Economy

My administration’s economic policy will be centered on fostering productive innovation and entrepreneurship as key drivers for economic growth, job creation and wealth-building. Leveraging my background as an entrepreneur and venture capitalist, I bring the necessary expertise to cultivate entrepreneurial ecosystems, technology hubs, research institutions, and innovation centers to propel innovation-driven economic development.

Together with my team, we are dedicated to transforming Nigeria’s economic landscape, launching groundbreaking initiatives, and establishing a conducive environment for business growth. Our strategic approach is designed to stimulate consistent economic expansion, job creation, and enhance Nigeria’s global competitiveness.

At the core of our strategy is the enhancement of economic production, aimed at enlarging the overall economic base. We will also implement targeted measures to support entrepreneurship and business development across all states and local government areas. These initiatives are intended to open more avenues for individuals to create personal and community wealth, thereby contributing to poverty reduction.

In line with these goals, my administration will, from day one in office, prioritize a series of strategic actions focused on reversing economic stagnation and setting the stage for a prosperous economic future:

Champion Entrepreneurship: Recognizing the pivotal role of entrepreneurship and innovation in global economies, my administration aims to usher in a transformative wave of entrepreneurial vigor and innovation. As a seasoned entrepreneur, I understand the essence of creating thriving entrepreneurial ecosystems and fostering lucrative investor relationships. My expansive network of venture capitalists and investors stands ready to invest in Nigerian trailblazers.

Invest and Cultivate Entrepreneurial Ecosystems: My administration will invest heavily and encourage the growth of the digital economy and support technological innovation to keep pace with global developments. A quarter of our oil revenues, 25%, will be channeled towards stimulating an innovation-centric entrepreneurial economy. Out of this, 10% will provide exit venture funds for all individuals completing certified apprenticeship programs, while the remaining 15% will act as venture capital for groundbreaking entrepreneurial endeavors.

Revamp Apprenticeship Model: The established Igbo Apprentice System will be modernized and institutionalized, with ample financing ensuring that apprentices can venture into their own businesses post-certification. Proven apprentice graduates will receive full-fledged support to transition from micro-enterprises to larger industrial setups.

Implement Incentive Structures for Talent and Innovation: Under my leadership, we will develop tangible incentive structures to attract and retain talented, inventive individuals. These incentives will include accessible no-collateral loans, beneficial tax credits, refunds for invention costs, simplified venture formation processes, and deregulated requirements for business operations. The goal of these policies is to open doors for talented entrepreneurs to start and expand their businesses, effectively fueling economic growth and fostering a culture of innovation and enterprise.

Enforce Intellectual Property Protection Policy: My administration will enforce robust intellectual property laws to protect innovations and incentivize creativity. This policy would be crucial for fostering an environment where new ideas and inventions are safeguarded and rewarded.

Redefine Government’s Role in Economic Growth: My administration will redefine the role of the government to facilitate, rather than hinder, economic growth. This approach entails reducing government intervention in the economy and re-evaluating the federal government’s regulatory impact on business ventures and operations. We aim to decrease bureaucratic red tape and enhance the ease of doing business throughout the nation. Our primary objective is to foster an environment that supports private sector growth and encourages innovation.

Streamline and Decentralize Corporate Registration: Registration or incorporation of businesses and organizations will be entirely online or available at Local Government Areas in all states. Provided that all necessary digital documents are prepared, the entire registration and payment process should not exceed 20 minutes. The need to travel to Abuja for business incorporation will be eliminated. The Corporate Affairs Commission (CAC) will transition to a dedicated office serving businesses within the Federal Capital Territory (FCT).

Implement Nigeria Enterprise Formalization Initiative (NEFI): This policy aims to formalize the vast array of underground businesses operating in Nigeria’s shadow economy. I recognize the critical role these enterprises play in our national economy and the livelihoods of our citizens. To this end, my administration will implement streamlined registration processes, offer financial incentives, and provide access to affordable financing to these firms. Our approach includes educational programs to raise awareness about the benefits of formalization, such as legal protection and access to larger markets. We will also work to reduce bureaucratic barriers and create a supportive regulatory framework that encourages these businesses to transition into the formal sector. This initiative is designed not only to boost economic growth but also to ensure that more of our citizens can thrive in a regulated, supportive business environment.

