Story Transcript
Atiku’s Plan Policy Overview
Outline
3
Our Key Messages
7
Building the Economy of Our Dreams
22
Our Priorities
50
Governance
60
Funding Our Priorities
2019
LET’S GET NIGERIA WORKING AGAIN
2
Our Key Messages
1
Under-performance by the State
2 3
2019
LET’S GET NIGERIA WORKING AGAIN
Structural Fault-lines
▪ ‘one of the poorest and most unequal economies’ ▪ Low HD Country. Life expectancy @birth less than 55 years ▪ Unemployment increased from 6.4% in 2014 to 18.8% presently
▪ Economic: fragile and. Vulnerable. Undiversified and informal. Precarious fiscal system ▪ Political: unworkable federal system. Over-bearing centre and weak federating units
▪ Insurgency
Unity under threat
65
Deadly attacks by Boko Haram between 2017 and 2018
1.7m
1.7 million internally displace Nigerians from 3 NE states
5.2m
5.2 million Nigerians in NE need food assistance
Sources: NBS, Amnesty International
3
Our Covenant with the Nigerian People
“
Nigeria can deliver. Nigeria can surpass its own growth expectations. Nigeria can realise beyond its dreams. Our pledge to the Nigerian people is: TOGETHER WE CAN GET NIGERIA WORKING AGAIN.
”
2019
LET’S GET NIGERIA WORKING AGAIN
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Our Mission To provide the appropriate political leadership for:
1
Unity
Reinforcing Nigeria’s Unity by promoting the spirit of co-operation and consensus especially in a society that is as complex and as heterogeneous as Nigeria
Establishing a strong and effective democratic government that secures our people and provides opportunities for them to realize their full potentials, allows greater autonomy for our federating units, and gives each region of the country a sense of belonging
2
Security
3
Building a strong, resilient and prosperous economy
Prosperity
2019
LET’S GET NIGERIA WORKING AGAIN
5
Our Mission …
Unravelling the ‘Nigeria Paradox’ Despite its vast resources, Nigeria has failed to deliver the development and living standards that the Nigerian people expect or demand
2019
LET’S GET NIGERIA WORKING AGAIN
Stitching Nigeria’s Structural Fault Lines Nigeria’s under-performance is attributable largely to the many economic and political structural fault lines that limit its ability to sustain growth, create jobs and achieve real poverty reduction
Reinforcing Nigeria’s Unity Nigeria needs a unity that is transparently and collectively negotiated and agreed upon We need to restructure our polity
6
Building the Economy of Our Dreams
“
Our vision is to transform Nigeria into a modern economy that works for its people and capable of taking its rightful place among the top 20 economies of the world. My economic policy will be job-centred especially for our teeming youth population.
”
2019
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General Overview Economy remains undiversified
Growth is slow and uninspiring
▪ Although the oil and gas sector accounts for less than 10% of the GDP, it represents 95% of export earnings and up to 60% of government revenues
▪ Lackluster performance even after exiting the 2017 recession ▪ GDP growth declined from 2.11% in Q4 2017 to 1.95% in Q1 and 1.5% in Q2 of 2018 ▪ Growth rates below targets in the ERGP and below population growth rate
Economy is uncompetitive
▪ Manufacturing, weak and sluggish, accounts for less than 10% of GDP
Foreign investments in decline ▪ Nigeria ranks 115th out of 140 countries in WEF competitiveness ranking ▪ Our ranking is much worse than peer countries like South Africa, Brazil, China and Turkey
▪ Due to inhospitable business environment, the economy has failed to attract FDI into the non-oil sector ▪ FDI fell to a low of 0.88% of GDP between 2015 and 2017
Sources: NBS, Trading Economics, WEF
2019
LET’S GET NIGERIA WORKING AGAIN
8
General Overview Fragile financial system
Precarious fiscal position
▪ Monetary policy has not been supportive of growth ▪ Stock market has lost a third of its value in 2015 ▪ Overall macroeconomic stability remains fragile
NSE All Share Index
▪ Significant portions of federal revenue are spent on debt servicing ▪ IGR as a proportion of state revenue varies from as low as 4.93% [Bayelsa] to 78.33% [Lagos]
Poor exchange rate management
Regional disparities ▪ Since 2015 the Naira has lost over 120% of its value against the US dollar ▪ Poor exchange rate management led to multiple exchange rates that were exploited by opportunists, rent-seekers, middlemen, arbitrageurs, and fraudsters
Gross National Income by zone (Ntr) 2016 NEAST
6.86
NCENTRAL
8.9
NWEST
9.96
19 NORHERN STATES
25.7
LAGOS
29.6 0
5
10
15
20
25
30
35
▪ Lagos state alone contributed nearly 30% of Nigeria’s estimated GNI in 2016, compared with the combined GNI of 19 states at 26% ▪ The NW and NE geopolitical zones are poorest with Intensity of Poverty at 45% and 44% respectively compared with 38% for the SE and SW zones respectively Sources: NBS, Trading Economics, WEF
2019
LET’S GET NIGERIA WORKING AGAIN
9
UNEMPLOYMENT RATES 2010-2017Q3 UNEMPLOYMENT RATE 20
18.8
18
16.2
16 14
12.1
12
10.6
10 5.1
6
9.9
9.7 7.8
8 6
10 7.4
6.4
7.5
13.3
13.9
14.2
14.4
10.4
8.2
4 2
0 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 32 0 1 4 Q210 1 4 Q220 1 4 Q230 1 4 Q240 1 5 Q210 1 5 Q220 1 5 Q230 1 5 Q240 1 6 Q210 1 6 Q220 1 6 Q230 1 6 Q240 1 7 Q210 1 7 Q220 1 7 Q 3
Our Economic Development Agenda
2019
05
Human capital development
04
Promoting economic diversification
03
Reducing infrastructure deficit
02
Reforming public institutions
01
Competitive and open economic system
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The State’s critical policy priority is to build a broadbased, dynamic and competitive economy with a GDP of US$900 billion by 2025
11
Growth Drivers
160 80 0
2019
160 220 280
80 0
160 220 280
Enabling business environment
PPP for infrastructure
▪ Reform of public institutions to make them stronger and more supportive and facilitating ▪ Enhanced private sector access to credit will be prioritized ▪ Regulatory institutions will be strengthened and their independence will be shielded from political interference.
