The Presidency has unveiled its economic road-map that will specifically tackle the current challenges facing the nation. The Vice President, Yemi Osinbajo while acknowledging the pains suffered by Nigerians, urged the people to remain patient and indeed expectant, assuring that the Buhari administration is firmly committed to revamping the Nigerian economy and fulfilling its promises.
He said, “We acknowledge the pains and are concerned by them. Which is why we are working diligently to address the tough challenges inherited from the nation’s past.”
“We are working diligently to address the tough challenges inherited from the nation’s past,” adding that the plethora of challenges facing Nigeria could be overwhelming, and with it the multitude of things requiring decisive action that have to be strategically handled, he added.
Speaking yesterday at “The Nation’s Forum On The Economy” in Lagos, the Vice President averred that the Buhari administration is already “taking action and in due course they would produce satisfying outcomes, for they are borne out of a leadership that has no other agenda but the progress and greatness of Nigeria”.
Unveiling the economic strategic plan, Mr. Osinbajo disclosed that the Federal Government’s blueprint would be based on a strategic implementation plan for the 2016 budget under six thematic key areas, adding that the plan, would focus on about 33 Priority Actions.
He listed the following strategic areas and some of the policy actions including the following:
A. Lasting Changes in the Policy Environment, National Security and Governance
– 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 fight against corruption by increasing transparency, accountability and compliance with law and order
B. Diversifying the Economy by Fast-tracking Industrialization, Agriculture and Agro-Allied Processing, as well as attracting investment into the Solid Minerals, Tourism and Entertainment Sectors
– Implement Measures to Achieve Self-Sufficiency & Become Net Exporters of certain agricultural Items: rice-2018, tomato paste-2016, wheat-2019. Increase local production of maize, soya, poultry & livestock, so as to achieve self-sufficiency: deadlines to be announced in due course
– Adopt and Implement a Roadmap to Stimulate Investment into the Solid Minerals sector, and plug Revenue Leakages in the Sector
– Increase Manufacturing Capacity through the operationalization of Industrial Parks, Free and Export Processing Zones, etc.
C. Priority Critical Infrastructure, focused on increasing investment in Power, Rail and Roads, etc.
– Optimize the 7,000MW installed capacity and ensure associated infrastructure to Fuel, Transmit and Distribute this capacity.
– Undertake the rehabilitation and construction of 31 major Road Projects scheduled for 2016 to restore degraded sections of the Federal Highways network and to Establish Connectivity over a distance of 2,193km (through public works projects, maintenance works, PPP and other interventions)
D. Oil and Gas Reforms
– Adopt & Execute a Comprehensive National Oil & Gas Master-Plan (‘NOGM’) as the roadmap for the Petroleum Industry’s Development, Diversification, Privatization & Governance. Adopt & Execute a Roadmap of Gas Development & Flare Elimination
– Set a deadline to be Self-Sufficient in Refined Petroleum Products & become a Net Exporter
Work with the National Assembly on the passage of a Revised Petroleum Industry Bill (‘PIB’) or Bills to give effect to the NOGM & to resolve Fiscal & Governance Issues of the Sector, & Eliminate Gas Flaring
