SAN FRANCISCO, November 17, (THEWILL) – President Muhammadu Buhari Tuesday said African countries require a paradigm shift away from trickle down economics. This, according to him, is because significant portions of the populations are extremely poor necessitating some attention to social investment.
He also disclosed that the 2016 budget will focus on rapid development of critical infrastructure.
Buhari stated this in a speech delivered by the Vice President, Prof. Yemi Osinbajo, SAN, on behalf of the President at the 67th Foundation Day Anniversary and 2015 Convocation of the University of Ibadan.
He explained that “Conditional cash transfers to the poorest segments, universal primary healthcare schemes, school feeding programmes can energise local economics and create important multipliers in the economy.”
The President who is the Visitor to the university, observed that in Africa, “we are constantly reminded that we are the last frontier for socio-economic development,” adding however that extreme poverty, and attendant depressing literacy, infant and maternal mortality statistics are daily reminders of how poorly the political, business and intellectual elite “in our nations have responded to the major issues of development so far.”
Speaking about Nigerian federal government specifically, the president stated that “the major focus of our economic policy is the ordinary man, especially youths. The focus of every policy is job-creation. The question that decides the priority of our policies is how many jobs will this create.”
He disclosed that the country’s next budget “will focus on the rapid development of critical infrastructure, roads, rail transport, the power sector and technology,” adding
“ We cannot bring about the much needed economic growth and prosperity without putting in place the necessary infrastructure.”
He added that the “diversification of our economy is for us not mere rhetoric. We are determined to develop agriculture and the agro-allied value chain.” Besides, the president noted that the promotion of entrepreneurship is crucial and we are cleaning up the process of providing capital to Small to Medium Scale Enterprises.”
Inspiring confidence, President Buhari declared that “despite the sharp drop in oil earning and the downturn in the global economy, we are convinced that the future of Nigeria is very bright indeed.”
The President also threw a number of challenges to the university congregation event which witnessed the installation of the 7th Chancellor for the University of Ibadan, Alhaji Muhammadu Sa’ad Abubakar, the Sultan of Sokoto conducted by the Vice President, Prof. Osinbajo as the representative of the President as Visitor.
