29/10/2022
MY PERSPECTIVE OF THE ATIKU/OKOWA ECONOMIC BLUEPRINT
I thank you all for honouring my invitation. I celebrate the fortunate moments of today.
We have a common history in our support for H.E Atiku Abubakar GCON despite our difference in ethnicity and religion. This is an unbroken political consensus, that shows unity in diversity.
The term unity in diversity relates to the togetherness or integrity shown by people despite the presence of deep differences. I am personally amazed at how you have all tested your patience and tenacity to remain true to a course this long.
Consistently H.E Atiku Abubakar GCON have demonstrated proof of seriousness in his campaigns more than any other presidential candidate. He has always provided an economic Blueprint for easy access and readership. This is to enable voters have what to call him to account with.
What can be more reassuring of a pledge
than this? However, none of his opponents have been able to provide their economic Blueprint to the public for similar purpose.
The current government have been in denial of all the promises they made to Nigerians and did not provide any evidence of an economic plan before their assumption of office.
H.E Atiku Abubakarâs "covenant" blueprint contains a 5 point agenda. I will focus on the economic aspect. In a recent parley, His Excellency has this to say, I quote:
âOur economy is bleak and our challenges daunting. There is no doubt about that. No one should downplay the enormity of the tasks ahead. Indeed, I cannot think of a more daunting challenge than restoring
confidence in the future of Nigeria as a dynamic economy and a stable democracy.â
The above aptly captures the current state of Nigeriaâs economy which has been seriously vandalized in the last 7
years by the current administration. The record of the APC in the areas of economic management, job creation, education, security and in virtually all spheres of our national life is the reason why there is a lot of anxiety about the 2023 general election.
However there is light in the tunnel, there is hope for a revival in Alhaji Atiku Abubakarâs social contract with a five-point developmental agenda which encompasses qualitative education, restructuring to foster true federalism and stability, a dynamic economy for prosperity, safety and security of life and property, and unity in diversity. The plan is captured in a document called: My Covenant with Nigerians, capable of taking the country through these rough time and suffering to make a positive differences with short, medium and long term strategies.
Those of us who know Atiku Abubarkar very well will best describe him as an experienced, courageous and result-focused leader, so these promises are not just for campaign purposes, As head of the economic management team in the Obasanjo Administration, Atiku was instrumental to the design of a private sector revival strategy and advocated the opening up of the economy for private sector investment in the IT sector. Today, it is undeniably the fastest-growing services sector in the Nigerian economy.
Successive governments in Nigeria since the start of the 4th republic have made promises of lifting Nigerians out of poverty. Despite promises made, Nigerians have continued to sink deeper into the poverty line. According to reports, the number of poor Nigerians is expected to hit 95.1 million, representing about 40% of the population. The number has steadily increased in the last three years.
More millionaires were made in the 8 years of the Obasanjo/Atiku administration than any government before or after it. You can verify that. This is because an enabling environment was created to attract FDI and provide an equally favorable playing field for local investors. Political will and muscle was fully behind entrepreneurship, as businesses were sprouting so were employment opportunities.
Atiku, one of Nigeriaâs leading employer has promised to provide 3 million new jobs and lift 10 million Nigerians out of poverty annually. With a track record of being a job creator via his numerous enterprises, in my personal opinion which I guess is shared by all present here, this is achievable.
The New Atiku Economic blueprint will be guided by three basic principles: greater private sector participation, discontinuation of government monopoly in infrastructure, including refineries (thus all government-owned refineries would be sold and new licenses issued for Greenfield investment in crude oil refining). It also includes rail transportation and power transmission, and greater market leverage in price determination, and elimination of persistent price distortion due to interventionist exchange rate management policy.
No nation can drive an industry or production based economy without sorting out its energy/power base. To build a robust economy, electricity is key to development.
Businesses, small and large in Nigeria practically share profits from their enterprises powering generators, even domestic budgets are hard hit. The reliance on electricity has grown like never before, as the alternative in petroleum products is on the high for the average Nigerian.
South Africa is currently Africaâs second-largest economy and it generates 55,000MW for its 58 million citizens.
This means South Africa generates over 1000% of MW for its citizens, despite having a population about 400% less than Nigeria.
Despite being Africaâs largest economy, Nigeria has over the years struggled to provide stable electricity, and meet the electricity demand of its citizens.
According to reports, with a capacity to produce 13,000 MW, Nigeria generates a âmeagreâ 5,000MW for its 215 million citizens. The electricity demand has led to the collapse of the National Grid more than 5 times in 2022.
It is in this light that Atiku Abubakar has projected to provide 25,000 megawatts (MW) of electricity, emphasizing that the Power sector reform will be a critical policy priority, Atiku in his own words said: âBy 2030, Nigeria shall make a giant stride in diversifying its sources of power and delivering up to 25,000 megawatts.â He hopes to achieve 25,000MW through a âmix of non-renewable energy (hydro, solar, nuclear) and other thermal fuels (coal, biofuel) in addition to natural gas. The plan is to step up to 10,000-15,000MW in the short run, before hitting the target.
With the above running in place Atikuâs plan to increase the Gross Domestic Product (GDP) from $2,000 to $5,000 by 2030, achieve economic diversification, expand the export base in manufacturing, oil and gas, build a knowledge-based economy and promote inclusion through job creation and liberation of the poor from poverty in my humble opinion is achievable.
Further, in his plans, Atiku noted that the country should refine 2 million bpd by 2027. In context, Nigeria doesnât currently produce up to 2 million barrels per day, which means the country has consistently failed to meet its OPECs quota. If Nigeria doesnât produce up to 2 million barrels, refining 2 million barrels is unrealistic, taking into account factors bedeviling the oil and gas sector such as oil theft, and illegal refineries amongst others. Also, Nigeriaâs refineries capacity is not up to 500,000 bpd, the coming of a refinery like Dangote with a capacity of 650,000 bpd, will only augment production to about 1m bpd.
Despite having four refineries with a combined capacity of refining 445,00 bpd, Nigeria has never refined a litre of fuel. The moribund nature of the refineries harms the economy, as the country has to pay more to import petroleum products. Despite Crude Oil being Nigeriaâs largest export, petroleum products are Nigeriaâs biggest import.
According to reports, Nigeria has lost its place as Africaâs largest producer of oil to Angola with the production capacity dropping to 1.02 million bpd. The current APC administration had vowed to reverse this situation when it came into power in 2015. No progress has been made on it.
Atiku also promised one million housing units through private sector-led effort, 5,000 kilometres of modern railway lines and 70,000 kilometres of paved road network.
Simple as it may look, Atikuâs economic plan makes a lot of sense and will surely put Nigeria back on the path of greatness in the position of envy it occupied pre-2015.
The going has not exactly been smooth, I do agree that there have been some discouraging situations where dedicated supporters have not been rewarded and carried along. Be rest assured that nature in itself abhors unrewarded services. We will receive our rewards in due time.
Ladies and gentlemen, let us brace up and take the rescue Nigeria project more seriously than ever. We have come a long way together to contemplate to quit.
The acceptability is widespread and more convincing than ever, victory seems closer than it has ever been thus let us believe, work and win together come February 25th 2023.
Thank you all for attending.
