Former vice president and presidential candidate of the Peoples Democratic Party, PDP Atiku Abubakar has outlined a four-point agenda to enthrone an investor friendly foreign exchange market in Nigeria, promising that his administration will be anchored on a strong engagement with the private sector.
The candidate who was speaking at the 26th alumni day of the Lagos Business school, LBS said he will begin by dismantling the multiple exchange rate system introduced by the central bank and which many believe engenders corruption.
He said his administration will also remove the focus from demand management to putting measures in place to boost investment flows into the country by creating incentives for investors which will result in higher supply of foreign exchange. He will also deal decisively with the malaise of crude oil theft which has hobbled production in Nigeria and compounded the country’s foreign currency supply crisis.
In addition, the presidential candidate said his government will by example and appropriate signaling, let everyone know that the era of administrative controls was over.
Atiku Abubakar said in the medium to long term, he will establish an investor friendly environment in Nigeria that seeks to boost local production while prioritizing exports as a pathway to enhancing the supply of foreign exchange.
The former vice president paid tribute to the private sector in Africa’s largest economy, saying businesses and not the government are the primary engine for employment generation.
The former vice president spoke on a number of other important aspects of the economy and governance at the forum, promising that he will work with other tiers of government to overhaul the constitution of Nigeria to reduce the size of government while restructuring the federal system to promote harmony if he wins the election.
“The review of the constitution is highly necessary for the continued existence of this country. It is going to be one of the major programmes that I will execute once Nigerians give me the mandate in 2023”, Atiku said.
Atiku was accompanied to the event venue by Godwin Obaseki, governor of Edo State; Udom Emmanuel, governor of Akwa Ibom State; former governor of Cross Rivers state Lyel Imoke. Dele Momodu; Mukhtar Shagari, Dino Melaye, among others.
He also stated that his administration will reform the oil sector to ensure the refineries are functioning and that Nigeria becomes an exporter of refined petroleum products to the rest of West Africa.
The conference chairperson is Adebisi Lamikanran, a former partner at KPMG opened proceedings by saying it was time for the balance of power in Nigeria shift from elected leaders to the people.
Leading economist Bismarck Rewane who spoke on the economy told the participants that Nigeria’s options were narrowing by the day.