iPopAlomo:
you're Definately more sensible than barcanista/dearpreye...

mandarin:
I read though not with much surprises figures reeled out by the Vice President elect Professor Yemi Osinbajo in which he said that 110 million Nigerians are poor, FGN loan now amounts to $60 billion and the federal government spend over half of its budget on non productive sectors such as oil subsidy, settlement of the political class, fighting insurgency and so on. For a government whose recurrent expenditure exceed 70% of its annual budget , the future is bleak for a country of over 140million and teeming unemployed youths.

no it's not.stop prophesying doom.if things get bleak you can't miss it

One touching statement made by the VP elect was on the concentration of wealth in few hands which forms the basis of my contribution. The question is, how do we spread the wealth to create more middle class economy and get to see more money in the hands of the people. Here are my few suggestions for criticism:

h[b]e needs to shut the ffuck up and leave that office
and cooperativism is best way out for the poor[/b]

1. I know a lot will advise the incoming government to tackle corruption, yes,

this is imperative otherwise we will just be fetching water with a fork into a basket 100 metres from the water source

these are leakages that brings waste,especially those capital flight abroad for funds stached away. Graft is a great disease and it has killed off this country. However, I will start with the financial sector.
What can be done to create more opportunities and bring uo more middle class citizens?

get people into cooperatives(of the producing variety)

i) More regulations to enhance the performance of current banks, insurance and other players in the sector to make them competitive globally and build capacity to support the macroeconomic growth while mitigating associated risks.

when we haven't enforced the regulations on ground

ii) Government new policies on Community banking and micro insurance : This to me, is key in this sector to reaching the unreached, allowing the growth of the micro economic sector of the economy and jobs creation. What about the current micro finance banks? their facilities charges cannot at best support micoeconomic activities that need long term gestation period especially that government is looking at growing the economy through exploring opportunities in agriculture and mining. Couple with the interest rates prevalent, I think licensing special banks which i will call Agriculture Community Cooperative Banks, Entrepreneurial Community Cooperative Banks that can charge as low as 5% inerest or be interest free will be a great stride. These institutions can reach out to citizens with ideas but that have no means of fulfilling their dreams and we can talk of close to 10million jobs in 4years through this scheme.

agric and mining not sexy,fact.you better keep looking for another way(trust me cooperatives/collective investment schemes are the way out)

iii) The introduction of Microinsurance Licensed Comapanies : These will be small insurance companies that can provide cover for assets of which sum insured value is not above =N10 million and thier operating capital can be =N50 million or less. Government must also expand the scope of the statutory insurance to cover all buildings used wholly or partly for commercial activities taking up at least a third party fire insurance may be at least =N5,000 a year. This will help to sustain the economy, help in capital conservation and make funds available to grow the eceonomy.It will also engender job creations, may be this will generate over 50,000 jobs in two years if well gine tuned. This will also not impair the current climate as bigger players will have to sit up in the industry.

meh

2. Decentralization of electricity supply : The quickest way to get at least 6 hours in other states but at least 18hours in major economiccentres is by decentrailization of power. There are many things involved in the electricity sector that many in the public do not know:
a) Power generation by Gencos
b) Evacuation of power generated tby TCN : here there are two things involved: (i) What is TCN capacity to evacuate from GENCOS? which means that even if Gencos generate 20,000MW of electricity within 6months and the TCN capacity is just 5,000MW, consumers will still not have power supply (ii) The area of technical and non technical losses through obsolete technology that needs modernity.
c) The capacity of Discos to distribute what the TCN can ge across to them

other factors include the usual gas pipeline vandalism and political will on the part of the government because of their friends that import generators etc

So how will decentralization work : it will eliminate power pooling and bypass many technical requirements that will cost trillions of naira under the national integrated power pooling. Example is what the BRF government is doing in Lagos. So we can have for instance an IPP Genco supplying Sango otta indutrial areas and nothing more while another can just focus on providing electricty for the SME factories in Aba which Market operators will monitor for compliance and it will evacuated to consumers. This means that we can have thousands of IPPs which will create jobs all over Nigeria. In addition to this, government should license power cards manufacturers in the country and card recharge (hawking) can become ubiqutous like the GSM

.......To be continued

mandarin:


We do not really need rocket science to move the economy forward just the will on the part of the government and receptiveness of change on the part of the people