Awareness
'The Pathway' is very perceptive of the problems of the Nigerian Economy. It acknowledges the problem of unemployment ( in particular youth and graduate unemployment) and the effect that this is having on education. It also notices the not-so-well publicised problems of a growing fiscal deficit, diminishing excess crude accounts, diminishing foreign exchange, increased domestic debt and the problem of states borrowing beyond their means. There is also an implicit nod to the need to diversify the economy away from the oil-sector.
However, there is no mention of the problem of inflation and in particular regarding the inflation of food prices and seasonal price variation. There is also no mention of income inequality.
Ambition
The aim of reducing youth unemployment will no doubt be difficult, but it has to be seen as necessary rather than ambitious. The failure to achieve it will lead to economic rot and political instability for generations to come. That said, the introduction of target based economic planning in Nigeria is ambitious in itself but beyond that the targets that are set (7-8% growth for the next five years) are very ambitious especially as without proper diversification the fortunes of the Nigerian economy are dictated by external factors ( global commodity, oil and food prices). So the less ambitious sounding plan for diversification is important to any grander plans for the economy.
Detail
The plan is very detailed in its analysis of the problem, It is very detailed in its goals giving measurable targets and specific timescales. Despite this, it is not forthcoming in what sepcific policies will be used to achieve these targets. It speaks of investment in infrastructure, healthcare education etc and creating 'an enabling environment' but this sort of rhetoric will surely be common to most people's manifestos and without specific policies to promote, then these are meaningless.
My View
I think the Nigerian government really doesn't have a saving mentality, building up reserves wil just leave more in the kitty for the next government to steal. I feel therefore that governemnt should spend, spend on new industries, spend on subsidizing burgeoning industries, spend on training and possibly spend on state-owned enterprises ( especially in agriculture). I am also disappointed that there is no plan to combat high inflation or at least bring it into the single figures. Having said that Mr. Ribadu's plan is on the money about a lot of the problems facing the economy and the targets set out to combat them are commendable.
Scores (Out of 5)
Awareness: 4.5
Ambition: 3.5
Detail: 1.5
My View: 3.0
'The Pathway' is very perceptive of the problems of the Nigerian Economy. It acknowledges the problem of unemployment ( in particular youth and graduate unemployment) and the effect that this is having on education. It also notices the not-so-well publicised problems of a growing fiscal deficit, diminishing excess crude accounts, diminishing foreign exchange, increased domestic debt and the problem of states borrowing beyond their means. There is also an implicit nod to the need to diversify the economy away from the oil-sector.
However, there is no mention of the problem of inflation and in particular regarding the inflation of food prices and seasonal price variation. There is also no mention of income inequality.
Ambition
The aim of reducing youth unemployment will no doubt be difficult, but it has to be seen as necessary rather than ambitious. The failure to achieve it will lead to economic rot and political instability for generations to come. That said, the introduction of target based economic planning in Nigeria is ambitious in itself but beyond that the targets that are set (7-8% growth for the next five years) are very ambitious especially as without proper diversification the fortunes of the Nigerian economy are dictated by external factors ( global commodity, oil and food prices). So the less ambitious sounding plan for diversification is important to any grander plans for the economy.
Detail
The plan is very detailed in its analysis of the problem, It is very detailed in its goals giving measurable targets and specific timescales. Despite this, it is not forthcoming in what sepcific policies will be used to achieve these targets. It speaks of investment in infrastructure, healthcare education etc and creating 'an enabling environment' but this sort of rhetoric will surely be common to most people's manifestos and without specific policies to promote, then these are meaningless.
My View
I think the Nigerian government really doesn't have a saving mentality, building up reserves wil just leave more in the kitty for the next government to steal. I feel therefore that governemnt should spend, spend on new industries, spend on subsidizing burgeoning industries, spend on training and possibly spend on state-owned enterprises ( especially in agriculture). I am also disappointed that there is no plan to combat high inflation or at least bring it into the single figures. Having said that Mr. Ribadu's plan is on the money about a lot of the problems facing the economy and the targets set out to combat them are commendable.
Scores (Out of 5)
Awareness: 4.5
Ambition: 3.5
Detail: 1.5
My View: 3.0
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