▪ Accelerate investment to double our infrastructure stock to approximately 50% of GDP by 2025 and 70% by 2030 ▪ Power sector reform will be a critical policy priority ▪ By 2025, Nigeria shall make giant strides in diversifying its sources of power and delivering up to 20,000 MW
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80 0
220 280
Stable macroeconomic environment ▪ Deepen monetary and fiscal reforms to promote a stable macro-economic environment ▪ Monetary and fiscal policies shall ensure low inflation rate, stable exchange rate and interest rates that will be supportive of businesses’ quest for credit
12
Features of the Economy of our Dreams
Increasing Flow of FDI into Non-Oil Sector
Strengthening Linkages Between Oil and NonOil Sectors
Dynamic, Competitive, Open, Private Sector Driven. US$900b by 2025
Promoting the New Economy
Expanded export base: products and destinations
Strengthening Public-Private Partnerships
2019
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Increasing Flow of FDI into Non-Oil Sector
By 2025, we shall increase the inflow of direct foreign investment to a minimum of 2.5% of our GDP
Working towards achieving the lowest corporate income tax rate in Africa
Guaranteeing a level playing field, full repatriation, non-expropriation and easier land titling
Strengthening the credit guarantee initiatives of Infra-Credit by substantially increasing its capital base
Streamlining the multiplicity of, often discretionary, incentives for investment and simplifying the associated complex legislative and regulatory framework
Lower transaction gains taxes etc.
Ensuring that the granting of /qualification for tax incentives is automatic, according to predetermined, uniform, and clear criteria
2019
costs:
capital
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Promoting the Agri-business Sector
Land Reform
▪ Collaborate with the States in the design and implementation of robust and sustainable land reforms
2019
Commodities Exchanges
▪ Strengthen the markets for agricultural commodities ▪ Orderly privatization of the Nigerian Commodities Exchange
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De-risking Access to Finance
▪ Improve agriculture sector’s access to financial services, through NIRSAL, by de-risking lending to the sector by commercial and development banks
AgroProcessing Clusters
▪ Encourage Investment in Agro-processing Cluster by offering concessional financing, tax breaks and seed funds
Modernization and Mechanization
▪ Improve farming productivity through modernization and mechanization of small-scale agriculture to international levels
15
Promoting the Manufacturing Sector
Policy objectives
What we shall do ▪
▪
Achieve a sustained increase in manufacturing output from 9% to 30% of GDP by 2025
▪
Reduce the sector’s dependence on imported raw materials. Looking inwards will promote value addition
▪
Achieve a diversified production structure with more processing of domestic raw materials
▪
▪
▪
▪
Promote the competitiveness of the sector nationally and internationally
Journey to industrialization
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Ensure that all major economic and investment policies are formulated after sufficient prior consultation with the organized private sector Work with the Manufacturers Association of Nigeria (MAN), chambers of commerce and other relevant stakeholders to identify ways to reduce the cost of borrowing, tackle incidences of multiple taxation and improve availability of foreign exchange for legitimate production input purchases Review of import duty on raw materials that are available in the country and on imported machinery for local production Support and vigorously enforce the buymade-in-Nigeria initiative by ensuring compliance with the relevant executive order by Federal Government procurement agencies
16
Promoting MSMEs ▪ ▪ ▪ ▪
Nigeria has a vibrant informal sector with nearly 40 million MSMEs employing 60 million people or 84% of the labour force MSMEs contribute approximately 50% to (nominal) GDP and 7.27% of total non-oil exports Our investment policy shall seek to strengthen MSMEs by removing all identified impediments to their growth and ensuring that they have strong linkage with the productive sectors of the economy We shall prioritize efforts for an easier formalization process of our MSMEs including special fiscal incentives for registration, simplification of the registration process and less burdensome tax filing requirement
De-risking lending
● ● ●
●
Extend mandate of NIRSAL to cover de-
Productivity growth
●
We shall ensure that approvals needed for
Export orientation
●
We shall provide support through the
risking of MSMEs lending
the creation of new businesses such as
NEPC and NIPC to entrepreneurs who
Increase the MSME funding window
land acquisition, property registration and
experience restricted access to external
currently, N200 billion to N500 billion
construction permits are simplified,
markets for goods and services
Promote awareness of the National
streamlined and are not subject to
Collateral Registry of Nigeria and further
excessively complex bureaucratic
State and federal tax laws to avoid over
simplify the Collateral registration process
procedures
taxing businesses
MSMEs and SMPs (Small and Medium
●
We shall enhance the efficiency and
●
●
We shall promote the harmonization of
We shall pursue an aggressive regime of
Practitioners) will be given special fiscal
effectiveness of SMEDAN in the delivery
tax credits to critical sectors of the
advantages including tax breaks and
of business support/advisory services to
economy
rebates to accelerate business
MSMEs
formalization 2019
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17
Promoting the Oil and Gas Sector
What we shall do
Policy objectives
1
2
3
2019
Expand oil and gas reserves and boost upstream and downstream production
More transparency and efficiency in management of institutions in the oil and gas industry
Implementing the PIB to create a functional, fair and transparent upstream and downstream oil and gas market
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1
Create a transparent incentive regime for purposeful growth of the national reserve base for oil and gas
2
Incentivize building of modular refineries in the northern parts of the country
3
Re-consider the introduction of the Marginal Fields bid round and Blocks’ Bid Round
4
Promote Gas-Power Sector linkages
5
Transparency and accountability of the NNPC: partial privatization
6
Deploy modern technology in pipeline surveillance and other security enhancements
7
Intensify our engagement with local communities in the oil production zones
18
Promoting the New Economy
We shall build a knowledge-based economy
Establish a ‘Technology Support Programme’ (TSP) to be funded by a Diaspora Bond
Develop a more effective and efficient Intellectual Property Rights (IPR) framework
ICT applied to ▪ ▪ ▪ ▪ ▪
Healthcare Education Commerce Agriculture Industry
Produce a comprehensive policy on blockchain technology and cryptocurrencies
Enhance ICT literacy initiatives from early school programmes to adult education
Provide the right incentives for the establishment of business units by global multinationals
2019
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Expanding Nigeria’s Export Base ▪ ▪
2019
Aspire to export 10-15% of manufacturing output by 2030 and target 25% by 2035 Double refining capacity to 2 million barrels of crude daily, to export 50% of that capacity to ECOWAS member states
Increase Nigeria’s market share in the African Continent.
