In line with engaging all Nigerians in reviving the economy, Vantage Press Limited, the Publishers of The Nation Newspaper, organized its first National Forum on the Economy with the theme: “National Economy, The Way Forward” on Thursday, 7th April 2016. At the epoch making event, which had the Vice President of the Federal Republic of Nigeria as the Keynote Speaker, Governor Akinwunmi Ambode said that for Nigeria’s economy to improve, its leaders must have the courage to take difficult and tough decisions. Governor Ambode further explained at the event that the nation’s economy is at a critical threshold and thus, will require its leaders to think outside the box and come up with creative innovations that will trigger economic growth nationwide.
His Excellency Governor Akinwunmi Ambode expressed unhappiness over the fact that previous governments at the federal level failed to take advantage of the oil boom to grow other sectors of the economy, saying that the fall in price in the international oil market coupled with many years of corruption has made the economy vulnerable.
According to His Excellency, Governor Akinwunmi Ambode, “It is very unfortunate that we wasted the golden opportunity to deploy the trillions of dollars earned from our oil exports to develop the critical sectors of the economy including power, agriculture, industries, solid minerals, transportation infrastructure among others. No doubt, if we had done the right thing as some other oil producing countries did, keeping in mind that crude oil is a finite resource, we would not be experiencing the devastating effect of oil price crash on the scale we are experiencing it now.
Lagos State Governor, Mr. Akinwunmi Ambode; Vice President, Prof. Yemi Osinbajo and Chairman, Vintage Press Limited (Publishers of The Nation Newspaper), Mr. Wale Edun during the 1st National Forum on the Economy with the theme – National Economy, the Way Forward organized by Vintage Press Limited, at the Lagos Airport Hotel, Ikeja, on Thursday, April 07, 2016.
“We are now being forced to do, with pains, what we should have done with ease years ago. The task of charting a new direction for the economy is not going to be a tea party. Various policy options must be identified and assessed on the basis of our current situation and needs. Moving our economy forward requires thinking outside the box and doing things differently. We need creativity, innovation and the courage to take difficult and tough decisions.
“The leadership of the country at national and state levels must have the courage to take tough decisions and make sacrifices in the near term which will, in the long run, make our economy stronger and sustainable and, consequently result in prosperity across all regions of Nigeria,” he said.
Recommending strategies to improve the economy, Governor Ambode said that the nation must begin to explore and expand the opportunities that abound in inter-State relations and strengthen regional competitiveness by maximizing economies of scale, regional optimization of assets and endowments and mitigation of afflictions and natural disasters.
Lagos State Governor, Mr. Akinwunmi Ambode (2nd right), with his Imo State counterpart, Owelle Rochas Okorocha (right) and Vice President, Prof. Yemi Osinbajo (left) during the 1st National Forum on the Economy with the theme – National Economy, the Way Forward organized by Vintage Press Limited (Publishers of The Nation Newspaper), at the Lagos Airport Hotel, Ikeja, on Thursday, April 07, 2016.
He listed other viable areas for inter-State collaboration to include transport infrastructure to facilitate market linkages, education, market development, human capacity building, security and intelligence sharing, saying that it was high time to move away from an oil driven economy.
“Prior to the oil boom era, Agriculture was the mainstay of Nigeria’s economy and contributed about 65 per cent to the country’s GDP and represented close to 70 per cent of total exports. Through farming, Nigeria was able to feed its population while major cash crops were exported to earn foreign exchange.
“From the cocoa and rubber plantations in the West, the groundnut pyramids and cotton in the north, to palm oil in the east; each region was identified by its economic areas of comparative advantage which were collectively harnessed towards ensuring food security and inclusive growth across the country.
R-L: Lagos State Governor, Mr. Akinwunmi Ambode; Imo State Governor, Owelle Rochas Okorocha and Deputy Governor of Oyo State, Otunba Moses Alake Adeyemo during the 1st National Forum on the Economy with the theme – National Economy, the Way Forward organized by Vintage Press Limited (Publishers of The Nation Newspaper), at the Lagos Airport Hotel, Ikeja, on Thursday, April 07, 2016.
“Given our current economic challenge, I believe it is time we take a cue from our old ‘playbook’ for a viable ‘game plan’ to revive our national economy. States and regions must once again begin to leverage on their respective areas of comparative advantage by establishing partnerships towards establishing inter-State or inter-regional commodity value chain. We must re-start inter-state/regional cooperation,” he said.
While making it clear to the distinguished audience at the National Economy Forum, Governor Akinwunmi Ambode boasted that Lagos State has already taken the bull by the horn with its recent partnership with Kebbi State which is aimed at developing a commodity value chain that will see the local production of 70 per cent of Nigeria’s rice needs with a multiplier effect that will ensure job creation, the development of ancillary industries as well as strengthen the Naira.
L-R: Lagos State Governor, Mr. Akinwunmi Ambode; Vice President, Prof. Yemi Osinbajo; Chairman, Vintage Press Limited (Publishers of The Nation Newspaper); Mr. Wale Edun; Representative of Ogun State Governor & Commissioner for Commerce & Industry, Otunba Bimbola Ashiru and Consulate General of Italy in Lagos, Mr. Andrea Pompermaier during the 1st National Forum on the Economy with the theme – National Economy, the Way Forward organized by Vintage Press Limited, at the Lagos Airport Hotel, Ikeja, on Thursday, April 07, 2016.
While delivering his keynote speech, Vice President, Professor Yemi Osinbajo said President Muhammadu Buhari’s administration came up with the change mandate because it resonated with the people. He further emphasised that this present administration will stop at nothing to deliver on its promises which is centred on improving security, tackling corruption and growing the economy in an interwoven manner.
Professor Yemi Osinbajo reiterated the commitment of President Buhari’s administration to fighting corruption and increasing transparency in all government activities. He further explained that increasing transparency inspired the enforcement of the Treasury single account, which allows government to track all transactions. “Fighting corruption is mandatory for the economy to survive.” says, Professor Osinbajo.
He also lamented that the dependence on oil has stopped Nigeria as a nation form thinking critically on improving other areas.
Earlier in his remark, he said “implementation of the budget would improve the economy instead of impose austerity”. He made it known that the Minimum capital spending in the 2016 budget has been raised to at least 30% for infrastructural projects such as road, rail, power among others. He also mentioned that this administration is doing everything possible to clean up the public sector to reduce the cost of governance.
R-L: Lagos State Governor, Mr. Akinwunmi Ambode; Imo State Governor, Owelle Rochas Okorocha and Deputy Governor of Oyo State, Otunba Moses Alake Adeyemo during the 1st National Forum on the Economy with the theme – National Economy, the Way Forward organized by Vintage Press Limited (Publishers of The Nation Newspaper), at the Lagos Airport Hotel, Ikeja, on Thursday, April 07, 2016.
On power, Professor Osibanjo said the focus of President Buhari’s administration is to stabilise power supply, stating that the major problem is getting gas to power plants across the nation. He explained that apart from power generation, transmission is also a major issue that needs more improvement and investments. On revamping the power sector Professor Osinbajo said a market friendly tariff system is required to meet the country’s power needs.
Governor of Imo State, who equally graced the occasion, during his presentation said that the economy of Nigeria is only sick but not dead like many claim. In proffering solutions to improve the economy, Owelle Rochas Anayo Okorocha said the key to improving the economy is to decentralise the policy of power, stating that the economy is suffering because the local governments and grassroots communities across the nation are not empowered to develop human capital and infrastructure.