Policy consistency can grow the economy- Asidou

A former Petroleum Minister, Philip Asiodu has advocated policy consistency for Nigeria’s growth and development.

Asidou stated this while speaking in the capacity of Chairman at the 14th edition of the Daily Trust Annual Dialogue in Abuja.

Mr Asiodu chronicled several development plans that were designed by the country but failed to adhere to such plans or jettison such.

He said most of the plans had economic diversification and wealth creation as key components. He made particular reference to that of 1975 to 1980 which the Obasanjo and Murtala regime abandoned.

“All these inconsistencies destroyed the discipline and competence inherited from the colonial administration and set the stage for stagnation. The 4th national plan that was also conceptualized was not activated because of lack of political will and commitment to planning. “

He said the “1996-7 and the vision 2020 plans were set to take place but the then regime of general Abdulsalam Abubakar was busy with the transition programme however when Obasanjo took over, he once again set aside the vision 2020”.

Also Minister of Information and Culture Alhaji lai Mohammed aligned with the former petroleum Minister.

In an interview after the event, Alhaji Mohammed said if several policies were properly planned and adhered to, the country would have been better for it.

“We have to deliberately move away from being a mono economy and plan properly.”

Meanwhile, a private sector player, Mr Atedo Peterside who was also a speaker prescribed some solution to revamping the economy.

According to him, the foreign exchange policy must be looked into, dialoguing with the Niger Delta militants to up oil production as well as fixing the infrastructural deficit are paramount.

“We have to look at the dysfunctional legal system and look at how some state asset can be sold .It would be a good idea to deregulate the petroleum downstream sector holistically and also reform the over bloated civil service.”

On his part speaker of the House of Representatives and special guest of honour at the occasion Honorable Yakubu Dogara also called for proper planning and total adherence to the plan to the latter.

Also speaking at the event, Nigeria’s Finance Minister, Mrs Kemi Adeosun said the government was setting mechanism and policies in place to revamp the economy.

She explained that reducing the Federal Government’s high recurrent expenditure in order to increase investment in infrastructure is the key to Nigeria’s future economic progress and the Buhari administration has been concentrating its efforts in that direction.

She made reference to the idea of borrowing to finance the infrastructural deficit as one key area of focus for the administration.

“We must fix the infrastructure across the country. We are borrowing to do that and nothing would deter us as a government.”

“To get the economy growing we have no choice but to look for low cost funds to put back infrastructure in place because it is the infrastructure that will unlock the economy. We are talking about putting the roads, rails, airports, ports in order and sorting out power. Those are the things that will get our economy growing. From everywhere in the country there is so much potential.”

She noted that the Buhari administration “is determined no matter what it costs to put the infrastructure in place because that is what will unlock this economy and create jobs for our young people.”

Source: VON