Take maximum advantage of and improve our existing trade agreements for the benefit of Nigerians
Sign-off on AfCFTA while working with the Nigerian private sector to mitigate potential risks
Substantially increase the manufactured export funding window
Engage with the organized private to identify how best Nigeria can harness the benefits of AGOA
Create more robust product standards and certification procedures
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Promoting Public Private Partnerships ▪ ▪ ▪
2019
Actively support and rely on the private sector as the ‘engine’ of economic growth Up to 70% of investment plans to come from the private sector Establish a more liberal economic space and a business-friendly environment
Privatize State Owned Enterprises including all four government-owned refineries and concession Nigeria’s sea ports and airports
Accelerate a comprehensive power sector reform to include the provision of licenses for mini-grid solutions to power generation
Liberalize the downstream sector of the petroleum industry
Accelerating the privatization and decentralization of the Transmission Company of Nigeria
Set up special purpose funds for infrastructure Investment in education, health, youth and women empowerment
Focus on its core responsibility of facilitation and enabling the appropriate legal and regulatory framework
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Our Priorities
Our Priorities
Infrastructure
Human Capital Development
Jobs
Poverty Eradication 2019
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Building the Economy of Our Dreams
“
Our youth are our most valuable resource… and charting new frontiers. Their entrepreneurial spirit, work ethic, and creative abilities are things of pride and should be applauded, encouraged and nurtured… I should know, I have thousands of them working for me all over the country.
”
2019
LET’S GET NIGERIA WORKING AGAIN
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Job Creation and Entrepreneurship Development
The Unemployment Problem
• •
Close to 16 million people are
•
•
Stimulate the growth of the Nigerian economy
•
Launch a new, more efficient, cost-effective
with a view to enhancing its capacity to provide
and sustainable national Entrepreneurship
2014
opportunities for the economically active
Development and Job Creation Programme
Over 2 million new entrants join the
population in participate in the economy through
labour force each year meaning the
wage or self-employment
and wage-paying employment opportunities
Facilitate the emergence of an entrepreneurial
in the private sector annually
•
•
•
Target the creation of up to 3 million self-
more than tripled in less than a decade:
class especially amongst the youth population
from 5.1% in 2010 to 18.8% in 2017
that would usher in new jobs, new knowledge
graduates, early school leavers as well as
Unemployment for women and young
and the utilization of ICT
the massive numbers of uneducated youth
Partner with the private sector to identify high-
who are currently not in schools,
70% of unemployed youths are
demand skills for skills acquisition and vocational
employment or training
uneducated and unskilled
and entrepreneurial training
people is at 33%
•
•
•
Target all categories of youth, including
Create incubation centres, clusters and
Establishing training programmes linked with
industrial/commercial hubs to provide a
opportunities for these people will be
certain sectors that may lead to full-time
market place for MSMEs and SMPs
vital both for reducing the pool of easy
permanent employment
Creating jobs and economic
recruits for violent groups and reducing underlying grievances that feed the conflict
2019
•
What we shall do
unemployed, 9 million more than in
unemployed share of the labour force
•
Policy Objectives
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•
•
Champion the repositioning and
Reduce gradually the rate of unemployment and
streamlining the activities of the existing
under-employment to a single digit by 2025
Federal and State Government Job Creation Agencies
24
The Job Creation and Entrepreneurship Pathways
The Informal Sector Pathway to jobs Re-launch the National Open Apprenticeship Programme (NOAP) with special focus on young men and women who may not have had the opportunity to attend school or complete basic education. This programme will recruit, annually, 100,000 Master Crafts Persons (MCPs) who will train 1,000,000 apprentices in various trades
The Entrepreneurship Pathway ▪ Speedy passage of the National Research and Innovation Fund Bill ▪ Grants, loans or equity investments in small enterprises shall be provided either as start-up capital or to scale up innovations ▪ Introduce, and actively promote, a Graduate Trainee Internship Programme (GTI) ▪ Improve the technical and financial capacity of the Industrial Training Fund (ITF)
2019
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The School to Jobs Pathway
3 million jobs annually
Support the formal TVET system and re-position the technical colleges and vocational skills acquisition centres to produce skills and competencies for innovation and the creation of new ideas and products inside enterprises from where future jobs and future prosperity will be delivered
MSME /ICT Special Entrepreneurship Pathway ▪ Prioritize support to the MSMEs across all the economic sectors ▪ Facilitate the establishment of the SME Venture Capital Fund by the private sector ▪ Facilitate the establishment of the Financial Innovation Fund ▪ Provide special focus on the ICT sector and aggressively market Nigeria as an outsourcing destination ▪ Actively promote “Nollywood” and “Kannywood” ▪ Develop sports and sporting facilities
25
Poverty Alleviation and Economic Empowerment
“
Poverty does not simply have one solution; rather it requires the concerted application of many solutions. Nigeria has vast natural resources, but our challenge remains harnessing these resources for the greatest good.
”
2019
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Poverty Alleviation and Economic Empowerment
The Poverty Problem
•
Nigeria is rated as one of the poorest and
most unequal countries in the world, with more than 80 million of the country’s 190
•
•
• •
Lift at least 50 million people out of extreme
What we shall do
•
Provide skill acquisition opportunities and
poverty by 2025
enterprise development for job and wealth
Ensure that our economic empowerment
creation, rather than direct cash distribution
•
million, or more than 40%% of the
and poverty eradication strategies are
population living below poverty line
coherent and consistent with the strategies
infrastructure services – water, sanitation,
Nigeria has overtaken India as the country
to implement the SGDs
power, education and health care
with the largest number of people living in
•
Policy Objectives
•
Reconcile the link between economic
•
Improve citizens’ access to basic
Remove all forms of discrimination against
extreme poverty with an estimated 87 m or
growth and human development through
the marginalized and vulnerable citizens and
about 50% of the population
proper selection of effective polices on
enhance their access to education and
The intensity of poverty varies from 38%
education and health
income generating activities
(SW and SE) to 45% (NW)
•
Set as our major policy objective the
•
Implement pro-poor polices that will
Unless we act fast, Nigeria together with
transformation of the agricultural sector into
enhance their participation in economic
Democratic Republic of Congo will be
a viable high-income generating enterprise
activities and improve household income
home to 40% of the world’s extremely poor
for the rural workers
people
•
Work more closely with NGO’s, the private sector and other development partners to mobilize resources for the effective
50m
2019
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Lift 50 million fellow Nigerians out of extreme poverty by 2025
implementation of our empowerment strategy
27
Infrastructure Development
35%
Nigeria’s infrastructure stock as percentage of GDP compared to 70% international benchmark
Infrastructure deficit over
$3trn the next 30 years
$35bn
2019
IDU
IDF
INFRA-CREDIT
Establish an “Infrastructure Development Unit” [IDU] in the Presidency, with a coordinating function and a specific mandate of working with the MDAs to fast track
Incentivize the private sector to establish an Infrastructure Debt Fund [IDF]. The IDF will primarily mobilize domestic and international private resources for the financing and delivery of large infrastructure projects across all the sectors of the economy
Broaden scope of Infra-Credit to complement the operation of the IDF by de-risking investments in infrastructure to build investor confidence in taking risk and investing capital
and drive the process of infrastructure development in the country
Annual infrastructure investments needed
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28
Transportation Infrastructure
“
My vision is to deliver an affordable and easily accessible transportation system that would be fully integrated across the length and breadth of Nigeria.
