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Tinubu Cites Lack Of Electricity As Greatest Impediment To Economic Development

Bola Ahmed Tinubu, the national leader of the ruling All Progressives Congress (APC), has suggested a seven-point strategy to help the country’s struggling economy and lessen its reliance on petro-dollars.

The APC presidential candidate stated that his goal in succeeding President Muhammadu Buhari is to enhance the economy of Nigeria for the benefit of all Nigerians, including future generations.

Tinubu


Lack of electricity, according to the former governor of Lagos, is possibly the single largest hindrance to the country’s economic progress, inflating costs and undermining productivity, wreaking havoc on overall economic activity and job creation.

“We are literally and symbolically in the dark about our economic predicament. The problems we’re up against aren’t technical in nature. “We need to persuade those political and economic forces that are currently obstructing our quest for reliable power to move aside so that we can achieve this important component of economic life,” he said.

Nigeria, he said, must recognize that no populous country has ever achieved broadly shared wealth without first developing an industrial capacity that employs a huge number of people and produces a significant amount of goods for internal consumption or export.

 

“England, America, and China had developed measures to protect vital sectors, boost employment, and encourage exports,” he said, noting that these countries “reflect the history, present, and near future of national economic achievement.”

 

“Policies of buffering important industries in ways that allow for the expansion and growth of the wider economy is a strong, common trend.”

 

“As a result, we must pursue a national industrial policy that promotes the development of critical industries that both create jobs and boost economic growth.”

 

“We must focus on creating products that Nigerians and the rest of the world value and desire to buy, whether it is steel, textiles, cars, equipment components, or other items.” To do so, we’ll have to alter the marketplace in part.”

 

The presidential candidate also suggested that the federal government adopt a tax credit and subsidy scheme to protect important sectors from the detrimental effects of imports.

 

He advocated for a national infrastructure plan, noting that roads, ports, bridges, and railways all needed to be improved, as well as new ones developed, with the goal of creating a well-planned and integrated grid.

 

“A national economy cannot expand beyond the capability of the infrastructure that supports it,” he remarked. A thriving economy is dependent on good infrastructure. The economy is relegated to the poorhouse due to a lack of infrastructure. The government needs to take the initiative. The emphasis on infrastructure has a number of critical side effects.

 

“Federal expenditure for needed infrastructure spending has empirically shown to strengthen recessionary economies and give jobs when it is desperately needed in every region and in every century.”

 

“Deficit spending in our own money to further this purpose is neither a luxury nor a miscalculation.” It serves as a pivot for balanced and shared wealth. We must break through the economic, political, and regulatory barriers that are keeping us from obtaining reliable electricity.”

 

Tinubu also advocated for a credit-based economy, claiming that borrowing for business investment in Nigeria was too expensive. “How we deploy idle workers, material, and equipment into productive enterprises determines the nation’s long-term economic strength.” And the interest rate plays a big role in that,” he explained.

 

He asked the Central Bank of Nigeria (CBN) to purge itself of inordinate affection for high-interest rates, saying, lower rates were required for industrialists to borrow without fear that excessive costs of borrowing would consign them to irredeemable debts.

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