Presidency unveils 33-Policy Action to Save The Economy.
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Vice President Yemi Osinbajo said that the plan articulates six thematic strategies that would constitute the short-term priority of the government over the next 12 months.
In his speech at the Nation’s Forum on the Economy held on Thursday in Lagos State, south-west Nigeria, the Vice President said government would focus on implementing about 33 Priority Actions.
Priority Actions
One of the priority actions, according to him, is a plan for lasting changes in the policy environment, national security and governance. He said it would enable the government achieve an appropriate foreign exchange regime, increase low interest lending to the real sector.
“We need to move toward a single digit interest rate, maintain capital spending in the budget at a minimum of 30%, complement this with funds from the infrastructure fund for commercial projects, intensify the implementation of public financial management reforms to grow revenues and cut costs,” he said.
Professor Osinbajo, however, stressed that there was no plan to cut staff numbers.
“You cannot say you are creating jobs and then cutting jobs. We will maintain sustainable debt management strategy, introduce fiscal incentives to improve collections, intensify the fight against corruption by increasing transparency, accountability and compliance with law and order and intensify public procurement reforms in projects to obtain value for money and cut cost.”
On the second thematic strategy, the Vice President said that the government had a plan to further diversify the economy by fast-tracking industrialisation, Agriculture and Agro-Allied Processing as well as attracting investment into the Solid Minerals, Tourism and Entertainment Sectors.
The government is also looking at implementing measures to achieve self-sufficiency and become net exporters of certain agricultural items – rice in 2018, tomato paste in 2016 and wheat in 2019.
He added, “We want to increase local production of maize, soya, poultry and livestock, so as to achieve self-sufficiency. The deadlines are to be announced in due course.
“We will revitalise and expand agro-allied processing to intensify local production and processing of cassava, cocoa, cashew, fruits and sesame seed, utilize 5,000 hectares of irrigable land in the 12 River Basin Development Authorities and utilise 22 dams for commercial farming activities by prospective investors.”
Professor Osinbajo also stated that the government would implement the National Industrial Revolution Plan, launch the ‘made in Nigeria’ campaign, increase manufacturing capacity through the operationalisation of industrial parks and free export processing zones among others.
In the third category are plans to make critical infrastructure a priority, which the Vice President was optimistic would increase investment in power, rail and roads.
“Journey to Change”
He told the gathering that, as indicated by President Buhari in his 2016 Budget Presentation speech, they are committed to economic diversification through import substitution, and export promotion, in order to build a robust and resilient economy, as a lasting legacy for generations to come.
VP Osinbajo assured that, “This Strategic Implementation Plan therefore represents a significant step along this Journey to Change. It is important to underscore the point that we shall remain engaged with the Nigerian people, including stakeholders in the economy.
“We intend to start a quarterly meeting with members of the private sector and other economic stakeholders soon and thereby create a forum for engagement on an ongoing basis. Town-hall meetings at the presidential level would also be resumed across the country to explain progress and address the challenges with our people.”
In his speech at the Nation’s Forum on the Economy held on Thursday in Lagos State, south-west Nigeria, the Vice President said government would focus on implementing about 33 Priority Actions.
Priority Actions
One of the priority actions, according to him, is a plan for lasting changes in the policy environment, national security and governance. He said it would enable the government achieve an appropriate foreign exchange regime, increase low interest lending to the real sector.
“We need to move toward a single digit interest rate, maintain capital spending in the budget at a minimum of 30%, complement this with funds from the infrastructure fund for commercial projects, intensify the implementation of public financial management reforms to grow revenues and cut costs,” he said.
Professor Osinbajo, however, stressed that there was no plan to cut staff numbers.
“You cannot say you are creating jobs and then cutting jobs. We will maintain sustainable debt management strategy, introduce fiscal incentives to improve collections, intensify the fight against corruption by increasing transparency, accountability and compliance with law and order and intensify public procurement reforms in projects to obtain value for money and cut cost.”
On the second thematic strategy, the Vice President said that the government had a plan to further diversify the economy by fast-tracking industrialisation, Agriculture and Agro-Allied Processing as well as attracting investment into the Solid Minerals, Tourism and Entertainment Sectors.
The government is also looking at implementing measures to achieve self-sufficiency and become net exporters of certain agricultural items – rice in 2018, tomato paste in 2016 and wheat in 2019.
He added, “We want to increase local production of maize, soya, poultry and livestock, so as to achieve self-sufficiency. The deadlines are to be announced in due course.
“We will revitalise and expand agro-allied processing to intensify local production and processing of cassava, cocoa, cashew, fruits and sesame seed, utilize 5,000 hectares of irrigable land in the 12 River Basin Development Authorities and utilise 22 dams for commercial farming activities by prospective investors.”
Professor Osinbajo also stated that the government would implement the National Industrial Revolution Plan, launch the ‘made in Nigeria’ campaign, increase manufacturing capacity through the operationalisation of industrial parks and free export processing zones among others.
In the third category are plans to make critical infrastructure a priority, which the Vice President was optimistic would increase investment in power, rail and roads.
“Journey to Change”
He told the gathering that, as indicated by President Buhari in his 2016 Budget Presentation speech, they are committed to economic diversification through import substitution, and export promotion, in order to build a robust and resilient economy, as a lasting legacy for generations to come.
VP Osinbajo assured that, “This Strategic Implementation Plan therefore represents a significant step along this Journey to Change. It is important to underscore the point that we shall remain engaged with the Nigerian people, including stakeholders in the economy.
“We intend to start a quarterly meeting with members of the private sector and other economic stakeholders soon and thereby create a forum for engagement on an ongoing basis. Town-hall meetings at the presidential level would also be resumed across the country to explain progress and address the challenges with our people.”
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