”
2019
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29
Transportation Infrastructure
Overview
• •
•
•
2019
Nigerian transport system remains primarily unimodal and fragmented with over 90% of freight and passengers moved by road Both the 2005 National Transport Policy (NTP) and 2010 draft National Transport Policy were never considered or adopted due, largely, to poor commitment and lack of capacity There is fragmentation in policy making and regulatory responsibilities with four different ministries involved in aspects of transportation (Ministries of Transport; Aviation; Works; and Agriculture and Rural Development) The scaling up of transportation spending, through construction and operation of infrastructure projects will create jobs, boost productivity and enhance competitiveness
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Policy Objectives
•
Develop a new National Transport Policy
that addresses issues relevant to promote inter-modalism including institutional
What we shall do
• •
fragmentation, intermodal regulation, intermodal connectors and measuring
•
transport system performance Achieve policy consistency and effective regulatory framework by vesting the Ministry
•
•
•
Develop Public Private Sector Partnerships
•
•
Put forward an affordable and easily accessible transportation system that would
Develop 5,000km of roads by 2025 through PPPs and community interventions Develop and rehabilitate the connecting road networks across the geo-political zones Encourage transportation development industrial clusters Construct up to 5,000km of modern railways through privatization, PPPs and public
(PPP) for the development of the transport infrastructure
overhaul
around the nation’s agricultural and
of Transport with policy and regulatory oversight
Legislation, framework and regulation
•
investments Improve existing port efficiency and achieve accelerated development of alternative container ports especially inland dry ports
be fully integrated across the length and breadth of Nigeria
30
Power Infrastructure
“ 2019
There will be a decisive effort to increase access to electricity for Nigerians including those living in rural areas.
”
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31
Power Infrastructure
Overview
• • •
Pre-Privatization in 2013, for decades, no
•
Review of entire industry legal and
•
Allow NERC to perform its regulatory
regulatory framework to ensure market
functions without interference and guarantee
hydro, were built in Nigeria
viability
its independence
Post-Privatization to 2018, the power
•
Ensure coordination of investments in the
•
Review the Aggregated Technical,
sector has not delivered the promises of
Power Sector in Generation, Transmission
Commercial and Collection (ATC&C) losses
development envisaged by the reform
and Distribution
existing in the power networks and extract
Ensure effective regulatory environment to
firm commitments for a revised ATC&C Loss
Electricity supply has not improved, yet
deliver contract-based electricity market
reduction target from the Distribution
average wholesale cost of electricity
compliant with market rules
companies
program
• •
Intensify rural electrification projects to
•
Create an environment that would enable
since 2015
ensure electricity access to over 80 million
Distribution Companies recover full costs for
Majority of the sector players are in
Nigerians currently without access to grid
power supplied to their consumers
financial distress
electricity
•
•
Introduce creative solutions towards
Implement reforms and policies that would
addressing the huge debt overhang and
but actual production consistently
restore investor confidence in the Nigerian
liquidity challenge in the power industry
averages below 4,000MW. Transmission
Electricity Supply Industry
Generation capacity is above 11,000MW
remains the weak link with 5,000MW capacity untested
2019
•
What we shall do
new generation plants, whether thermal or
generation has gone up by over 120%
•
Policy Objectives
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• • •
Ensure enforceability of industry contracts Upgrade the transmission grid Adopt short-term emergency measures
32
Technology Infrastructure
“
My mission is to ensure that Nigeria’s economy is responsive to the challenges of the 21st century knowledge economy by keeping with the amazingly dynamic technological pace.
”
2019
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Technology Infrastructure
Overview
•
Every single public and private sector
Policy Objectives
•
initiative can be enhanced, catalyzed
Promote the role of technology in
What we shall do
•
governance
and improved using the appropriate technology
•
• •
Build digital literacy
• Promote private sector technological innovation and enterprise
•
Nations that will prosper will be those that embrace comprehensive, agile approach that infuses the influence of rapid technological advancement into
•
Promote technological hubs across the country and link them with existing
•
Industrial Development Centres (IDCs)
every area of governance & policy to address the issues of inadequate technological infrastructure, funding and poor database
2019
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•
Implement a four-year plan for the digitization of major government operations such as procurement to achieve transparency and reduce leakages Strengthen the use of business intelligence software to analyse public service productivity Improve the technology start-up ecosystem by providing financing and infrastructure Review, with timelines, partnership agreements with experienced foreign incubators and accelerators to improve the penetration of technological advancements in the country Enforce and protect intellectual property rights, which form a crucial component in technological innovation
34
Housing Infrastructure Long-term ▪ Title, record and map all landed assets in the country ▪ Review of the Land Use Act and the passage of a revised Land Use Act that is more market friendly
Closing the housing deficit By 2025, we shall reduce the housing deficit to less than 10 million houses from the current deficit of 15 million
▪ Recapitalize the Federal Mortgage Bank ▪ Strengthen the Nigeria Mortgage Refinancing Company (NMRC)
Medium-term ▪ Improve the efficiency and operations of the National Housing Fund ▪ Promote private investment in housing ▪ Support the states to digitalize their land registries
▪ Enact appropriate foreclosure and securitization legislation to mobilize additional housing finance
Short-term ▪
Encourage home ownership by introducing tax incentives like mortgage interest relief
▪
Review pension fund investment guidelines to facilitate enhanced pension fund involvement in provision of financing
▪
Improve accessibility of citizens to long term housing finance
2019
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35
Refining and Petrochemical Infrastructure
Overview
•
Nigeria’s 4 government-owned
Policy Objectives
•
Enhance local capacity to process larger
What we shall do
•
Prioritize investment in nameplate
refineries have a total installed capacity
quantities of our crude for domestic
capacity and ensure that Nigeria starts to
of 450,000 barrels per day
consumption
refine 50% of its current crude oil output of 2 million bpd by 2025
•
Over time, they have operated sub-
•
Build the enabling infrastructure to add
optimally and struggled to produce at
value to the economy via the
10% of installed capacity
development of petrochemical facilities
•
Privatize all four-outstanding government-owned refineries to competent off-takers with mandates to
•
Nigeria is by far the most inefficient
•
produce agreed levels of refined output
Create 1 million new jobs within 10 years
OPEC member country in terms of both
via petrochemicals/petrochemicals-
the percentage of installed refining
based activities
•
capacity that works and the percentage
of crude refined
•
largest importer of PMS in the world
2019
investment in crude oil refining and allied
•
LET’S GET NIGERIA WORKING AGAIN
activities
Privatise existing refineries and create opportunity for new ones
Nigeria is currently said to be the
Issue new licenses for Greenfield
•
Introduce market friendly fiscal and pricing policies
36
Human Capital Development
“
2019
I will like to see a country where our people live and work in an environment that guarantees the highest level of social empowerment.
