• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
  • Security
  • Features
  • State
  • Event
  • E-Book
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
  • Security
  • Features
  • State
  • Event
  • E-Book
Home Economy Why Rise In GDP, Revenues Don’t Reflect On The Poor In Nigeria
  • Economy

Why Rise In GDP, Revenues Don’t Reflect On The Poor In Nigeria

By
Laolu Akande
-
September 3, 2015
Yemi OSINBAJO
Yemi OSINBAJO

*VP LAYS OUT AN ECONOMIC OUTLINE OF THE BUHARI PRESIDENCY AT ICAN CONFERENCE


Although Nigeria has recorded rising oil prices, GDP and foreign reserves during the last three presidencies of Obasanjo, Yar’adua and Jonathan, unemployment has remained also on the rise at the same time, making it clear that such figures including a rise in revenue by itself does not create jobs or significantly put a dent to poverty levels in the country.

This observation was made earlier today by the Vice President, Prof. Yemi Osinbajo, SAN, while speaking at the ongoing 45th Annual Accounting Conference of the Institute of Chartered Accountants of Nigeria, in Abuja, on the topic “Repositioning Nigeria for Sustainable Development: From Rhetoric to Performance”.

While there are indeed seemingly good growth figures, Prof Osinbajo explained that such figures “can be deceptive where the structure and quality of growth are not considered.

He then asked a question and proceeded to answer thus: “So why are most (of our people) poor despite rising revenues and GDP growth? Our main revenue earners, the extractive oil and gas economy, do not by themselves create many jobs.”

He added that such is the “irony of a top-down economic model, when the major revenue earner is extractive and the value chain is poorly developed.”


Identifying the way forward from the present economic challenges, after making a comparative analysis of the previous administrations, Prof. Osinbajo called for social sector investment – investing in the people, education, job creation, national school feeding scheme, conditional cash transfer and reflating economies of the States as indices that would boost the economy.

Some of these ideas have already been put in place by the Buhari administration, including the bailout package for the workers in the country, and some others are currently being worked out.

But th Vice President reiterated that education is the basics for economic development, adding “One of the most important interventions required in the education sector is capacity building to improve teacher quality. This programme is intended to drive teacher capacity development; boost basic education; attract talents to the teaching profession”.  “Better educated population increase economic potential for productivity”, he noted.

He reiterated that the All Peoples Congress (APC) “has made a commitment to provide one-meal-a day for all primary school students that will create jobs in agriculture, including poultry, catering and delivery services”. 

The multiplier effects of the introduction of the scheme include, according to the VP, 1.14 new jobs; increased food production – up to 530,000 mt/a; attracting investor by investment – up to N980b.

Prof. Osinbajo also identified conditional cash transfer as another avenue for alleviating poverty. He said programme is intended to support the 25 million poorest households to incentivize vaccination, education and production. The multiplier effects of the introduction of the programme, he noted, would include: lifting millions out of poverty; putting millions into rural production; and boosting rural economy.

Investing in businesses and ease of doing business, according to the VP, government needs to improve the power sector; have one-Stop Shop for approvals; innovation and fighting piracy; diversifies the economy in agriculture – self-sufficiency in rice and wheat (staples) production, manufacturing, entertainment and technology.

On the power sector, he noted further that “despite the challenges, there have been measurable improvements over the past three months (June to August 2015)”.  

He said a “26% increase in operational generation capacity (June to August 15, 2015 compared to January to May 2015); decreased in pipeline vandalism boosting gas supply; a 10% reduction in transmission losses (June to July 2015 compared to January to May 2015); reduction in red tape to remove delays blocking the 450MW Azura-Edo IPP and the 500MW Exxon Mobil Qua-Iboe IPP; the imposition of a September 2015 deadline for the submission of the DisCos’ revised tariff trajectories”.

Earlier, the President of ICAN, Otunba Samuel Olufemi Deru, appreciated the Vice President for his commitment and being able to attend the programme in person.  He eulogized that this shows him as a legal luminary, a teacher, a scholar, and an administrator.

