country Low purchasing power Rising income inequalities/Failure of the expected economic trickle down, which could stall the reform momentum Insufficient linkages between the growth sectors and the rest of the economy. Continued rent seeking activities (especially in the petroleum sector) Rising income inequalities coupled with concentration of the benefits of economic growth within a tiny minority have led to reduced support for the economic reform efforts of the government. To sustain public acceptability for the reform programme, the benefits must be felt by the totality of Nigerians. It is, therefore, critical that the next government makes a determined effort to build upon the successes recorded in recent years and ensure that the “dividends of democracy” are enjoyed by the totality of Nigerians. The challenge is achieving sustainable economic growth that translates into real change in the lives of the vast majority of Nigerians. In doing so, a coherent set of policies is required. The five (5) priorities are: 1. Employment generation and wealth creation 2. Power generation and infrastructure development 3. Education and social services 4. Law & order, good governance and war against corruption 5. The Niger Delta It is intended that this policy document shall provide the conceptual framework for the development of an Atiku Abubakar administration, which should lead to Nigeria’s transformation into a modern economy. The policy framework from development to implementation to general benefits would on average take some time to be fully realized. However, notwithstanding, there must be some immediately discernible and tangible benefits to Nigerians within the first twelve (12) months of an Atiku Abubakar administration. The approach adopted is, therefore, to identify quick wins achievable within the first twelve (12) months, and thereafter, medium term initiatives realisable during the four-year life of the government. They have therefore been presented in that order. 1. To identify the problems associated with each of the above areas (The ( issues). 2. To define ways, means and timelines for solving these problems (The Initiatives). 3. Determine sources of and methods for funding the solutions (cost). The initiatives that follow are proposed to be implemented within three timelines namely: • First hundred (100) days of the administration, • Short term i.e. within twelve (12) months of the commencement of the new administration; and • The medium term i.e., within four (4) years. More coming daily! Keep following us
Posted on: Wed, 11 Sep 2013 18:05:41 +0000
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