”
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37
Human Capital Development
01
Gender equality- 08 Work towards bridging the gender and spatial gaps that exist in education and health.
08
01 - Education Reposition the Nigerian educational system to deliver more efficiently, effectively and sustainably.
02
HDI Investments- 07 Increase investments in the human development sub-sectors especially education and health by committing 25% of the budget to education and 15% to health .
02 - Health
HDI MDGs
07
Senior citizens- 06
03
03 – Job creation
Extend welfare to senior citizens in areas of healthcare and public transport concessions.
Implement robust job creation and entrepreneurship development programmes.
06 Science & tech- 05 Promote research in science and technology through the establishment of a National Research and Innovation Fund .
2019
LET’S GET NIGERIA WORKING AGAIN
Promote health care delivery system that is comprehensive, efficient and can deliver effective and qualitative services to the citizens.
04
05
04 – Vulnerable groups Design and implement special interventions to support the marginalized and vulnerable groups, including people with physical disabilities and special needs in the society. 38
Education
“
I truly believe that an educated population forms the backbone for a progressive and prosperous society… education is the key to unlocking opportunity, prosperity and progress… education can and should be this key.
”
2019
LET’S GET NIGERIA WORKING AGAIN
39
Education
Overview
•
•
• •
2019
Nearly 70% of Nigeria’s population is under 30 years old. More than 44% is below 15 years. The structure of the population is therefore such that substantial resources must channeled into the education sector for primary, secondary and tertiary education There are 11 million primary school pupils yearly, with a drop-out rate over 50%; by the secondary school stage, only 4 million places available. About 7 million are therefore lost from the system Nigeria has more than 13 million children that are out of school, which accounts for 47% of the out-of-school population in the world
Policy Objectives
• •
• •
Improve and strengthen the education
What we shall do
•
Streamline functions and transfer of
system to make it more efficient, more
responsibilities for greater efficiency e.g. by
accessible, more qualitative and relevant
2024, responsibility for funding and control
Work with the States to carry out far
of public primary education shall be
reaching reforms of the system with a view
transferred to the local governments
to developing a knowledge-driven economy
•
Develop and promote Science and
Promote a “Catch-them-Young” approach to
Technical Education to create skills for the
skill development
new economy
Promote an all-inclusive system which will
•
Improve access to qualitative as well as
carry along our citizens with special needs
industry-relevant education with access,
by ensuring that the rights of persons living
equity and quality receiving prominent
with disabilities are protected and existing
attention
laws are implemented, and encouraging states to adopt these laws
•
Increase investment in social infrastructure by the federal and state governments
Nigerians presently spend in excess of $1 billion annually to acquire education outside the country
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40
Health
“
No country can truly have sustainable development without strong healthy citizens to drive that process. It is therefore the fundamental right of every Nigerian, no matter where they live, to have unrestricted access to optimal and affordable health delivery service.
”
2019
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41
Health
Overview
• • •
There are about 40 doctors, 161 nurses
•
Our policy thrust will be all embracing and
What we shall do
•
Ensure a comprehensive reform of the
and midwives available for every 100,000
targeted towards a preventive care strategy
Nigerians.
by creating a clean environment,
In 2018, Nigeria has a ratio of 1 doctor to
modernizing living conditions, carrying out
achieving universal access to affordable and
6000 patients far below the World Health
enlightenment campaigns on healthy living,
quality healthcare services for all by 2030
Organisation (WHO) recommendation of 1
and supporting with curative care through
doctor per 600 patients ratio
the provision of state-of-the-art healthcare
About 30,000 Nigerians spend $1 billion
facilities in hospitals and in rural clinics
on medical tourism annually in Europe and
•
Ensure universal access to basic maternal
Asia since the beginning of the 21st
and child health, reproductive health,
Century. 60% of that total is spent on four
immunization and mental health as well as
major areas of healthcare: cardiology,
effective therapies
orthopedic, renal dialysis issues and
•
Policy Objectives
•
• • • •
proactively with emergency epidemics like
About 57 million Nigerians have no access
Ebola, Lassa and others which occasionally
to clean drinking water and at least 130
afflict the people
Accelerate Nigeria’s transition towards
Expand access to basic primary healthcare Improve quality of care and clinical governance Unlock market potential of the health sector by engaging the private sector Encourage medium and large scale pharmaceutical industries for the local
Government will position itself to deal
cancer
million Nigerians live in environments that
•
Federal Ministry of Health and its agencies
•
production of essential drugs Expand healthcare professionals to the frontline and attract Nigerian doctors in the diaspora to reverse brain-drain
are dirty with no proper sanitation facilities
2019
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42
Youth and Women Empowerment
“ “
The youth are our assets…I still have the same convictions today that our focus for the Nigerian youth must remain jobs, quality education, and security. This is our priority.
”
Breaking barriers that prevent women from reaching their best potentials starts with early interventions in life and works for every woman, irrespective of whether she lives in the rural village, a lawmaker in the city, or the CEO of a multinational company.
