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The Three Changes Nigeria Needs – President Muhammadu Buhari / The Three Changes Nigeria Needs – President Muhammadu Buhari / The Three Changes Nigeria Needs, By Muhammadu Buhari (2) (3) (4)
The Three Changes Nigeria Needs by disloman(m): 8:40am On Jun 14, 2016 |
The Wall Street Journal | Commentary
THE THREE CHANGES NIGERIA NEEDS
By Muhammadu Buhari
June 13, 2016
Nigeria is at a crossroads. Just over a year ago, people voted
in a historic democratic election to end corruption and
business as usual, opting instead to build an economy that
delivers for all Nigerians.
The old order was based on an unsustainable commodities
supercycle. While the boom had many positives and
contributed to Nigeria becoming Africa’s largest economy, it
fostered an epidemic of corruption and inefficiency. Foreign
businesses and financial institutions also benefited as some
people spent and sometimes hid huge sums abroad, lifted
by the rising tide of oil exports and dollar revenues.
Now we are living in a new world of low energy prices. The
economy has slowed while unemployment and inflation
have jumped. Longstanding structural imbalances and
overdependence on imports have been cruelly exposed. We
are an oil-rich nation that imports most of our gasoline. We
are a farming nation that imports most of our basic food
staples. This is simply not acceptable or sustainable.
Our solutions must be in proportion to the challenges.
Fundamental change takes time and we are driving not one
but three changes to reposition Nigeria for inclusive growth.
• Restore trust We have begun to tackle the endemic
corruption and mismanagement that is crippling our
economy and corroding trust in our institutions. The
anticorruption fight is at the heart of combating poverty and
improving security. We have stepped up enforcement and
new prosecutions to get our house in order, and I have
called for foreign governments to work with us to identify
where funds stolen during previous administrations are
lodged and for multistate cooperation to combat oil theft.
Fighting corruption is not enough. We need accountable
government and a public sector that can do more with less.
We have already taken initial steps by bringing all
government finances into a single treasury account where
we can monitor spending and impose discipline,
implementing zero-based budgets and benchmarks targeted
at waste and fraud, and establishing electronic platforms for
government agency interface.
• Rebalance our economy In a world of lower oil prices and
dollar revenues, the only sustainable path is to reduce
Nigerians’ overreliance on imports. We must rebalance our
economy by empowering entrepreneurs and producers, big
and small, to create more of what their fellow Nigerians
demand. The supply of foreign exchange to the economy
must be increased. This requires radically increasing exports
and productivity and improving the investment climate and
ease of doing business.
Nigeria’s growth and job creation will be led by the private
sector. We are a young, entrepreneurial society with vibrant
success stories in new industries such as telecommunicati
ons, technology and entertainment. Government is doing its
part to lower taxes on small businesses, eliminate
bureaucracy to bring the informal economy out of the
shadows and provide development funding for priority
sectors such as agriculture. The central bank has moved to
introduce greater flexibility in our exchange-rate policy.
These actions are a downpayment on our people’s ability to
succeed.
• Regenerate growth We must reposition our economy by
attracting investment in domestic industries and
infrastructure. Nigeria has huge untapped gas reserves and
also a critical shortage of electricity. Our private sector loses
too much of its revenue due to brownouts and power
outages. Half of my fellow Nigerians have no access to the
power grid. Investment in our power infrastructure,
restructuring of the state-run oil-and-gas sector and
development of other industries such as solid minerals,
metals and petrochemicals will help to create a virtuous
circle of growth and exports while creating jobs and
reducing poverty.
I am optimistic that our actions are providing the breathing
room Nigeria needs during this period of fundamental
change. But we cannot improve living conditions and restore
fiscal health without making people feel safe and secure—
just as we cannot defeat militancy without reducing poverty
and dislocation.
One of our main achievements this past year has been to
unite regional and global allies to push back Boko Haram.
What we do in the next three years to build an economic
bridge to Nigeria’s future will be just as important for
bringing lasting peace and prosperity.
Mr. Buhari is the president of Nigeria.
Source: www.wsj.com/articles/the-three-changes-nigeria-needs-1465842888 |
Re: The Three Changes Nigeria Needs by cckris: 9:05am On Jun 14, 2016 |
Buhari is a BRUTAL Totalitarian Dictator, imposing HARDSHIPS, to so impoverish Nigerians that no one will be able to even protest. But The Most High God will surely overcome him in answer to the heart cries of millions of Nigerians. |
Re: The Three Changes Nigeria Needs by DaBullIT(m): 9:24am On Jun 14, 2016 |
common copy and paste , you can not do |
Re: The Three Changes Nigeria Needs by micchi(m): 9:25am On Jun 14, 2016 |
the only change that we are seeing in this administration now is extreme hardship on poor masses persecution of oppositions associated to southern region |
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