2023: How I Will Diversify Nigerian Economy If Elected President – Tinubu

2023: How I Will Diversify Nigerian Economy If Elected President – Tinubu

The presidential candidate of the All Progressives Congress (APC), Bola Tinubu, on Monday unveiled his plan to diversify the Nigerian economy and create wealth for the development of the nation.

Mr Tinubu made the disclosure at a session with Arewa Joint Committee on Monday at the Arewa House in Kaduna.

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The APC flagbearer said that Nigeria is sitting on a gold mine with abundant natural resources, adding that with strategic investment in research and development and effective management the nation can explore these resources to the fullest.

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“There is no local government in Nigeria that has no resource or endowment that can be harnessed for greater economic development,” he said.

“Our major economic challenges are underinvestment and effective management, and these are what I am bringing to the table. Our economic plan would utilize the vast natural resources we have, through strategic investment in infrastructure which will lead to the diversification of the economy and wealth creation across the entire country.

“We will pay attention to modern economic drivers such as the digital economy, creative industries, sports and entertainment sectors for the benefit of our young people.”

Power

On power generation, Mr Tinubu said he will prioritise the strengthening of the nation’s existing power reforms as a catalyst to sustainable industrialisation.

“Aside the ongoing power intervention from the federal government, I know that the 19 Northern States and the FCT have incorporated a special purpose vehicle to build 100MW of Solar project per state to complement other power generation systems across the country.

“These are the kind of initiatives I will encourage and support to revamp industrialization. We will accelerate the completion of the Mambilla hydro power project in view of its significance to our power and industrialization agenda. There will be a deliberate effort to explore and construct other sources of power in line with global best practices.

“We will support any willing state to develop and generate its own power as I have demonstrated in pioneering development of independent power projects in Lagos State.”

In terms of industrialization, Mr Tinubu said he will reposition existing industries and make them a competitive source of industrialization and growth not just for the North but the entire country.

“It is time to fetch water from a dry well and I, Bola Ahmed Tinubu, have done it before and I will do it,” he said.

“I will ensure that we take advantage of our resources to convert cotton to textile, plants to pharmaceutical products, groundnut to oil, cassava to ethanol and starch, etc., thereby building competitive advantage for our farmers through value addition.”

Agriculture

Mr Tinubu said that experience in the last seven years has shown the potential of agriculture in solving the problem of unemployment and boosting the nation’s GDP. For example, he said, recent investment in the rice value chain has led to the springing up of rice mills across the country with attendant wealth creation and a reduction in import bill.

“The North has greater advantage in this regard due to its large and abundant arable land. My vision is for the region to be the hub of agribusiness in sub-Saharan Africa,” he noted.

“Luckily, each of our 36 states has its competitive advantage in the area of agriculture regard and if effectively exploited and harnessed, we will not only serve our domestic needs but make Nigeria a global competitor in agro-allied market.”

Mr Tinubu also promised to develop a blueprint that will attract local and international institutional investors for both exploration and exploitation of natural resources for international trading.

“There is a lot of wealth beneath the land of numerous Northern States, like in many other Nigerian states. From Gold in Zamfara, to Lithium in Nasarawa and Iron Ore in Kogi, among others, we are not utilizing the full potentials of these resources,” he said.

He added that his administration will continue to explore and invest in the oil and gas opportunities that exist in the Benue Troupe, Chad Basin, and other prospective locations.

“We will also ensure the completion of the ongoing AKKproject and the trans-Saharan gas pipeline,” he said.

“These gas projects will fast-rack the industrialization of the areas and increase revenue generation significantly for the entire country. We must see them to fruition.”

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