Glamtush reports that Peter Obi, the presidential candidate for the Labour Party (LP) says he plans to boost productivity by growing the national economy quantitatively and qualitatively by devising programmes for re-skilling youths to achieve greater synergy in the Science, Technology, Engineering, and Mathematics (STEM) field; and create a venture capital-like fund for young entrepreneurs.
This online news platform understands that Peter Obi released his manifesto Sunday morning, titled “Our Pact with Nigerians: Creating a New Nigeria”.
He also stated that he would re-design incentives for present and prospective investors in the industrial sector, coupled with an apprenticeship system to provide a ready-made source of technical expertise in the relevant areas.
He said one of the most economic priorities in his manifesto is shifting emphasis from consumption to production by running a production-centered economy that is driven by an agrarian revolution and export-oriented industrialization.
He said In consideration of Nigeria’s current ranking as the least competitive economy in Africa with very low total factor productivity (TFP) and export competitiveness index (ECI), he will, with all sense of urgency, aggressively pursue policies and programmes that enhance the productivity and competitiveness of all the sectors of the Nigerian economy.
Glamtush reported earlier that in his manifesto, Obi plans to fix Nigeria’s foreign exchange market, which has faced several criticisms.
Nigeria’s forex market under the management of Godwin Emefiele-led central bank is associated with a multiple exchange rate regime, a largely fixed official price, and a disparity between the official and parallel market rates that range between 65-85%.
In a nutshell: The Obi/Datti campaign says it wants to “simplify” and “liberalize” the forex market and “dismantle” the multiple exchange rate regimes currently in place.
Understanding of the issue: The campaign manifesto laid out its understanding of the challenges with Nigeria’s current foreign exchange market policies as implemented by the central bank. It posits that the central bank has conflicting policies that have resulted in an unstable exchange rate regime. It claims the policies are in conflict with the apex bank’s core mandate of controlling inflation.
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