”
2019
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43
Youth and Women Empowerment
Overview
• •
Nigeria has a youth population of
•
Break all barriers that prevent women from
What we shall do
•
Encourage States and the private sector to
approximately 140 million or 70% of an
reaching their best potential whether in
incentivize studies for girls in Sciences,
estimated population of 200 million
adolescence or adulthood
Technology, Engineering and Mathematics
Promote equal access to job and education
(STEM)
Nigerian youth face disproportionate social, economic and political barriers which prevent them from unleashing their
•
Policy Objectives
full potential
• • •
opportunities between men and women
•
Provide microfinance and financing
Pursue financial inclusion
schemes specifically targeted at the youth
Create an environment that provides
and women
•
Women constitute approximately 50% of
employment and fulfilment to our youth and
Nigeria’s population and are less
women population through education,
women including domestic violence,
empowered financially, politically, socially,
mentorship, vocational training, and
physical or sexual abuse, rape
culturally and economically within and
technology and entrepreneurship initiatives
outside the home
•
•
Create a special tribunal for crimes against
Increase women representation and
Set standards that discourage the unfair
retention rates in politics and business,
exploitation and persecution of women in
through positive action such as quotas for
our society
women on political platform and corporate
•
boards Increase the number of appointments made to young people in government and in government committees
2019
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44
Sports
Overview
• •
Sports can excite and unite the people
Sports are also big foreign exchange earners for any country that grooms its youths and projects them into international
•
stardom
• • • •
Harness the limitless opportunities in sports
Encourage optimal youth participation in sports
What we shall do
• •
the country Diversify into the promotion of minority sports to give Nigeria a better chance of
Promote greater funding of sports facilities
winning international laurels
and infrastructure by all levels of
events generate revenue by promoting
government and the private sector
• •
employment for their people In Nigeria, the sports sector is faced with
Improve sporting facilities in all the States of
Commercialize sports
Countries that host international sporting tourism, local businesses and sustainable
•
Policy Objectives
•
Encourage the sport sector as a job and wealth creation platform Promote sport as a mechanism for national unity and foreign policy Partner with the private sector to open
series of challenges including inadequate
sports academies for persons with
harnessing of opportunities present in
disabilities that will operate across the
sports, inadequate attention to minority
regions
sports, under-funding, politicization of sports and poor management
2019
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Culture and Tourism
Overview
• •
Nigeria is blessed with rich exotic
•
Invest, along with an incentivized private
What we shall do
•
Encourage talented individuals to harness,
landscapes, historical monuments, natural
sector, to transform the culture and tourism
and showcase abroad, certain aspects of
forests, waterfalls, lakes, rivers and sandy
sector into one of the big earners of foreign
our literary material and performance
beaches
exchange as part of our strategy to diversify
traditions
Each of the over 350 ethnic groups in
the economy
Nigeria has a traditional festival to display
•
Policy Objectives
•
•
Promote local traditional festivals, so as to
Encourage States to develop tourist
revive the culture and traditions of our
or a special form of creativity to offer
destinations to attract home based and
people
contemporary society
foreign tourists
Challenges include inadequate promotion of local culture, poor support for Arts and
•
Promote Nollywood and Kannywood
• •
Cultural centres across the country, demonization of Nigeria’s artefacts and under-funding
• •
Revive National Parks driven by the private sector Restore the conduct of the Bi-Annual National Festival of Arts and Culture Encourage intervention fund and increase
budget support for culture and tourism; and Advocate the granting of loans and grants to qualified practitioners
2019
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Arts, Entertainment and Creative Industries
Overview
• •
•
The Arts, Entertainment and Creative Industry is one of the fastest growing industries in Nigeria and in the world The sector can play a key role in the foreign exchange earnings, as well as the development of cultural dialogue and social cohesion
Obstacles exist such as insufficient access to funding, lack of adequate infrastructure, copyright infringement and piracy, uncoordinated distribution and marketing channels, lack of appropriate training on contracts, poor capacity building, limited access to tax incentives, and absence of incentives and benefits under the European Convention on Cinematographic Co- Production, due to Nigeria’s nonsignatory to the treaty and lack of quality control
Policy Objectives
•
Our policy objective will be to demonstrate
What we shall do
•
Enact right policies and legislations that will
the potential of the entertainment and
provide the latest infrastructure, financial
creative industry in Nigeria to contribute to
and business development facilities
economic growth and job creation, as well as providing a road map for the sector’s
•
Provide specific finance and strategic support tailored to each segment of the
development
•
entertainment industry Defining the rights of practitioners in the industry, including their intellectual property
•
rights Create interventions schemes focused on offering subsidy to the creative arts industry
• • •
in order to promote stand-alone businesses
Ratify the European Convention on Cinematographic Co-Production Improve enforcement to address the issues of piracy Review international treaties or conventions relating to Intellectual Property (IP) rights
2019
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47
The Environment
Overview
What we will do
▪ •
•
annual revenues for the past 50 years, but still battles stark
centre-piece of our national emancipation,
under-development and continues to lag behind in almost every
we are not losing sight of the need to
key area of development. We shall:
make appropriate provision for the
➢ ➢
Nigeria’s land areas that demand emergency attention include forest despoliation and depletion, desert
➢ ➢
encroachment, Niger Delta pollution, soil degradation and erosion menace
▪
The Niger-Delta accounted for over 85 percent of Nigeria's
While economic development is the
protection of our environment
•
Niger-Delta
➢ ➢
Genuinely implement the Niger-Delta Master Plan Address the continued lack of infrastructure and social
•
Desert, Erosion and Insurgency-Ravaged
States Northern states also battle infrastructure deficit, high levels of unemployment, poverty and illiteracy as well as frightening desert encroachment . We shall:
➢
Commission for Rehabilitation, Reconstruction
services in the region Implement a variety of social awareness programmes
Establish and operationalize the North East
➢
and Development Encourage industrialization in the region through
Relocate the Niger Delta Ministry from Abuja to the
the development of clusters and dedicated
region to enable it become closer to the stakeholders
economic zones
and beneficiaries
➢
Develop and implement a security master plan
Overhaul the Niger-Delta Ministry & NDDC to remove
including security architecture overhaul and
overlaps and making them more functional
greater border control collaboration with
Carry out a comprehensive review and impact
neighbouring countries
assessment of the Amnesty Programs
➢
Develop and implement a social and re-integration programme
2019
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48
Management of Economic Resources
Overview
•
Nigeria’s management of its economic resources is poor. Our substantial human and natural resources which provide potentials for the development of opportunities for wealth and job creation remain untapped
•
What we will do
▪ •
As a result of poor management of resources, Nigeria is today facing unprecedented fiscal crises characterized by rising debt levels and revenue short falls
•
The deficiency of Nigeria’s economic management is only exposed when global oil prices collapse with impact on investments, consumption and growth
•
Nigeria has failed to develop an effective revenue stabilization programme and effective strategic planning to cushion the effect of falls in the price of crude oil.
