Breaking down the concept of consumption to production. This is Nigeria’s planned path from consumption to production.
We have a three-pronged strategy in place to achieve SDG 12: ensuring sustainable consumption and production patterns.
First, we will prioritize agriculture and production-centred growth for food security and export, with a greater emphasis on exporting finished goods rather than commodities and raw materials. This primarily applies to food and textiles.
There are over 84 million hectares of arable land in Nigeria. And only about 40% of our arable land is currently cultivated. Nigeria’s arable land is the country’s new source of oil and gold.
Second, in accordance with SDG Goal 9, our administration will continue to encourage infrastructure investment in energy, transportation, irrigation, and telecommunications from the start in order to grow these and other sectors.
We are eager to close the infrastructure gap between now and 2030 as soon as possible. We will push the boundaries of financial inclusion to give SMEs better access to credit as they grow.
We will work with financial institutions to improve their ability to identify creditworthy borrowers, as well as support inventory financing, which will help SMEs with high account receivables, unlock finance.
We will enforce the legal framework that protects foreign investors as well as their indigenous partners. This is the only way to interfere with monopolies and capital flight.
Third, Nigeria, as a country, must look beyond oil. As a result, we intend to accelerate Nigeria’s transition from oil to the Fourth Industrial Revolution by expanding physical infrastructure through market-driven reforms that will unleash growth-enabling entrepreneurship.
as well as market-creating innovations We will stop borrowing for consumption in order to ensure sustainability and resilience. All loans must be used to finance regenerative projects. We will work hard to reduce the cost of governance and corruption.
improve the ease of doing business in order to attract Foreign Direct Investment in order to jumpstart industrialization, and when borrowing is unavoidable, it will be solely for production.
It is also critical that we continue to operate within available resources and strive for a balanced national budget as cost-cutting measures.
Whatever oil remains will be refined in the United States. These measures, along with reducing leakages, such as the subsidy regime, and improving our tax system, should be enough to shift Nigeria from consumption to production. Peter Obi
Chimaobi Ugwu writer Obinwannem News / 27/11/2022
