For more than two decades, succeeding administrations at the helms of affairs in the country have been shying away from taking bold steps to tackle myriads of economic challenges confronting the nation.
Thus, leaving sordid trails of policy summersaults, dis-incentives of foreign investors, astounding, systemic corruption, de-industrialisation, and humongous debt profile.
President Bola Ahmed Tinubu since assumption of office just about three months ago, has been taken some bold steps, in terms of policy initiatives, towards reforming the economic situation and re-positioning the country for greater prosperity.
As civil trenches, social stakeholders, our Coalition notes with grave foresights the pangs and sacrifices of Nigerians as a result of hard biting but inevitable policy reform options of this administration particularly in the Oil and Energy sector, review of the Financial sector – the Central Bank and FOREX regime and came to the conclusion that if these reforms are altruistically executed to the latter, there are enormous prospects of prosperities for the country and citizens.
No doubt, in a matter of few months, Nigerians would good cause to commend, praise and celebrate this administration. We, therefore, call on all Nigerians to be prayerful and hopeful. Having critically examined some of the policy initiatives, we could see some positive prospects ahead, and that is why we are emphasising them as soothing balm, grease of reliefs to the anxious fate of Nigerian masses that would yield sustainable benefits in no distant time. These new policy initiatives include:
1.Boost to Medium Scale Enterprises
The initiative to offer a loan facility of N1billion each to 75 established local manufacturing enterprises at a single digit (9%) interest rate for a maximum tenure of 60 months is a very considerate measure to enable local investors survive the austere effects of the removal of fuel subsidy. What makes this initiative very interesting is the single digit interest rate and the 60 months (5years) tenure. We are hopeful that if local investors can access this facility, those enterprises will not only get stronger in the process of utilizing the loans, but in turn, will also stabilize our national economy, as there will particularly be more items and commodities for local consumption, and probably materials for exportation. With exportation of local materials, this would earn more foreign exchange for our ailing economy.
2. IMPERATIVE OF NATIONAL FOOD SECURITY FOR STABLE ECONOMY AND DEVELOPMENT
It is a trite fact that any society that can feed itself, is a free society. The proposal for cultivation of 150, 000 hectares of farmland for the production of rice and maize with a support facility of N50b for each grain, is another notable policy that is sure to secure surplus of whole grains for the Nigerian masses. What this simply means is that N100billion is going to be invested for cultivation of the two whole grains. This is a project that can generate huge number of employments.
In the same token, The President also projected another N50bn each for cultivation of 100,000 hectares of farmland for wheat and cassava. This simply means another proposed investment of N100billion for the cultivation of both wheat and cassava. Combining the projected investments in the cultivation of rice, maize, wheat, and cassava, we would be having a total investment of N200billion for the cultivation of 250,000 hectares of farmland. This can best be described as macro-mega whole grains investments. Some of the benefits abound in these macro-mega proposed investments are;
i. Over 100,000 direct employments with gainful remuneration at minimum monthly pay of close to N100, 000: 00 (One Hundred and Fifty Thousand Naira) per worker for one 12 months.
ii. Over 100,000 indirect, casual employments with reasonable wages at regular intervals.
iii. Availability of surplus whole grains and cassava for consumption, and with a high purchasing power by the Nigerian masses.
iv. Emerging chain of food processing and Agro-allied business investment markets; and still many others.
If these initiatives are monitored to ensure that the intentions and objectives are not compromised, the outcome will largely compensate for whatever the masses may be going through now because of the fuel subsidy reform. This will be so in the sense that while surplus grains are expected to be produced, chain of innovative food processing enterprises are also expected to spring up because of the surplus whole grains.
The Federal Government’s plans to ease the hard effects of subsidy removal isn’t limited to these, there are plans for palliatives, increment of workers’ salaries and emoluments and other social welfare, safety nets.
We appeal to the Nigerian to bear with President Tinubu administration on the removal petroleum subsidy and the financial sector reforms and cooperate with the government by persevering through the momentary harsh effects of the reforms. We are hopeful that soon, Nigerans, would all cause to laugh last. May we all live to harvest the benefits of our forbearance and hard work.
Signed for ; –
COALITION OF CIVIL SOCIETIES :-
E-SIGNED:
BALOGUN HAMEED
Convener
Frontline Socio – Economy Research Centre
OMOTEHINSE ALEX
Secretary
Centre for Human and Socio-economic Right
COALITION OF CIVIL SOCIETY ORGANISATIONS ;-
Network Alliance for Global Challenge
Good Governance for the masses
Centre for Human Rights Advocacy
Lawyers Without Borders, Abuja
Youth Initiative Agenda for Democratic Process
Southwest People Parliamentary Agenda
Yoruba Youth Assembly
Peace Initiative For Better Nigeria
Boarders People’s Rights Agenda
Youth League Academy
