Mohammed Shosanya
President Bola Tinubu,Monday,said more investors are coming to Nigeria on account of his administration’s robust economic policies which he would launch soon.
He told the investors his government would review all their complaints about multiple taxation and various anti-investment inhibitions.
“We shall ensure that investors and foreign businesses repatriate their hard earned dividends and profits home,”he said in his inaugural address while being sworn-in as the 16th President of Nigeria.
According to him,electricity will become more accessible and affordable to businesses and homes alike.He also said,power generation should nearly double and transmission and distribution networks improved,adding that his administration will encourage states to develop local sources as well.
His administration will boost the country’s Gross Domestic Products through budgetary reform stimulating the economy without engendering inflation will be instituted.
He added that industrial policy will utilize the full range of fiscal measures to promote domestic manufacturing and lessen import dependency.
He said,his administration must create meaningful opportunities for our youth as well as honour its campaign commitment of one million new jobs in the digital economy.
He added :”Our government also shall work with the National Assembly to fashion an omnibus Jobs and Prosperity bill. This bill will give our administration the policy space to embark on labour-intensive infrastructural improvements, encourage light industry and provide improved social services for the poor, elderly and vulnerable”.
He revealed that security would be the top priority of his administration,adding that he would reform the nation’s security doctrine and its architecture.
He added:”We shall invest more in our security personnel, and this means more than an increase in number. We shall provide, better training, equipment, pay and firepower”.
On agriculture,he said rural incomes shall be secured by commodity exchange boards guaranteeing minimal prices for certain crops and animal products.
He said, nationwide programme for storage and other facilities to reduce spoilage and waste will be undertaken,adding that agricultural hubs will be created throughout the nation to increase production and engage in value-added processing.
He disclosed that the livestock sector will be introduced to best modern practices and steps taken to minimize the perennial conflict over land and water resources in this sector.
Through these actions, he daid food shall be made more abundant yet less costly. Farmers shall earn more while the average Nigerian pays less.
The President assured that his administration would continue the legacies of Buhari administration on infrastructure,while progress toward national networks of roads, rail and ports shall get priority attention.
He commended the decision of the outgoing administration in phasing out the petrol subsidy regime, which he said,has increasingly favoured the rich more than the poor.
According to him,subsidy can no longer justify its ever-increasing costs in the wake of drying resources. We shall instead re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions.
He maintained that monetary policy needs thorough housecleaning,which would mean that the Central Bank must work towards a unified exchange rate.
He added:This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.
“Whatever merits it had in concept, the currency swap was too harshly applied by the CBN given the number of unbanked Nigerians. The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender”
The President hinted that the crisis in Sudan and the turn from democracy by several nations in our immediate neighbourhood are of pressing concern to his administration.
He added:”As such, my primary foreign policy objective must be the peace and stability of the West African subregion and the African continent. We shall work with ECOWAS, the AU and willing partners in the international community to end extant conflicts and to resolve new ones.
“As we contain threats to peace, we shall also retool our foreign policy to more actively lead the regional and continental quest for collective prosperity”