Laolu Akande
Senior Special Assistant to the Vice President
(Media & Publicity)

VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
Previous articleEFCC Returns 10, 540 Euros to Polish Victim of Love Scam
Next articleIGP Bans Commercial Vehicles for Police Operational Duties
Laolu Akande
Laolu Akande
https://prnigeria.com
PRNigeria is the pioneer Press Release Distribution agency in Nigeria. A member of image Merchant Promotions limited, PRNigeria encourages individuals and organisations to be more transparent in their information management. with dedicated Editorial staffs, the PRNigeria ensures that information provided on its platforms are timely, factual and authoritative Read more at: //prnigeria.com/about/
Facebook Twitter

RELATED ARTICLESMORE FROM AUTHOR

L-R: Partner Seismic Consultant, Dr Olusoji Adeniyi; Senior Special Assistant to the President on Entrepreneurship Development, Chalya Shagaya; Founder of Women Enterprise alliance (WenA), Her Excellency Hajia Aisha Babangida; Head Fiscal and Tax Reforms Implementation FIRS, Olufemi Olarinde; during the 5th WenA Conference in Abuja.

Aisha Babangida Seeks Actionable Gender Reforms, as Women Entrepreneurs Share ₦10m WenA Awards

CG Customs Bashir Adewale Adeniyi

Customs Tasks New Comptrollers on Discipline, Innovation

Nigeria Customs Service Warns Public Against Fake Recruitment Shortlist

Aliko Dangote

FG Brokers Truce in Dangote–PENGASSAN Dispute

Governor Abba Kabir Yusuf, Kano State

Gov Yusuf Launches N800m Youth Empowerment Scheme in Kano

Customs Pledges Stronger CSR, Assures Support for Sister Agencies

CG Customs Bashir Adewale Adeniyi

Customs Launches One-Stop-Shop, Targets 48-Hour Cargo Clearance

L-R: Director at the Security Exchange Commission (SEC), Mr Abdukadir Abbas; CEO of CANAG Communications, Senator Iroegbu; Founder of WANA Foundation, Hajia Aisha Babangida; Managing Partner of Metropolitan Law Firm, Hajia Ummahani Ahmad Amin; Associate Director at First Trustees, Mr Abimbola Ajinibi, during the 7th African International Conference on Islamic Finance (AICIF) Pitch Competition in Abuja…Yesterday PHOTO KINGSLEY ADEBOYE

20 Startups Vie for N5m Grants in Africa’s Leading Islamic Finance Pitch Challenge

Zaccheus Adedeji FIRS Chairman

FIRS Urges Citizens to Embrace Voluntary Tax Compliance for National Development

Sule Y. Sule @60: Celebrating a Master of Strategic Communication

Customs PR Workshop in Kano

Customs Opens PR Workshop in Kano, Tasks Officers on Integrity

CG Customs Bashir Adewale Adeniyi

Customs, MAN Renew Ties to Deepen Economic Collaboration

LEAVE A REPLY Cancel reply

Log in to leave a comment

Recent Posts

  • Aisha Babangida Seeks Actionable Gender Reforms, as Women Entrepreneurs Share ₦10m WenA Awards
  • CDS Hails DEPOWA’s Grassroots Sports Drive, Calls It Seedbed for Future Champions
  • How Troops Crippled Terrorists, Bandits, and Oil Thieves in Nationwide Operation
  • Protest Will Jeopardize Peace Efforts for Kanu’s Freedom, Igbo Leaders Warn
  • Military Arrests IPOB Female Logistics Supplier in Abia, Rescues 30 Hostages Nationwide
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
Aisha Babangida Seeks Actionable Gender Reforms, as Women Entrepreneurs Share ₦10m WenA AwardsCDS Hails DEPOWA’s Grassroots Sports Drive, Calls It Seedbed for Future ChampionsHow Troops Crippled Terrorists, Bandits, and Oil Thieves in Nationwide OperationProtest Will Jeopardize Peace Efforts for Kanu’s Freedom, Igbo Leaders WarnMilitary Arrests IPOB Female Logistics Supplier in Abia, Rescues 30 Hostages NationwideMilitary Neutralizes Armed Criminal in Benue, Arrest Suspected Gunrunner in NasarawaEXPLAINER: The Truth Behind NDLEA’s Position on Cannabis Oil By Arafat A. AbdulrazaqNigeria Wins Two Major Global Awards for Digital Governance at OGP Summit in SpainPolice Arrest 11 Suspected Armed Robbers Along Katsina–Kano HighwayNnamdi Kanu Fit to Face Trial — NMA Tells CourtSenate approves appointment of Amupitan as INEC chairNSCDC Foils Kidnap Attempt on Customs Officer, Eliminates 2 Suspects, Arrests OthersANALYSIS: What Is the Job of a Presidential Spokesman?NSCDC Rescues Abducted Victims, Arrests 70 Suspects for Various Crimes in EdoFG Begins Data-Driven Reform of Civil Service Through PASGA Project
X whatsapp