2019
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Government debts Nigeria’s debt stock has been exhibiting a rising trend, since 2014, increasing from Nillion11.20 trillion to N17.50 trillion in 2016 and doubling to N22.40 trillion in mid-2018. We shall:
➢
➢ ➢ ➢ ➢ ➢ ➢ ➢
Slow down the rate of debt accumulation by promoting more Public Private Partnerships in critical infrastructure funding Review the current utilization of all borrowed funds and ensure that they are deployed more judiciously Utilize funds for economic diversification Review our debt strategy by focusing on concessional and semi-concessional sources Intensify efforts to enhance the internal revenue generating capacity of all three tiers of government Improve spending efficiency of the Federal government and drastically reduce the share of recurrent revenue in the budget from 70% to 35% by 2025 Streamline the functions of the Sovereign Wealth Fund, Excess Crude Account and the Stabilization Fund and utilize them for what they really are or should be Improving the budgeting process to facilitate more effective budget impact on the economy
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Governance
“
The Nigeria of our dreams requires cosmopolitan politics and an allinclusive governance structure with the essential capacity to harnesses our diversity in a just and fair environment where the rights of all citizens are protected by a transparent government that is not just deliberate and purposeful but conscious of its duty to the citizens and its role and prestige in global affairs.
”
2019
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Overview
Accountability We would erect structures that would demand accountability from elected and appointed government officials at all levels. Every layer of governance and every government official would be accountable for their actions and policies. We would create a performance measurement framework and encourage respective government officials to provide answers for their activities and policies Predictability The business of governance is too serious a business to be left hanging on the faith of chance and uncertainty. There must be a deliberate and concerted effort, within the confines of the law, targeted at achieving desired national goals. Nigeria is a democratic polity, governed by laws and regulations anchored on the Constitution of the country. It is therefore, imperative that the application of these laws and regulations are made not only fair but consistent, and thus predictable
2019
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Transparency
Our Good Governance Anchors
There would be a deliberate provision for unrestricted access to government operations and information to the citizens. The general public must have access to information on government policies and programmes. The Freedom of Information Act would be strengthened and adhered to.
Participation It is imperative that citizens participate at all levels of their government’s decision-making process. Their participation would not end with merely casting their votes on Election Day. They would be encouraged to insist and ensure that their votes are counted. For effective participation in public policy, it is essential for citizens to organize themselves into credible interest groups (professional associations, academic unions, students’ unions, labour unions, non-governmental organizations, etc.)
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Governance Policy Objectives
01
Effectiveness Make Governments at the Federal, State and Local levels leaner and more efficient inservice delivery by streamlining their functions
04
People Meet the needs of a rapidly growing population in a speedily changing global economic environment by bringing decision making as close as possible to the people
2019
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Governance Policy Objectives
Cohesion Foster the spirit of co-operation and consensus in a nation of diverse ethnic groups, cultures and religions
02
Accountability Make government more accountable and nurture good and institutionalise democratic governance
03 52
Restructuring
“
All who support the calls for restructuring our federation are united in their desire to live in a society that works better and works for its people. They are also united by their love for their country, their patriotism. Those who do not love their country would just want it to break up; they would not be interested in making Nigeria work better.
”
2019
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Restructuring Governance…
Why restructure Nigeria?
•
Meeting the needs of a rapidly growing population in a speedily changing global economic environment requires that decision
•
• •
phenomenon Nigerians have clamoured for the restructuring
• •
Decongest the exclusive and the concurrent list in the constitution The Central Government would also retain the role of
of the economy towards a more diversified
providing the required direction for the economy,
delivery
structure
defense and national security, internal law and order,
Restructuring challenges the leadership to
currency, international affairs and foreign policy,
Governments both of which are closer to their
demonstrate capacity to create wealth for every
customs, citizenship and immigration, firearms, and
people than the Central Government in Abuja
layer of governance
related matters
The autonomy of the States and Local
would be more potent and impactful in terms of
• •
results and effects With Local Administrations on the saddle, there would be greater accountability for decision
•
adaptability and ability to change as a result of a reduction in bureaucracy
Restructuring is not just about the devolution of
•
•
Issues bordering on minerals and mines, internal
powers to the States, it is about transforming the
security including Police, law and order, railways,
role of the federal government
communications, transport, environment, land
Restructuring, is not limited to constitutional
matters, etc, would be devolved to the concurrent list
tweaks, it is a about deliberate, purposeful and
making as well as improved flexibility,
•
Restructuring is not a new or strange
What we will do
making is as close as possible to the point of
will result in more effective decisions that
•
Reminders
sweeping Cultural Revolution Nigerian States are poor not because they are not receiving a fair share of oil money, but
Restructuring will foster the spirit of co-
because they are not receiving a fair shot at true
operation and consensus
federalism
• • •
Local Governments shall become an independent tier of government Federating units will be supported in economic management Nigeria’s common resources will be shared equitably in accordance with a new revenue allocation formula to be negotiated across the board
2019
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Anti-Corruption and Rule of Law Governance…
Overview
• • •
Corruption is one of the major problems
Policy objective
•
Our policy objectives will emphasize prevention
What we will do
•
Nigeria is grappling with. It poses critical
of corruption rather than detection and
challenges to the economic and social
subsequent sanction. Towards this end, an Atiku
development of our nation
government will focus on building institutions
Strategy that is based on the rule of law, separation
Corruption not only diverts resources from
that will be strong enough not to be manipulated
of powers, neutrality and non-partisanship
legitimate causes, beneficial to the society at
by personalities and also build a culture of
large, but denies millions of people their
accountability, effectiveness, efficiency and
fundamental freedoms and human rights
transparency. In addition, rigorously enforce
that supports the end-to-end operations of
Although past governments had set up
judicious use of public resources, with zero
government businesses for transparency,
institutions like the EFCC, ICPC, Code of
tolerance for nepotism, corruption and poor
accountability, efficiency and effectiveness
Conduct Bureau and Court of Conduct
management
• •
agencies and strengthening them for more effective Launch a comprehensive National Anti-corruption
Strengthen policies and measures for detecting corruption through a strong technology infrastructure
•
Ensure that judgments on corruption cases are fully
Tribunals to investigate and prosecute corrupt
followed through and enforced by the appropriate law
officials in courts of law, very little has been
enforcement agencies
achieved in terms of stemming out the epidemic
• • • •
2019
Champion institutional reforms of anti-corruption
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Review the reward system for public and civil services Strengthen anti-corruption public enlightenment Enhance whistleblowing and witness protection policies Promote rule of law
55
National Security
“
Our national security is multidimensional. It has gone beyond armed defense to include protection of democratic and constitutional values like food security, peace, human, political and economic security. Resolving the unfair access to democratic dividends to reduce internal armed conflicts, insurgencies, crimes and militancy.
