Peter Obi, the Labor Party’s presidential candidate, says he plans to boost productivity by growing the national economy quantitatively and qualitatively by designing programs to retrain young people for greater synergy in the field of science, technology, engineering and mathematics (STEM). ; and create a fund similar to venture capital for young entrepreneurs.
Obi released his manifesto on Sunday morning, titled “Our Compact with Nigerians: Creating a New Nigeria”.
It also stated that it would redesign incentives for current and potential investors in the industrial sector, along with an apprenticeship system to provide a ready-made source of technical expertise in relevant areas.
He said one of the more economic priorities of his manifesto is to shift the emphasis from consumption to production through a production-focused economy fueled by an agrarian revolution and export-oriented industrialization.
He said that given Nigeria’s current ranking as the least competitive economy in Africa with very low Total Factor Productivity (TFP) and Export Competitiveness Index (ECI), he will, with a sense of urgency, pursue aggressively pursue productivity-enhancing policies and programs. and competitiveness of all sectors of the Nigerian economy.
- “We will grow the national economy quantitatively and qualitatively by designing programs to retrain our youth to achieve greater synergy between their skill sets and our factor endowments, create mandatory national certification for blue-collar artisans, strengthen some of existing tertiary science and engineering schools to train the next generation of experts in the field of science, technology, engineering, and mathematics (STEM), and create a venture capital-like fund for young entrepreneurs.
- “To ensure that the country’s economic output is equitably geared towards the net-zero campaign, we will redesign incentives for current and potential investors in the industrial sector, along with an apprenticeship system, to provide a ready source of technical knowledge. experience in the relevant areas”. he said.
He also said that he will apply corporate governance to dismantle impediments to free trade and the ease of doing business.
- “We will strive for a zero-based national budget to overcome the mindset and reality of previous failed national budgets that are routinely hampered by excess budget deficits.
- “We will pursue an aggressive technology-driven public sector financial management system anchored in a reformed, well-trained and motivated civil service.added,
Soda: Nairametry reported Earlier than in his manifesto, Obi plans to fix Nigeria’s forex market, which has faced various criticisms.
The Nigerian foreign exchange market, under the direction of the central bank led by Godwin Emefiele, is associated with a multiple exchange rate regime, a largely fixed official price, and a disparity between official and parallel market exchange rates that They range from 65 to 85%.
In one word:The Obi/Datti campaign says it wants to “simplify” and “liberalize” the foreign exchange market and “dismantle” the multiple exchange rate regimes currently in place.
- He also wants to eliminate “unaffordable subsidies” and stop central bank financing of the government through means and forms.
- Read on for the details of your plan, as well as our take on each plan.
Understanding the problem:The campaign manifesto set out his understanding of the challenges with Nigeria’s current foreign exchange policies implemented by the central bank. It postulates that the central bank has contradictory policies that have resulted in an unstable exchange rate regime. He claims the policies are in conflict with the main bank’s core mandate to control inflation.