Practical Plans To Move Nigeria From Consumption To Production- Peter Obi

The presidential candidate of the Labour Party, Peter Obi, has released his practical plan on how he intends to move the country from consumption to production if elected president in 2023.

 

Newsonline reports that Peter Obi said a three-tracked plan will be implemented in his administration to achieve his policy of turning the country from a consuming one to a producing nation.

 

In a statement titled “Breaking Down the concept of Consumption to Production”, the former governor of Anambra State said food security, credit facilities for SMEs, Foreign Direct Investments, and laws to protect investors and partners will be put in place if elected in 2023 election.

 

He said “We have a three-tracked plan aimed at achieving Goal 12 of the SDG, namely ensuring sustainable consumption and production patterns.

 

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“First, our focus will be on agriculture and production-centered growth for food security and export, with more emphasis on exporting finished products instead of commodities and raw materials. This relates mainly food and textiles.

 

“Nigeria has over 84 million hectares of arable land. And barely 40% of our arable land is cultivated today. Nigeria’s arable land is her new oil and gold.”

 

Obi added, “Second, pursuant to Goal 9 of the SDGs our administration will from its inception, continue to encourage investment in infrastructure – energy, transport, irrigation, and telecoms—to grow these and other sectors.

 

“We are eager to quickly close the infrastructure gap between now and 2030. We will expand the frontiers of financial inclusion to ensure that SMEs have greater access to credit to grow.

 

“We will work with financial institutions to improve their ability to identify credit-worthy borrowers; and support inventory financing, which will help to unlock finance for SMEs dealing with high account receivables.”

 

On the laws and policies to protect investors and partners, the Labour Party presidential candidate said, “We will enforce the legal framework protecting foreign investors and their indigenous partners. This is the only way to tamper monopoly and capital flight.”

 

“Third, as a nation, Nigeria must look beyond oil. We therefore, intend to leapfrog Nigeria from oil to the Fourth Industrial Revolution by expanding physical infrastructure through market-driven reforms that will unleash growth-enabling entrepreneurship and market-creating innovations. To ensure sustainability and resilience, we will stop borrowing for consumption. All loans must be invested in regenerative projects.

 

“We shall pursue a drastic reduction in cost of governance and corruption; improve ease of doing business to attract Foreign Direct Investment to jumpstart industrialization and when borrowing is unavoidable, it will be strictly for production.

 

“It is also imperative that henceforth, we should strive to operate within available resources and strive for a balanced national budget as cost saving measures.

 

“Whatever oil we still have will be refined domestically. These measures along with ending the leakages including the subsidy regime and improving our tax regime should do the magic of moving Nigeria from consumption to production,” Peter Obi added.