”
2019
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National Security
Overview
• •
• •
National security is about ensuring the reign of
Policy objective
•
The policy thrust of an Atiku government will be
peace and stability in the country so that
based on good governance, visionary leadership
national objectives are achieved, and the
and politics of inclusiveness that will reduce
nation’s sovereignty is sustained
citizens’ frustration and alienation and eliminate
National security is linked with vital sectors like
the compulsion to take up arms against the
foreign policy, external defense, economy,
society or fellow countrymen. Our priority will be
education, internal security, healthcare
to restore the citizen’s confidence in Nigeria as
delivery, cyber security, science and
one indivisible, indissoluble, ethnically diverse
technology, policing, etc
but strong country to protect them and secure
Security challenges have plagued Nigeria’s
socio-economic benefits
North East, Middle Belt and Niger Delta The current security challenges facing Nigeria can be attributed to a large number of factors including high rate of unemployment, especially among the youth, illiteracy, extreme poverty, corruption, bad governance,
What we will do
• • •
Re-activate meaningful registration at birth as a way to reduce crime and protect Nigerians Conduct the next national population census as the basis for further development planning Dealing with insurgency using alternative approaches to conflict resolution, such as Diplomacy; Intelligence; Improved Border Control; Traditional
• • • • • • •
Institutions; and Good neighbourliness Restructure and Decentralize Security Institutions Promote Regional Security Cooperation Resolve Militancy Issue in the Niger Delta Improve Civil-Military Relations Strengthen the National Security Council Handle the North East Development Issues Deal with Terrorism, Kidnapping and Other Crimes
discrimination and politics of exclusion, and religious extremism
2019
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International Relations
Overview
• •
Nigeria is one of the 193 countries in the world
Policy objective
•
Our foreign policy thrust will have the promotion
intricately and inextricably interdependent on
of economic diplomacy as its core, ensuring it
one another. It is, therefore, imperative that we
affects Nigerians’ lives in the most positive way,
forge mutually beneficial relations with the rest
while being conscious of the economic and
Foreign relations are an indispensable
employment potential of every activity
instrument for the achievement of our national interest through relations with the rest of the world on the one hand, and for sustainable development, national economic prosperity and domestic peace and security on the other
What we will do
• • • • • • • • • • • • •
2019
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Retool Nigeria’s foreign policy instruments Re-activating the Presidential Advisory Council on Foreign Affairs Convening of an All-Nigerian Conference on Foreign Policy to promote national consensus on our national interest to guide foreign policy Providing for a smooth and effective running of Nigeria’s diplomatic missions Implement the Diaspora Commission Act 2017 Strive to attain the level of economic success that should qualify Nigeria to join the group of major decision-makers on the direction of the global economy Promote multilateral trade Maximise gains of participating in ECOWAS Enhance Nigeria’s visibility in the AU Enhance Nigeria’s international visibility and improving its image Securing Nigeria’s leadership in world affairs Curb the threat of illicit small arms and light weapons Get Nigerians in the diaspora involved in nation building
58
Domestic Financial Services Sector
Overview
•
Financial services are the lifeblood of a modern economy. When allowed to develop and function, the financial sector enables an efficient allocation of scarce financial resources to where they are
•
most needed thereby catalysing economic growth The Nigerian services sector comprises banking, capital markets, pensions and insurance. Like most other sectors of the Nigerian economy, the
Policy objective
• • • • • •
Financial system stability
What we will do
•
Maintain macroeconomic and financial system stability. We shall
Improved regulation
pursue policies that minimize systemic risk and boost investor
Financial literacy and financial inclusion
confidence. We shall endeavour to bring inflation to the single digits, maintain exchange rate stability and institutionalize fiscal
Boosting access to finance for the real sector Deepening industry penetration Developing financial technology (fintech)
•
•
discipline Guarantee the independence of the regulators of the different segments of our financial system Financial education shall be introduced and required through all
financial services sector has been left to
levels of our education system. In addition, we shall pursue an
underperform its peers in comparative countries
ambitious financial inclusion strategy that aims to bring access
and operate well below its potential
to basic financial services to all Nigerians
•
Address bottle-necks and other challenges inhibiting access to needed finance for our real sector enterprises, particularly for
• •
MSMEs Introduce new incentives to encourage savings and investment by Nigerians Encourage large scale investment in improving financial system technology. We shall develop a robust policy regime that will encourage the growth and adoption of fintech products in Nigeria
2019
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Funding Our Priorities Democratizing prosperity
Infrastructure funding ▪ Project bonds, to finance expansive national railways and new major strategic roads across Nigeria ▪ Non-interest capital market products like sukuk will be issued
Diversifying the economy Enable the capital market to facilitate capital raising across industries and by all tiers of government for sustainable national development and transformation of critical sectors such as infrastructure, agriculture, solid minerals, ICT and education
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provide incentives for enterprises in the real sector across our vast country to seek listing and funding from the capital market. Sectors such as telecom, power, agriculture, solid mineral, oil and gas and SMEs would be among the targets. Listing on stock exchanges will give Nigerians the opportunity to part own companies in these sectors and share in their successes
Building savings culture Articulate a National Savings Strategy that aims to provide fiscal incentives for each additional naira of savings
Budget deficit financing Adopt a different approach to the budgeting process to: ▪ Ensure early presentation of budget estimates to the National Assembly (at the latest in July of each year) • Improve Executive-Legislature relations and interactions to ensure budgets are passed before the commencement of the fiscal year • Innovatively leverage capital markets to raise the funds needed for more effective budget implementation. We shall achieve this by a combination of domestic and foreign capitalraising. 60
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