The presidential candidates of the major opposition PDP and the ruling APC, Atiku Abubakar and Bola Tinubu, have revealed their economic agendas ahead of the 2023 presidential election.
The presidential candidates for the main opposition People's Democratic Party (PDP) and the ruling All Progressives Congress, Atiku Abubakar and Bola Tinubu, have revealed their economic agendas ahead of the presidential election in 2023.
Atiku vowed to give the private sector a bigger role in the economy when he revealed his "three guiding principles of my economic program" on Thursday.
The former vice president stated that his administration will end the government's monopoly in all economic areas, including infrastructure.
He promised to give the market more power in establishing prices, which would help to eliminate the country's regular pricing distortions.
He went on to say that his administration will reorient the government to focus on its primary functions.
Atiku stated that the three principles will lead him in achieving the economic agenda.
"Reaffirming the critical sector of private leadership and greater private sector participation in development," he said, "while repositioning the public sector to focus on its core responsibilities of facilitation and enabling an appropriate legal framework for rapid economic and social development."
He stated that he would end the government's monopoly in all infrastructure sectors, including refineries, rail transportation, and power transmission, and give private investors a greater role in funding and managing the sectors, emulating the benefits gained in the oil and gas and telecom industries.
"We would eradicate the ongoing pricing distortions produced by existing interventionist exchange rate management policy," Atiku stated, adding that he would "give the market greater leverage in establishing prices."
"Government interventions would be done properly and judiciously where absolutely essential," he stressed.
During a special national convention held in Abuja on May 28 and 29, Atiku, who was also the PDP's presidential contender in the 2019 general election, secured the party's presidential ticket for the second time.
He defeated 11 other candidates in the primary, which was held at the MKO Abiola National Stadium in Abuja, with 371 votes.
Tinubu, who was elected as the APC's presidential candidate on Wednesday, promised that his team will lead Nigeria into a new age of economic prosperity, peace, security, and political stability.
In a speech titled "My Vision for Nigeria," the former governor of Lagos State declared that Nigeria will be converted into grandeur, Africa's pride, a role model for all black people globally, and revered among all nations.
He vowed to construct an economy that will increase the country's Gross Domestic Product (GDP) faster each year for the next four years while simultaneously creating jobs for millions of young people.
He also stated that he would implement a new national industrial policy that would focus on targeted interventions to revitalize particular critical industries.
"As President, my first aim will be to stimulate job creation," he stated. By starting a big public works program, a significant and heavy investment in infrastructure, and value-added manufacturing and agribusiness, I will put Nigeria to work.
"Over the next four years, my government will construct an efficient, fast-growing, and well-diversified rising economy with real GDP growth averaging 12% annually, resulting in millions of new employment."
Tinubu also vowed to construct six new regional economic development agencies, each of which will establish sub-regional industrial centers to maximize each zone's competitive advantage and industrial growth potential.
The APC presidential contender promised to create a new national agriculture policy to increase food production.
He committed to support the creation of new commodity exchange boards, as well as enhance the one in Lagos, to ensure minimum price for agricultural items like as cotton, cocoa, rice, soya beans, corn, palm kernel, and groundnuts.
He claimed he would design a national infrastructure plan for his 'Build A New Nigeria (BANN)' campaign, which would encompass vital roads, bridges, rail, water, power, seaports, and airports covering the length and width of the country.
To launch a medium and long-term financial strategy for the BANN program, he claimed his administration will mix government money, borrowing, public-private partnerships, private sector finance, and concessions.
"On energy, I will refocus my efforts and take quick and urgent action to address current difficulties such as power producing plants, gas purchases, price, transmission, and distribution." Within the next four years, my administration's important aim is to have 15,000 megawatts distributed to all types of customers nationally, ensuring a reliable supply 24 hours a day, seven days a week," he added.
