DONALD DUKE’S PLAN TO REVAMP THE ECONOMY
Nigeria is a mono-economy. Hydrocarbon accounts for only 8 percent of the country’s GDP and employs only 1 percent of its workforce. The country’s long dependence on oil accounts for widespread corruption, economic and fiscal instability and the creation of a rent seeking political class. The imperative of diversifying the economy must move beyond rhetoric to actionable plans.
1. Radical Improvement of Access to Finance for SMEs
SMEs contribute between 70 and 95 percent of new employment opportunities in emerging economies. My administration will pursue access to funding for the myriads of small to medium businesses, many of them run by innovative young Nigerians. This will be founded on the development of a robust financial inclusion data designed to inform the selection and sequencing of the government’s SME financing policy. The policy will coopt private sector support through regulatory incentives in achieving, amongst other things, the initiation of single digit interest rates withreasonable tenures.
2. Improvement in tax collection and compliance using up to date technology:
My administration will drive the improvement of tax collection and compliance by deploying the use of up-to-date technology, while also ensuring the simplification of the tax code to aid compliance.We will put in place an insurance policy that expands insurance participation on life and property as a means of widening the financial base.
3. Investments in non-oil and gas (O&G) sectors:
Nigeria’s rapidly growing population is expected to hit 252 million by 2030. To sustain this, it has to maintain an annual growth rate of not less than 15 percent in the non-oil sector for 10 years to achieve an approximate GDP of $2.5 trillion and a minimum per capita income of $10,000.
My administration will combine heavy investment in infrastructure, following a robust five-year rapid infrastructural development plan, strategic investment in education, ease of doing business in Nigeria, and strategic tax policies, to attract foreign direct investment, with the aim of revamping the ailing manufacturing sector, strengthening the service sector, and reducing Nigeria’s worrying import dependency.