Atiku Abubakar, the presidential candidate of the People’s Democratic Party (PDP) has promised to set Nigeria on the path of becoming a $900 billion economy by 2025 if elected into office in 2019. The promise is contained in his policy document seen by BusinessDay yesterday. The policy document will be launched today at 12 noon in a planned Facebook address by Atiku.
In the policy document titled ‘Let’s get Nigeria working again’ Atiku stated that his vision is to ‘transform Nigeria into a modern economy that works for its people and capable of taking its rightful place among the top 20 economies of the world.’
He said that his ‘economic policy will be job-centred’ especially for the country’s teeming youth population. He identified some of the immediate economic challenges facing the country to include; slow and uninspiring economic growth, undiversified economy base with oil accounting for 95 percent of export earnings, uncompetitive economy which has seen Nigeria ranking 115 out of 140 countries on the World Economic Forum’s competitiveness ranking and a decline in foreign investments into the country, which he attributed to an ‘inhospitable business environment.”
He said the economy also faces a ‘precarious fiscal position, with significant portions of federal government revenues going into debt servicing, a fragile financial system where monetary policy has not been supportive of economic growth, a poor exchange rate management and significant disparities between regions.
As president, Atiku said, the country’s critical policy priority will be to build “a broad based, dynamic and competitive economy with a GDP of $900 billion by 2025.” He said that his economic agenda will be based on five pillars; competitive and open economic system; redeeming public institutions; reducing infrastructure deficit; promoting economic diversification and finally on human capital development.
He identified three main economic growth drivers with him as president. These will include; enabling business environment through reform of public institutions to make them ‘to make them more supportive and facilitating; enhancement of private sector access to credit as a priority; and strengthening of regulatory institutions and shielding them from political interventions.
A second driver will be the use of public private sector partnerships to accelerate infrastructure delivery. The aim is to use PPP, he said, to double infrastructure stock as a percentage of GDP to 50 percent of GDP by 2025 and 70 percent by 2030. He also said that power sector reform will be a key priority with a target of 20,000MW by 2025.
The third economic growth driver is built around a stable macroeconomic environment which will be aimed at deepening monetary and fiscal policy reforms to promote a stable macro-economic environment.
“Monetary and fiscal policies shall ensure low inflation rate, stable exchange rate and interest rates that will be supportive of business quest for credit,” Atiku stated in the policy document which will made public this afternoon.
Meanwhile, President Muhammadu Buhari on Sunday kicked off his Presidential re-election bid with a promise to create over 15m jobs if re-elected.
This was contained in one of the Policy documents released at the commencement of what is seen as the flag off his campaign for re-election bid in 2019 elections.
The event which held at the banquet hall of the Presidential Villa Abuja had in attendance stalwarts of the ruling All Progressives Congress (APC) under which he is running.
Among the dignitaries include: Vice President Yemi Osinbajo, Wife of the President, Aisha Buhari, Chairman of the APC, Adams Oshiomhole, Secretary to the Government of the Federation, SGF, Boss Mustapha, top APC lawmakers, Ministers and top government officials.
In his opening remarks, Boss Mustapha, Secretary to the Government of the Federation recalled how the Buhari’s administration was overwhelmingly elected in 2015.
He noted the achievements of Buhari to include huge investment in infrastructure development, revival of the quality of education and health care, combating corruption and recovery of looted assets, reviving security, and efficient management of public resources.
He also recalled how the fight against corruption earned president Buhari the award of African Champion against corruption. He disclosed that the administration will continue to put the nation on the top echelon of the comity of nations.
Mustapha boasted that Buhari’s re-election bid has been made easier with the election of Atiku Abubakar in the People’s Democratic Party PDP primary in Port Harcourt.
He congratulated the APC for winning the recently concluded bye-elections held in some states across the country, especially in Kwara state.
The event was also attended by Governors Abdulazeez Yari, Yahaya Bello and Tanko Almakura of Zamfara, Kogi and Nasarawa States respectively.
Minister of Power, Works and Housing, Babatunde Fashola, in his own remarks, recalled how the nation built massive infrastructure under the Petroleum Trust Fund PTF. He regretted that Nigeria lost such opportunities thereafter.
He revealed that the administration is currently working on a total of 356 roads some of which were awarded but abandoned by the previous administration.
According to him, this administration is the second after that of Shehu Shagari to have embarked on mass housing projects which are currently ongoing in 24 states.
“Let me conclude by saying that we are building a house of prosperity whose fruits will come in a matter of time.”
Rotimi Amaechi, Minister of transport who also doubles as the Director General of the Buhari campaign Organization, declared that ” one good thing in this election is that there is no opposition party”
“The truth is that the country is about to make a choice between the good and the bad,” he stated.
He said that the Warri to Itakpe road had been on the drawing board for 34 years but was only completed by the Buhari administration.
He said $500m was borrowed to start the Abuja to Kaduna rail project, which the country should not have borrowed because at that time oil was selling at $140 per barrel.
“Now we have four locomotives and ten coaches. Now, we are almost completing Lagos to Ibadan rail. We paid the 15% counterpart fund all at once.”
He declared that the government is about to award the Central rail line from Abuja to Itakpe, while the coastal rail line, has already been awarded.
Campaign activities are expected to intensify across the country this week as different parties jostle to get the attention of Nigerian voters. A total of 79 candidates are contesting for the Presidency.
Anthony Ailemen, Abuja
