Economy & Jobs —
Talent and creativity are Nigerias greatest asset, the youths
hopes and aspirations will shape our nations future.
Nigeria has always held enormous potential. It is Africa’s largest economy and a prime investment destination. The country is blessed with formidable natural, physical and human resources.
A vast domestic market and access to ECOWAS give it more than enough absorptive capacity to sustain a wide range of agricultural, industrial, and service activities. The economy also has momentum. Since 1999, it has outpaced average continental growth rates. Yet business is tougher than it ought to be, and the economy is stuttering. Between 2013 and 2014, Nigeria lost nine places in the World Bank’s doing business rating, and now ranks a disappointing 147th of 189 countries.
It also slipped seven places on the World Economic Forum’s Global Competitiveness Scale, finishing 127th out of 144 countries.
Irrespective of size, sector, and location, businesses face formidable challenges, including prohibitive capital, electricity, and logistics costs; weak and inconsistent laws and regulations; inefficient, incompetent, and predatory bureaucracies; unpredictable courts; clogged Seaports, and illegal border crossings; skills shortages, and a highly segmented and inefficient consumer market. In addition, opaque ownership and corporate governance structures frustrate due diligence and limit investment and Merger and Acquisition (M&A) opportunities. Weak contract enforcement and dispute resolution mechanisms exacerbate the lack of social trust and curtail business opportunities. Too often, corporate fortunes hinge on political patronage.
Under the Atiku administration, we will draw up a new deal for Micro and Household Enterprises (MHEs), support formalisation and encourage banks to boost small enterprises funding.
We will also insulate businesses from the state, create business clusters to promote shared and cost effective infrastructural usage and develop market and export opportunities.
The Voice We Deserve
Within The First 100 Days
The Presidency through the FMTI will create a new enterprise type that gives micro and household enterprises (MHE) more structure and rights than sole traders, and fewer obligations than private limited companies, so that they can:
Within 1 Year
- Sign leases
- Hire additional staff
- File simplified accounts
- Access concessional finance
- Encourage and support MHE formalization by:
- Providing legal aid services
- Reducing bureaucracy and cost of registration
Within 2 Years
- The Presidency, through the FMF will review public procurement rules to ensure that SEs and MEs can bid for small and mid- sized business opportunities such as supply and maintenance work by:
- Creating a small business procurement portal that allows registered firms with limited pre-qualifications to bid for renewable short term contracts – and buyers/stakeholders to rate their performance
- Transferring more tenders to state and local governments on condition that they agree to transparent and independent audits of milestones
- Reviewing the rules on contract splitting to ensure that accountability remains clear, and that public funds are spent on projects and programmes, rather than rents
- Rewarding the creation of (open) contracting value chains through collective bids (backed by collective liability)
Within 4 Years
- The Presidency through the Federal Ministry of Trade and Investment (FMTI) will reward on the job training and apprenticeship schemes by:
- Identifying best practices for linking career advancement (promotion, bonuses etc) to training-related performance – and offering compliant firms preferred bidder status in public tenders
- Creating tax incentives to develop onsite (firm, industrial park) training facilities organizations.
By The Year 2020
- The Presidency will allow businesses to focus on customers and markets rather than political sponsors and favours by:
- Cutting red tape
- Simplifying administrative procedures
- Cutting out intermediaries, e.g. by using electronic/mobile payments systems for all government- related transactions
- Discouraging graft and harassment by whistle blowing website/ system where bribes and corruption can be reported.
- Insulating business from politics
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