As the 2015 elections approach, we hope you have your PVC and that you’re ready to cast your vote! Below are just 10 of the many reforms instituted by President Jonathan that are helping to move Nigeria’s economy forward, compiled by the Forward Nigeria team:
- Boosting the Agricultural Sector: When President Jonathan came into office, Nigeria’s agricultural sector was in desperate need of reform. With a sure and steady hand, President Jonathan revolutionized the sector. His efforts have focused on ensuring food security, reducing expenditure of foreign exchange on food imports, diversifying the economy, generating foreign trade and creating jobs. Through the introduction of the e-wallet system, he put an end to the corruption that was once rife in the agricultural sector.
- Reviving the Automotive Industry: President Jonathan has also put in place an automotive policy, which has attracted significant foreign investment and created jobs. The Director-General of the National Automotive Council (NAC) recently estimated that the automotive industry now has the potential to generate over 200,000 jobs.
- Supporting Domestic Cement Production: President Jonathan has introduced a cement policy geared at increasing production capacity and quality of cement produced in Nigeria. Already, $1.2 billion has been saved in foreign exchange demand through sufficiency in domestic cement production.
- Establishing the Sovereign Wealth Fund: The sovereign wealth fund has been established under President Jonathan’s administration with $1 billion invested to save for future generations and also fund infrastructural spending and stabilization of the Nigerian economy.
- Providing Employment Opportunities for Youths: President Jonathan has introduced numerous programmes to provide economic opportunities for Nigerian youths. He spearheaded the YouWIN programme, aimed at creating youth employment and alleviating poverty. The programme will create 80,000 -110,000 jobs over 3 years. He also introduced SURE-P (The Subsidy Reinvestment and Empowerment Programme), which has already created 185,000 jobs across the country.
- Reducing Inflation: Under President Jonathan’s leadership, the inflation rate has been reduced to 8% from 14%. This is due in part to the President’s agricultural sector reforms, which have led to a drop in food prices.
- Supporting the ICT Sector: The strides made by President Jonathan in the ICT sector have made Nigeria the largest internet market in Africa by volume, with about 48.4 million users.
- Privatising the Power Sector: President Jonathan successfully privatized the power sector, positioning the sector to respond adequately to growing power demands and ensuring that Nigerian businesses have the stable power supply they need to thrive and grow.
- Rebasing the Economy: President Jonathan was able to rebase the Nigerian economy, securing Nigeria’s place as the largest economy in Africa and the 23rd in the world with a GDP of about $503 billion.
- Increasing Foreign Direct Investment: Under President Jonathan’s administration, Nigeria has become the number one destination in Africa for foreign direct investment. This development has brought about predictions that Nigeria will be the third fastest growing economy in the world in 2015 according to CNN business. Under President Jonathan, Nigeria hosted the World Economic Forum on Africa for the first time in 2014, showcasing Nigeria’s impressive economic growth to a global audience and attracting further foreign investment.
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This article was first published on 28th January 2015
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