“The Three Changes Nigeria Needs”.
President Muhammadu Buhari has written an article for the Wall Street Journal titled “The Three Changes Nigeria Needs”.
We are fighting corruption and re-balancing away from oil dependence to create durable economic growth
Nigeria
is at a crossroads. Just over a year ago, people voted in a historic
democratic election to end corruption and business as usual, opting
instead to build an economy that delivers for all Nigerians.
The
old order was based on an unsustainable commodities super cycle. While
the boom had many positives and contributed to Nigeria becoming Africa’s
largest economy, it fostered an epidemic of corruption and
inefficiency. Foreign businesses and financial institutions also
benefited as some people spent and sometimes hid huge sums abroad,
lifted by the rising tide of oil exports and dollar revenues.
Now
we are living in a new world of low energy prices. The economy has
slowed while unemployment and inflation have jumped. Longstanding
structural imbalances and overdependence on imports have been cruelly
exposed. We are an oil-rich nation that imports most of our gasoline. We
are a farming nation that imports most of our basic food staples. This
is simply not acceptable or sustainable.
Our
solutions must be in proportion to the challenges. Fundamental change
takes time and we are driving not one but three changes to reposition
Nigeria for inclusive growth.
Restore Trust
We
have begun to tackle the endemic corruption and mismanagement that is
crippling our economy and corroding trust in our institutions. The
anticorruption fight is at the heart of combating poverty and improving
security. We have stepped up enforcement and new prosecutions to get our
house in order, and I have called for foreign governments to work with
us to identify where funds stolen during previous administrations are
lodged and for multistate cooperation to combat oil theft.
Fighting
corruption is not enough. We need accountable government and a public
sector that can do more with less. We have already taken initial steps
by bringing all government finances into a single treasury account where
we can monitor spending and impose discipline, implementing zero-based
budgets and benchmarks targeted at waste and fraud, and establishing
electronic platforms for government agency interface.
Rebalance Our Economy
In
a world of lower oil prices and dollar revenues, the only sustainable
path is to reduce Nigerians’ overreliance on imports. We must rebalance
our economy by empowering entrepreneurs and producers, big and small, to
create more of what their fellow Nigerians demand. The supply of
foreign exchange to the economy must be increased. This requires
radically increasing exports and productivity and improving the
investment climate and ease of doing business.
Nigeria’s
growth and job creation will be led by the private sector. We are a
young, entrepreneurial society with vibrant success stories in new
industries such as telecommunications, technology and entertainment.
Government
is doing its part to lower taxes on small businesses, eliminate
bureaucracy to bring the informal economy out of the shadows and provide
development funding for priority sectors such as agriculture. The
central bank has moved to introduce greater flexibility in our
exchange-rate policy. These actions are a down payment on our people’s
ability to succeed.
Regenerate Growth
We
must reposition our economy by attracting investment in domestic
industries and infrastructure. Nigeria has huge untapped gas reserves
and also a critical shortage of electricity. Our private sector loses
too much of its revenue due to brownouts and power outages. Half of my
fellow Nigerians have no access to the power grid. Investment in our
power infrastructure, restructuring of the state-run oil-and-gas sector
and development of other industries such as solid minerals, metals and
petrochemicals will help to create a virtuous circle of growth and
exports while creating jobs and reducing poverty.
I
am optimistic that our actions are providing the breathing room Nigeria
needs during this period of fundamental change. But we cannot improve
living conditions and restore fiscal health without making people feel
safe and secure—just as we cannot defeat militancy without reducing
poverty and dislocation.
One of our main
achievements this past year has been to unite regional and global allies
to push back Boko Haram. What we do in the next three years to build an
economic bridge to Nigeria’s future will be just as important for
bringing lasting peace and prosperity
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