Implement and Promote “Make In Nigeria” as Domestic Manufacturing Strategy: The “Make In Nigeria” initiative is a comprehensive policy designed to transform Nigeria into a key hub for design and manufacturing on the global stage. Through the Make In Nigeria initiative, our goal is to not only boost Nigeria’s economy but also to establish the nation as a leader in innovative design and manufacturing, recognized globally for quality, creativity, and sustainability. This initiative will focus on several critical areas:

1. Industrial Development: We will invest in the development of industrial zones and parks, equipped with modern infrastructure, to foster a conducive environment for manufacturing and design industries.
2. Skill Development and Training: Special emphasis will be placed on skill development and vocational/technical training programs (see Education Initiatives) to build a workforce capable of meeting the demands of a modern manufacturing sector.
3. Support for Local Entrepreneurs and Businesses: As stated previously, this initiative will provide robust support to local entrepreneurs and businesses through financial incentives, tax breaks, and access to capital. This is aimed at encouraging domestic production and reducing reliance on imports.
4. Technology and Innovation: As pinpointed above, we will invest in research and development as a key pillar, with a focus on adopting and developing new technologies that can elevate Nigeria’s manufacturing and design capabilities.
5. Export Promotion: Focused efforts will be made to promote Nigerian-made products in international markets, enhancing the country’s export potential and global trade relations.
6. Regulatory Reforms: The initiative will also involve regulatory reforms to ease doing business, streamline processes, and remove bureaucratic hurdles that often impede industrial growth, as previously stated.
7. Environmental Sustainability: A strong emphasis will be placed on sustainable practices, ensuring that the growth of the manufacturing sector is environmentally responsible.

Promote Competition in the Economy: Achieving the required economic growth to cater to our growing population and guarantee broad-based, lasting prosperity will depend on fostering an open and competitive economy. For small businesses and farmers, a free market environment will offer a wider selection of suppliers and major buyers, resulting in increased profits that can be reinvested back into their businesses. Entrepreneurs will benefit from the freedom to explore, innovate, and develop the new ideas that are crucial for driving economic progress and enhancing our quality of life. Additionally, for consumers, this approach will translate into a greater variety of choices, improved quality of goods and services, and more affordable prices.

Combat Monopoly and the Excessive Concentration of industry: Addressing issues such as market power abuses, unfair competition, and the detrimental impacts of monopoly and monopsony, particularly in sectors like commodity markets, agriculture, and the telecom industry, will be a key area of focus for my administration in our pursuit of a more free and liberated market. Our team’s thorough analysis has pinpointed monopolistic entities in critical commodity sectors, including cement, fertilizer, industrial chemicals, farm machinery, and agricultural markets. We are committed to putting an end to these unjust market practices. Our strategy includes dismantling the patronage-based economic policies that facilitate monopolistic practices within our economy, ensuring fair competition and market accessibility for all players.

Privatize Government-Operated Ventures and Businesses: The federal government should not be in the business of running business enterprises. The deteriorating state and financial drain of the four state-operated refineries serve as a prime example that government involvement in such industries is not viable. Consequently, my administration will embark on the privatization of these refineries and other state-run businesses, recognizing the inefficiency of government management in these sectors. We will ensure a transparent, market-oriented privatization process for all government-owned entities. This approach will starkly contrast with past privatizations, which were often driven by patronage and benefited only a select few. Should the current administration proceed with privatization in a manner that lacks transparency and integrity, my administration will conduct thorough investigations and take necessary measures to recover any economic value that was compromised in such transactions. Our commitment is to a fair and equitable process that differs fundamentally from previous practices.

Enact Compassionate Capitalism Approach: We will adopt a compassionate capitalism approach, which combines the efficiency of the free market with support mechanisms for hardworking Nigerians. This policy would include paying workers a decent living wage and implementing programs for gainsharing to assist individuals in overcoming poverty while promoting self-reliance and economic participation.

Pivot Gradually from Oil: Under my leadership, the nation will gradually transition from an oil-dependent economy towards one propelled by entrepreneurship and innovation. Excessive reliance on crude has left our country vulnerable to boom and bust cycles. A renewed policy framework will champion entrepreneurship, providing an ecosystem where startups and Small and Medium-sized Enterprises (SMEs) flourish. Prioritizing investments in foundational and applied research, technical skill development, and continuous workforce upskilling will be central to my economic agenda.

Unify exchange rate systems: Under my administration Nigeria will operate one exchange rate market. We will kill the parallel market. We will freely float and rescue it from the CBN intervention.

De-foreignize Natural Resource Extraction: A commitment to 100% de-foreignization of extractive industries is on the horizon, banking on Nigerian expertise to oversee the majority of these ventures.