Implication of Asiwaju’s policies on the Masses; Notable Prospective Benefits

 

By  Coalition of Civil Society, Lagos State Chapter

It is about 3 months now that Asiwaju Bola Ahmed assumed the highest political office in Nigeria, and since his resumption as the President, he has taken some steps, in terms of policy initiatives, towards reforming the economic situation and re-positioning the country for greater prosperity. 

By virtue of being citizens, it is inherent that we consider ourselves as stakeholders, especially on what will become the effect of the removal of petroleum subsidy, which is already hitting hard on Nigerian masses. We therefore deemed it a duty on ourselves to examine some of those policies which Asiwaju’s administration has proposed to reel out, juxtapose those policies with the current plight of the Nigerian people, and enumerate their prospects, if any at all. 

In a matter of few months away, Nigerian masses would be able to take a position on whether to commend or condemn these policies. Having critically examine some of the policy proposals, we could see some positive prospects ahead, and that is our objective of sharing this summary piece, in a way to grease the anxious fate of Nigerian masses with a hope of relief. Notable ones that strikes our attention are enumerated under: 

Policies towards boosting local manufacturing and encouraging Medium Sale Enterprises 

1. The initiative to offer a loan facility of N1billion each to 75 established local manufacturing enterprises at a single digit (9%) interest rate for a maximum tenure of 60 months is a very considerate measure to enable local investors survive the austere effect of the removal of subsidy grants. What makes this initiative very interesting is the single digit interest rate and the 60 months (5years) tenure. We are hopeful that if local investors are able to access this facility, those enterprises will not only get stronger in the process of utilizing the loans, but in turn, will also stabilize our local economy, as there will particularly be more items and commodities for local consumption, and also probably materials for exportation. With exportation of local materials, this would mean more forex exchange in value for Nigerian economy. 

2. The proposal for cultivation of 150, 000 hectares of farm land for the production of rice and maize with a support facility of N50b for each grains, is another notable policy that is sure to secure surplus of whole grains for the Nigerian masses. What this simply means is that N100billion is going to be invested for cultivation of the two whole grains. This is a project that is capable of generating huge number of employments. 

3. In the same line of thoughts, Asiwajus’s administration also projected another N50bn each for cultivation of 100,000 hectares of farm land for wheat and cassava. This simply means another proposed investment of N100billion for the cultivation of both wheat and cassava. Combining the projected investments in the cultivation of rice, maize, wheat, and cassava, we would be having a total investments of N200billion for the cultivation of 250,000 hectares of farm land. This can best be described as macro-mega whole grains investments. Some of the benefits abound in this macro-mega proposed investments are;

i. Over 100,000 direct employments with gainful remuneration at minimum monthly pay of N150, 000: 00 (One Hundred and Fifty Thousand Naira) per worker for one 12 months; 

ii. Over 100,000 indirect employments with reasonable wages at regular intervals; 

iii. Availability of surplus whole grains and cassava for consumption, and with a high purchasing power by the Nigerian masses; 

iv. Emerging chain of food processing and material investment markets; and still many others

If this initiative is monitored to ensure that the intentions and objectives are not compromised, the outcome will largely compensate for whatever the masses may be going through now as a result of the removal of subsidy grant. This will be so in the sense that while surplus grains are being expected to be produced, chain of innovative food processing enterprises are also expected to spring up as a result of the surplus whole grains. 

4. Also as a spill over benefits from the prospects of the macro-mega investments on cultivation of farm land for whole grains, the N125bn proposed to energize MSMEs is expected to propel the chain of medium food processing enterprises, as each local food processor is expected to access N1million at a single digit interest rate for a maximum tenure of 12 to 30 months. This is laudable, in the sense that it will provide means and capital for Small and Medium Scale businesses to sustainably operate in spite of the subsidy removal. 

Asiwaju’s plans to ease the hard effect of subsidy removal isn’t limited to the few we enumerated above, but we found these ones as being very crucial to cut down the burden of unemployment by providing gainful jobs for young Nigerians, and in turn provide an enabling environment for innovative enterprise to thrive. 

On this note, we would want to appeal to the Nigerian masses to bear with Asiwaju’s administration on the removal petroleum subsidy, and cooperate with the government by persevering whatever the hard effect may momentarily be impacting. We are hopeful, based on the enumerations above, that in about 10 to 12 months away from now, we would all be grateful, not only to Asiwaju, but also to ourselves for the endurance and perseverance that we would all have exercised. May we all live to reap  the benefits of our intelligence and hard work.